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

vate stockholders will get $40, 900 per
annum. The new lease further pro
provides that the Southern Railway
| Company shall keep on deposit in
some bank, to be designated by the
board of directors, $175, 900 in cash or
United States bonds, or other marketa-
BILE securities at all times of $175 900. The
deposit is required to meet any default in
the payment of the semi annual rental
or taxes, or any Judgment that may be
recovered against the North Carolina
| Railway Company, or for any injury
to person or property or any breach of
contract on the part of the Southern
| Railway Company. The lease further
provides if the above sum is reduced
from any cause, that the lessee shall
Immediately replace it to that amount.
The lease also provides that the South
Railway Company shall comply to all
the demands of the Railroad Commits
sion in regard to depots, etc, while
under the old lease there was no such
provision. The new lease also pro
vides that the road shall be returned
to the State in as good condition rs 1T
was in the 1st day of January, 1896
Whereas, the old lease required the
road to be returned in the condition it
was the y. h day of September, 1871,
virtually leaving us without a road
compared with it now. The North
Carolina Railway Company secured
under the new lease all improvements
and betterments to the property with
out claim or liability upon it. The
stock of the North Carolina Railroad
Immediately after the new lease was
affected, advanced from about par to
135, and, in my opinion, would have
gone much higher, but for the attempt
that was made through the attorney
general to set the contract aside, or to
annul the lease, etc, and the stock in
the road declined as a result of it. 1t
is surprising to me that we have men
of intelligence who are willing to make
a cats paw" out of a business enter
prise to vent their spleen, and for the
purpose of advancing their personal
interests.
Tax payers, what grounds have we
to censure the acts of Our president
and board of directors for making
such favorable terms for us2 They
have forever removed it, or taken it
out of the reach of the willy politician,
and that is the reason they snarl and
growl so about it. We have them il
q hole. Let's stop the hole and keep
them there. Ali the money they ever
made was made out Of politics alone.
They have no other occupation. l tell
you, if We let the lease stand some of
them will have to look up another &C.
cupation. We are commanded to earn
our living by the sweat of u brow"
and we must obey that command, OF
beg, steal, or starve. l confess | work
pretty hard every day aud the way
times have been, it was all l could do
to keep strictly in the right track. But
thanks be to God, the dark clouds that
OVerhung us are passing OH.
l hear some say the lease is all right,
but it is too long. In reply to that l
must say, I never saw a good thing
that was too long. Ny experience is
that most of the good things are too
short. l recall the old adage, Let
we'll enough alone" A generation has
passed away since the road was leased
to the Richmond & Danville, but the
State treasury and tax payers have not
suffered in consequence Of it. l ask
no n to pardon me for mentioning
the names of some men who crossed
that lonely river with that generation.
l begin at Charlotte: Rufus McAdden,
Gen1 Barringer; Salisbury, John 1.
Shaver, Moses Holmes, Thomas j. Sum-
ner, Holtsburg and LinWood, Lexing-
ton, Edwin Holt Townsville, John w.
Thomas (my honored father; Green's !
boro, Ralph Gorrell, John N. More
head, J. A. Gray; Haw River and
Burlington, are the Hollis who survive
their father Edwin. Thomas NJ. Holt
was president Of the North Carolina
Railroad, I believe, or a director, when
1t was first leased. 1 thank him and
all the Hollis and OdelIs for the efforts
they are making in establishing cotton
mills, etc. Long life to you ali! VIM. |!
A Graham, Paul Cameron and w. A.
Smith sleep with that generation, but
are not forgotten. God bless the mem
DRY of all of them.
There is another thing that must not
be forgotten in connection with the