The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-02-11

I know it is not asking too much OF
you when I ask you to publish this
communication on one of the most
vital questions that confronts the PEG
pie of North Carolina to day, and
think you will agree with me when |
say that facts can only be brought be.
fore the people through the press of the
State touching the matter Of the lease
of the North Carolina Railroad. The
newspapers are the real educators and
shape public opinion. They are indis-
~pensable. Every man, white or black,
should deny himself food and raiment
to some extent in order to save money
to pay for not less than two newspa-
pers so as to feed the mind as well as
the body. I say two, because there is
generally two sides to every question.
Therefore, we must have both sides to
render a righteous verdict. Ignorance
makes a slave Of a man and poverty
makes him a coward. Tney are twins.
Now, Mr.. Editor, 1 want to express
my views in relation to the North Car
DINA Railroad, which, l consider the
backbone of the State. l propose to
deal in facts, and, therefore, challenge
contradiction. 1 want the ear Of the
tax payers.
The State of North Carolina owns
So 900, 900 of stock in the North Caro-
lima Railroad, and private stockholders
own 81, 200, 900. The State issued con
struction bonds bearing 6 per cent. in
terest. The private stockholders took
contracts, as a rule, and worked out
the amount Of their subscription
earned it, in other words by the sweat
of their brows." They waited a long
time after the completion of the road
before they received a dollar, as you
will see later On. They could not sell
it without great sacrifice, it being
worth only 80 cents in the dollar. If
you have said any thing ugly about
these progressive men take it back. 1
I know one private stock holder that
worked on the road from 1852 to 1856
who sold his stock for IS cents in the
dollar.
The North Carolina Railr ad was
completed in the year 1856. IL was
under the States management from
1856 to September -, 1872, with
the following results: I see the
private stockholders were paid in
the year 1859 a 2 per cent. dividend :;
IN 1861 they were paid q 3 per cent.
dividend IN Confederate money; in
1868 they were paid a 6 per cent. divi-
dend by borrowing money at 8 per
cent.-by putting mortgage bonds on
the property.
Now let us see how it vas after the
road was leased to the Richmond &
Danville, September II, 1871. l find
$3.50, 900 per annum was paid from
September II, 1871, to January 1, 1896
PA years -besides 80, 900 per annum
additional for taxes, the State receiv-
ing her proportion Of the 6 per cent.
dividend on her, 50, 1000, 600 of stock,
which amounts to $3.50, OOO per annum,
for more than "a years, in addition to
the amount of taxes, making the total
amount for "a years 81, 800, 900, which
money has been paid into the State
Treasury as the Auditors report will
show.
The private stockholders received for
their part for the "a years, 81, 44O. 900,
all told for the "a years, the enormous
amount of S. 6O, 600. The taxes
amounted to $24O. 600 for "a years.
No wonder the Richmond & Dan
vile was forced into the hands of a re-
ceiver, or that they broke as we farm
ers call it. Prior to the lease we paid
the taxes and got the experience,
while the politicians got the money If
you have criticized the president and
board of directors for leasing the road,
take it back. They deserve our com
mendatiOn for making such favorable
terms for the taxpayers; they did
right and we ought lot to hesitate to
say so.
After the Richmond & Danville
failed our president and board Of di
FecrOrs made a new deal with the
Southern Railroad Company. Let US
examine that and see how the matter
stands, by commencing where we left
off, January 1, 1896. From 1st day of
Jan 1896, to 1st day of Jan, 1902, we
are 10 receive $3.50. 600 per annum,
or 81 per cent. on the capital stock of
81 III 10000. The $6, 900 over and above
81 per cent. to cover organization ex-
penses of the North Carolina Railroad
Company under the terms of the new
V,--o H. O-,,AL1-- -