Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-01-14


, had become accustomed to enormities Of
all kinds, emanating from those peculiar
Conventions which were charged with
the important duty of reconstructing the
South. It's enormity, therefore, did not
prevent it's general circulation, and it's re-
ception, in many places, with credence
and, though capitalists were satisfied that
such an ordinance of reputation could
not be sustained In the courts of the coun-
try, yet they were unwilling to purchase
the bonds lest they might be purchasing
q law suit. This report, therefore, whether
it was true or false, whether it proceeded
from good motives or bad, put an end to
all negotiations which we're then pending
for the sale of our bonds, and forced us to
go before the Convention itself, and OBJ
tain from 1T such an endorsement as would
set at rest all such reports forever. Ac-
cordlngly the Convention was properly
approached, and we obtained the endorse
ment contained in the ordinance which
was reported to your body at its annual
meeting in October, 1868. We annex q
copy of the application, and the 07aIy op-
tpAcati0n, which we made to the Conyen-
ton.
Having, now, the full endorsement of
all the GOvernments-legal and illegal
which had ever existed in North Carolina,
having established the character of our
Company, and the validity of .ur securi-
ties, beyond all question-it was hoped
that we might proceed, without molesta-
ton, to establish the oGLate Of these eecuri-
ties, to get them recognized by the Stock
Boards Of the country, SO that they could
be bought and sold in the regular way;
and SO that We could devote our entire en-
ergloF, and all the capacity which God
had given ue, to the accomplishment of the
work for which we had been laboring SO
earnestly and SO long. But it was not to
be. There were dragons still, which be
set orr path, and rendered our progress
slow and difficult.
There was the patent fact that the Con-
gress of the United States, while it talked
reconstruction and coed reconstruction,
did not actually mean reconstruction except
upon a basis which perpetuated its power.
There was the national bad faith, which
subjected the States of the South even after
they had been received into the Union In
accordance with the provisions of the re-
construction acts, to q kind of mOngreI
government-part civil and part military,
part republican and part thoroughly des-
polc-Which tended to paralyZe their en-
ergles, to curtail their bOuntlful produc-
} tive capacity which God has given them
: and utterly to destroy their credit. There
was the quarrel between the President and
, Congress, with oil the distress and uncer-
tainty which it necessarily produced i'll
have been felt throughout the whole
country, and which will continue to be felt
and sOrely felt for many long years to
come. We do not allude to these things
! in any partisan sense for any political pur-
! pose whatever, but we allude to them to
say-what every man of every party must
acknowledge, what every government OF
every State in the South, and every man
agement of every corporation sOrely feels
to day, aud has felt for several years past,
J that they produced state of things which
} was not anticipated either at the North or
at the South, which rendered it impossible
| for any Southern security to command its
| proper value in the money markets of the
world, and which made it a matter of ab-
sOlute necessity that q work like OuIs, un-
established in its credit, unfinished in
9 point Of fact, and dependent for its value
f upon future contingencies, should wait
: upon the progress Of events, and expect
4 complete success only upon the perma-
s nent settlement of the status of the South.
t We could not force the sale of our bonds
= except at q ruinOus sacrifice. and we were
Z not able to make that sacrifice.
: land then again, there was the shutting
g policy Of tho State of North Carolina
o political and tinancial-her reckless ex.
b travagance of expenditure and appropria-
r tlOn-her many promises SO freely given
4 to her bond holders, and so often violated
her uncertainty of action, and her in
: difference to the depreciation of her
y credit, which rendered it unsafe, if not i'm
: possible, to make any calculations of the
q value OF her securities-all of these things
Q combined to create a general distrust, anC
s an intense disgust, which closed the eari
= of many of the leading capitalists Of the
i country to every financial proposition
:, which came from within her borders.
s ''And then, again, there was the comb
u nation of moneyed men which was formed
Q against us, who labored zealously and I'm
q ceasingly to place us in such a condition
J. as would force q sale of the road under
q foreclosure of the mortgage-so that they
u through their unlimited command Q
I means, might become the purchasers at
? ruinous sacrifice to the Stockholders anC
q to the creditors of the Company. Ever,
:, little report, which had tendency to i'm
q pair our credit, was industriously circu
IS lated to our rejudice-trlt1es, light as air
It were seized upon and magnifed into mat
tars of Importance. They knew-nOn
r better than they-that credit, like woman
9 virtue, was tender and sensitive, and mus
@ be preserved above suspicion and so thu
e breath of defamation could destroy it for
u ever.
And then, again, there was the politica
- crusade which was inaugurated against us
because we dared to exercise that inesti
- mable privilege which is dear to freeme
s. and formidable to tyrants only. Caucu
y after caucus was held in the city of Raleig
+ for the sole purpose of calculating tn
;, probabilities of turning US out of Office an
y turning somebody else in. 1t was sal
> that the Governor of the State ATTENDED
20 those caucusses, if he did not preside owe
~ them and his official character gave
strength to the movement which affected
- - the Company with serious injury. Tn
70 news that these caucusses we're held, am
~ the report of what they did, were know
% in New York almost as soon as they wer
8 known in Raleigh, and capitalists yer.
- positively and very wisely concluded tina
20 they would not invest in the securities O
= an unfinished road. having, to a certain
y extent, a contingent mortgage, until i
y was permanently settled who was to man
~ age the funds.