The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1880-02-26
Jarvis 20 his r. elbow tltizens.'

HIS Z Cio GU u Aiid nv I'LL
zen> explanatory of his call of a Legislative
special session.
The FARMER AND MECHANIC does not
''deai-head' thlExecutive Office, and, as
u>ua has not been favored with q copy but
IN orier to crafty the curiosity of some Of
our reaIerS We borrow a portion OF the doc
umenl, from the Neus. as follows -
The proposition Of Mr.. Best and his as
sociates as perfected, briefly stated is this ::
The State. through lis proper commission.
ers, is TO make a deed, without any war
ranty Of title, 10 MIR. Best ard his associ-
ates Tor the States interest In the Western
North Caroline Railroad. This deed is not
70 lie delivered to the purchasers un il the
railroad is completed both to Ducktown
and to Pant Rock nor until all the other
siipulations Of ~theircoItract are performed;
but unit then it is to he held in trust t,y
the United States Trust Company, of New
York, upon the following conditions:
If tie road is completed as agreed upon
in the contract. and all the other conditions
therein stipulated are faithfully performed
the deed is to be delivered to the purchas-
ers: but if they fail in any one the grant
becomes void, the property reverts to the
State, the United States Trust Company is
to le-deiiver to the State the decd and all
papers pertaining thereto, and the State
re enters at once into the possession, con
troll snd ownership Of the entire property.
Before the delivery Of this deed to the
United States Trust Company. the pur-
chasers are to enter into u contract .ind-
ing themselves. their executors, admins
traitors and assigns, to build the branch
railroad to Paint Rock by July lst, 1881,
the Ducktown line 10y January, Ist 1885.
From the day the act authorizing the sale is
ratified, the purchasers are to pay all the
interest on the $3.50, 900 mortgage bonds
which the State is now paying, and are in
due time to take up and cancel the said
bends.
Tie purchasers are to have the right to
mortgage any mile of the said w. N. T.. r.
Il. that has been completed and is in opera
ton, to the extent Of $15, 900 per mile, but
the aggregate amount of these mortgage
bonds shall include The $3.50, OO hei etofore
issued. until these latter bonds issued by
the purchaser they are to deliver to the
State Treasury $3.50, 900 to reimburse the
State for its expenditures made since the
purchase of the read in 1875. The mort
gage to be made ty the purchasers is to
contain a condition that it cannot be fore
closed until the railroad is completed both
to Paint Rock and to Murphy, in Cherokee
county, this condition is to be explicitly
stated in the body of all the mortgage
bonds, SO tina; no defalcation in the pay
ment of interest or anything else can work
q sale of the railroad until it is completed.
If the parties shall fail in their contract, the
remedy is two fold. First, the State has
the legal right and the ability to enforce ito
performance. But if from any cause it shall
become impracticable or inexpedient to en-
force its performance, the railroad again
the property OF State, which takes that part
from Solichrru in painf RorE with ell fho
rolling stock and equipment free and dis
charged of mortgage, lien or encumbrance
Of any and every kind, IN farvor of the pur-
chasers or any other person or corporation
except the $3.50, 900 o on it, and the &C
tual expenditures made 10y the purchasers
in the construction, repair and equipment
Of the said road, not to exceed in the ag-
gregate 1851, 900. But this lien or indebt-
ednsss shall lot be due or in any manner
collectable until the completion Of tho
Ducktown line to Murphy.
So that whatever money the purchaser
shall have expended Upon the work will be
absolutely forfeited unless the road shall be
completed both to Murphy and to Paint
Rock; If, therefore, the purchasers build
the Paint Rock branch and stop there, the
State will take possession of the railroad,
which is reasonably estimated to be worth
81, 200, 600. The only encumbrance upon
it will be the $3.50, 900 which is now a lien
upon it, and which will be due in 1890, and
the amount expended not to exceed $780,
600, which latter amount will not be due
until the Ducktown line is completed to
Murphy: and if the road shall never be
completed to Murphy this amount will never
be due. 1t will be seen, therefore, that I'M
less the purchasers build the road to Duck
town, the State will get a completed road,
said to be worth 81, 900, 900 cash, for $780,
OO9.
That proposition also contains a provision
that the said purchasers, in matter of trans
portation hal not discriminate against any
North Carolina city or town, or against any
one North Carolina city or torn over anoth-
er. The State is to hire to the purchasers :
not gtrc them-fve hundred convicts, for
which they are to pay to the State 1928
each per year, amounting in the aggregate
to sos, 500 annually for FIVE years; or $3l2,-
500 in all.