Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-05-16

CAROLINA RAILROAD COMfAN1. 49,
Tho Committee on Internal improvements, 70
,,hou, wss referred "a bill to amend act enti-
.sd an act to incorporate the Western North Caro-
i;ns Railroad Company" have had the same under
consideration and authorized the following report
tn he made thereon to the Senate The bill does not
propose to increase the appropriation Tor the es'
tel extension, but to adopt measures to facl!tate
its completion from Salisbury to the French Broad
river the point designated in the charter; beyond
that point, the location to the Tennessee line was
left to future legislation.
The bill provides that the State shall furnish the
means to construct ten miles of the mountain divis-
ion of the road, as State work. That portion of
the road, when completed to oe turned over to the
company; for which, the bill provides that the
pany shall pay to the State of North Carolina,
annually forty cents per ton, and fifty cents for each
passenger that passes over the read. The payment
of the bonus to the State to be continued until the
amount expended in the construction Of that divis-
ion of the road beyond the States portion be re-
funded. ...-..,-s
The committee judging from the past history of
the constr uction Of other similar roads, extending
from the Atlantic ocean to steamboat navigation in
the valley of the Mississippi which to be the
natural terminus of all the railroads extending in
that direction from the Atlantic seaboard. And
past experience proves that in proportion to the
time consumed in the construction Of those roads
has been the cost of construction And most ofthe
States have had to expend much larger sums to con-
meet their seaports by railway with the steamboat
navigation of the valley of the Mississippi than will
be required of Carolina to complete that con-
necton. And by examination of the reports upon
the condition of all the roads that have been COM
pleted, it will be seen that none have been more
prosperous before crossing the Allegheny range of
mountains than the North Carolina road is reported
to be at the present time; nor was the stock more
valuable But the prosperity of all those roads
date no further back than the period when compile
<oJ h. IN no MicS;cSi yo1la
To make roads of that description profitable, a
continuous line of railroad must be established, to
be supplied with freight and passengers, by the ves-
sells which navigate the ocean at one end and the
steamboats, which navigate the waters of the Mis-
sissippi at the other With that connection, cxpe
rence proves that the roads which previous their
completion paid no dividends, have since paid from
seven to ten per cent upon the capital paid in by
the stockholders. Many of these roads were built
upon credit, some having a basis of not more than
thirty three and third per cent with twothirds of
the cost of construction in consolidated and floating
debts which necessarily consumed a large portion
of the profits of the road the effect of which has
been to lessen the dividends and value of the stock
but even with this disadvantage the net income of
all the roads is sufficient to pay the dividends stated
But this is not the only advantage, the value of real
estate has been more than doubled
The committee entertain the opinion that such
will be the effect of the completion of the railroad
connection between the ports Of North Carolina and
steamboat navigation of the valley of the MISSISSIPPI
pi. And as the completion of these roads has been
attended with large increase in dividends ard va
ue of the stock, the committee Of opinion that
as most of the stock in the North Carolina road and
its connecting links, east and west and also in the
Raleigh and CASTOR and Seaboard and Roanoke Rail-
road, equally to be benefited by the extension
mostly owned by the State and citizens of the State
and while this is the case, if the extension of our
railroad be provided for, which will secure public
confidence in its completion at no distant day. the
increased value of the stocks resulting from the
completion of the extension of our railroads west
will be conferred upon the State and our own cit-
Zens. But if the legislature refuse to adopt meas
ures which will give confidence in the completion of
the Western extension within reasonable time,
and leave it to be completed by sections pro-
vided by law, which must require at least quarter
of century, the stock will mostly have passed out
of the hands of the citizens of the State into the
hands of foreigners who will purchase it up at a
nominal price, and reap the benefits of its in
creased value. But the committee entertain tine
opinion that under the present law, the railroad will
not extend beyond the Catawba valley on this side
of the Allegheny range Of the mountains, and that
the effect will be to deprive the railroads the At
lantic slope of the advantages of through freight
and travel which must greatly lessen if destroy
their value. This must be obvious to any one who
will examine the roads that have been constructed
and are now in progress of construction.
the western trade by the extension of her Western
railroad to Albany. New York has completed the
connection of her seaboard with the valley of the
Mississippi by the great New York and Erie canal,
which furnishes through water communication for
the transportation of freight from the valley of the
Mississippi to the city of New York. This canal
was built by the State at cost of nine millions of
dollars. The effects of its completion were to fur
nsh New York with western produce for exporta-
ton, which made New-York the great commercial
emporium, and now is to increase the value of real
estate on the line of the canal and in the city of
New York more than treble the amount expended
in its construction. But the great increase of the
population and wealth of New York are not the
only advantages resulting from the completion of
that canal it gave to the State of New York the
power to tax the commerce of the whole valley of
the Mississippi for the benefit of her own citizens
and by the tax thus levied on the commerce passing
over the canal the debt contracted for its construc.
ton has been paid. and it is now being enlarged by
the expenditure of the additional sum of nine mil
lions, to be paid for the first expenditure, by
tax on commerce. But even the canal was found
insufficient for the accommodation of the commerce
Of the west in furnishing it with an outlet to the
Atlantic And New York has constructed two rail-
roads in the same direction, one of them on the
bank OF the CANAL at total cost of upwards of six.
ty millions, and such has been the demand for in.
creased facilities OF transportation that these roads
and the road in Massachusetts, are now being laid
with double tracks. And Massachusetts, is not onlv
laying double track, but she is constructing new
road, running parallel with the constructed, to
save fifteen miles distance, and to obtain better
grade, at a cost Of fifteen millions. 10 accomplish
these results she constructing tunnel about four
miles in length through the Hosaac mountain, which
Is the longest tunnel in the world except the one of
twelve miles in progress of construction in Europe
through the Alps
In addition TO New York and Massachusetts, all
the States Of New England are now connected by
railroad with the valley Of the Mississippi. New
Jersey, Delaware, Pennsylvania and MARYLAND are
also connected with the west by railroads. Penn.
syiVan'a ana Maryland have both constructed tun.
nels through the 49,