Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-05-08

gd1nst foss; and intend 10 prove TINS ch3f1ssEe
The bill to authorize the foreclosure Of fbo
NOR GAGE Of lie Raleigh and CASTOR Rail
Road aphofntea the Governor the State =.
gent. and Invested him with sound discre.
ton. within stated limits, to purchase this
Road. In discharging this duty he was a
iat.hiess servant, as the history of that bill
viii show. On the 18th December 1914.
Mr.. Cherry Introduced the first draug4nof this
bib, By the third section (which. The Cover.
nor was directed 10 bid ga sum sUFFIcIENr
to coVerathe SUM oE$3G 100000 and The intzest
on the bonds executed and endorsed in pursu.
ance OF the act of the General Assembly pas
sed In l840-4l. ''---t House Bill, No. 15e.)
ms section was amended, (Honse Bill No.
55,1 seas to direct the Governor to- bid ~ a
SPIN not erceeding;$3 OO, 900, and the interest,
unpaid by The, company, on the bonds execu.
tee, &c. This bill conld not have passed in
its original shape; and yet His Exceiieneyhas
acted under the first form Of, the bill, which
was condemned by the Legislature. He was
sent as the States agent with certain discre-
tionaTy powers, to purchase this property as
any prudent man wouiddo acting for himself.
To this duty he was faithless, in every sense
and meaning Of tie word, as vii beseen from
the following editofal from the "Raleigh Re-
4 =
s'Our Rail oad-Governor Graham, has
returned from his examination of the Raleish
and Castor Rail Road. fIe was.accompanied
to CASTOR by the Public Treasurer, by Geo..
w. Mordecai, Esq, the Temporary President
of the Company, John d. Hawkins, Esq. of
Franklin, one of the Directors, and Mr.. Hot
lister, Superintendent of the Road. We are
gratlhed to learn. that the Governor found the
Road. excepting The section between Raleigh
and Forestvllle, on which workmen are now
operating, in much better condition than he
bad expected; and that, after personal sur
vey of almost the entire track, and the Depo:s,
Aqueducts and noble Bridges Of the Compa-
ny, and on the inspection Of the Reports Gifts
income for the past two years, made to the
Court of Equity of Wake, he determined, with
out hesitation, as the Agent and Representa-
tive Of the State, at the sale of The Company's
property, To- be made on the goth December
next, to bid the, maximum amount prescribed
in the Act Of the General Assembly at the last
Session., viz: 100000, and the interest ac-
crued thereon since the Bonds for this amount,
endorsed by the State, were issued-which
will be in all about 1891 900.
''Weare truly glad to End that such result
has been obtained. after a careful examination
by the highest Officer of The State, upon his
official esponsihiliiy, with a to exercise
the. discretion vested ilian by the Lealsla-
tufe, so that ample jpsticefnaJkbe done to the
public: but in tlesnls}e lsast inllrious to the
Stockholders, who have sustained 90 great a
loss Tn'this enterprlZe!& 80 rrl
The. course adopted blythe Governor, in
forming and making known beforehand, his
determination upon this subject, seems 10 Us
in the highest degree proper Whilst it is
| ~ AZ al 6 D.
to the advantage both of the State and the
Stakeholder, it 0 ives notice to those who may
desire to compete in the ,purchase,gso as to
enable them to make arrangements for raising
capital and giving security for the large sums
involved in the purchase upon the terms re-
CURED by thel Law--arrangement which it is
obvious, from the limited means of individuals
among us, could not be made without a .Iea
sonable time preparation" - . enss 'assv
! Whose aid didthe Gofefnorseek in placing
| a proper value on this Road2 Four gentle
men named above, every one of whom were
obIgors Ia the bonds Of indemnifgsto save
harmless the State against loss, and their joint
Publications together with others. amounts to
between IS md 100 thousand dollars! Mar .
velous proper mpn these, to consult in. valu-
ing the Road No censure is -attachable to
them for their advice to his ExcelIency ;sthey
did nothing more than other persons equally
interested would do. The more tue Governor
bid. the less they would have to refund TO the
State; and Of course it is not matter OF sur
prise III at, with such cdunse!ors. he determfn-
ed tebid The ,narimuna amount at the. first dash
without an opposing bidder. - $ = -
But the Register says that he inspected tie
reports Of the income of the Road made TO
Wake Court of Equity. What could he find
there 10 Justify his determination | have
paid some attention to these reports also, and
to the further fact that for two and half years,
by decree inSWake Equity Court, the State
has been entitled to the income Of this Road !;
and, unfortunately for; His ESceleney, in all
of that time the Road has not paid the State
the first red cent! The Governor, then, know
.ipgtheo fact thatthe Road had not cleared one
cent in two and half years, and that he could
purchase it for $4,000, bid, the 'naaeimuns a
ftiount, Which relieves the oblieors,f and pla-
ces. a load of debt upon the tax-paying people
that years Of toll and sweat only can remove.
Thus carrying, put the whg doctrine advoca-
! ted last legislature by r. #. Painel(d Cho-
wan) and others, that these -bondsfof indem-
nifty ought to be surrendereaby the State.
This subject will receiyef further notice from
II A CLOSE OBSERVER.
IMPORTS OF THE UNITED STATES.