Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-01

to xvtImippton-The Fayetteville and
Western Railroad-The State Debtor.
Cowan's, Col. Halls and Gov. Clark's ef-
6orts I'm behalf OF the Credit Of the State
FAYETTEVILLE and Florence and Cheraw
and Coalfields Railroad Matters, &c.
RALEIGH, Feb. 26, 1867.
Dear Journal AS the close of the ses-
sion approaches, the business, which has
been accommodating since November, is be-
ing dispatched with such rapidity, that in
the space of letter one can hardly give
any adequate idea of what is being done.
The important measures as they are matur-
ing into laws, however, find their way into
your columns in advance of other papers,
and these are really much more important
and interesting than probably vain specu-
lations as to what may or may rot be done.
The agreement to adjourn next Monday
found the files of both Houses much crowd
ed with very mary measures OF interest,
but BY most arduous labors, day and night,
the more important ones are being rapidly
acted upon, and the close of the present
week will find both Houses prepared to
comply W1tn the JOlnC Order
The object of meeting next August, is IN
reference to the Stay Law, which it seems
by this determination, is feared by ma
jority of the Legislature, will not stand the
test of the Courts. The Supreme Court
meets in this city in June, and the adjourn
ed session of the General Assembly is to
meet Just afterwards, in order to mend any
rents in their work that this tribunal may
make in it.
Several bills of local interest have been
passed into laws during the last few days,
among them are those to incorporate the
Chamber of Commerce ; to incorporate the
Wilmington Institute to incorporate the
Wilmington Manufacturing Company to
incorporate the Wilmington Hook and Lad
der Company; and to enable the City of Will
nlington to provide for the payment of its
debts. The latter is of such Importance
that a certified copy is enclosed.* 1t is a
matter of pride that our city is inaugurating
measures looking to an adjustment of its
debts, while most legislation at this time is
tending in an opposite direction.
The bill to enable the Western (Fayette-
ville) Railroad to extend its road across the
North Carolina Road, by or near Salem, to
the Virginia line near Mt. Airy, has been
ratified. The bill provides that the Pub
Lie Treasurer shall subscribe one million
dollars to be paid in the second mortgage
bonds of the Wilmington, Charlotte and
Rutherford Railroad. If the management
of the latter road are able to negotiate their
first mortgage bonds this aid will be s1lf1i-
cient, with the individual subscriptions, to
complete the work. This work has been q
favorite scheme of the Journal, and its
completion must not only develop one of
the finest sections of the State, but also
bring Wilmington into connection with q
people, heretofore strangers, which must
be mutually beneficial. Col. Waugh, the
Commoner from Surry, deserves much
credit for his efforts in behalf of this road,
and it is to be hoped his reward will be
found in the speedy completion of this
great work and the development of his
magnificent county.
One of the most interesting matters
which has lately been agitated in the Lee
gislature, and doubtless the most important
of the session, was the bill introduced by
Col. Cowan to provide for the payment of
the interest of the Public Debt. The bill
provided for tax on polls of one dollar,
and on all other persons and subjects of
taxation the rates to be for the year 1867,
twice, and thereafter, three times those i'm
posed in the Revenue bill passed by this
General Assembly. It provided, further,
for the issuing of Coupon Bonds for the
payment of the interest falling due prior
to LIST day of January, 1868. The bill
was the special order for Wednesday
night of last week, and Col. Cowan's speech
in support of the measure was undoubtedly
the ablest of the session. For upwards of
an hour he claimed the attention of the
House, and the gallery was crowded with
the ladies of the city. His appeal in be-
half of the credit, material interest and
honor of the old State, if Intellectual to
carry the majority of the House, was no.
BILE and manly effort that not only made
reputation for him as an able debater, but
one which he will be justly proud of when
by dangerous delays and under accumula-
ted weight, the debt becomes too great for
management, and with credit impaired and
industry paralyzed, every citizen of the
State becomes aware, too late, that there
can be no real prosperity without credit
and without honor. The very large minor
ity which voted for the bill, SO soon after
such radical legislation upon the subject of
"Relief," was compliment to the gentle
man which his eloquence and earnestness
deserved.
A bill, with provisions quite similar, hav-
ing been introduced into the Senate by
Gov. Clark, Immediately after its defeat in
the House, was debated and acted upon adj
versely in that body to-day. Mr.. Berry in
PRODUCED substitute authorizing the Treas
urer to issue bills of the several denomina-
tions of one, two. five, ten and twenty dollars
to an amount not exceeding seven hundred