Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-02-17

debt Of the State should be increased one
iota to give us further aid in the compile
ton of this important work. .. ....
And yet, sir, we ask assistapce--assis-
tauce that is material-that is indispensa-
bly, necessary to secare the object our peo-
pie have SO much at heart-ass: stance with
out which our favorite enterprise that is
now on the eve of prosperous future.
may languish and die. With this aid the
fruition Of our hopes so long denied, may
yet be without it, the fruit may
turn to ashes upon our very lips.
In explanation Of the bill, sir, L shall
have to refer to tho condition of this road
in 1867. The management of the roEd
was good, the offers competent, efficient
and faithful-the net proceeds amounting
to 800, 600. But notwithstanding this fair
return of money invested. because of heavy
construction and equipment accounts, it
+became necessary to dispose of more first
Mortgage Bonds to continue the process
of construction. Under these circum-
stances lie State was asked to endorse a
million of our first Mortgage Bonds, and
we offered to deposit with the Public
Treasurer $500, 900 in this class of bonds
rs collateral security to save the State
harmless, because of her endorsement.
With that generosity which has ever
characterized the conduct of the State
towards us, she acceded to our request
and the propos cd contract became executed.
We now ask that these pledged first mort
gagged bonds be exchanged for an equal
amount of our second mortgage bonds,
authorized under the act of March II Ii,
1870. We ask that the terms of the con-
tract of 1868 be varied this much in our
favor. That is all, Mr.. Speaker. We So
licit no appropriation-no increasement of
the Stats debt-no diminution of her
assets.
To us it is a matter of moment-to the
State 1t IS OF no particular concern, which
class of bonds she holds as an indemnity
against loss because of her endorsement.
Heretofore we have promptly met the iu
| terest acCralng on the endorsed bonds,
and should our request be granted, our
capacity to pay will be augmented as each
| mouth carries our road onward towards
completion. ....
The net profits for the current year can
not fall below 5000, O00s against $I20, 00C
| for last year. The able Superintendent
whose judgment is certainly reliable, for il
IS his very thoroughpess that has built uI
his great reputation as O railroad man 4ger
says n his report, that with $S75, 900 b,
can complete the work, and that when the
| gap is filled to Charlotte the receipts vii
current expenses and interest on the Com
pany's debt.
Now. sir, it is confidently believed tha
should the Legislature modify our contrac
with the State in the particular referred tC
the road will be completed before tho eX
piratiOn of eighteen months. Yes, sir
before a year and half sh hal have elapse
our brightest auticipations will he realized
70 raise the required amount We w II have
/ ~
bonds, subject to small hypotheca ion
So. 900 900 of second mortgage bonds, an
the profits of the road, say $500, 900
This insures the completion IF the worl
j it insures the prompt payment of interes
on the endorsed bonds and renders th
States liability of no particular conse
, quence. a..
Am L then justified in holding that thee
pledged bonds can be surrendered Uitbor
detrIment to the public interests +? Bu
sir, there are other results that will flo
from making the exchange advocate.
The fate of our road hangs now trena
blingly in the balance on the one ham
is early completion and all the profits on
prosperity that will spring from such
contamination Of our desires-on the othe
are financial embarrassments, extricatio
from which, at best, will be difficult, an
which cannot fail to retard the process o
construction. and even may eventually re
quire the sacrifice of the road under fore
closure of the existing mortgage. recoe
niZe that it is in your power, gentlemen
to turn the scales which way you will, bu
Z feel assured it will be your pleasure t.
do tina: which duty enjoins
The Slate owns 81 500, 900 in Sd mort
gage bonds of our road these are nov
useless. Withhold your assistance am
| thau honnnoa xucrfI1aca hal In
our road be finished and they will be paiG
in full at maturity. Mr.. Speaker, this /
no delusive view take of the prospect
of this great highway of internal trade
We have road running nowhere, endini
nowhere, making no connections, and ye
paying profit of $1,000 per mile An
sir, repeat it, thai whenever the entir
line shall be flashed, and proper connec
} tions made to the westward, the 81, 500 90
ysd mortgage bonds, now held by the State
will become source Of revenue to tn
T Pablo Treasury. Nor is this the sol
source of profit arising to the people O
the State f4om the early completion of thi
NOrls Carolina Internal Improvement. Th
system of railways centering at Whining
ton has already been of service to tn
public-particnlarIy in increasing the ca
pacity of our city to pay its quota of pub
lie taxes. With IL population Of less thai
| Ou0-oSNcubl6tn VI Gu6 6uClIo OGdL6S VIC y6
pay Unto the Treasury about one seven
teeth of the entire public fund. Now. sil
let this road be hurried to completion lie
our city reap the benefit of the trade tha
must necessarily follow that event let ou
prosperity continue in the future in equs
measure wish the past, and our capacit
TO bear public burdens will increase i
proportion as Fortune smiles upon our en-
deavors, until at n distant day, it will b
our lot to pay not lees than One-tenth {
the public taxes of the State. And. be
> sides, the enhanced value of propert
along tho line of the road. together wit
the prosperity that will mark It's progress
as it is extended TO the far West, are item
that must enter largely into the caIcula
iions of Linn who would legislate wiseI
a for the people of the entire State.
But, sir, do not claim that this bill
should pass solely because the State ma
be benefited by it. I urge its passage be
cause it affects 90 vitalIy the Interests q
the chief city of the State. Because VIII
mington, which should be the glory G
| CaroIina xui1I ha .tariolIv h,