Wilmington journal., 1875-02-19
ruE CAROLINA CENTRAL ANH
THE WESTERN NORTH CAh0-
LIMA RAILROAD.

HfeElGeQL OF the NoTtu SdfO1iHa LsaiA-
road, has attempted to reply in the
Raleigh NesCs, to our article in regard
to the completion of the Western
North Carolina Railroad, and while he
does not answer our facts and argu-
mente, he is at ! asst entitled to re-
sptotful reply on account Of the conr-
tesy with which his article is written,
He denies that the Western North
Carolina Railroad is to be sojd, aud
shat the Carolina Central Railway
Company controls the decree under
which tie sale is to take place. The
facts, as We understand them, are as
follows: General Hiram Sibley became
possessed OF large majority of the
First Mortgage Bonds of this railroad,
and in November. 1872. sold mis- inter
est therein to Mr.. Wilson for s27O 600,
to be paid in two years Mr. Wilson
subsequently transferred his purchase
to the Southern Security Company.
and that Company in turn transferred
it to the NORTH Carolina Railroad Com
pany. In the meantime Mr. Edward
Matthews purchased General Siblty's
mortgage and in erestin this Railroad,
thereby becoming the owner OF the
First Mortgage Bonds of the Western
North Carolina Railroad. On the 7th
Of November. 1874, the two years ex-
pired, and the North CeroliBa Rail
road Company failed TO pay the pur
chase money and re deem the bords.
What the creditors of the Western
North Carolina Railroad will do, or
what the Federal Court will decide. we
Of course cannot tell But suppose
the former decree of the Court is Set
| aside, who is benefited ? Not the
State. She is in no condition to buy.
| The completion of the road will be de-
| layed, which will work to the detri-
mept of the people OF the whole State,
excep: snch as are now paid large sal
aries to rul it.
Or suppose the Court holds that the
! First Mortgage is not valid, which is
not probable, as some of the most dis
tinguished lawyers Of the State who
have carefully examined into the met
ter, have pronounced it valid, the
State could reap no benefit, for the
railroad and it's entire franchise have
been sold under execution IL each
county through which it passes, and
have been purchased by citizen OF
the State If, therefore, the mort
gage is not valid, the title to the road
ia vested by this purchase and would
be lost to the State.
MI. Mathews did not invest his
money in our railroads III any secret
or suspicious manner. he purchased d
the Wilmington, Charlotte and Rnth-
erford Railroad at an open sale, after
due advertisement. uoder a decree Of
our Superior Court, to which the
whole world was invited to be present
aud to bid upon the property. Siuce
its purchase he has completed ii to
Charlotte at a cost of nearly one and q
half millions of dollars. at time Of
an unprecedented monetary crisis. nm
der which every other upcompieted
railroad IN the United Statea sac-
cumbed
---4=4-s rIts0 cIoer We propose? 4
man of immense wealth and resources.
he IS desirous of making his large III
vestments in the Carolina Central
Hallway more profitable by connecting
1t with the roads leading to the OHIO
and Mississippi valleys. He owns a
large interest in the Memphis and
Charleston Railroad. and controlling
interest in the Memphis and Little
Rock Railroad So we see with the
exception OF short link in Western
North Carolina, he is very largely in
terestes in Railroads from Winning
| ton to Little Rock, Arkansas. a dis
'ance Of at least seven hundred miles,
in the direct lin Of the Southern Pa
cific Railroad. Mr Mathews is there
| fore vitally interested in thesoomnle-
ton Of the Western North Carolina
Railroad, and he does not profess to
form any exception to the general rule
OF working for ones own interest,
just as our friend, Major Smith, being
the Receiver of the Western North
Carolina Railroad, is not personally
| injured by matters remaining Just a.
| hey are. We do not complain of him.
| but the interest of the wb<,,e peoDlt
of the State, and especially of those
Of that part of the State, are as much
bound up in the early completion Of
| that road as Mr. Mathews is.
Indeed that gentleman has written
"a letter to Senator Graham, Chairmal
of the Railroad Investigating Com
nIlttee, Offering to sell his entire claim
| and decree against the Western North
Carolina Company, to the State Or ary
one else for what they cost him, pr
vided the parties will bind themselves
to complete the road, anu will co-ope-
rate with the purchase to do 50. and
when fpished to Paint Rock will
gladly assist the State Or individuals n
building the road to Ducktown. And
if any one will take the pains to con-
suit the map, it can be seen how mn. b
1t would be to the advantage of Mr..
Matthews, and to Wilmington, for
this connection to be made, shortening
the route to Memphis, to say nothil q
of the vast wealth of the mines at |
Ducktown.
But it is said that ''the North Caro-
lima Railroad owes less debt, and has
better credit than any railroad com
pany in the State, and is therefore
more able to do this great work than
any other corporation. We have, in
reply to this statement, only to quote
the following facts and figures from a