The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-11-23
daughters 10 Philadelphia and New !

daughters 10 fEtlaoeipnla and View j Ofk
&c. 10 BE- educated, unless we concentrate
our efforts to establish amongst ourselye:
J equal opportunities for their improvement
In this, as 10 every other internal improve.
ment, talking does no good, we mus, DO
something.
Pardon this apparent digression-all who
read these essays will probably not esteem
Il so.
The Raleigh and Castor rail road then
claims our aid-because it has been CON.
menced and It's success will promote the
local interests Of many interior counties,
viz Wake, Chatham, Orange, Granville,
Warren, Franklin, and perhaps others
Because It will greatly increase the i'm.
Portance OF our seat of Government, and
open the way TO the establishment, of h..
erary institution for the education Of fe.
males, whose parents now expend thou.
sands elsewhere. Because if this road fails
Tor lack OF reasonable assistance, ITS fail.
ure would produce a reyulsion in public
sentiment that will operate iniurlously Up.
on the cause Of Improvement generally
Because this road may be helped by the
State without great risk, without burlhen.
ing Ihe people, without interfering with her
own adopted policy and system, aud 1t may
appear prac..cabe hereafter to make i, an
important and valuable part OF our system.
Then wherefore shall that AM be refused
Why shall not the friends OF the home pol
ICY give II their coun,euance and support
they viii answer for themselves, after II is
shown how all this may b. done, and after
! have met aud relu,ed the objections CON.
monty made against II.
l feel sure thai Subscription 10 the
Stock Of the Raleigh and Castor road will
not be made. IL ought nor 10 be dsked-
w hat night has n representative Of the
State 10 take the public money aud bay stock
al 100 dollars per share which IN the mar.
ket IS not worth 80 dollars The vote would
be lndeienslble and II cannot be procured.
W ere u uew stock there would be moth.
/ ing like The same objection 10 ia chance
OF depreciation would BE- then accompanied
by chance OF profit but tins stock IS now
greatly below par, and The State agents,
however confident 10 their estimates Of
tuture advance on the price, dare not invest
The public money IN buying a deprecated
stock al par ; or What IS the same thing b,
entering INTO The partnership shen the stock
10 depreciated 20 or 80 per cent. ANY
member OF Assembly who ould not b. wi!
lng 10 lay oui bis o,ra money 10 the purchase
Of named stock has no right 10 bus that
stock with the public fund Would pru.
dent man buy at 100 dollars per share,
stock 10 this rail road nov when the
stockholders (Rany OF theu1 would take
20 or - per cent. less for their interests
For TINS reason, az well as for the ott repeat.
ed sentiment Of what IS the primary duty &c
the State, do not advocate subscription
10 The STOCK Of the Raleigh aud Castor
road.
The President Of the company, i, IS gen.
orally understood, has been authorized to
raise money upon the bonds Of the compa. .
ny and give a lien upon The road 10 secure .
payment. Whatever may be thought b, .
others, cannot but apprehend that tins
loan will be effected lif effected at all) upon
very Instantaneous terms. hope NAV
be mistaken, but money lenders arc exceed.
lngly wary, and there are so many oppor.
'unitles for investing their wealth upon IN.
doubted security, that they require heavier
interest from private corporations, and gen.
orally allow short credits. Now IL IS PLAIN
hat the Raleigh and Castor road cannot
get an advantageous sale Of their bonds
where only little moro tnan bali Of the
,apIia! necessary 70 It's completion has been
,aid 10, and there are no other remaining
inscriptions to be collected. It's possible
hat loan Of 100000 dollars might re an.
mate confidence, and thereby induce It's pa. /
rons to subscribe more 10 the stock but ,
hat is TO be tired yet, and II will hardly be ,
he case unless the loan IS granted for .
,reat length Of time. Any period short OF
~ years credit would expose individual q
roprletors TO total loss OF their stock by
foreclosure Of their mortgage. Thus t
oppose loan IS obtained for 300, 600 dol.
RS; the principal payable after | 0 years, &
'e interest TO be paid annually. That 0
mount being expended IN the construction C
this road, 300 600 dollars moro will be II
to compiae IT, II TIE latter SUN k
mol also procured the difficulty Will have @
zen deferred, bat mol removed and If IL IS &
occurred their debt will be COO 900 dollars. d
hen Il the expiration Of 10 years, the al
fuclpa Of the debt being demandsble, IFS e.
lyment viii ruin the corporation, unless d
/" profits have been sufficient 10 pay the al
Ell AN ISrrRrsrI In1lnnh a rn,I cod 4