Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-02-16

something IN lnat way must entail very eeEeie looe'
and deepen the existing PRESSURE and besides no a
valuable substitute has yet been prepared nor can the
Legislature be thus forced into adopting the scheme
to which MIR. Caldwell, and other gentlemen from The
West, seem to be almost fanaticalIy attached,
We do sincerely trust that fears may be dis.
appointed, and that Legislation on this subject may
be allowed TO take its regular course, unretarded by
any factions opposition. The whole existing capital
we have already here together with that provided for
in the charter of the Bank Of Wilmington, and the
increase asked for by any of the other Banks is all
neeed, and we waving all private or personal feel
ingr, waive any opposition to any OF it, and sincerely
ask for the favorable action Of the Legislature.
In few days more-within the coming week
certainly, the Legislature of North Carolina will
adjourn and then, and not till then, when the
whole evidences of its doings for good or for evil
shall be before the people, an intelligent and
comprehensive verdict be uuderstandingly rende
by the great inquest of the State. Then, in view OF
all that shall have been done it will be time enough
to decide whether the Liberal Legislature" is a
designation properly applied, or whether in some
cases lberalty has not verged upon extravaganza or
expenditure overrun discretion, in some cases we
excitement shall have passed away-and no excite
ment can be kept up as permanent hing-a reaction
will no doubt concentrations cannot be avoided
under the pressuresbf increased taxation, the ex-
pend lures which may have rendered such taxa
ton necessary, will be more critically and censor-
ously examined than they have yet been. Then
everything will be subjected to rigid test We
have no fears that liabilities incurred for genuine
State works will be condemned or regretted by
the sober second thoughts of the people of North
Caroina-but we do greatly fear that when millions
upon millions shall have been expended upon the
great Western extension of the Central Railroad by
a vote which will require some fifteen millions of
dollars to effect connection with the railroads of
of the Western States-by route traversing por-
ton of the State already traversed by Charleston
schemes, afording shorter and easier route to
Charleston than this extension will open up TO own
seaboard, do greatly fear that this expenditure
will be regretted, if not censured, by the people of
North Carolina. By the granting of the Greenvlle
and French Broad and Rabun Gap charters We do
sincerely and canddIy believe that our Legislature
has signed sealed and delivered to South Carolina
all chances that there might otherwise have existed
of securing Western trade, by means of a Railroad
taking the proposed route of the Western extension
as indicated in the report of Major Gwynn. W.
don't think such road would have any chance-wC
don't see the slightest in carrying it over th
Blue Ridge, in the direction of Chattanooga to b
met and anticipated by shorter and more favorable
rival routes chartered by US, but enurng to the ben
eft of our neighbors. We 90 for extending roa,
wherever there is reasonable prospect of return
10 the State either directly from the work itself, o
indirectly in enhancing the value of property sub.
iect TO taxation. But we do not the in actu
ally throwing away money, where neither end can b
subserved. But let wait and see before we final
ly make up our minds. There may be features il
the Western extension more desirable than We We
think there is There is thing-few of the ex
penditures can be made for some years.
We do sincerely hope that some addition will
made 10 the banking capital OF the State. II IS ran
ed 1t is wanted here and it is wanted badly. Wit
the practical monopoly enjoyed by the old Banks tn
demand is always in advance of the supply and tn
result is that hank stock is the best investment in III
State and invariably pays far more than Legal int
est 10 its holders while the private lender is conhne
10 per cent under penalty-the results that whe
the Banks cannot meet the demand, individuals wi
not at at per cent and dare not higher rate so thu
the unfortunate sinner who may be hard run, fndn
he cannot negotiate good paper, is forced TO sell it
an unconscionable shave. We want either NOR
capital or the repeal of the usury laws-we don
much care which.-Ddly Journal. 9th.
The steamship North Star, arrived at New Yol
on the 9Th inst with $I,2 900 in specie, and Cal
fornia dates to the 10Th ultimo. The Panama Raj
road is completed, and the passengers by the Nor