North Carolina standard. [volume] (Raleigh, N.C.) 1850-1852, 1851-01-01
REMARKS OF MR.. BRIDGES,
OF FRANKLIN,

North Carolina Rail Road.
Mr.. SPEAKER: / rise to offer few remarks In
Import of the Resolutions which presented to the
ouse few days ago. l know, sir' that mere are
hen here whose opinions differ from mine in regard
Internal Improvement by the State. readily and
heerfuly concede to them the right to entertain and
rye their peculiar views, while claim Tor myself
e same privilege. l wish to discuss this subject
irlv and frankly before this House, and beg leave
ere IN remark that am clearly Of the opinion that
is subject should involve party issue, and hope
never NAV because in it all parties without dis
nction are interested. admit, sir, that there may
time and that time not far in the future, when 1t
M be not only erpedient but absolutely necessary TO
|uild the North Carolina Rail Road; but contend
hat the present is not the time9 Why do thus
ontend Look you to the Governors Message and
hat do you there find That the State is clear of
ebt, with money plenty and to sPare2 No, sir, but
hat she is involved in heavy debt; and the present
legislature is called upon make provisions to pay
lot the principal, but the interest OF that debt Allow
be inquire, sir, what has thus involved In debt!
Min it be denied that the proper answer to this ques-
on is Railroads! 1t will doubtless be commended,
N gentlemen who differ from me on this subject,
lat the Raleigh and CASTOR Railroad is no Road at
l. and should not therefore be received a speci-
en-. That is a sound principle which directs men
4 Judge of the future by the past. Sir, l well re-
Meet that during the session of the Legislature in
3s the stockholders in this said Raleigh and Gas
n Railroad assembled around this Hall as thick as
ackbirds around oat stack, and had more to do
legislation than did the members elect; declaring
at that Road would yield large dividend, and that
he State should not lose one cent by suffering her
Ame to be used as security.
Sir, l ask what has been the result ? Did those
en-, who then reasoned with SO much philosophy
I'D apparent plausibility comply with their promises!
acts prove that they did not Will IL be assumed
at men are more honest now than they were in '38
ardly, think. Indeed, SIT, have not the stock
blders in the North Carolina Rail Road already, in
e provisions of one of their Bylaws, Practiced
aud upon the people? ! assert that they have, and
j ;proof of the assertion adduce the testimony of
ember of the Board of Directors, who is present,
e honorable gentleman from Wake. What did he
Ayl He said the stockholders were to have PREFER
bee in taking contracts. Is this all? No. Sir. He
Bid the people, when the individual stockholders
cked about $50, 900 of making up the million to be
described by them, that he would prove to those
Tho would take stock that they would lose nothing,
len admitting their stock TO be of no raIue. How
he establish this position? Why, said he, If you
he stock to the amount of $4,000 you can have a
nract of 5000, by which means you will make
ore money than you would by keeping your hands
q your farm. And how this made manifest
J by, sir, by showing that any one who would take
pck TO the amount Of $4,000 would be entitled to
y estimated contract of SIS 900. And how was
Is contract to be estimated, how was this esti-
tie to be made! 1t to be SO made as to allow
3 person taking a contract one dollar per day for
oh hand that he might work.
n ow let examine these promises for moment.
How the wages of each hand to be one dollar per
then, according to the conditions of the charter,
e State pays 663 cents of that and the individ-
d 33S cents. Allow then 26 days to the month,
oh hand employed by contractor earns of the States
nd ST., 1874 per month-excellent wages. So it
comes manifest, Mr.. Speaker, that stockholders in
is enterprise stand in the relation of sham co-part
the State-putting in 33s cents to the dollar
Id taking II out again without sustaining the least
IS, the whole risk of loss resting upon the State
oreoYer it seems from the above facts, that the
two millions of dollars is to accomplish The work
II which the charter contemPlates three millions 1
ask is this not violation OF justice, admitting
TO be no violation of the charter Is it not granting
elusive privileges, which the Constitution express
forbids
wish in the next place, to examine the act of the
legislature of 1859, which granted this charter.
hat does that act provide? 1t provides that when
~ one million shall have been subscribed, per
ID paid i'm and the work commenced in three years,
81 Company shall be incorporated. 1t further pro-
that whenever the sum Of 100000 shall have
IN paid by individuals, the Board of Internal In
Ivement shall subscribe So 600. 000-oIe fourth to
E paid as the " DIRK is commenced, and the
ne the expiration of every six months there
|kr, till the whole sum is paid. Now, sir, how
IS that act propose to meet the payment of this
n 1t proposes to authorize the public Treasurer
Issue certificates signed by himself and counter
ned by The Comptroller, in sums not less than one
usand dollars each, with the faith of the State
|iged redeem those bonds. Is this all ! No
j The stock owned by the State is to be also
piher the credit Of The State impaired, and
believe such approximations gave mortgage upon
. States stock. Mr.. Speaker. invite gentlemen
Examine the reports from 1888 up 10 the present
|e, and see what amount of debt has been brought
1bn the State by Railroads. And sir, who have
N benefited It has been affirmed that all the
'ople have been benefited. This deny, with the
did conviction that in so doing express the SEN
nj nt entertained by two thirds of the freemen of
ofth Carolina, who to-day would testify that they
. ut hPen hensfItled faFthlOU, Hut ur.
81 that whatever may have been the results of other
'efems of Internal improvement in the State, the
ehtral Rail Road will benefit every man. Now, !
r Speaker, if this enterprise promises such unques
able profit, why in.the name of reason has not a
III Client number of Individuals become convinced of
a take the whole stock independent of the States
- peraiion 7 Is it answered that individuals pos
IS not The necessary capital Sir, this is answer
III for is there not more money vested in Bank |
Il in North Carolina than is requisite TO build the
c1ira Railroad and is not that stock owned by in
t|Auals This presume no gentleman will pre-
al to deny. How then comes it to pass, Mr.. Spea-
~ that individuals not now able to raise 50 600
|02 The reason is obvious. 1t is not because of
Utility but Discrimination, growing out of well !
81 nded apprehension that this said North Carolina
Al road will be losing project. Tins clearly de-
15strating the fact that men are anxious that the
b should assume risk which they not will /
E 10 incur themselves. AS have before remarked,
8 individual stockholders can lose nothing. even
lifting their stock 10 be of value but in the
frt OF failure, the State - bound to lose the two
a ons, the amount of which she is pledged to take
ock. And where will this two millions 90 to
ILL be drawn by individual stockholders from the
p ic Treasury to pay the wages of hands by them
Dyed in working out their own contracts. l said
III be drawn from the public Treasury, which in
ness is not correct, because have moneys
public Treasury for that purpose but all know
Publication necessary to establish the aptness of
Expression.
! 5aY We have no money in our Treasury for that
lose. BUTT is urged by the friends Of the Road
y we have thirty years in which to pay it. Sup