Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-02-19
state Railroads.

state Railroads
We are glad to agree with the Ne"oern
Times in its views in regard to the sale oil
+ba States interest in the North Carolina
Railroad. In fact, the JOURNAL some
month or more since warned the people OF
the State that o plan was on foot to accom-
plish this very purpose, and the attempt
would be made to force the State into THIS
measure. This great work, for WHICH TIE
people of North Carolina have SO long
been taxed to meet the interest on The
debit contracted to build it, like other Hall
roads which owe their existence to the
iberality of the State, was intended not
only to develop the resources of those sec
tions through which it passes, but also 70
build up her own scaports, and thus aud
to the wealth of the entire State 10 make
these great East and West lines of Rail
roads tributary to other States would be a
most suicidal policy, and sacrificing the
certain and permanent interests OF the
entire State for the imaginary and tenn
porary interests of Individuals
If the unparalleled energy and llberallty
which projected and completed the Will
minQton and Weldon Railroad had instead
built road of equal length along the
present route of the Wilmington, Charlotte
and Rutherford Railroad, our city and the
whole State would long since have reaped
ten thousand fold the fruits of that work
and the wisdom which projected 1t. And,
after the money and labor had been ex-
pended and the road completed to the
mountains, of piece with the present
ruinous project of. selling the States in
terest in the North Carolina Railroad,
would have been the folly of selling to
Charleston the section west of Charlotte or
some other point of intersection, by which
the wealth of our State would have been
poured into the lap of South Caro-
lima. Our lines of railroad running
North and South, without sacrifice
to their Stockholders too great to
be demanded or expected, can never be
operated entirely with view to promote
the interests of the State. But surely it is
not too much to expect that roads begin.
ming at our own coast and penetrating our
mountains, and built for the most part by
the Treasury of the State, should be oper'
ated for the mutual benefit of the people OF
the State, or at least thatsa controlling in
terest should not be sold to parties whose
personal interest Will cause them to sacri
flee the welfare of North Carolina.
We have always believed that the failure
to pay the January interest upon the pub
lie debt had some connection with thu
proposition to sell the States interest il
the North Carolina Railroad. And Sc pre-
dict that the April interest will not be me-
unless money is obtained by this sale Of
borrowed by a hypothecation of the stool
of that road The men who manipulate
the finances of North Carolina for Cover
nor Holden and Treasurer Jenkins, desir
TO purchase this stock, and they are tOC
shrewd to borrow money upon easy term
as calculated to thwart their scheme. L
is absurd to say that State whose bonds
are firm upon the stock boards whose
early prosperity is assured through the
wisdom of the new progress which has
seized upon her, and whose political con
dition is reported as more satisfactory to
Congress than any of the RECONSTRUCTED
States, cannot borrow few hundred thou.
sand dollars to meet her solemn obliga
tons. Is it because of want of confidence
III the fidelity and intelligence of our pub
lie officials Or because the dark shadow
of doubt and suspicion has been thrown
over official honesty in North Carolina
We trust neither is the case, but a mali
cious desire to further selfish ends stands il
the way of success. 1t is to be hoped tina
timely exposure may save the State from
loss, and prevent her Railroads from being
converted into great leeches to suck tn,
wealth of North Carolina to enrich othe
States.