Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-07-17
TERMS % so I'm advance.
WHOLE NO. 90.
From the North Carolina Standard
THE GOVERNORS BID FOR THE
ROAD.

ROAU.
Gov. Graham, we understand, gives in his
public speeches the following reasons for his
enormous bid for the Raleigh and CASTOR
Road In the first place, he says the Roads,
worth the money; in the second place, he
says if he had not bid the full amount at the
first pop, he would have been run up to il by
a combination of stockholders and in the
third place, he says the Road was all the State
could get for it's debts against the stockholders,
and therefore he bid. at once the 1868, 000.--
Let US examine this defence.
Is the Road worth the money! Ii II is,
how does it happen that it could not pay even
the interest on its bonds? For the proof that
it could not, we point to the fact that its pre-
fits were sequestered to the State, nnderth
act for it's relief, and Receiver appointeds to
the fact that at the last session Commit
tee reported that it could not keep itself IN
repair and at the same time pay the interestDn
$500, 900. to say nothing Of the $500. 900; and
to the further fact that it was declared by tho
last Legislature ODE tnsotrent. And yea uc-
cording to- Gov. Graham, an insoivent Road
a Road which could not pay the intrrests on
one-ffth Of the money expended Cor its con-
struction-a Road which never paid to Tho
stockholders the first " red cent In dividends
"a road which now requires thousands Of dol
lara for necessary repairs-this Road is worth
1868 900! The Governor. may tell that TO
the Stockholders--the people won't beiieSe
| it.
| IF he had not bid the full amount, would Ito
Stockholders. have run him up! Suppose
they had--might he not have sold the Road
for fair price, and poured into the State Tfsa::
Sury a considerable amount of ready casha
And where, we ask, are those individuals who
were SO anxious to get this Road for less shan
1868 600? II there be indeed such persons,
why does not the Governor convene his Coun-
Gil and sell the Road to them at once The
act gives him the power to sell the Road; but
we are met here again 18th the answer, that
the Road is too, vaiuable 10 De disposed OF for
less than $4,000. Is it,. then, more valna-
BILE to the State than itwould be to individuals
We should think not. All experience g6es
to prove that such enterprises are more profifa-'
bic to individuals than to States, for tie
plain reason that number of individuals in
tent on making money, will strain every nerve
and cut off every useless expense, while The
State has few officers to guard its interest;
and these officers either cannot or sdiH not
transact business for the State as they would
for themselves. And therefore if this Road,
which, it is admitted on all hands. The State
cannot manage as we'll as individuals, be re-
ally worth to the State $685., 900, surely midi.
viduals would have given 500 OF 100 dol
lars more, or one cent more, at The sale. and
thus have become the purchasers. This Road
would be more profitable to individuals than
it would be to the State, it was profitable
investment-the best sort of an investment for
the State at 1868, 900 but il would have been
a bad investment for individuals at one cent
more, and therefore individuals did not 90 boz
yond the Governors bid That is good Wing
logic.
But Gov. Graham alleges, we understand,
that the Road was ah the State could yet from
the Stockholders, and therefore he made the
bid. Is this SO? AS we showed last week,
, there were two loans made to this Road, one
in 1888 and one in l840-the frs. for $780,
were taken the Road for both these loans,
and in addition to this, bonds were given to
! the State by the Stockholders and others, for
: the amount of the first loan, $500, 900. The
last Legislature directed tire amount for which
the Road should sell to be applied to the pay
ment of the last loan of 100000, knowing
as it did that the State had these bonds for
100000; but are the Stockholders content
with this Ely. no means. They are now
seeking, in the Supreme Court, 10 pet clear
. of paying the last loan of 100000; and. the
opinion of some of the first lawyers in the
State is, that they will SUCCEEDING If they
do succeed, this hid q 1868 600, made By Cor.
Graham, aviH hare to be deducted. from the bonds
Of $500, 900 given to save the &afe:: In Other
j, words, fthe Supreme court should decide thai
. the first mortagestobe satisfied it viii turn oul
that Gov. Graham, ty his bid for his Road
released 1868 ,0oe Of these bonds. The sum and
j, substance. of the whole matter will be, tina
the State will Rave paid more than million q
dollars for this Road, and that too after it had
been in operation for number Of years, and
had become unsound and almost unit for ira
vel.
Ht,nan Gl0yg.-There arrived at Hull