The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1880-01-15
Railroad.

elements indicative or faith In the future
value of the road. At a meeting of Direc-
tors in this city on Friday, a delegation o.
railroad men, controlling the lines which
will connect with the two branches of the
Western North Carolina Road when finished
presented themselves and let off lengthy
addresses, printed next morning in the
Observer. There was in this, we fame,
something of the feature designated in
Wall street p~arlance as "a Bull movement. .
OF Public Opinion.
When Messrs. MCGEE, Richards, ct al
had made their bow-conge, Mr.. Best, ct al.
representing a syndicate Of capitalists who
wish to buy the road marched in and DO.
htely shut-out the reporters and the peo-
pie of North Carolina who listen through
the reporters pencils. True the Western
North Carolina is a State Road. a link in
the much-talked Of "North Carolina Sys-
tenn" and as the people are paying i'm.
mense sums for taxes, it would seem as if
they might be allowed to hear any proposal
affecting their property and pockets. How
ever 1T does not greatly matter; because no
action can be taken save by the General
Assembly.
Not that we have any desire to oppose
the sale Of the Road. We long ago laid
down our platform on that point to wit.
SlioC ChC q hdo lhl DCttCT ItEp N1ETD her
stock in all the socalIed s'State Roads to
parties who would agree to complete and
operate them, rather than retain them as a
leak to the Treasury, and a corrupting,
leaven in politics.
But let us see what the Syndicate offers.
The Statesville Landmarks says: 1t will
be remembered that in 1875 a commission
appointed by the General Assembly bought
the road for the State, giving $3.50, 900 in
bonds running twenty years-this purchase
giving the State a three-fourths interest in
the road to Onc-fourth interest held by the
private stockholders. The bonds remain a
lien upon the road and tie Stare IS poyiag
the interest upOn them. This New York
company proposes to assume the debt Of
$3.50, 600, to relieve the State of all respon-
sibility therefor, and to pay the interest at
stated times and the principal at maturity.
1t guarantees to complete the two branches
OF the road west of Asheville, the one to
Paint Rock by July lst 1881, and the other
to Ducktown by July 1st, 1884. 1t pro-
poses, further, to make a given progress.
per month, in the work upon each branch.
and for the faithful performance of all this
offers to give security which will be amply
satisfactory. In order that the State NAV
enter upon it and take all or the work It
has done. 1t agrees, further, to bind itself
TO observe such tariffs for freight and pas
sengers as will rot be oppressive nor dis
as affecting the people Of North
Carolina, and again it agrees that it shall
be nominated in the writing entered into
between itself and the State, that no lien
or mortgage which it may give shall lie
against the road in case it is thrown back
upon the hands of the State. Finally, it
proposes that when the road is finished. as
contemplated, to organize a with
capital of 81, 600, 900. of which amonnt
one-eighth, or $500, 900 shall be given to
the State as a partial remuneration for the
money it has spent in the road.
1t is at this time an open secret that lust
'efore the &C journment of Congress for the
holidays, the head of this New
York syndicate visited Washington and
a meeting of the North Carolina
delegation, upon which occasion he unfol-
led his plans in substance as given above.
md that his purpose in SO doing was to Sc
cure the influence of the North Carolina
and Representatives with Gov.
Jarvis, 20 induce him to call the Legisla-
ure together in extraordinary session to
Ict upon the propositions which would he
ormally submitted at that time. The nee
sslty Tor an extra session was dwelt upon
~ this representative of the syndicate. he
nSl 'tlng tiat the proposition would not and
ould not be held open until the time for the
eguiar session of the Legislature-next
December.
Commenting on the foregoing, the Raleigh
says. The proposition as stated
y the LandmmE, and which we think is
substantially correct, amounts to this:
ne syndicate proposes to take this road,
Inch has cost first and last three or four
l1illon of dollars. of of our hands for the
mount of the bonds last issued by US, to
Mt: $3.50, 600. If that is to be the basis
| a trade, let the city of Wilmington have
~chance; she will doubtless be glad to have
he road on those terms"
The Chatham Record mentions that Capt.
'. L. London, of Pittsboro, made Rev. E.
!. Joyner, Episcopal minister in that town,
present of horse, saddle and bride, on
day.