Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-02-25
xv,Imtngton's Material Interests.

thanks of our people. And we believe we
see in the energy and practical manner
with which they are being pushed forward
the influence of the Mayor himself. We
refer to their action in regard to the I'M
proyement of our Bar and Harbor, and the
completion of the Wilmington, Charlotte
and Rutherford Railroad.
We are not sufficiently acquainted with
the causes which have worked the injuries
to the channels at the mouth of the river
TO be able to form an intelligent opinion
as to the efficacy of the remedies which
scientific men propose to apply to them,
and which our Board of Aldermen are now
attempting to put into practice through
the aid of Congress. We are doubtful OF
the permanent value of any improvements
which do not look to the closing Of New
Inlet, but we are glad to believe that ex-
periments are likely to be tried, founded
upon theory which has the approval OF
the officers who have lately examined our
bars, as we'll as the hearty endorsement OF
citizens of scientific accomplishments who
have much experience in such matters and
have given this subject some attention.
So long as our port is closed to vessels of
larger tonnage, Wilmington can only be
point Of reshipment for New York and
Baltimore, and her Railroads may reach
out Westward, even to the Valley of the
Mississippi, without bringing that pros
perity and wealth which our position and
importance entitle US to. We are sure the
North Carolina delegation in Congress,
more especially our immediate Senator
and Representative, will use every energy
to procure the necessary appropriation to
make the experiment indicated by the
Engineers who have recently examined in
to the matter.
We have frequently called attention to
the importance of the completion Of the
Wilmington, Charlotte u Rutherford Rail
road. We nave cndeaYOred to arouse our
citizens to its overwh Ginning importance,
and we are heartily glad that our city gov
eminent has at last awaked to their duty
in the matter. We begin to feel as if our
Mayor and Board of Aldermen were con-
scious that the interests of Wilmington
were matters of concern to them. The
Board have not only taken official cogni-
zance of the pending legislation in regard
TO this road, but the Mayor has been to
Raleigh to urge upon the members Of the
Legislature the necessity Of doing some
thing to advance this great work. In this
action he shows an appreciation not only
of the Importance OF the road to Whining
ton, but, what is rarer in these days, of his
obligations the chief officer Of the city.
The bill how before the Legislature pro-
poses to complete the road by an exchange
of securities with the State, giving the
Especial tax" bonds issued in its behalf for
first mortgage bonds of tho road, now in
the Treasury of the State to secure the
payment of interest upon the old bonds Of
the State issued in aid Of this road The
earnings of the road are now sufficiently
ample to pay its expenses and meet this
interest promptly, so that the State would
incur no risk on this account. It is thought
that with these five hundred thousand
bonds, with six hundred thousand held in
New York as collateral security for Il debt
of two hundred thousand dollars, iron
sufficient to lay the track to Charlotte
could be purchased, and the grading be
done by issuing second mortgage bonds,
by permission OF the Legislature.
We do not know how this scheme would
work. The State, at least, ought not to
complain, OF refuse to grant such legisla-
ton, for if we have any objection to urge
1t is that it gives the State too much inter
est for the aid rendered and to that ex.
tent waters the stock beyond the pos
sibility of the stockholders ever reolizing
upon their investment, however successful
may be the operations of the road
The better plan would be for the State
to undo all legislation in regard to this
road, and either take stock to the amount
OF money realized to the Company by the
sale OF the one million OF dollars of
special tax bonds, or hold it as debt due
by the Company to the State, and permit
the road to stand upon its own credit
We are satisfied that the means would be
forthcoming to finish it.
We are glad, however, to see the inter-
est manifested in the subject by our city
authorities, and we urge upon the mem
bers of the Legislat re the serious con-
slderatlon OF the subject. The compile
ton of this road is too vital to oar welfare
not to call forth every effort upon our part
TO urge 1t forward. We feel warranted in
believing, from the energy and good com
mon sense with which Mayor MARTIN has
lnaugurated this movement, that he will
work faithfully to the end. Wilmington's
future is more bound up with the fate of
the Wilmington, Charlotte and Ruther
ford Railroad than all her other works of
internal Improvement It's vast Importance
demands its early completion.
IF We thought all our Subscribers would
read the report of Senators ROBBINS and
MURPHY upon the Convention bill we
would not think it necessary to call atten-