Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-03-05
Wilmington and Weldon Railroad.

We have heretofore said nothing speci
ally in regard to the sale of the States in
terest in the Wilmington and Weldon Rail
road Company. The JOURNAL was one O!
the first papers Of the State to expose the
purposes of "The Ring" about Raleigh.
in forcing the State into such position a.
to compel her to sacrifice her property in
her works of internal improvements, and
asked that some steps should be taken by
the people to prevent the scheme. The
Legislature, from this Or some other cause,
hesitated, and finally refused to approve
the recommendation of the Public
Treasurer to hypothecate the States prop
erty in the North Carolina Railroad in
order to borrow money to meet the Janu-
airy interest in the .ublic debt. We be-
| lieved then, as we are fully convinced now
that the money for that object was not OBJ,
tanned on account OF the express purpose
of certain mani pulatOrs to get possession
of the States stock in that road.
They were temporarily thwarted, for we
believe that they will eventually succeed,
unless that stock is finally disposed of at
public sale as has been ordered in regard
to the stock of the two roads running
North and South from this city. Nothing
is more evident of this purpose than the
following Objectionable and dangerous pro-
vision contained in the Fourteenth Section
of an Act chartering the Eastern and
Western Railroad, one of the numerous
roads chartered by the present Legislature,
and to which Senator SWEET called the
attention OF the Senate on Saturday last,
! which reads as follows
g Said Eastern and Western Railroad may, at
any time before maturity, purchase the stock of
the State Of said Company, by returning to the
State like amount in coupon bonds of the State,
or any other indebtedness Of the State, OF in
tional currency, and any Company il which the
State Is st"ckholder may, at any time within the
said time, avail themselves of the same privilege,
provided such corporation shall. within twelve
months after the ratification of this act notify
the Governor of the State of it's adoption
This section. thus stealthily passed, au-
thorizes the sale of every dollar of Rail
road stock owned by North Carolina. SIN
this private bili." says Senator Sweet
'nestling like kernel of wheat in bushel
"of chat, is this Objectionable provision.
This provision invites capitalists to
"impair our credit until they can go into
the market and purchase for the mere
"nominal consideration and by exchange
"of them under this provision, wipe out,
"under the form of law, some tuenty
millions of Railroad stock owned by
"North Carolina" If these men are
thwarted in this attempt by the timely
warning of this Senator, in some ether
form and at some other time will the effort
be renewed, when the vigilance of more
honest men is relaxed.
So far as the sale of the interest of the
Literary Fund i'll the stock of the Will
mington and Weldon Railroad is concerned
our opinion is divided. If the money thus
obtained would be honestly, intelIigently
and economically used for the purposes of
education, so great are the necessities
pressing upon us to do something for the
education of our youth, we might be
reconciled to the sale. But we fear it will
be killing the hen which laid the golden
egg. When prosperity returns to this Sec
ton, this stock would undoubtedly again
be the source of great revenue to our pub
lie school fund, as it has been in times
past. If now converted into money, we
believe it will be uselessly, if not dishon-
estly, wasted and squandered.
So far as the prosperity of the Whining
ton and Weldon Railroad Company and
the country through which it passes are
concerned, We believe that the effect of this
stock passing into private hands will be
positively beneficial. As stakeholder in
the road, and as a citizen of this section of
the State, we are not adverse to the sale. We
would of course prefer that the stock should
be owned by our own Ipeople rather than