The weekly standard., 1869-11-03
Conspiracy to Lease the North Carolina
Railroad.

Conspiracy to Lease the North Carol1na
Railroad.
I The proposed lease of the North Carolina
| Railroad still continues to be the absorbing
subject of interest in this State. And well
it may be, for transaction which more
deeply involves the interests of every section
| of the State will never come before the peo-
| pie of North Carolina. Ifsuccessful it would
create railroad monopoly in comparison
with which the famous, or rather the imam
ous, Camden & Amboy monopoly would be
mere bagatelle. 40 - {
In the first place, however, let us look at
the matter as legitimate transaction, and
see If, even in that light, the State and the
private stock holders in the North Carolina
road are receiving fair price for the privi-
leges which are being hargained away.
The Raleigh & CASTOR road is to pay six
per cent on the capital stock on the North
| Carolina Road sum of two hundred and
forty thousand dollars, yet it is credibly sta
ted that the net earnings Of the road last
year we're over three hundred thousand dol
lars, and it is believed that this year they
will be still larger. Where then is the State
benefited by this transaction9 How are
the stock holders benefited? They are not
benefited at all, but on the contrary, the
transaction is direct loss of from sixty to
one hundred thousand dollars per year. And
yet we are told that this arrangement is to
the great benefit of the State and the private
stockholders
But the worst feature of the case is yet to
be shown, for it proves that this proposed
lease is not only losing affair to those di-
rectly interested in the road but is an at
tack upon the whole people of the State.
Mark what follows:
The North Carolina Railroad is the only
road which crosses the State to South
Carolina except the Wilmington and Wei
don, which runs across the extreme Eastern
portion. The North Carolina Road is made a
through route by connections with the
Raleigh & CASTOR Road at Raleigh (Which
is the shortest route) and by connections
with the Wilmington & Weldon Road at
Goldsboro' This latter connection is but lit
tie used for through travel and not at all
for through freight. By the proposed lease
the North Carolina Road virtually becomes
a part of the Raleigh and CASTOR Road and
consequently the great through route for
Southern freight and travel.
There is another road now building
which is to run from Raleigh through the
middle of the State and thence to South
Carolina, forming, when completed, with its
connections, the shortest route from the
North to the South. This Road is controlled
| By the same men uho control the Raleigh and
CASTOR Road.
Thus then these two roads are feeders
to more than two thirds of the State, and
and any one examining the map of the State
can see that nearly all the counties west of
the Wilmington and Weldon Road will be
at the mercy of the Raleigh and CASTOR
combination, ifthe proposed leaseis effected,
and this is the object of the parties obtain
1 ing the lease. The matter once settled in
their favor, up will go the freights and pas
senger tariffs, and large portion of the
people of the State, together with the trav-
elling public and those who ship freight,
will be at the mercy Of this iniquitous COM
bination. All that it demands the people
will be obliged to pay, as will all connect
ing roads,
We do not know what means were used
to consummate this bargain, but, whatever
they were, we do not believe they were
good. Whoever heard before of this propo-
sition to lease this great road2 No one.
The announcement of the lease came upon
the people of North Carolina like clap of
thunder from clear sky. Its very sudden
ness savored too strongly of foul dealing not
to arouse the suspicious of the people. We
even learn that some of the directors upon
the part of the State were not notified that
the meeting was to take place. In one in
stance we know that such was the fact.
Mr.. WELKER, of Guilford, who is director,
has informed US that he was not notified of
the meeting. Why was this? 4
Mr.. WELKER is gentleman whose integ-
rity no man has ever questioned, and who is
known to have the interests of the State at
heart. Why was he not notified of the
meeting to consider this proposition3 Was
it thought that the transaction was of such
character that he would surely oppose
it2 1t certainly looks SO.
View it in whatever light we may, we can
see nothing that is not repulsive, and that
does not indicate purpose to do injury to
the people.
And here we have word of personal ex
PLANTATION. Many persons have expressed
surprise at the stand we took upon this
matter in our issue of the 23d, and have
asked US our reasons. We are ready to give
them.
We oppose this transaction because we
know that it is in deadly conflict with the
interest and prosperity of the people of
North Carolina;
Because it is blow aimed at every bust
ness interest of the State;
Because we believe it to be a transaction
that cannot bear the scrutiny of honest m,n.
These are our reasons for opposing it, and
sooner than favor it we would beg our bread
in the streets and trust to the charity of the
people in whose cause we suffered. So long
as we control the STANDARD we shall use it
for the benefit of the people, and if the
STANDARD ever favors any project to injure
the people of North Carolina it must do so
under another editor than the present one.
We have made the STANDARD the PEO-
PILES paper, and shall ever defend them
against measures we consider hurtful to them
as we 10 the lease of this road
Our Common Schools.
Much anxiety is being manifested by the