Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-01-05
MESSAGE FROM
HIS EXCELLENCY, THE GOV ERNOR,

RELATIVE TO THE STATES RAILROAD LlABILI-
TIES.
To the Senate of North Carolina
In compliance with series of Resolutions
of the Senate, making various inquiries. con-
corning the States liabilities, on account OF
the Wilmington & Raleigh, and Raleigh &
CASTOR Railroad Companies, and the payments
from the Treasury on the same, as well as the
loan contracted TO repair the loss to the Road
last named, from destructive fire, since it
has been the property of the State, and the
suits pending for the States indemnity against
the Stockholders and bondsmen of the latter
Company. have TO report as follows:
/. From the Report Of the President and Dr.
rectors OF the Literary Fund, transmitted to the
Legislature on the 30th ult., it appears that
:" the amount of stock held by the State in the
Wilmington & Raleigh Railroad Company"
is 5000 shares OF uncertain value, cost $780,
900.
In my message to the last General Assem-
bly,, transmitted on the 18th of December,
1916, the States responsibility for this Com
pany is stated thus: ''For the Wilmington
& Raleigh Railroad Company the State be-
came surety by the act of 1910 for the sum
'of 100000, payable in six annual install
'ments of $4,000 each, beginning on the 1st
| 'of January, 1912, and ending the LIST of jan
! 'uary, 1847. The first of these instalments
was paid by the Company. The second fall
ling due the LIST January, 1913, while the
General Assembly was in session, and being
'apprised that the Company was unable 10
discharge it. they directed the Literary Board
6 to invest 900 of its funds by purchasing
{ the bonds, which constituted the evidence of
this debt These Bonds are still held as a
| of 4hn a. &c IL Dot or 81
instalment payable the 1st of January, 1874,
mo provision was made in the event of its
falling on the State, which contingency hap
'pening, it was taken up by the Treasurer
with the public funds, and that SET of Bonds
is now held by the Treasury Of the re-
manning instalments becoming due in 1845 g.,
and 7, no part of the principal debt has been
discharged But by acts of the General As
sembly, passed at the two last sessions, other
bonds of like amounts, payable on the 1st of
January in 18d9-5O, and 81, respectively,
have been substituted in their stead. The
Company has regularly paid the interest on
these bonds, both those held by the State and
individuals, and on all its other debts, and has
now an application before the Legislature for
a continuance to il of the States credit, by an
endorsement of bonds payable at a more dis
tant day, in lieu of those just mentioned.
2. In my message heretofore transmitted,
you were informed that on account of her
suretyship for the Raleigh & CASTOR Railroad
Company, the State is responsible for the sum
Of 100000, on which the interest is to be
paid semi-annually, and the principal at such
time after the Isl day OF January, 1860, as the
Legislature shall appoint and for the further
sum of Sl66 500, falling due in instalments of
$4,000 each, on the Isl day OF January in
each year, from the present time until 1854.
The amounts heretofore paid for this Com
pany, as furnished from the Treasury, and
that which will become due on the lst of jan
uary next, are stated thus:
Payments Of Principal and Interest, on &C.
count Of Endorsements by the State for the
RnIeigh & Gnst0n RniLrnnd Compnnn