The North-Carolina standard. [volume] (Raleigh, N.C.) 1834-1850, 1850-05-29

one million by individuals-a payment of five dol
lars on the share when the Stockholders are author
sed to elect their Directors and to organize the Com
pany. 1t then requires further payment of forty
five dollars on the share. as to make up the sun
of five hundred thousand dollars, when the State il
to subscribe two millions. This prepayment of one
half of the private subscription is the security which
the State has that she shall not enter into an inso
vent concern. We are here met with the objection
that the subscription the part of the State is toe
large; that it is wrong in principle for the State to
become corporator; and that even with this large
subscription there is no certainty that the sum will
be sufficient to complete the work. answer, in the
first place, that when the State shall make her sub
scription she will have majority of the Directors
and thus have the control of the whole operations
In this way they will have the power to guard and
protect the interest of the State, and that the bu
slness is properly managed. In the next place. those
who urge these objections say they are not opposed
to Internal Improvements, but the matter should be
left to private capital and individual enterprise. Now
sir, should most cheerflly unite in this, but that
we have found from past experience that this capi-
tai and enterprise were not to be had. We have had
charters for Roads from Beaufort through the centre
of the State, we'll as from Fayetteville to the west,
with liberal subscription of threefths on the part
of the State, and yet these Roads have failed. The
difficulty which has been experienced in procuring
the subscription of million for Road, renders
it quite clear larger sum could not have been raised.
Those therefore, who claim to be the friends of Inter-
nal Improvements but opposed to State subscription,
deceive themselves. The State must aid in the work,
or it cannot and will not he done. But sir, why
should not the State take interest Is she not to
share in the benefits This Road is to pass directly
through ten Counties in the centre of the Statehe
assessed value of whose real estate is near twelve
millions of dollars, with white population of up
wards of one hundred thousand In addition to this,
should be added the ten Counties west of Raleigh
and north of the Road, but contiguous thereto each
of whose inhabitants will he an average of less
than twenty miles of the Road, and OF less di
recty interested in its construction Here, then, at
least one-hrd of the State in wealth, and onefourth
in population directly interested in this great work
whose property is to be increased in value and whose
means of paying taxes also be greatly advanced
Where. let me ask, could be found work in which
such large portion of the whole community was d.
recy interested AS to the objection that the three
millions will not complete the Road. think that it
will appear from the experience of our own sister
States this sum will be amply sufficient. know
am to be referred to the Raleigh and CASTOR Road,
which suppose from first to last has cost something
like eighteen to twenty thousand dollars per mile.
To this answer, this Road was constructed twelve
years since-the first in the State, when of course,
we were without experience. Let US examine sim.
lar works in other States. In South Carolina and
Georgia they both constructed Roads at the same
time of building that of the CASTOR, and at even
greater expense and yet these States have not only
persevered but at this time ere engaged in the con-
struction of works at less than one-haf the ex-
penSe.
Georgia Central Road have each been rebuilt, and
in successful operation. and would yield to
the Stockholders, but for their old debts, dividend
of from twelve to fifteen per cent. have before me
reports from the President and Directors of the Road
from Columbia to Greenville, distance of 252 miles,
of which 126 miles are under contract and in part
completed at the cost of 81 and in letter
from the intelligent Engineer who has charge of the
Road, he says: 6 This whole line of 252 miles at
most will not average more than & 5000 per mile"
TTn HI-.1& 60 fks SkotA
distance Of 109 miles, is under contract, total cost
complete, $l.379, ,967-less than thirteen thousand
dollars per mile. Our Road will be 22O miles in
length, running through country quite as favorable
as that from Charlotte to Columbia, with provisions
and labor decidedly cheaper; from which conclude
$I4, 900 per mile will be amply sufficient. Should
the three millions prove insufficient, the Charter di-
rects the Books be reopened in order to increase,
not the States, bot the private subscriptions SO
much for the plan and the cost of the Road and now
as to its advantages. In the first place, it is to be
the means of building up the Raleigh and Castor
Road, and that without further expense on the part
of the State. The charter authorizes subscription
of five hundred thousand dollars the part of indi-
viduas, so soon as the Stock in the Central Road
shall be taken, which is to be expended in putting
the Road in order; when the State is to transfer one
half of its interest to the Stockholders reservng to
the State the other half, which will be good stock
and pay liberal interest," whereas at present it bare
pays its expenses. 1t will also greatly benefit the
Wilmington Road, in which the State is largely in
terested. But the great advantage, besides giving
new life and energy to the people, will be in the
easy cheap, and speedy means of getting the surplus
produce of the country to market. 1t will afford in
creased facilities of reaching the Charleston market
for our cotton-the Petersburg and Richmond mar
kets with our tobacco, but open the Newbern and
Wilmington markets for these articles, and new
markets within own State for flour and pork
besides other articles Of domestic produce. takt
pleasure in correcting the want of information which
prevails in the western part of our State, as t
the markets of the east, particularly in regard t.
Newbem and Wilmington. ] refer to them, as they
are the point which it is proposed to carry the pro
duce by the Road for the present. l do not nam
Beaufort the finest harbor on the whole Southern
coast with % feet Of water over its bar; nor do re
fer to Fayetteville, which am happy to say. is like
" to be greatly benefited by the Plank Road in rap
id progress, and which promises to do so much TO
the town, az we'll as for the farmers of the western
counties. In my recent visit to Newbern, found tn
place generally depressed-as many as forty store
houses unoccupied-a large capital unemployed, ye
whilst there, two Ships, built and belonging to tn
place arrived. loaded with salt, which was selling
90 cts. per bushe1. On my return by the stear
boat, was surprised TO find on board -four and pickle
pork, brought up for the use of those who were en-
eaqed in the turpentine business and I understoo
there were brough to Newbern each season, fror
the North not less than 1000 barrels of flour an
: 900 barrels ofspork., Here are the common neces
saries of life supplied by the North, of which "
have the greatest abundance, for the use of our abo
ers in the interior Of the country:
! The town of Wilmington, which has done 50 muc
& for ITSELF found in much more fourIshing cond
tion Indeed il is the only market town in the Sta
which have visited since my return to tue country
which exhibits any thing like life and animation
lis people have done wonders for themselves; and
fattAr myself the time ii at hand, when the agrcn