Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-11-26
From the Herald.
FTOIH Ult HtIhIU
The SeabOard Rail Road Company.

10 the Ed2tOTS OF the IfefGtd:
GENTLEMEN In your paper of the 18th you say if
the purchase of the Seaboard Road will affect it pera-
nenhy" THAT is the independence of the line from Nr
gina controD buy it by all means" Vow we propose
to say in few words that it seems if the independence
of this great Line is effected in this way, it will be
as permanent as the roadway is durable.
How can the Virginia Legislature in any way cur
tail the vested rights of corporation, without i'm
pairing the obligation of contract" Has there ever
been any disposition evinced by any Legislature of that
State to deprive any Corporate Company of any of its
privileges? We believe not. The Old Dominion ~
stands up to her pghted faith in this respect fully and
honoraby.
We believe the stock now to be purchased is all OR
very all of it owned in Philadelphia Would she
not be as willing it should be held in Southern State
But she State in any way pass any law impair
ing the value of this property and by taxation or other
wise damage the property of any corporation without
its consent?
Then why is the independence once obtained not
plee and permanent? 1t is both complete and perna
ne, and the advantages to accrue to this line are al
most incalculabie
By shortening the line from this city to New York
to twenty-four hours, it will diminish the time to New
Orleans, from New York to three and half days.
Four days being the guaranteed time in which we learn,
that the Atlantic line to transport mails and passen
gers between those cities. When the Mexican Gulf
Rail Road is completed to Cat Island, the time will
again be shortened II hours that the time from New
Orleans to New York and vice will be three days.
Can any other line beat this? Can any other line
equal it?
If the mails and passengers for California be de-
ivered at Cedar Keys, Fla, in forty to ftyfour
hours from New York, will it not obvate any necessity
for running that large class of seagoing steamers from
New York direct, that now carry the California mails
&c Then if this is So smaller class OF steamers will
take up the line at Cedar Keys and carry all that is to
60 to California from that point to any desirable place
of debarkation on the Gulf Again instead Of the
steamer isabel any other that may ply between
Havana ant charleston twice month"; steamer can
make three trips per week between Cedar Keys and that
city Yet again. the amount of express reighting bust
ness that be done between New York and New
Orleans is all will admit Now then, how
there be any risk in investing 100000 in stock
that is now paying per cent dividend, and that is
guaranteed to pay it permanently
To be 100000 ofthe $685. 900 to be purchased is
common stock. But does any suppose for moment
that the $644OOO of capital that represents the property
Of this road cannot earn divided of at least per cent?
Let US see. A dividend of per cent on this capital
is about NEUTRALITY-SUSPICIOUS.. $4,000
Interests on a debt of 100000 is ... 5000
A sinking fund to pay off the debt. 10000
Required per annum. ......................9 $4,000
The gross receipts for 1857 100000
Expenses of operating Road ...........l 100000