The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20
WILL: A. GRAHAM.
Executive Department. Dec. 4, Isss.
MEMORANDUM AND PROJECT
on 4 Rail Road from GaSlOn. By var Of RaI,i,l
and Salisbury, 10 Charlotte.


OF a Rail Road from GasiOR. By var Of Ralri,h
and Salishury, 10 Charlotte.
!. LEI Joint Sinek Company, 10 he
styled ",he North Carolina RaiIroa,I
Company" he incorporated, ON Liberal
terms, ar 90 years. with a capital Of
s2.O0O.O0O. Of which one.half shall he
subscribed by the State: with power m
increase is capital "a $4,000. 600 &c found
necessary tn complete and equip the Rail.
Rad through lis entire lenglh-ihe S,a.e
still subscribing and owning one.hal( Of
the whole stock.
2. The Stale of North Carnlina shall
pay s50O.0O0 uf her subscription, hy
transferring 10 said Company the Raleigh
and Gasi0n Railroad. with al the rquip.
msnis and appendanl property.
3. As an lntlueemrnl Ia The siockhnl.!.
ers and hon,lsmen Of The late Raleigh an,l
Castor Railroad Company 10 subscribe
in this company. and To use their inilu.
enre and exeIlIons To procure subscrip.
lians. let il he provided. that when lhe
sum of 100000 shall be subscribed by
individuals or corporations, who shall
satisfy the board af Internal Improvement
that they are allie In pay the same. the
suits now pending against them, al the
islanre Of The Stale on accounl oT her en-.
dorsemenIs lnr said X leigh and Gas,cn
Railroad Company, shall he dismissed.
and the defendants discharged from their
liability in that behalf
4. When the sum If $500. 900 shall be-
thus subscribed, and the snlvcncy Of the
subscribers shall he asceriained by the
board ri Internal improvement, the Com.
psny shall lie organized. and the Cover
nor shall be authorized and directed to
transfer 10 lheushe Raleigh and CASTOR
Railroad, by absolute grant, under the
great seal Of the State. npun their entering
in.n bond in the penal sum nf sl 900. 900.
payable 10 the Stale and conditioned inr
their proceeding with all reasonable des.
patch Ia put this part OF the Road in good
repair, and to construct the residue from
Raleigh 10 Charlotte, and giving mort.
gage ON the property transferred Us &c.
curly for the performance Of the same.
3. The State is Ia he ralled on for no
further payment until The said SUN Of
100000 subscribed aud paid by the other
stockholders, shall be in good faith appl-
ed according 10 the preceding stipulation.
/ g. After this sum shall have been ex-
pended on the work, whenever The indi.
vi,lual stockholders shall be called on for
payment "f any further part Of the sub
scripIInn, and shall have made the same,
TO The amoani Of three lourihs of the
insialment required, then the State shall
pay pari passu on hers.
Z. To raise the requisite funds to pay
The further subscription OF The State, as
the same may be required, bonds or
certificates of deb, NAV be issued hy the
Treasurer under The great seal Of the
State. and guaranteed nv pledge Of the
public faith for their redemption, PAYABLE
in the currency Of Great Britain or the Uni
ted States. with interest semi annually, at
not more than six per cent. per annum, re-
decmahle in thirty years.
g. No mnre bonds shall be issued a.
any one time, than are necessary 10 pay
the instalment then demanded; and in
every such cllse, the treasurer shall atlyer-
iise the amount required. call for sealed
proposals Of terms, aud contract the loan
on those most favorable to the State that
may be offered. And whatever premium
may be obtained IN any such negotiation.
shall be paid intn the Public Treasury,
aud invested as a savings fund, 10 meet
the interest on the debt. as il may acrue.
0. The States stock in this company,
10 be pledged for the redemption of the
principal of the debt thus contracted. and
any dividends Of profits whirh NAV be de-
elared thereon, 10 be applied tn the pay
ment of the interest. And The company
|, shallshave power. from time to time, to
divide profits. il realized, on such paris Of
the road as may be finished.
T 10. But 10 secure the punciual pay.
meni of The interest. before and until such
dividends may I've realized. aud 10 aid the
savings fund, above mentioned, the Pub.
lie Treasurer shall pay any deficiency of
interest out of any monies in the Treasu-
ry not otherwise appropriated. ~"
/ Ii. The foregoing provisions to be EN-.
bodied in two acts of the General Assem-
bly, /: the one," act TO incorporate the
North Carolina Railroad Company" and
the other, :" An act 10 adjust The claims Of
The State against the Stockholders and OIL
llgors Of the Raleigh and CASTOR Railroad
Company. 10 change The States invest
ment in said Railroad, aud 10 aid The
construction Of the North Carolina Rail-
road"