The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1860-11-28

State, and a liberal loan made, afterwards,
for the completion Of their works; while ia
the case of this Company. the aid Of the
State consists Of a loan Of $4,000 per mile of
finished road, secured by mortgage on all
the property of the Company. When the
Importance of this road to the public is con-
sidered, it is apprehended that il will be
difficult to discover satisfactory reason for
making so wide a difference between il and
the works Of similar character, in dispen-
sing the public patronage. In view Of which,
and the further fact that the mortgage now
held by the State will prove an ample
security for the loan heretofore made, and
the one that will probably be asked for, I
would respectfully but earnestly recommend,
that such further loan as may be necessary
to complete their works be made to the
Company. Otherwise, it will be driven to
effect loan upon second mortgage. at great
sacrifice of the interests Of the stockholders,
and to the embarrassment Of the enterprise
itself.
The first division of the Western North
Carolina rail road, extending from Salisbury
to Morganton, a distance of so miles, has
been completed to within eleven miles Of its
termination, ard the second division, from
Morganton TO the Western portal of the
4 Blue Ridge tunnel, a distance of 40 miles,
! let to contract, upon which the grading is
now being executed. From this point to the
present terminus Of the road on the French
| Broad River. near Asheville, distance Of
but 20 miles, the work has not been let to
contract because Of the prohibiting restric-'
tons Of the Company's Charter.
These restrictions now lnterpose serious
obstacles to the progress Of this great work,
and can no longer subserye any useful pur-
pose. | therefore recommend that they be
removed by the Legislature.
The importance Of such legislation will the
more fully appear, when it is borne in mind
that the second division of the road extends to
the Western portal Of the Blue Ridge tunnel,
and consequently embraces what is known as
the mountain section, which is by far the
most costly part of the work. Now, if il be
required to fully complete this division be-
fore letting the work beyond the mountains
to contract, that part of the road lying with
in the limits of the mountain section and
costing some million and hall of dollars, vi i'll
be rendered totally useless, while the diyi.
sion beyond the mountains is being con-
structed.
1t was originally designed to extend this
road SO as TO form a connection with the
chain of roads passing through the State of
Tennessee to the Mississippi River, aud the
work has now progressed to that point, when
sound policy indicates the propriety Of locat>
Ing the Western connection and allowing
the comnsny to progress with the work as
rapidly as the circumstances Of the country
| will admit.
From the present terminus Of the road,
near Ashevllle, two routes have been survey
ed to the Tennessee line, aud both found to
be entirely practicable at comparatively
moderate cost. The one lies in almost
! due west course, through the counties Of Hay
wood, Macon, Jackson and Cherokee, termi-
mating at C0wana Duck Iown,) and the
, other IN a northerly direction, along the
French Broad River, and terminating at the
, Paint Rock, 40 miles below Asheyllle. At
Z both Of these points Of termination, connec-
lions can be had with the Tennessee roads.
1 The selection Of either one of these routes.
to the exclusion Of our fellow citizens resid-
Ing beyond the Blue Ridge. who have hereto.
iore cheerfully contributed their rateable pirt
towards appropriations for the construction
NJ r0atls east Of the mountains, with no other
advantage 10 themselves than the mere hope
held out for their extension among them at
future ddy. To disappoint this reasonable
expectation, now that millions have beel ex-
pended 70 overcome the mountain barrier,
would prove 4 snre disappointment 10 them,
aud would, IN my opinion, be departure
from rue economical policy. These routes
point 10 different directions. aud, c0nsequent-
ly, each would secure business that the 9th.
cr could not, aud both would serve as yslu-
able contributors to the main line east Of
Ashevllle.
N | would. therefore, earnestly recommend
that the Western N,Tth Carolina Railroad
Company be allowed 10 construct their road
over buth the routes above designated, and
that the State contribute ia the same proper
ton as heretofore.
/. As every delay in forming these connec-
iuns will result 10 injury TO investments al
teaiy made, wanld suggest no other re-
siric,inn upnn the progress Of The work than
a simple Limitation a % the amount ot money
10 be pull. annually. BY the State aud lin
itatinn being. 10 my npiniOn. necessary TO
safe administration Of the public finances.
Tie Atlantic aud North Carolina Rlilroad
is an unusually well constructed work and in
successful operation. As was the case with
I Others Of our roads FOR the first few years af-
ter completion, It has, as yet, yielded no di-
\ yilends 10 the stockholders; but the present
carniags ol the rOai. a. reported 10 ne. give
satisfactory assurances that II will a, an car-
" LAY BE- classeJ among our dividend pay
ing roads.
/ This Company will. as am Informed. ask
that the State loan Of S400, 900. with the back
interest. amounting to $4,000, be converted
!, into preferred stock. and the road released
! lrom the mortgage upon Il 10 favor u the
| State. The acccding 10 such proposition
would tend II facilitate the operations oi tie
COMPANY, aud would not result IN any i1ja.
, nv 10 the STATE. as no reasonable doubt eau
e,ist that Inc Company would be able to pay