Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-11-01

dency The experience of the past year has es-
tablehed TIE fact that road, even in its pres
ent unfinished state will eventually prove bene-
fetal to the community and remuneratlve to the
| stockholders. We feel, therefore, perfectly as |
sured shat We have passed the darke st hour ana
witnstood the sevarest trials and patience, and
perseverance, and intelligence, and economy will
! certainly crown ou work with complete success
| In our last annual report gave full state
ments showing the condition OF the Company, and
| the amount of money required to complete the
road and pay off all Of its liabilities. We DO not
think it necessary to repeat these statements IL
full but respectfully refer to them. The earnings
of the road have been applied to the Improvement
Of rolling sto ok Al d machinery and TO graduation
Our debt Is little larger thar 1t Wac last year
but we have expended some so, 0G0 in graduatio1
which reduces to II at XSert, the cost OF comp'e-
| ting the road. There will BIS no material change.
therefore in the figures which we then submitted
to you It will require 81 100000 to construct the
road, equip it, and pay its entire floating debt
| To enable Us to raise this amount OF money, III
accordance with your Instructions, apphcauoh
was made to the General Assembly OF hortn
Carolina 70 power t., issue bonds TO be secured
by mortgage OF the ertire properly OF the to1n
pany. The General Assembly responded by the
passage Of the annexed Act, which was submitted
to, aud accepted by. special meeting OF your
BODY. called in accordance with your Charter and
Bylaws and held in Wilmington on .he 10Th day
of last February. It's provisions are exceedingly
liberal. It affords conclusive evidence that the
State Will continue that liberal and enlightened
policy which has always characterized her legisla
ton with respect to our road and we conhaenly
believe that it secures its completion at no very
distant day
In accordance with your instructions. have
executed the mortgage under this act, and pre-
pared the bonds for Market but III the face of
the general distrust which prevails against &ll
Southern securities, we have not thought it best
to press them to IL sale. We have preferred TO
suspend The work of construction until q more
favorable time ; and-to relieve the company OF
It's present pressing liabiities--to borrow money
on the deposit of the bonds cOllateral This
we have found no difficulty in doing; and We are
assured that, as soon public confidence is re-
stored, we will find little difficulty ii nego-
tiatng sufficient number Of the bonds at their
intrinsic value to complete the work in the short
est possible time
But for the restoration CT public confidence,
and The consequent successful negotiation or any
Southern security there are two conditions essen
Z TALLY prerequisite which must be fulfilled. The
first is th at the State shall resume her constitu-
tional relations with the general government
the second, that she shall re-establlsh her OWL
credit By providing for the payment OF the lnter-
0 eat on her own debt The fret is dependent upon
- the action of the Congress Of the United States
In the State of Norl. Carolina we confidently be-
ieve that the second will follow promptly on the
first The present attitude of the State il prac
y tcallv that of Reputation. Reputation is dis
the moral question
North Carolina cannot afford to be dishonest
Her works of Internal Improvement; her corpora
lions of all kinds all OF her citizens feel the evl
consequences of the impeachment Of her credit
= and we saw without hesitation that they will no
q long tolerate such legislation must, IN the end
/ bring ruin on themselves. Just so soon, then, q
our political troubles are settled, and certain an
Il fixed laws common to all the States, are enacted
RI for our government, that our people may haV'
f. some permanent prospect before item, some III
= ture Of hope and promise, some security OF prop
cry and the fruits Of industry, OF lie and pursu
g of haopiness the representatives of the pcOpl
Of will REQUIRE no compulsion, and but very Gttl
Is time to do that which the common welfare re
Of ouires should be done. Believing this confidently
a. we have been unwilling to submit to the sacrifc
which the surrounding circumstances would haV
Y required of us, and which certainly would nc
be have Lean lessenea by the failure OF tho las
ut General Assembly to protect the public credit
ch An eight per cent bond, sell secured, with a
assurance OF the prompt !payment of its interes
O. ought, at the least, to command its par value
70 the market This is the test OF the value OF til
M bond the ability to meet the interest. and the st
O.. curity Of the mortgage. On both Of these point
u our Company can offer assurances which ought
,r- be satisfactory.
ha We do not propose to issue all of our bonds
n one time but only so many we can manage
II. and as may be necessary, from time to time,
Il pay for construction. Our clear profits, for til
" past year. would pay the interest Of 81, 100000
We these bonds. Oar reasonable expectations for tt
mt next year. will pay the Interest on $2,OGO OOO an
as the proceeds OF that amount Of bonds would II
ut the gap between our present terminus and Cha
at lotte. This gap being completed, there would |
he no question of ability easily to pay the intere
al on the entire mortgage. But this will bocom
Ter more apparent as proceed.
m The second question is to the security Of tt
he mortgage. The test O. this security is the CO..
H. of the road, and the resources of the countl
through which il passes, the quantity and valu
TT and character of its productions.
ms The road has cost, already, st ante-war price
he before one single dollar Of the money to
,at derived from this mortgage is expended upon
ABOUT Al present. PRICES VI
I'VE and material it is worth at least 100000. Whe
in completed and fully equipped it will own pro
erty independent of the franchise to the full vaI
lcL of three times the amount of the mortgage al
rs. possess an income sufficient to pay dividend
Pc eight per cent to its individual stockholders a
i'll its entire debt in ten years"
ON Col. CowAN verifes his statements /
But extracts from the United States census st
eT" tistics OF 1860, showing the productivene
SOS of the country along the line Of the roa'
We allowing full reductions for the support
ure the inhabitants and the destr' ction of tt
ses war. He next refers to the developmel
ed, of the country in consequence Of the cor
'"o pletion of the road, and by the appliance
IN science and skilled labor. The extensiN
and valuable mineral deposits of the cou
ia. try are thoroughly but succinctly give
igo showing that the road and its connection
4 l. IL or,