Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-12-05

issuing bonds, End Littlefield and
Swepson and Jones and others in
their proceeds, the Leg
islature would be wanting in its duty if
it failed to require ample security from
the men into whose hands the bonds
and the money arising from their sale
would pass, that they would honestly
discharge the high trust confided to
them. There have been enough Hol-
denis and enough Swepson's and
enough Little6eld's in North Carolina.
There must he certainty that the
road will be built or the States inter-
est in the North Carolina road ought
not to be mortgaged. It cannot be
repeated too often that there ought. to
be a guarantee for the completion OF
the road, and security for the proper
application of the money provided for
its construction.
1t may be we'll doubted, however.
whether Governor Caldwell is not
much mistaken in the amount he con-
s,ders sufficient to carry out the enter
prise. It will doubtless turn out in
this as in other cases, that the esti-
mates fall far short of the actual cost
of railroad building. learn that our
Western friends are keenly alive to
the importance of securing proper
guarantees for the completion of the
road and the proper application of the
money raised for its construction, and
will seek to obtain them by amend
ments if the bill now pending does not
already contain them. And in this
their wishes ought to be respected.
They have right to demand guaran-
tees, and if ever a people knew from
sad experience the Importance of hav-
ing them, the people of the mountains
know it. Let the bill be guarded in
every way possible. The Legislature
of North Carolina owes this much at
least to the people of the West, that
they shall not be cheated out of
the best chance to obtain the
transportation facilities they SO much
need, by want of proper guarantees.
But let the Legislature do what it
will, the consolidation cannot be eff
fected without the consent OF certain
other parties, to wit the creditors OF
the North Carolina Road. There are
two classes of these creditors, one class
known as income bond holders to
the amount Of $500, 600; the income of
the road being pledged to their pay
ment. The other class is known as
the "construction bond" holders to
the amount of So, 700, 600, whose bonds
constitute lien OH the road. At the
instance OF some of these parties al
Injunction has already been issued to
prevent the consolidation. These peo-
pie must be satisfied in some way be-
fore the much talked Of consolidation
can be effected, as the courts will not
allow any action to be taken that will
impair the rights of creditors or the
value of the property upon which they
nave a lien for the payment of their
debt.
Everybody is in favor of the object
of the bill, and is willing to make sac
rifices to attain that object, and it will
doubtless pass after having the proper
safeguards thrown around it. The
bill will not pass, however, it is
thought, so long as its provisions per
NIT another Railroad President to play
the part of Swepson and Littlefeld.-
What arrangements can be made with
the creditors remains to be seen. It il
said tina: some of them are not averse
to the enterprise, believing that econ
solidation" will greatly enhance the
value of the property upon which the,
have lien for their debt. s.