Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-11-27
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THE WESTERN RAnkoA AN MPoRr44,

80 a.. s DISCOVERY. -. *sMN
= We had The pleasure a. mon INT cons satioa
few days ago, with Mr.. Kuper, Chief Engiheer Of
the Coaifaeids railroad who, with his Assistants,
has been engaged for three weeks past in re-sur-
vey Of the third Division Of the road beginning 90
miles from town and terminating ct Deep river.
And ne gives US the gratifying assurance that he
has found line which reduces the distance to the
Gulf about three miles, to Egypt about two miles,
can De more easily graded, and will be almost
miles at time being straight line,
This will reduce the first cost of the road suppo-
sing it to be constructed to the Gulf it must be-
sooner or LATER to answer its proper ends at least
$5OOOO and will reduce the cost of transportation
upon it. for all time, more than seven per cent, or
as 3 is to 43.
1t may surprise some persons that this discovery
is only now made. But the explanation is easy.
As the funds of the Company were not in a condi-
ton to let out the Sd Division, there was
sity till now of making re-survey of it. But the
application about to be made to the Legislature
made it proper that the most perfect statement of
the cost OF the whole work should be made, and
that the line should be ready to be put under
at once In case the application should be successful
therefore the re-survcy was commenced nearly a
month ago, and the result is important and cheer
ing. The line now run has the great advantage of
being In contact with one and in close proximity to
others, OF the most well known and important coal
locations.
Legislature nnder a resolution of the Stockholders
for ala. They ask that the State will lend its bonds
to the amount of 100000, receiving in exchange
the bonds of the Company for like amount, and
secured by mortgage Of all the property of the
Company, present and prospective, amounting, with
100000 already expended on the road, to 100000
The interest paid by the Company on its bonds will
of course meet the interest the States bonds so
that no provision need be made by the State, by
taxation or otherwise, to pay interest. In of
ofl nc, l.xxI ,,H
cpa the State to sell the road under the mortgage
Provision to be made by sinking fund for the re-
demption of the principal of the bonds.
This mode of extending aid is presented every
way the most unobjectionable. Besides the primary
consideration of avoiding further taxation and in
debtedness, it seems to be generally admitted that
States do not construct or manage public works in
which they have controlling interest, either so
iudiciously or economically individuals But it
is believed that the Legislature would be very re-
luctant to make direct subscription at present of
$6OD,uOO to any object and to have to devise
the ways and means of paying the interest on that
amount.
| The application made by the Company to the
Legislature shows that the cost of the first 25 miles
all of which is either completed under contract
! will be $379,03l 49, And of the remaining IS
miles $235, 405. This last sum is based upon the
cost of iron already purchased and upon offers al
ready made to do the grading. To this aggregate
ofS61443 30 add for water stations depots shops,
locomotives, cars, and miles of road to different
coal pits $4,000, making 1854, 436 80. From
this deduct S25, 900 from the of estimate of
iron over actual COST $4,000 for reduced cost of
grading the Sd Division if all paid for in cash in
stead Of part in Companys bonds, in all $4,000,
showing that the whole road can be completed and
equipped for about 100000
The Company has already expended $500, 900,
and has unpaid subscriptions for about $4,000
more. So that it might be possible to accomplish
the work with $500 900 of aid. But it is safer to
apply for 5000, 900, for if needed it will be most i'm
| portant to have it, since the whole property on
which money could be raised will be already mort
gagged to the State. And if not needed it will not
be used but the bonds be returned to the State
and so much of the obligation on each part extin-
guished.
The Directors state that the work is in such a
state of forwardness that with ample means the
whole road can be completed by the LIST of Septem-
Der next.
And now will the State again refuse to aid this
great work? Other works of far less Importance,
and far greater cost, have been set in motion and
sustained by grants of two-thirds (perhaps might
say Mree-thras) from the Treasury, at our cost in
part and by our votes in part before they had ex-
pended dollar This town and county have actual
ly invested $500 900 before getting cent from the
State. We do not cali upon Hercules without put
ting our own shoulders to the wheel We believe
we correct in stating that in other instance
has $500. 900 been expended any public
! State came to their help In most instances the
State has begun the work, and in some it is said
she both begun and finished it.
We trust that such considerations as these, and
others which have been presented by the President
and Directors and others still which will be more
fOrcbly presented by our members of the Legisa-
ture, will induce that body to listen to the appeal
now made to it.-FdyetterHle Observer.