The news & observer., 1897-01-08

and North Carolina Railroad and asked
him to submit proposition of lease for
the same. This road afterwards submit
tcd n proposition which was less advan-
tareous than the proposition afterwards
, submitted by the Goldsboro and More
head Railway Company. On the last Of
September or October, 1895, the States
proxy was sent twice to see the Norfolk
/ and Southern people and ask them to
| make a proposition OF lease They de-
/ clned to make an offer. Afterwards IN
| March, 1896 one Mr.. Culley purporting
! to rel resent an English syndicate, was
| introduced by Mr.. James A. Bryan, or
! Newbern and expressed himself as deslr-
| Gus to lease or buy the road, preferring
! the latter. He was given ample oppor-
| tunity to inspect the road and ITS books,
| hut this too came to naught In June,
| 1896 the Goldsboro and Morehead Rail-
! way Company made proposition for the
| lease Of the road, which being much more
! advantageous than any other yet offered
| was accepted on the 22nd day Of June,
| 1896, and il embodied IN the proposed
| lease accepted by the Directors OF the At
| lantic and North Carolina Railroad Com
| pany OF the md day Of November, 1896
! Irpon the acc ptance If this proposition ON
| to Immediately cali 4 meeting Of the
Directors and stockholders of the Com
pany to act upon said proposition, which
he was about to do, when the instruc-
tions were withdrawn, and final action
was postponed until November ., 1896.
This property had paid the State $35,
Ola in dividends per annum for the years
1892. '93, '94 and '96 and under the terms
frustrated by the courts, the amount Of
lease money guaranteed per annum
would be 40,437. All taxes and organi-
cation expenses and interest on its bond
ed debt OF 1926 900 paid Feeling con-
fident the road can never under State
management yield so profitable divi-
dend to the State and private stockhold-
ers, | still think 1T would be greatly to
the States interest to lease this road
upon such favorable terms as was offered
by the GoldSboro and Morehead Railway
Company.
| transmit herewith the report Of the
Board of Internal Improvements contain
ing particulars OF their inspection of this
road showing present condition Of the
property.
AGRICULTURE.
| regret to be compelled to report the
condition OF our States chief industry
agriculture. While our farmers are bet
ter off, probably, than those in a major
ty Of the States, better off than those in
England and Continental Europe, yet the
fact remains that only the most meagre
returns reward their patient and persis-
tent industry. In bad seasons it is inn
possible to make both ends meet; while
the cal rth with abundance, prices OF crops
often fall below the cost OF production
Thus are they ground between the upper
and neither mill-stones. Surely bad
omen for the future, when agriculture,
| the basis OF all wealth, of all civilization
and practically the only means by which
we, in the United States, have Of dis
charging our foreign indebtedness, is
| thus reduced to a point of impossible
profit. Prices are generally almost at
| their lowest ebb, and the future instead
OF Frightening, grows darker with the
passage Of each month. The State gov
ernment however, cannot be held ac-
countable, even in the smallest degree,
for the unsatisfactory condition Of the
producers. The trouble lies far beyond
the ability OF the State to remedy. The
National government alone has the power
TO correct the evil, and the longer theS
present policy OF gold monOmetallism is
pursued the sharper is destined to grow
our competition with Mexico, China, Ja-
pan, and the Argentine, a competition to
which majority OF economic evils which
affiict us, can be directly traced The ad-
vantage which these silver countries en-
joy over the United States is admirably
set forth by Brooks Adams in the fol-
Nf
recent essays on this subject "The diff
hculty begins with the price OF bread,
which is the basis of human ife.The coun-
tries with a silver or paper basis, speaking
generally, control the agricultural staples;
but silver prices have not materially va
ried, and the Indian peasant is now as
Well paid with his two rupees for his
bushel Of wheat as he was thirty years
agO.Accordingly he can profitably produce
at that price, and in the long run he will
express enough to depress the London
market should it rise. But two rupees,
which are worth a dollar in India, are
here worth but sixty cents, and on
scale OF values adjusted to sixty cent
wheat, the American or English farmer
is poorer than he was twenty years ago
by nearly one-half his income. To that
extent he is unable to buy, to that extent
the demand for manufactures fails, and !
this, at time when the productive ca
pacity OF the community must increase
through the competitive improvements f,
Of machinery. Hence the permanent giut
in goods, and hence the stagnation of gold |
at the centers. ."The vast sum of gold
now stagnating in London will certainly
find the most profitable outlet, and that !
natural outlet is in the far Fest, with it's !
tremendous advantages OF differences in |
exchange and cheap labor-two dollars |
per month in silver is a very fair wage
advantages, by the by, which no tariff |
measure can overcome. 1t is thus seen that |
every fall il the gold price of silver brings
an ever increasing bonus to the farmer
and manufacturer of all silver countries,
and indeed, if the present fall of the
white metal continues, it will be but a
question OF time before every mill in
this country is closed. 1t is worse than