Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-03-05
A CARD.
~ Fob 9th 1873

&c Manchester Railroad, make 1t my duty to do So L
viii be as brief as possible but in order that may not
have to ask your Indulgence again. desire to notice all
the points which call for it.
1st. North Carolina Bank notes are VIGOROUSLY at
discount of from three to ten per cent in the States
where the railroads for which sell tickets located
Does any his senses expect those roads to re-
ceve such funds payment of tickets sold at their
Offices? What may bethe intrinsic value of such notes
they cannot stop to inquire. Corporations, like ind
vduals have debts to pay and they can only receive
from their debtors funds which their creditors will re-
ceve from them
ID IF it be conceded that these railroads would right
fully refuse uncurrent North Carolina notes. when ten
dered to them for tickets at their Offices not the
same thing right when their tickets offered for sale
here? series of railroads agree to form joint ticket
mainly to secure travel their line which would be
likely to take rival route, and, generally, each road
abates certain per cent. of IFS usual fare. through
ticket also saves traveller trouble by dispensing
with the necessity of frequent purchases of tickets and
thus travel is encouraged But because such ticket
offered to the traveller in Wilmington to Montgomery Or
Memphis at a reduced price from the regular fare to
save him expense and trouble, shall he therefore, be al
lowed to pay in other than funds worth par to the real
owner of the ticket? Because the road reduces its fare
from ten to twenty per cent and employs an agent to
sell him one ticket for seven hundred miles, instead of
leaving him to buy six different tickets ought the road
also to lose five per cent more by the receipt of incur
rent funds?
But 3rd, it is said if the w. & NJ. R. r. sells tick
cts as agent Ol JnOSc ROADS
also sell tickets as the agents of that Company and in
the course of the year the through travel going
way is about equal to that which goes the other the
balances therefore, against the Manchester Company
cannot be very heavy" Now this is affirmed with such
postveness, that | shall be diffident in my denial
will not hastily that the writer in the Herald has
asserted so unquafey fact, that of which he knew
absolutely nothing. But with becoming modesty de-
sire to say that the Treasurer of the Wilmington Man
chester Rail Road states the fact quite differently and
lyithp account jS
before me, find that for the twelve months ending on
the 30th January 1857 the total balance against the
w. & NJ. r. r. was one hundred and Twenty-Five
thousand three hundred and thirteen dollars and thirty
| seven cents, ($129,313 80
am the more inclined to believe that the Treasurer
may he right, from the fact that agents to sell
tickets fifteen hundred miles of road, while all
agents in return sell for only hundred and
seventy-Gne miles
But 4th it is said that an arrangement therefore
might be very easily made with the Bank where its de-
posts kept, by which the Bank would be bound to
furnish such funds these various Southern roads would
be willing to receive. Now this again excites my sur
prise My worthy friend, the President of that Bank
am will testify that for the last two months
have besieged him almost necessarily to make ar
rangement by which could remit the moneys due to
Southern roads He thinks, that the arrangement said
to exist between the Wilmington & Weldon Road and
its Bank of deposte is not applicable to situation
and declines to make it. He did agree to- and does
furnish the Company for such Commercial Bank Notes
receive, satisfactory funds at par. myself had
interview with every other Bank President and car
nesty requested them to accede to this arrangement
told them if they refused this must either break up
the through ticket arrangement refuse to receive their
notes for such tickets and urged them not to allow their
notes to be thus discredited at home.
proposed to the Bank of Wilmington (which was
supposed to have the largest circuation that if the
Banks would consent to this, we would daily deposit
with each Bank the amount of its own notes that we
received for through tickets.
The proposition declined by all the Banks when
it again repeated i'll writing, under the instructions
OF my Board it was again declined. And on this point
let me add, that on Wednesday, the eth inst when
there thirty thousand dollars due by the w & NJ
r. r., most OF which had been due more than two
moHths, when was in almost daily receipts of letters
from Presidents of Southern roads, earnestly urging
mittanccs when had, in consequence been instructed
by my Board to buy exchange to pay our debt at any
price, called at every Bank in the town of Wilmington
and offered three per cent for Northern exchange and
could moi buy dollar l did more. At the instance
of the Cashier of tbs Bank of Cape Fear went to
era houses on the wharf who said to deal in ex-
change, and not dollar could be had.
1t on my return to my Office that issued the Or
der orbidding our ticket agent to receive n G.. Bank
notes for tickets over other roads Is there Just man
in the town of Wilmington who will censure for that
order? AS President of the Road am held RESPONSE
bic by other roads, and by the public for its general
management. These funds were under my charge as
Trust Funds-not the funds of the Wilmington & Man
chester Railroad And the Presidents of other roads
appealed to me- personally to attend to the matter set
ting forth their urgent necessities and complaining of
the injustice of withholding such funds in such times as
these. And yet with the money lying in the Bank I
poweress to remit dollar ana had to endure that
modification which any right-minded man must feel I'M
der such circumstances
On this statement appeal to the candor of the Her
aid if the Company has not tried and ailed and if
he has not done injury and injustice" And 7 will
add that, as my financering" has failed' and he
thinks arrangements might be Uery easlv nade if he
will devote little time to it and tell me 1rhere to re-
move the deposites, will do so promptly and give him
free ticket road besides for this wear upn
the condition only that he guarantees us the same dis
count line that now have at the Commercial Bank
But badinage apart, ought the W. & NJ. r. R. to pay
this discount Can the President of the road agree to
do without reachery to those who have entrusted
their interests to his hands The Literary Fund of North
Carolina holds two hundred thousand dollars of our
stock the children of the State have right to look to
for faithful and careful administration of our
The State of South Carolina holds two hundred thous
ants dollars of our stock also the town of Wmingon
holds one hundred thousand dollars And the Individual
Stockholders OF the road who have gone without the in
terest on their money for nearly ten years nowa these
impatient for dividends and have right to scrunze
our expenditures When these parties appear in the
Convention OF Stockholders how am to Justify such
an appropriation Of their money? Can rightfnllv say
that did this to protect the credit of the Banks Their
| Stockholders get their dividends
The Banks will not pay the w. & NJ r. R. when
our Treasurer goes there with their promises to
Their paper worthless to usto pay our debts abroad
lhey acIuay puy up thelr own paper at three five
per cent But their stockholders get their eioht or fen
per cent dividends And the Herald charges that it is
UNJUST " and DIsCREDITABLE that we do not con-
sent to uphold their credit by this great sacrifice of orr
money. | am stockholders will not 90 think
am sure they hold me in honor bound to guard their