The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

Ilsir Numbers. arr inQui.ies whirh have
mi haia &C sufiirieni acruIary NOW 70 IN.
swer with sslislarii0n. bul whIrh may be
ssIrsd nilh REASONABLE reElzlnly By snap
pal ~ lhe exprrirnee Of 0sher states.
within The last fifteen YEAR. lndeprnf-
emily, sleFrl0rr. az The States eanneriinn
with ant other work of that description,
and nj her aHiiiy 10 al lie construction
Of This. BIZ hsins her present Railnusd -
cash, II = reasonable psire. snd By indur-
ing > subscription Ofhalf : m'lli"n al dol
lars more by compromise uilh iis inEmsr
Stockholders, without rrsoEiiIlt In loans.
Cor much nf the capital required. 10 say
rolhing Of lis extension hereafter. il is H.
self an improvement demanded BY The
public interest. and every enlightened
, view af duty IN nuT constituents.
/ By the arrangement recommended, The
state aud individuals are IN he equal slork.
holders 20 the amount Of one million ol
dollars, or nj most twelve hundred AMI e.
" thousand each, in n line It railroad
from Gasl"n % Charlotte. The Stale Is
10 transfer 10 the new company the Ra-
leigh and CASTOR Railroad. al the sum Of
S500.0O0. in part payment of her sub
srriptinn. rs som rs solvent persons shall
subscribe 100000 more in stock Of this
company. She is TO pay no money on
her subscription, nnul this latter sum II
100000 has been in good faith applied
lin renaiFs of the old road and the rOnsIrue-
iion Of the new that is. in al probability.
until the new rnad shall have been com.
pleled inr forty or more miles. After that,
she is TO pay in equal inslalmenls with
the other subscribers, hut always with
holding her payment until theirs has b'en
made. Transportation j. 10 be carried on,
upon the old Road, and upon such paris
Of the new as may he from time 10 lime
finished. and dividends Of profits on 4 is
business may be DECLARED. in which the
Stale will receive her part, rs the work
may progress. The balance Of the states
subscription. say FIVE 10 seven hundred
thousand dollars. is To he paid by monies
raised on loan, by issuing Stale bonds, re.
deemahle in thirty years, bearing interest
At not more than six per rent. per annum.
These bonds would probably be issued in
parcels of perhaps fifty thousand dollars.
at me time, as insialments might he call.
ed fnr on the subscription, 81 that the
while amount would not be outstanding
in less than four or I've years. In every
instance the loan would be contracted by
sealed proposals. and any premiums OH
i1ined would be reserved as a fund for the
payment of interest, in addition To the pro.
fits which may be realized from the husi.
ness of the road. So far rs these might
fall shon Of the payment Of the inleres, as
il accrued. il would fall on the Treasury
the stock in The road being pledged To
pay the principal.
The certificates of loan are 10 ne pay
able al the option Of the lender. in the
currency Of Great Britain or the United
States, in order 10 have free competition
in The proposals offered, and 10 secure the
lowest rate Of interest. The sum annual
ly required for the payment Of interest. at.
Ter the whole amount Of loan shsll have
been obtained. will probably be from ihir-
~ 10 forty thousand dollars. The old
road being put in perfect repair. and the
new one constructed for iorty miles be.
fore any part Of this debt is contracted,
aud the State being entitled to one.llalf Of
the profits. which may he made from its
operations, she may reasonably expect To
derive from this source. and from the pre-.
miums on the loan, large portion of the
fin:ls required from time Ia time To meet
this interest. 1.-The measures recommend
ed by the former message for The reduc.
non Of The public liabilities shall he adnp-
: ted. they will, by the time this loan shall
he fully taken up, afford Il residue by the
dImiuuion OF the debt which may he APP
piled tn the interest on this, and leave an
inconsiderable, il any balance, 10 be paid
from the Treasury.
II is nnquesIi"nahly the least acceptable
feature Of this project, that il proposes TO
borrow money for the object in conIem-
platoon. In my view, The improvement is
of sufficient importance 10 the State 10
justify that step, in The eyes Of our consti.
tuents. ir il stood unconnecled. with oihrr
works in which she is already concernetk
But when we consider that the stock in
the whole railroad is to he pledged for The
=. ultimate redemption Of the amount Dor.
rnwed. and will he more than equal to
that entl. and thai by the means already
Indicated The interest can be paid, with
but a moderate demand on the Treasu.
, ry, until The work is completed, (when
. lis profits will relieve us from even ihai)
] when we remember that the value oI
our present railroad interest greatly, il
not entirely. depends on the success oI
] This scheme. we should look well 10 the
t consequences Of its rejection. For the
; question arises, what shall be done with
/. the railroad we now own! We have il,
; that property costing originally a mil
: lion and half of dollars. and worth, il
. put in perfect repair. probably halfof tina
! sum. II now .indIflerenIly accommodate