The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-03-16


we're present
Vim. d. Haywood, Mayor; Messrs. J. y.
Rovster, A. T. Sawyer, J. J. Overly, B. F:
Cheatham, ]. A. Moore, d. L. Royster and
S. NJ. Belts, Commissioners.
Hon. Thos. Bragg, who was employed by
the Board of Commissioners to attend
meeting of the Chatham Coaltied r. r. Co..
for the purpose of looking to the interest OF
the City for stock held by it in said road,
appeared before the Board, with the follow
ing report
To the Mayor and Board Of
Commissioners Of the City Of Raleigh: :
The Chatham Railroad Company was
chartered in 1861. By an ordinance OF the
State Convention, passed the Both of Janua-
nv. 1862 corporate bodies and towns were
authorized to make subscriptions, for stock
in the same and to raise their subscriptions,
it was allowed them to deposit their bonds
with the public treasurer of the State, the
principal payable in 20 years, at per cent.
interest. payable semi-annually, and to re-
ceive State coupon bonds instead thereof,
and pay over the same to the Oh. Ii. H. 20.
and the corporate bodies making such
subscriptions had the option of redeeming
their bonds to the State at any time before
maturity, in the currency OF the State. By
to be opened for further subscriptions for
stock in the said Company.
Under the first ordinance, the City of
Raleigh subscribed $4,000, paying about
the time, $1,000 in cash and executing to
the State 40 bonds, each for $1,00O-dated
list JAM, 1868. One of these bonds to the
State, as appears by the BOOKS of the pub
lie treasurer, was paid off by the City, leav-
ing 49, for which the City was bound.
The r. & G. R. r. Co. also subscribed
100000 gave its bonds to the State for
that amount, and the Chatham r. r. Co.
received of the State bonds, and obligations
from the public treasurer for 40 State bonds,
to be delivered as called for, on account OF
the subscriptions of the City. During the
war, the R. & G. R. r. Co. paid to the State
in deprecated currency, ,0OO-leaving
unpaid 100000.
The City made no payment except as
above.
The N. G. r. r. Co. and sundry individu-
ais afterwards made large subscriptions
for stock in the Gin r. r. Co, which were
paid, most of them, in Confederate money,
when greatly depreciated-somel in cotton
warns at $50 per bunch, which could be u.s.
ed by the Company in purchasing supplies.
1t will thus be seen that there was great
inequality in the payments, and it was man
ifestly unjust that scrip should be issued to
the subscribers for the full amount of their
payments in Confederate money. This would
have been especially unjust to the City OF
Raleigh, whose 49 bonds were held by the
State and the City might be required to pay
the full amount
After several attempts to adjust the mat
ter among the several companies and indi-
viduals had failed, [ was appointed to act
as the agent and attorney ofthe City.
Upon Il meeting OF all parties concerned,
it was finally agreed that the CHI r. r. Co,
which had the public treasurer's obligation
to deliver $340 900 of State bonds (part OF
those obtained by the City for her bonds,)
would surrender up the same to the City and
cancel the City's subscription for that amount
of stock, proUided the City would agree to
have the balance of her stock scaled, as all
others were agreed to be scaled, as if paid
in Confederate money at the time of pay
ment.
This proposal was, as I advised, accepted
by their Board of Commissioners, and will
be found on the minutes 1t relieved the
City from debt of $4,000 to the State
leaving yet in the hands of the State IA bonds
of the City, amounting to $4,000.
The accompanying letter from W. w
Vass, treasurer of the Oh. R. R. Co., shows
the number of shares now held in that Com
pany according to the scale adopted, tht
number held by the City. and the cash val
ue of the property of the Company, accord
ing to the engineers estimate.
RALEIGH, N. c., March II, 1867.
Hon. THos: BRAeG-Dear Sir: In answer
to your enquiries touching the CD. r. r. Co..
I have to state, that there were paid in or
account of the capital stock, in Confederate
currency $4,000, which being reduced Oh
scaled to gold valuation at the date of the
several payments, amounts to 800, 1905.
The subscription of the City of Raleigh
as modified and thus scaled, will amount tc
S., 1888.
The report of Maj Winslor, civil engineer
estimates the present value of the work or
the road at about s125, 100000 Scrip OF
certificates of stock will be issued by the
Board very soon. Yours,
w. w. VAss.
1t was hoped that the Legislature would
extend some help to the company-that
believe failed, and the road will probably be
sold The share of the City in the proceeds
if proper steps are taken to prevent sacri-
fee, believe, will go far towards relieving
it of the balance of its Indebtedness to the
State.
The operation can be made by buying up
the State bonds, issued for the Chatham,
road as already stated which being war
bonds, can be bought very low. They arc
now recognized as a part of the State debt,
though possibly they may be paid at some
future time. Should the City buy IA of these
bonds, which may be had for about-cents
in the dollar they may be returned to the
State, and the remaining City bonds surren-
dered by virtue of another act of the legis-
lature, the passage of which may be procur-
ed without much difficulty.
As soon as the scrip is made out by the
Oh. r. r. Co., will procure that of the City
and send it to the Board.
All of which is respectfully submitted
TH0S. BRAGG.
March II, 1867.
On motion of Mr.. Moore, the accompany
ing report was received and ordered to be
spread upon the minutes.
An account of Gov Bragg for services rem
dered the City amounting 10 $3.50, was, on
motion, allowed.
On motion the Board adjourned.
j. J. CHRISTOPHERS, CLERK.
--latest by Atlantic Gable.
LIVERPOOL, March 2.-Evening.-Cotton
continued quiet and closed firmer Quota
lions are unchanged, sales 5000 bales
DUBLIN, March Acknowledgements of
Eny,I., hair, II -.