Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-02-11

AN ACT to aid in the Construction and Equipment
of the Western Railroad from Fayetteville to the
Coal Fields
Sec. l. Be 1t enacted &c. That the Public Treasurer
is hereby authorized and directed to sell the Coupon
Bonds of the State to amount not exceeding four
hundred thousand dollars signed by the Governor coun
tersgned by the Public Treasurer and sealed with the
great seal of the State bearing six per cent interest
the principal payable at the end of thirty years from the
date thereof and the coupons of interest payable semi
annually in such form as the Public Treasurer may
direct; to be made payable at such time and place
may be agreed upon by the Public Treasurer and that
the Public Treasurer shall pay the said sum of four
hundred thousand dollars to the President and Directors
upon such conditions are herein provided Prouded
said bonds shall not be sold by the Public Treasurer for
a less sum than their par value
Sec. 2. That before the Public Treasurer shall sell for
said Company any of the bonds hereby authorized to be
sod the said Western Railroad Company shall deliver
to the Public Treasurer the coupon bonds of said Com
pany for the amount and bearing the interest
and date the principal and coupons payable at the
time and place those of the State hereinbefore
directed to be issued and paid to the Western Rail-
road Company and to the principal and interest
of said bonds issued by the Western Railroad Company
the State of North Carolina shall by this act have
lien upon all the estate of said Company, both real and
personal which they may now have may hereafter ac
quire between the Cape Fear river at Fayetteville and
the terminus of said Road the Coal Fields including
that at both points, together with all the rights fran
chises and powers thereunto belonging in any wise
appertainng, that may hereafter belong appertan
to said Company, which lien shall be efectualy
secured by mortgage duly executed by said Company
to the State, and registered in the Registers office of
the counties of Cumberland Harnett Moore and Chat
ham and for the better security of the payment of the
interest upon said bonds until the completion of said
road, the Company deposit with the Public Treasurer
good and sufficient bonds made by individual Stockhod
persons interested in said road, amounting to fifty
thousand dollars to the payment of the interest
as aforesaid which said bonds shall be payable to the
Public Treasurer and shall be deemed due and payable
any time prior to the completion of said road if the
said Company shall fail to pay the interest on the bonds
given in exchange for the bonds of the State which
bonds SHALL upon the payment of the interest to the
completion of said road be surrendered by the Public
Treasurer to the said Company.
| SEC 3. That the bonds of the State hereby author
lied to be sold for the Western Railroad Company shall
be sold as follows when it shall be certified by the
President of said Western Railroad Company that
twelve miles of said road have been completed and put
in operation, said company shall be entitled to receive
one hundred thousand dollars when it shall be likewise
certified that the iron for the whole road has been deiv
cred at the port of Wilmington, said Company shall be
entitled to receive an additional one hundred thousand
dollars and whenever the President shall certify that
the whole of the road to the Coal Fields has been
pleed and put in operation, and that additional sum
has been raised by said Company, making the amount
of four hundred thousand dollars Exclusive of State
bonds have been expended upon said road, that ad
ditonal and final sum OF hundred thousand dollars
shall be delivered to said Company.
Sec 4. That the income of said Company after pay
ing the current and necessary expenses shall first be
piled to the payment of the interest the bonds hereby
directed to be delivered to the Public Treasurer and
the remainder, twenty five per cent shall be set aside
and permanently invested for the purpose of creating
sinking fund for the final exngushment of the debt
the balance may be divided among the Stockholders
said Company may direct it being the intention of this
act to pledge the whole net income of the Company
the first instance to the liquidation of the interest th
bonds and then to provide for their final eXngushment
Sec 5. That the State shall have the privilege at an!
time within eight years from the passage of this act tt
subscribe stock in said Company to the amount OF lou
hundred thousand dollars, in shares of hundred dol
lars each and upon certificates of stock being issued
the State by said Company for the same to surrende
the bonds of said Company which had previously beel
delivered to the State under the provisions of this act
Sec 6. That the board of internal improvements sha
have the right under this act to send agent of tn
e State annually to examine into the condition of sac
Railroad Company, and to report the same to the Gov
I ernor and Council
!, Sec. I. That in case any Railroad Company shall b.
incorporated hereafter running eastwardy from the tow
of Fayetteville, or if the Wilmington and Weldon Rail
road Company or the Wilmington, Charlotte and Ruth
erord Railroad Company, shall blild branch un
der their charter then the said Western Railroad Com
pany shall join in the erection of any warehouses ant
passenger sheds that may be necessary to render suc
connection perfect possible, and regularly tn
same for the reception and delivery of all passengers
goods and other articles whatever and the said Rail
" road Company shall not discriminate by its charge
against the company or companies SO connecting wit
its railway
j Sec g. That in case of Railroad being built so
connect any point points to the eastward of Fay
l. eteVe with the Coal Fields by means of the Wester
Railroad then in that case the dpot yards &c. of tn
It Western Railroad shall be used in common with sue
81 81 connecting roads, on their paying due proportion
the cost of said depots yards &c. and agreeing to
tribute due proportion to the repairs and improve
ments thereon
Sec. 9. That in the payment Of any interest whc
. may accrue on the bonds of the State befor
the completion of the road the President of said
shall be required to make oath that part of sal
amount of interest has been derived from the sale of tn
& bonds of the State
SEC TO- That the 22d section of the charter of sal
E. company be amended to read follows Thatsai
company shall have power to construct branches to sal
road to connect with any other railroad that may
constructed Provided that no such branch shall eros
any Railroad in existence, in progress of cor
struction, excepting the Wilmington and Weldon Raj
road any contract that may be entered into with an
other Railroad Company, by the President and DireC
IS tors of said Company, after the consent of majority
at the stockholders first obtained shall be binding sal
company and this act shall be in force from and att
its ratification.
Commercial.
Notwithstanding the doubts regarding the increase
the tariff it is seen that gradual return of prosperity
d taking place all the country less by far in the e
n West than in other sections but yet sufficiently genera
c.