The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1854-11-29


need commercial aad manufacturing
towns and cities at home. with ship
ping TO do their oxn importing and er-
psrfing, without rontinuing longer Ia
paw tribste to the North. They aeed
MISREPRESENTATION within their own
State, that they nay understand aud
appreciate the wants Of each other.
These desirable objects can be ac-
complished by inland improvements.
They, however. are mot the WORK of =
day, nor &C a year. but time and large
expenditure af money will be requlr.
ed for their completion. Mat eau be
done with safety uvght TO be dune now.
and the rest left to time. In embark
ing in internal improvements. a due
regard should be had TO the means and
resources oi the State, as we'll as TO
the necessity and practicability Of The
works themselves. Wild and vision
ary schemes should be avoided. aud
the credit Of the State should be insi-
olably maintained. The works should
at least promise advantages to the Peo-
pie corresponding with the amount ea-
pended. The particular objects Of inn
proyement which il is expedient to pro-
secute at this Time. is question sub
miited Ia the prudence and discretion
of the General Assembly.
Since the reorganization of the Ra-
leigh and CASTOR Rail Road Company,
the road under the charge of that com-
pany has been thoroughly repaired. and
the connecting link between that road
and the Wilmington and Raleigh. and
the Seaboard and Roacoke Rail Roads.
has been completed. This road affords
increased facilities for transportation
and travel to an important portion Of
the State. II is represented to be in
very prosperous condition. and Is now
paving a very handsome dividend to
the State.
The Wilmington and Raleigh Rail-
road continues to afford great Iacili-
ties to the public. and pays good disi-
dends, which go to Increase the IN.
come Of the Literary Fund. This road
too is represented as being in a very
prosperous condition.
The North Carolina Railroad is pro-
crossing with tie usual expedition Of
such works, and considerable por-
ton Of the road has been laid down.
This important enterprise. when COM
pleted, Promises great advantages to
large portion OF the State.
The Board Of Internal Improvement
have, from time TO time, as it became
necessary. ordered the Public Treasu-
rer TO sell the Bonds OF the State 10
pay her subscription to this Road. Up
to this time, the SUN Of one million
six hundred and thirty thousand dol
lars (s1 $50. 0O0) Of the bonds author
ized BY Law to BE- issued Tor this pur-
pose have been sold BY the Public Trca-
surer. The State has realized no in
considerable sum for premium ubtain-
cd on these bonds, fact affording the
highest evidence other credit and stand
ing. The report Of the President and
Directors Of this company will be COM
municatcd in due time.
The Charter Of the North Carolina
Railroad Company provides for the re.
presentation Of the stock of the State
in the meeting Of the Stockholders, but
does not paint out the mode by which
such representation shall be appointed,
(. At the LAST session of the General As.
sembly, an Act was passed proposing
certain amendments to the Charter,
one Of which authorized the Executive
to make the appointment; and with
that proposition there was incorporat.
ed another which, in all probability,
would have placed the State, which
owns two. thirds of the stock. in a mi
nori,y in the meetings of the Stock.
holders. This act was. in my opinlon,
very properly rejected b, the indivnl.
ual Stockholders themselves. Ateact
meeting | appointed representative
for the State, but am unoilicially in.
formed that such appointment has no,
been recognized as sufficient, and tn,
consequence has been that the State
has been unrcpresentrd in their meet
inys. The right Of representation i
provided for in the Charter, and it.
exercise does not depend upon the as.
sent 6f the individual Stockholders
I Therefore. to make this question per
fectly clear. it is only necessary 4
provide. bv law, the manner in which
such representative shall be appointed
i In all cases where the State make,
a subscription TO corporation, she
ought to retain the right TO be repre-
sented in preparation to her stock.
| The construction of The Wilmington
and Manchester Railroad has been pro
secuted with much energy and enter.
prise, and the improvement is affordin:
important advantages to portion .
| the State. As far as | have been in
| fnru,aJ Tho (',,npany a., - m ar fhiy II na