Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-01-05

to take care of the public property, and pre-
vent its destruction
a. The amount, which may be realized from
the suits now pending at the instance of the
State, against the Stockholders and bondsmen,
of the Raleigh and CASTOR Railroad Company,
will depend, in the first place, upon the deci-
sion of the Court in favor of the States recov-
cry against the defendants; and if So how far
such recovery shall extend and in The second,
on the ability of the parties 10 satisfy such re-
coveries, if obtained. My argument in favor
of her legal right 10 recover both the princi-
| pal and interest, which she has paid or shall
pay, to the amount of stock held or bond CIV
en- by each defendant, will be found in my
message to the last General Assembly among
your records, and can add nothing new on
that point. Some of these parties since their
obligations were contracted. have become in
solvent; but how many, have no means Of
| Judging other than those which are open to
the general observation of the community
If therefore these suits shall not be compromi-
sed as recommended by me heretofore, but shall
be prosecuted 10 Judgment, the Judiciary on
" can determine, how much shall be recover
ed. against each person concerned in the great
multitude of defendants, and the process of
execution will ascertain his ability TO pay
The public interests, meanwhile. are in the
hands of able counsel, who will doubtless do
them justice.
S. The Resolutions are accompanied by a
preamble, indicating that the information
sought by them, is desired in connection with
the plans of Internal Improvement, which
have heretofore recommended for your adop-
ton; and therefore suggest few thoughts, as
n hot 1rhI oh
shall be pardoned for appending. To my mind
it is perfectly manifest. that in the present cri-
sis OF our affairs, the public interests are only
TO be upheld by enlarged and patriotic views
of our duty, and manly and energetic action
in carrying them into effect; while falterng
or contracted policy will precipitate US into
bankruptcy and dishonor We have now two
Railroads, for which the State has made, and
is making, the large expenditures already sta
led. They are carrying on business, from
which one receives an income of about $685.
600, and the other about 100000, per year
, But from inferlority of the superstructure of
both, with these large incomes, they afford no
profits on the capital, but consume the whole
in repairs. Without the aid of some Legisla-
ton, tending to better their condition, this will
not only continue to be the case, but it will
.. probably become worse. The question is then
distinctly presented, whether an effort shall be
made to place these Roads in more favorable
situation, so 10 enable them to relieve the
Treasury from the burdens they have brought
> upon 1t, either by the measures already sug-
gested by the Executive, or by others, which
your wisdom may devise; or whether they
shall continue IN their present imperfect state,
until otter and rival works shall be brought
, into operation by other States, to their injury
: "A to II I, n Ill
she has paid, or may pay, on their accuont.-
we are therefore IN circumstances, when, if
we do not go forward in the career of improve
ment, we must 60 backward, and incur the
hazard not only of losing, irrecoveraby, this
large amount in money, but even the use OF
these Roads entirely. The latter would be a
loss, which perhaps could not be fully estima.
ted until after its occurrence. These works,
though proitess as stock, have yet given ad-
vantages to the inhabitants of the sections
which they traverse, Of which they would moi
willingly be deprived. Before the construction
OF the Raleigh & CASTOR Railroad the freight
on bushel of wheat between the county of
Granville and Petersburg, was As cts; it is now
Is cts. On Tobacco. per hundred weight, it was
81; it is now As cts. On a sack of salt, it was
from 81 25 10 ST so; it is now so cts, and the
price has been reduced from 81 to 81 So down
10 So 40 to So 60, from the increased supply
furnished the country by the road. And in
like proportion has been the reduction on 9TH
er articles. Even these rates are much higher
than those on the roads of Massachusetts, N
York, and other States. and might be greatly
reduced if the track were in good repair, so as
to admit quick passage for heavy trains.
state these particulars as to freight on lea ding
articles, for the purpose of showing, that a
q no IF h
means of this road, have been lowered one
half; and that it saves TO the community r
, this way, the sum of $50 900 annually; tina
being about the amount of freights received
| am not so familiar with the changes in the
rates OF transportation in the region of the
Wilmington road, but by similar calculation
which is believed 10 be fair, it effected saving
on freights during the last year, of about $50,
f 600. 1t IS not so easy to estimate their advan
r tages in the time and expense spared in travel
n ling, which is probably not equal so far as ou
own citizens are concerned, to the diminuton
# on transportation; but in our contemplation.
: of this subject, we must bear in mind, that i
n these Railroads shall cease to operate, and thu
people in their neighborhood shall be. driver
q back to the old modes of conveyance, that tn,
o change will be equal to the imposition upor
), them, of tax of certainly Eighty, and per
i. haps not less than One Hundred Thousan,
Dollars, per year.
# Such is the inducement to sustain thes,
}, Roads, even though unproductive as stocks
e If 1t be possible to render them profitable t.
e the State, as proprietor, while they thus pro
: mole the interest of the citizen, in their regior
: of country, it is surely consummation mos
: devoutly to be wished. And if this can BIZ
accomplished, as have endeavored to demon
: strate, by extending a new Railroad through
e the very heart of our territory, from Raleigh
e by Salisbury to Charlotte, with provisions TO
y connecting with lateral Roads, from Raleigh
|, to Goldshoro', and from some place East o
;, the Yadkin to Fayetteville, or other point OF
e Cape Fear River, and with Turnpikes from
e the country farther West than Salisbury-thu
d forming bond of union between all sections
e of the State, and giving to the people VIII,
Y now labor under the greatest embarrassments
all the facilities of Rail Road transportation
q we have every motive TO undertake it withou
# delay
It And although the objection may at first view
appear feasible, that in the present state o
o our Finances, no new liability should be in
d CURED, yet it vanishes at once, when we con
If slider the great objects to be attained Econ
,e omy is cardinal virtue, in States or indivi
N duals, but parsimony is as often mischievou
"A as prodgaity. One of the best modes of en-