The weekly standard. [volume] (Raleigh, N.C.) 1869-18??, 1870-04-13
ID, do with H. G. Cowles, Treasur-
er, marked d..

C0l. rates statement, marked Il.
These accounts shew in full the amounts
of Bonds deposited, at the various Banking
Houses, together with time, price of sales,
&C., &c., to which we beg respectfully to re
fer your attention for the facts and verifica-
ton. ~ .f1 a'+ "-'
Since this report was begun, an investiga-
tion has been made under authority of the
Senate branch of the Legislature, conducted
by Thos Bragg, S. F. Phillips and W. L.
Scott, to which we beg to refer your body.
In that report ofsthe Investigation Commit
tee of the Senate, will be found the sworn
statement of these officers, the power to com
pei which, we did not possess 1t win also
be seen there, that the reports abstracts,
and accounts current herewith presented
are fully ,corroborated, and sustained. We
therefore in concluding this subject have 70
say, and take pleasure in SO saying, thRt
in oH htestigations, VIC baye discovered
nothing in the transactions of these officers
of our Company, in their official capacity
which leads us to believe that they have
been guilty of any fraud or wrong, or have
appropriated or used any of the funds of the
Company for their own benefit.
We are further of the opinion, that the
Bonds belonging to the Company have fall
en- so low in price, that they are unavailable
and ought not now to be sold.
The road-bed is complete to John Malone
& Co.'s store on Mill Creek, near one hun
dred and twenty miles west Of Salisbury,
and twenty-one or two, east of Ashcvlle,
the present terminus OF this Division, of the
Western North Carolina Railroad, and now
ready for the iron with which to lay the
track. 37 .F tt t. a. lr. .
The Trains are making regular daily
| schedules to Bridgewater, twelve miles
West of Morganton, and all the iron pur-
| chased has been laid down, and the funds
are exhausted. 1t is estimated that the cost
of purchasing iron, spikes, chairs, &c, and
| the laying down of the same, will be about
eight thousand dollars per mile, or in the
| aggregate, the sum of two hundred and
wenty-four thou sand dollars, to lay the
| tack to the point indicated, twenty-eight
miles west of Bridgewater, the present head
| of the Road. This can be easily accom-
| plished by the first day of July of the pres
ent year, if the iron can be procured. and
| thus give us at that time arunning Road of
one hundred and twenty miles in length.
We have assurances from John Malone &
Co., that the progress of the Trains shall not
be stopped on their contract-thc mountain
work; and from D. c. Salisbury the enter
prisipe contractor at the Swananoa Tunnel,
the heaviest work on the Road, that he will
engage to pass the Train to the western por-
tai of the Tunnel, in twelve months, by
which time all the work along the entire
line can be completed, and the Trains de-
| liyered at the French Broad River We feel
safe in sayingito you, from theresult OF in
vestigations which we have had occasion re-
| Gently to make in another direction, that by
the time this Division is in running order to
| the French Broad River, a connection will
be bad with the French Broad Branch of
the Western Division, thus opening up a
through connection, and unlocking the
vast resources, with the. great Mississippi
| Valley ON the West, and our own seacoast
| on the East
In view ofall the circumstances, we there
fore heartily approve the action of the
Board at its late meeting, in placing upon
| the road mortgage Of one million and a
i half dollars, for the purpose of completing
this Division, and making the connection
before alluded to- We made enquiry touch
| ing the matter, OF sale of these mortgage
bonds, while engaged in this investigation
4 among the banking houses Of the Eastern
cities, and are satisfied that they can beput
upon the markets at fair price. 3.s
| There should be no delay. Whatever is
4 done in that direction should be done at
once and energetically, SO that contractors
will not be forcedto suspend operations, and
that an early and speedy connection may be
had, by which means the interest on the
bonds can be promptly met, as it may be-
come due; the Road saved to the Company
and the State, the vast resources OF our
mountain section developed, and brought
to the attention of the world, and the pros
perity assured of the entire section through
which this great artery passes from the
| Paint Rock to the Seaboard. fy l,..
| We have examined the books, office, &c.
Of Capt. Henry c. Cowles, Secretary and
Treasurer of the Company, and find all cor
rect, we'll and accurately kept, and take
i pleasure, In concluding this report, in bear,
| ing testimony to his eminent worthines:
and efficiency, and also for his courtesy ex.
tended to us in aid of our Investigations.
| All of which is respectfully submitted.
| N. W WOODFIN,
| J. L. HENRY,
| March 90. 1870. jll ''" Committee.