Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-01-26

duty and industry devorng ms Whole tlihe 70 tne
various duties under his charge; the most prominent
amongst which wereshe collection Of the subscrip-
ton upon the FIRST instalment procuring the release
Of the right of way, and soliciting and procuring
new subscriptions to the Stock of the Company
The priuate additional subscriptions Of stock since
the last meeting have not been to any considerable
extent owing, it is beeved First, to the great de-
precision the price of produce and the consequent
scarcity of money; Secondly, to the fact that many
who are willing to subscribe desire to work cut on
contract the amount of such subscriptions, and have
held back with view of getting such contracts for
Stock to be subscribed by them Ofthis latter class
am well assured. that there are many who will
swell the amount of our subscription lists If they
can obtain contracts at suitable points on fayora-
bic terms. -isl
At the last session of the Legislature of South Car
DINA, a memorial of this Company was prepared
and laid before that body asking the aid of the State
and it affords me great pleasure to say that notwth-
anding many of the Company and its friends had
despaired of success in obtaining aid from that quar-
| ter, our memorial was favoraby considered, with
those of the Greenville Charlotte Roads; and that
On act was passed authorizing subscription on the
part of the State of $500 0o0 in the Stock of the
State; upon conditions therein prescribed. These
conditions were
| l. That the company must show that $4,000
! shall have been subscribed.
| 2. That when 100000 shall have been paid in and
expended on that portion of the road nearest the
South Carolina Rail Road 500 900 of the subscrp-
ton of the State shall be turned over when $4,000
more shall be subscribed in the same manner $4,000
AZ boil
be paid till the road is completed and in operation
forty miles from its junction with the South Carolina
Rail Road. 90.
8. That these conditions shall be performed by the
Company within five years from the passing of the
act.
The Bill passed both Houses by large majorities,
with these conditions, some of which would have
been gladly dispensed with if practicable; but they
were such as had been performed, and required to
be performed by the other companies, and left
alternative but to accept the aid as rendered.
In looking over and considering these require
ments attentively, there will be found nothing, if we
intend pushing on the work already commenced un-
der favorable circumstances which the Company
cannot perform.
From demonstrations already made it is more than
probable that when that portion of the line from
Sumterville to the South Carolina Rail Road shall
be offered to be put under contract, offers will be
ceved for the building of the whole of that portion
of the road furnishing Iron materials &C. to be paid
for in the Stock of the South Carolina Rail Road
Company, at par. ... .- ....-
The greatest, and may say the only difficulty in
the way of our being able at early period to claim
the subscription pledged by the State of South Car
olina is increasing our subscription to the amount
prescribed $4,000. By referring to the Books and
subscription lists you will perceive that this amount
is not yet reached When we look, however, at the
resources of the country to be passed over by this
Road and the large amount of capital there still
unrepresented in the Company, there is no reason to
despair, if exertions only continue as they have
commenced, and thus far progressed When we see
what combined effort and perseverance have already
accomplished in our progress there is no reason why
we should dstrust their results in future. The sub
scription on the part of the South Carolina Legsla
ture is at illustration of the progress have
made at home and the confidence in our enterprise.
The passage of the bill through the Senate of the
State I'm. Carolina, giving aid, incidentally, to
Company, by decisive majority is another sanction
of the public confidence in our enterprise, which
from its location, its cheapness of construction its
connections and prospects of profit must invite cap
ital from abroad with the assurance of advanta-
geous investment. 1t is also another evidence of the
importance these enterprises assuming in public
| opinion. ....a - ...
When one State ready to open her treasury
for the purpose of aiding portion of her citizens in
an enterprise regarded by many as having tenden-
cy to affect nuriously the interest of her own sea-
port, much fostered and cherished by all her peo-
pie; NAV we not hope that the sister State which
has long line of the same highway in her own Dor
ders will finish the work already begun by one body
of her Legislature, in extending helping hand from
| the abundance of her resources to enable her own
citizens take the chances for portion Of her
trade which goes in abundance to enrich others?
He who has looked with an attentive eye to the
progress of Rail Roads around us cannot even en-
terrain doubt upon the subject for he cannot be
long blind to the fact that States as well as COM
munities cannot stand still amid the progress of the
age. ... ,. ...
That to do but to be the producer for Others and
the means of adding to and increasing the enterprises
the active by sending those treasures and pro-
ducts of her own citizens from her own doors, at
heavy expense to enrich and multiply the resources
of cities and communities bound to them by no tie
but interest Whereas, by timely contribution to
| VI
| transportation in their own domain, adding to the
general wealth and prosperity, and in one way and
another returning to her treasury to reimburse them
for the original advance.
i This item, however, considerable as it may be-
(proven by the statement of the Rail Road receipts
and the of 1910 be 81 per the gross
products) is not all. The theory once entertained
that States, like communities, should withhold theil
contributions to these works until they could dis
cover chance of being repaid in the way of divi
dends is exploded.
Fl Every mile into the interior which a Rail Road
progresses adds the wealth of the State, by in
creased value of her lands every step which it ad
vances from the seaports and cities but adds to the
facilities of the citizen for the exchange and sale
the products of his labor thus stimulates his in
dustry. The farther it progresses the more variee
and diversified the pursuits and in turn, the greate
development of the of the country, and the
better rewards to industry; consequently the more
valuable and accumulatve will be the fruits of labor
The State thus offers inducements to its citizens t.
cling to the inheritance of their ancestors instead