The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1849-08-17

command OF Georgia was not only denied
bu, |, was generally insisted tina, no such
Improvement was necessary-lhat if the
road we're completed, the country would be
found TO produce for expectation nothing
bu! "apples and feathers"
10 my subsequent visits. perceived, as
the road advanced, the tribe of croakers re.
tired. The entire race has now ceased to
exist. On my present journey, have
'ound no one, who would not Iesen, es an
lmputaiion Of defective intelligence or pa.
trloIIsm, the suggestion tina. he had at any
time, or under any circumstances, opposed
this great scheme Of State policy.
The day may / be far distant when the
derded stockholders in our p,esan, rail
roads may be regarded as successful po.
neers in noble system Of improvements.
How such result may be produced ! may
attempt TO show hereafter North Carroll
na, like Georgia, has made an Intellectual
effort 10 sell out whether she will further
emulate The example Of her sister, and uorh
out, is now TO be determined.
2. Taking it for granted tha. three mil.
lions will prove an ample fund to construct
aud coup the road, the more fTicu, en-.
curry remains TO be answored-how can
tina, three millions be obiaued
10 The frs! place, million Of dollars in
the stock OF the company must be subscrib.
ed by individuals, work to the value OF half
this sum must be dono, and then they are
authorized TO call for subscription OF two
millions on the part of the State. The
Slate is then 10 pay her subscription parri
possu with the individual stockholders, as
the work progresses, in her own six per
cent bonds, which she will not permit 10 be
sold for less than par.
Can these State bonds be exchanged Cor
cash a, par! If we were compelled to
throw the whole amour, q, once upon the
domestic market, or 10 rely exclusively up.
On o foreign market, success would be more
than doubtful. |, 10 very desirable, if pos.
sibe, to absorb this public deb, generally
among ourselves, and this think may DO
accomplished 10 very great extent, in two
ways. First, many Of the contractors will
be able and wiling 10 retain a considerable
portion Of their receipts 10 this permanent.
and for that reason desirable, species Of IN
vesmen,. Secondly, q still larger amount,
may find lis way into the hands Of trustees,
as constituting for them the safes, and mos!
convenien. specIes Of investment.
In England governmen. stocks re con.
sidered by the Courts safer than individual
securities aud Of course trustees seek anx.
lously for opportunities TO invest IN pub.
lie funds. Legal gentlemen Of hig repu.
la,iou assured Tie that the Georgia statute
} authorizing executors, guardians, and trus
tees generally, to invest trust funds IN this
way, has not merely produced great de
nsnd for State scrip bu. has saved many
an orphan from ruin. Our General As
sembly will find no difficulty in meeting
her engagements, if she will merely ex
emp, her scrip from taxation, and author
Re trustees TO purchase il.
The second branch Of the enquiry now
returns upon Us: How Gao the individual
subscf p.lon be obtained and paid
must be excused for entering upon the
consideration of this question somewhat in
detail A portion, apprehend no, large
one however. Gill be subscribed by capt.
,as,s, and others from motives Of interest.
or patriotism. The proprie,ors Of land,
, however, lying within a few miles OF the
line Of the road, must rely mainly upon
their own resources. II can be made clear
T to the most Ordinary capacity tina. it is their
m.eres, and their duty TO subscribe and pay
for the stock without hesitation or delay.
The area Of the State Of n. Carolina IS
ordinarily computed to be As 500 miles
, square. No eeographer, | believe, has
! ever supposed il 10 exceed $4,000 square
, miles, or 81 millions OF acres. That por-
ton Of this aggregate surface which has
been patented, and given in for taxation,
; was assessed IN ls47 at more than 66 mil.
lions. The average value therefore OF the
, State exceeds 50 per acre. The proposed
line oil rood from Goldsborough to Charlotte
/. passes through the heart Of the State, ant
. llls confidently believed, that belt of lant
!. eight miles in width and 2l0 in leng h, vii
o exhib; on area Of greater average value
IS than any other tract OF equal width, be
I tween any two points equally distant tina
Q can be selected in the State. There car
be no difficulty IN arriving at the conclu
d sion from these premises, that the average
e value Of this belt al present exceeds So pei
Y acre. Ii will be found TO contain Csc
v square mlles, or 100000 acres.
}. What will be the effec, Of the conslruc
d ton Of the road upon the value Of the lan'
Is within the limits suggested The expert
II ence Of our astsr States, and especially tina
10 of Georgia, is wholly deceptive, if IT doe
10 no, increase the value more than 81 pc
8. mere, so that if So be the present averag
il value Of the land, it will exceed "a whe
IS the road shall be completed. If this b
Ia true the entire stock may be taken by pro
At prietcrs OF land within four miles, without
70 reference 10 dividends. and without posi-
I'd bili,y Of loss. am we'll satisfied, that .her
ID are many tracts Of land in the Counties
es Rowan, Davidson, and DAVE, which Nigh
IS. now bs purchased at s. per acre, which
,e they could be transferred 10 the neighbo'
o. hood Of a Georgia or South Carolina ra
T., ,ood wouId READILY command $40, Th