The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1848-12-08
MBER Z.

9nale TO the exgency conferred on the com.
missioners OF the road, | convened tue
counsel OF Siaie, aud submitted to them
The alternatives of either convoking the
Legislature, in special Session, 10 provide
the neediul means, or of mortgaeinp the
Railroad property for the sum of s25 900
Che amount OF loss and damage occasion.
ed by the fire, as estimated by its presi.
denp by virtue Of the power conferred on
the Governor and council, 10 make sale Of
the same. They advised the adoption of
The latter, and an arrangement was MAIDS
with The Bank Of the State of North Car.
DINA, TO advance the sum required, a, such
times as they might lie called fur by the
progress Of the repairs, on bonds Of the
State. reciing on their face the considcra.
ton and deed in ,rus, on the Railroad and
lis aPpcndant property, TO secure their
payment. Accordingly, bonds dated in A.
Pfil, May, and July last, Amounting in tho
whole TO s25, 900, all payable the ls Janua-
ny next, were negotiated and deed in
trust executed. Some provision is there.
lore necessary TO take up itese bonds
Designing to place the whole subject under
the control of the Representatives of hp
people at the earliest convenient dav, did
no, propose any longer term of credit. If
this however be desirable, il doubtless can
be easily effected, BY Issuing State Bonds
at five years for an equal sum and requir.
ing The Rcllroad, if retained By The State,
to pay the interests as it may accrue and
gradually to exllneulsh The principal
What course shall be adopted by the
State in relation 10 retaining or disposing
Of this Road, yet remains question Of
grea, interest. Such has been the demand
for repairs and Improvements tina, it has
yielded no dividends to the Treasury for
the last two years. Two new L1como.
tives however have been purchased at a
t cost Of more than $1,000 each, and the
, other Engines refued (excep, the ono
wholly ruined by the fire before referred
toy SO that the motive power of the estab.
llshment is in better condition than at any
J time heretofore. New aud superior Iron
. has been also purchased, and laid down,
for near ten miles from CASTOR Southwark.
and The whole superstructure 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
. under great disadvantage, for the want Of
9 Iron 10 relay considerable part Of the
e track, and the presen, earnings Of the
i, road are insufficient TO procure it. Tho
). Northern half Of the line, over which the
heaviest trains pass, as originally laid
S with thin Iron, which is much broken, and
? occasions great waste of labor, in tenn.
5 forariy rei,tDg with fragments, that are
soon to be broken again, as well as con.
, slant damage to III Engines and Cars
: from the severe wear and tear 10 which it
subjects them. A prudent economy often
: consists In liberal expenditure. Anv
s proprietor Of this work, would find it his
: true interest to put it in complete repair,
4 even II II were necessary to give lien on
/ the property to raise the means. If there.
{ fore tbs road shall not be transferred to
, other hands during your sitting, it is OBJ.
, sious|y eSpedent and proper to purchase
Immediately Iron Railing sufficient, to refit
it for al least thirty miles. Fifty thousand
dollars expended for this purpose, might
enable The State TO receive as profits some
fifteen, twenty, or twenty. five thousand Of
! the fifty five TO seventy thousand the present
income OF tho road, a large part Of which
!. is now spent on the Intellectual reparation
: above described. Its operations may 90
D on, as a, present without such aid, but they
i afford no prospect of profit. If loan be
/. contracted for this object on liberal time,
there can be little doubt oithe ability Of the
c road to pay it with interest. And in the
!, event Of sale, i, would enhance the price
e Of the whole property by an amount certain.
n y equal to the money thus laid out.
l. |, would no doubt be preferable to con-
q vert this property into funds, for the relief
II CT the Treasury, rather than to make any
&, other disposition Of it. To expose it a.
J. auction however, would be to sacrifice it,
,. from the magnitude of the interest and the
{, facility with which bidders could combine
is their capital and put down competition
!. After committee Of your body shall have
IS made a thorough investigation Of the affairs
d of the road, and to that end shall have ex.
l. amiued on oath its officers and head.work.
r men. if deemed necessary, three modes Of
o dsposing Of it will, as conceive, presen,
themselves, to wit ls,. A re sale to tbs
s. former stockholders by compromise Of the
'e suits now pending, if suitable terms be Of
Of lered, End. To retain it as permanent
$. property of the State after repairing i, in the
D. bes, manner. 3rd. To unite it with anoth.
IN er work, through the interior Of the State
he which will be more particularly noticed in
IS the sequel. The Wilmington and Raleigh
Is Railroad Company have regularly paid the
q interest on all their debts, and effected con.
IS siderable improvement on their Road with
<. the income Of the last two years. A min.
ID ute statement Of the condition Of their at.
e. fairs will accompany the Report of the
ID Board Of Internal improvement. am
'e grati6ed to observe very handsome I'D
% dition to their receipts, in the items Of
De freight aud way travel, showing that the
OF local accommodation from this work is be.
re coming much extended. They will, l
Il .