Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-11-15
rant their friends in making hopeful exer-


citizen of our State and one who has been
connected with many of her important IN
terests, and whose labors have contributed
much to the welfare of North Carolina, an
interesting letter upon the subject of the
Importance of the completion of the Fay
etteville and Western Railroad to our citi-
zens, as well as the advantages of Green's
boro' as the point of intersection on the
North Carolina Railroad. The communi-
cation must prove interesting, as it certain
ly is important to every business man and
property-owner in our city. It is worse
than useless to fold our arms in istless apa-
thy, because we are PROSTATE and there
fore unable to develop the rich treasures of
our country, which God has bestowed with
a lavish hand. The people of the interior,
along the line of the proposed extension OF
this road are moving, and we, who are to be
benefited equally with them should not re-
main idle. Because neither of the termini
of this road end within the corporate
limits of Wilmington, it is none the less
Wilmington enterprise. The whole ln-golng
and outgoing freight of the road and the
increased productions and eonsumptions of
vast districts of our State, that have no
commercial intercourse with our city, must
pass through, be purchased or sold here,
upon the completion of this work.
Upon the first of the present month a
very large and enthusiastic Convention was
held at Mount Vernon Springs, ill Guilford,
IF RI INN nr ri
Chatham and GIlilford counties, i'll the i'll
terest of the Fayetteville and Western Rail
road. Their action was such as we hope
will rebound to tie great object of the Con-
ventiOn. The course recommended, which
we regard as eminently practicable and
just, is to ask of the Legislature of the State,
shortly to assemble in Raleigh, to author
ize the Public Treasurer to subscribe to the
capital stock of this road, the amount the
Road now owes to the State, and for which
the State holds mortgage upon the Road
Then, that the Legislature release its mort
gage upon the Road and authorize the
President and Directors of the Road to re-
mortgage the same to some one or more
capitalists for sufficient amount to extend
and complete it to some point on the North
Carolina Road.
| The State can we'll afford to act thus lib
orally with this Road. It asks no appro-
priation and involves no increase of taxa
ton, but by an exchange of mortgage
interest for stock in the Road, which must
leave the State in equally as safe position,
in the present condition of the Road, en-
ables the work to be completed, saves the
! counties, towns and individual subscribers
from loss develops the great mineral, ag-
ricultural, commercial and manufacturing
interests of that section and by increasing
the material wealth of the State, even if the
stock be worthless, decrease the burdens
and taxes of the State, thus contributing to
the general as we'll as individual welfare of
the people.
If our works of internal improvement are
to be completed, it must be done without
the aid of taxes or by Increasing the pres
ent Indebtedness of the State Borrowing
money from the wealthy capitalists
of the North and the Old World is
|
ed Roads, encumbered as they are by the
heavy mortgages held by the State, will
find it utterly impossible to enter tie marts
of the world and borrow the money neces-
sary to complete them, upon any terms.-
They must approach the capitalists with
clean hands with no power with any State
or individual to foreclOse previous mort
gage and sell out the entire property of the
road. The two roads. which will go be-
fore the next Legislature and ask the State
to release it's mortgages upon their works,
will both offer the State Il quid pro quo.-
In fact, without this assistance we doubt
exceedingly if the State does not lose ali
or the greater part of the Indebtedness of
both these roads, while if these corpora
tons are permitted to borrow money in the
State in one instance, will be liquidated at
an early day, and in the other, the State
be fully compensated for the present value
of their debt. In this estimate we do not
take into consideration the incalculable ad-
vantages to be derived, i'll all ages to come,
DY the COulDloGlOn OF Il1cSC IOatiS.
No more important subjects will be called
to the attention of the Legislature than is
embraced in the propositions to be submit
ted Ill behalf of these corporations. The
prostration of our people and the terrible
burdens under which they labor will de-
mand the consideration of our Legislators,
but we are fully convinced no permanent
and real relief can be attained unconnect-
ed with the fostering of our railroads and
development of our resources, material and
moral. We hope and believe these in
terests will be intelligently and assiduousty
urged, and we cannot think that any mar
row-minded, local prejudices will be per-
mitted to operate against measures calcu-
lated to advance the interest Of the entire
State, as we'll as particular sections Our
Legislature must recollect, that now, more
than ever, North Carolina must depend
upon herself. Our own section of the
country Is poWerless to extend any aid, for
the paralysis which enfeebles lis, equally