Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-07-26
THE WILMINGTON JOURNAL.
WILMINGTON, N. c., JULY 20, 1866.
The New Constitution.

We are glad to have it in our power, in connec-
ton with the able letter of Judge Manly, and
what we have thrown out, to place the public in
possession of this letter. If time had been
piyen to the people of the State, to have had
these questions thoroughly canvassed, which
their great importance demanded, such convincing
arguments as are contained in this letter, must
have had much weight with the people of North
Carolina But the Convention, with indecent
haste, without sufficient publication, has forced
upon the people of the State, questions OF the
most vital Importance.
We ask for the letter an attentive reading.
The Wilmington and Manchester Railroad.
The rapid and certain recuperation of our great
lines of railroads and other commercial channels
give the surest evidences of the earnest determin-
alton of our people to restore the wonted prosper
tv of the country That our railroads, after their
almost entire destruction, without sufficient means
or credit have been able in so short time, to &C
quire an efficiency almost equal to that they had
attained previous to the war, is gratifying proof
of the recuperatve energies of our people and the
zeal and efficiency of our railroad officials
The present condition of the financial affairs,
and the transportation department of the VIII
Wilmington & Manchester Railroad, is subject
.
Company but to the public at large. 1t is certain
ly matter of congratulation that its affairs and
prospects are as fourshing as they are, which the
following facts will show. While this road has
not been brought to a sound and healthy condi-
ton early as some of the roads South, which is
owing to two leading facts-frst, the very great
amount of capital and labor required on account
of the completeness of the work of destruction,
and second, the lateness at which the work OF re-
organization, reconstruction and resuscltatlon was
commenced, it is now firmly on its feet, with the
most fattering prospects for remuneratlye useful
ness.
In December last when the work of reorganiZa-
ton of the finances and reconstruction of the
property was inaugurated and definitely resolved
upon, this Company owed a bonded debt of about
one million and thirty thousand dollars. Two
hundred and thirty thousand of this was past due,
having matured in 1864. Some six hundred thou
sand dollars of it matured June, 1866. In addi
ton to this interest on this entire bonded debt
had accrued to an amount equal to three
hundred thousand dollars. portion of this
past due interest," as we'll as the bonds themselves
was held outside of the Southern States It was
impossible for the Company to provide for that
part held outside of the Confederate States dur
ing the war; because of the hazard attending re-
mittances as we'll as the enormous rates of ex-
change. Of that portion held within the Confed-
ate States the holders refused to present for pay
ment, having more confidence, we presume, in
that paper than the currency of the country.
In addition to the above, we might say the past
due Indebtedness, amounting in the aggregate to
some one million one hundred thousand dollars,
the Company required the immediate use OF nearly
a million of dollars to place their road IN good
order and efficient condition. To raise the money
to hquidate the bonds and interest past due, and
to make the necessary outlay the ruined condition
of the road required, the Company was obliged to
create an asset, it having at that time neither
money but limited credit, and no assets To do
this, it became necessary to draw In its entire
bonded debt, which scattered not only over
the entire United States, but also abroad.
To accomplish this, and also to make the expen-
ditures necessary to put the property of the Com
pany in good order and in first class, efficient
condition, was no small undertaking, requiring
great exertion and application and in stating that
the whole scheme of the reorganization of the
finances and recuperation of the property has
been fully and successfully worked out, we state a
fact more complimentary to the efficient man
agement of the road than any thing could add.
The past due interest has been all funded and
together with the entire bonded debt. has been
extended thirty years upon an average. The Com
pany will have no further trouble on this account
for that length of time. The Company should be-
and doubtless is, under many obligations to Its
bondholders for their consideration in granting
this extension.
Everything has been purchased to put the pro
perty in the most efficient order and condition,
far as rebuilding the road and refurnishing it with
rolling stock. Their and engines are OF
the most improved styles and patterns The pas
senger outfit of this road is not surpassed in the
United States for elegance, comfort and style
All the night trains have most luxurious
sleeping cars. Much of the track has beer
relaid with new iron and its entire
length has been greatly improved
This enables the speed of the trains to be greatly
increased. The time now consumed in making the
distance from Wilmington to Kingsville is but two
hours more than the schedule maintained the
road before the war, and we learn that soon 6
shorter schedule will be put in operation, which
will increase the speed beyond that ever attained
before on thisroad. The entire outfit and condition
enabling this to be done with great and safety
We understand, ALSO that the freightng facilities
have been greatly increased, which will enable the
Company to transport all freights promptly and
RAPIDLY at the most reasonable rates.
Travellers should, by all MEANS give this route
brio W. fool cotiShad fhov will he pleaSnd -