Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-12-01

moo and disbursements exclusive OF extraor-
binary repairs. rendered necessary by con-
aagration, which destroyed the principal build
ING of the Road at Raieigh,] $50 .479 u. Add
to this the amount OF these repairs, viz $685.
7sl 90, and the sum total of disbursements
will! he S8l ,27I 65. On the night OF the 25th
of February last, the machine shop and engine
house at the depot in Raleigh, with all their
contents of a combustIhie nature, having been
DESTROYED by FIRE, and the four best Locomo'
tives OF the Road, as we'll as the stationary |
steam engine being seriously endamaged, II
became necessary to take immediate steps to
repair the injury or TO permit the Railroad
with its appendages 10 60 to destruction -
Finding no power adequate to the exigency
conferred on the Commissioners of the Road,
convened the Council OF State, and submit
ted 10 them the alternatives OF either convo'
king the Legislature, special session, to pro-
vide the needful means, or OF mortgaglng the
Railroad property for the sum of $4,000, 0he
amount of loss and damage oecasloned by the
| fire, as estimated by it's Prcsident,) by virtue
| of the power conferred on the Governor and
Council, 10 make sale of the same. They ad-
vised the adoption of the latter, and an ar
rangement was made with the Bank OF the
| State Of North Carolina to advance the sum
required, at suehIimes as they might be call
ed for by the progress Of the repairs, on bonds
of the State, reciting on their face the consd-
Grafton, and "A deed -in>tru&t on the Railroad
and its: appendant property. to secure their
payment. Accordingly, bonds dated in April
/ May, and July last, amounting in the whole
to SIS. 900, all payable the Est: January next,
were negotiated, and deed in trust executed.
Some provision is therefore necessary TO take
up these bonds Designing 10 place the
whole subject 0ndersthe contro! ofthe Repre-
sentatives of the people at the earhest:eon*e-
nient day, + did not propose any longer term
of credit If this however be desirable. ii
doubtless can be easily effected, by issuing
State Bonds five years for an equal sum,
and requiring the Railroad, if retained by the
State, 10 pay the interest as il may accrue. and
gradually to cxtinguish the principal.
What course shall be adopted By the State
} in relation.to retaining or disposlng OF this
Road vet remains a question Of great interest.
Such has been the demand for repairs and i'm
provements that it has Welded no dividends to
the Treasury for the last two years Two new
Locomotives however have been purchased at
a cost of more than $1,000 each, and the 9TH
er engines refitted Except one wholly ruined
hv the fire before referred TOY SO that the mo-
tive power Of the establishment is in better
condition than at any time heretofore. New
and superior Iron has been also purchased,
and laid down, for near ten miles from Castor
: South ward, and the whole superstructnre OF
the Road has been renewed for that distance
Very extensive renewals have also been made
in the wood work Of the line generally. But
the process Of repairing is now carried on un-
der great disadvantage, for want Of Iron &c
relay a considerable part OF the track, and the
present earnings of the road are insufficient &c
procure it, The Northern hal: of the line
/ over which the heaviest trains pass, was orig
( inally laid with thin Iron, which is much bro
ken, and occasions a great waste of labor. II
temporarily reftting with fragments, that are
= soon TO be broken again, as we'll as constan
u damage to the Engines and Cars from the Sc
= we're wear and tear to which it subjects them
= A prudent economy often consists in liberia
o expenditure. Any proprietor OF this work
II would find it his true interest TO put 1t in com
l. plete repair, even if it necessary to give
n lien on the property to raise the means. /
= therefore the road shall not be transferred t.
j. other hands during your sitting, it is obvious
% ~ expedient and proper to purchase immedl
ately Iron Railing sufficient to re6t il for a
l. least thirty miles. Fifty thousand dollars ex
/, pended for this purpose mi ght enable the Stat
ID to receive as profits some fifteen. twenty, O
e. twenty-five thousand OF the ifty-fye 10 sew
~ enty thousand, the present income of the road
&c large part of which is now spent on the in
3, effectnal reparation above described. Its ope
u rations may go on, as at present without sue
e aid, hut they afford no prospect Of profit
l. 4 loan be contracted for this object on liberia
IS time, there can be little doubt OF the ability c
y the road to pay it with interest. And in h
'e event of a sale, it would enhance the price {
!" the whole property by an amount certain
tn he fhnc Ind ant
1t would no doubt be preferable TO CONVEX
II this property into funds, for the relief of til
nj Treasury. rather than to make any other dl'
8 position oft. To expose it at auction howeve
g, would be to sacrifice it from the magnitude
as the interest and the fociity with which biz
h. dprs could combine their capital and put dow
ne competition. After 4 committee Of your bod
e. shall have made thorough investigation
ne the affairs Of the road, and to that end sha
oy have examined on oath It's officers and hea
or workmen, il deemed necessary, three mod,
Of disposing Of it will, IA l conceive, prese
OF themselves. to-wt: list. A resale to Il
IN former stockholders BY compromise Of Il
Ell suits now pending, if suitable terms be offere
Isl end. To retain it as a permanent property
al the State after repairing it in the best manne
W. 3rd. To unite it with another work. throus
a. the interior Of the State which will be mo
y particularly noticen In Inc Seque!. Inc !"
,er lning,on and Raleigh Railroad Company ha
les regularly paid the interest on all their dsbI
we and effected considerable improvement
le- their Road with the income Of the last tv
ect years. A minute statement Of the conditi
of of their affairs will accompany the Report
we the Board Of Internal improvement. l a
INST gra,ifed to observe very handsome addIti
sly to their receipts, in the items OF freight al
way travel, showing that the local accomm
of da,ion from this work is becoming much e
in tended. They will. presume, be unable
ed pay off the principal Of their bonds, guava
an tied by the State, and amounting to $500
ion which will become due the LIST Of Janua
by next. But 30 long as they continue to me
be the accruing interest with their accustom
ch punctuaity, there can be no objection to e
for tending to them the States credit, upon t
has same terms as heretofore or even for long
ich period.
pi- In surveying our territory, with an eye
aid the present interest and wants of the people
ors am more than ever impressed with our des
TO tuition of facilities for cheap and speedy trar
ate, portation. In this regard, however unples
bic ant may be the admission, am forced to I
;is- conviction, that we labor under greater disa
ad vantages than any State in the Union: A