Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-03-24

amount, of accommodation or income, from
the Road, but whether it shall be resigned to
disuse and waste, until the usual session OF
the Legislature. And in this connexion' II
must be observed, that the decay, and loss 10
the establishment, during this period. would
be tenfold greater, than the damage OF the Ere
Prompt and energetic action beng tnen lnais-
pensable. we are limited to a choice, between
the alternatives already stated
% In consideration of the necessity of rais-
inc sum of money, probably equal In amount
to The above estimate of loss, as the only eff
fectr,al means of relief, | would much prefer,
did circumstances favor it, to convoke the
Legislature, and leave the proper course in
the premises, to be determined by the repre-
sentatives of the people But independently
Of the inconvenience of summoning the men,
bers from their homes, at the present season,
the expense of a Session of the General AS
sembly, to deliberate On the subject, would
not probably fall below the amount required
for the purposes in contemplation. And expe-
rience having demonstrated, that the months
of spring and summer, are the season of great
est profit to the Road, even the necessary de-
lay of an extra session of the Legislature, at
the earliest practicable period, would be at
tended with serious loss, in it's receipts, as
well as public inconvenience:
Sd. By reference to the 9Th section OF the
act of 1S45, already quoted, it will be per-
ceived, that the Governor, with the advice of
the Council of State, has full power to sell
the Rail Road, and all theappendent property,
and to transfer the title. And if offers to pur-
chase are made. it is his duty to convene the
Council, and submit the same to them, with
his opinion of the propriety of accepting. In
| l,,&r0 off
ecutive, to protect the public property from
dilapidation or injury, so far as adequate
means may be within his control, the power
in this instance to sell, so as to realize the
highest attainable price, seems reasonable to
imply an authority to make conditional sale
or Mortgage, with view of raising money to
keep up its value, and save it from ruin
This mode of relief, being then within oul
; competency, and by far best suited to our Cir
. cumstances, is recommended for adoption.
therefore propose for your advice and consent
/ to borrow on behalf of the State, a sum OF
sums not exceeding in all twenty five thous
and dollars, ($25, O0O0 to be applied as spec.
Oily as possible in repairing the damages anC
loss occasioned by the recent fire TO the Raj
eigh and CASTOR Rail Road and that the sale
Rail Road with all its appendages be convey
ed in trust, as a security to the lender. for thu
repayment of the debt so incurred, with thu
interest thereon. This security is unquestion
ably ample, and no doubt is entertained of OBJ
tanning upon it the amount required By adop
ting this plan, the Road may be renovated ant
. restored in value, at a cost not materially
greater than that of assembling the Legislator
to consult on its condition: while it can il
no manner embarrass or interfere with tn
freest elaboration, in regard to it, at the regu
7 lar session. 1t may be probably expected tina
the income of the Road will keep down tn
]. interest on this loan, and gradually extinguisl
the principal. But if this supposition shoul
4 prove erroneous, and new misfortunes befal
the enterprise, the property in the Road viii
be at all times sufficient to repay the sum Dor
J. rowed, without resort to the general Treasu
I ry, unless the latter shall be preferred by tn
Legislature.
Should this recommendation not meet you
concurrence, l will cheerfully cooperate il
" any preferable mode of securing the public in
: tercsts in the matter in question, which you
;, wisdom may suggest.
e WILL: A GRAHAM.
e Erecutire Department, March 13, 1913.
/ P. S. Estimates of the injury, from the fir
=. made by the President of the R. R., are en-
}, closed herewith.
n After consideration, the following Resolu
J, ton was unanimously adopted:
e ReSolred, That the Council of State do ad
e wise and consent to the proposition of tn
J, Governor, that sum Of money, not exceedin
e S25, 1000, be borrowed on behalf of the State
n for the purpose of repairing the loss and dam
h age occasioned by the recent fire to the RAJ
: eigh and CASTOR Rail Road; and that the Gov
= ernor be advised to convey the said Rail Roa
and all the public property attached thereto
in trust to secure the repayment of the amour
e of such loan with interest, at such time as h
d may agree upon with the lenders