? f[U d^JL.^ P-J*"* ^Tfg 385 •097% IT62? 1869 3 S *' COL. GEORGE WASHINGTON FLOWERS MEMORIAL COLLECTION DUKE UNIVERSITY LIBRARY DURHAM, N. C. PRESENTED BY W. W. FLOWERS To the Stockholders of tiie Sarth Carolina Rail Road Company,* " and the Atlantic h North Carolina Rail Road Company. New-Beiine, N. C, April 30th, 1869. The undersigned, appointed a Comir5tr.ee by the Board of pirecto'rfc of the A, & N. C. H. R. to prepare, ai range and have published suitab'e matter for distribution a thong the "Stockholders of your two Companies, would respectfully call yourat ention to au Act of the General Assombly of Noitb Carolina, in relation (o the C maolidation of the two corporations which you compose, and likewise to a letter of the late Hon. .h hn M. Morehead, and two^eommunicatiOns from other eminent citizens which are herewith publL-hed. These communicatic&s present an array of facts upon the subject of consolidation of the deepest importance to the peop'e of North Caroling ami sho v clearly to ev r ery unbiased reader the necessity tor the measire authorized by the Act r< fened to. They should be deeply and seriously pondered, at the present juncture, as the lime is drawing near when some decided action muse be taken upon this greic measure upon which, perhaps, may hang the future destiny of our 3 .ate, in a commercial point of view. While asking a careful perusal ot' these letters, the undersigned desire breefly to refer to tl ie advan- tages of Beaufort Harbor on our coast which will be the Easteru'terminusof that great thoroughfare of trade and travel which will be established by the scheme proposed. Merchandise transported from the hnerior, destined for Morelnad City, is now carried in the cars of the A. & N. C. R Road to » point where ic is delivered from the cars directly on board of a ship which may be of capicity KtifBc'enu to sail to any port, in the world. "Within thirty minutes after the ship weigh.3 anchor, she may (if the weather be favorable) discharge her pilot at sea. A beautiful Roadstead lies imme- s'eamers io run between this port and New Yoik, (he certain result of Co' solidation) insurance will be reduced to one-half of one per centum. We are constrained to bcl eve ih it until the original plan conceived by the late Dr. Caldwell ( fori y years ago, of having one great Consolidated hue of Railway, c mnecting Eastern with Wes- tien North C >roliha shall be executed, the grand results anticipated by that great man and other friends of the Slate, from her works of internal impiovement will never be realized. We are, very respectfully, your obedient servants, E. R. STANLY. C. R. THOMAS, R. F. LEHMAN, A. G. HUBBARD, JAMES RUMLY, WM. B. DUNCAN, W. DUNN, R. W. KING, , r M. F. ARENDALL, ^ Committee* A. C. DAVIS, ISAAC RAMSY, JULIUS A. GRAY, R F. PARROTT, WM. P. GRIMSLY, M. E. MANLY, J. H. HAUGHTON. An Act to be entitled an Act to Consolidate the Atlantic and North Carolina Eail Eoad Company and the North Carolina Eail Eoad Company. Section 1.. The General Assembly of North, Carolina do enact, That the At'antic and North Carolina Rail R *ad Company, chartered at the session of the General As-embly in 1852, and the North Carolina Rail Road C >mpany, ch rtered in 1848 '49, are hereby authorized and empowtred to Consolidite so as to form aud C"nstitute one Company, with .the corporate name and style of the North Carolina CeDtral Rail R >ad Company, and when the Consolidation of tne two Compa* ies aforesaid shall have been consummated in the manner hereafter prescribed, the North Carolim Central Rail Road Company, extending from Beau'ort Harbor, North Carolina, to the town of Charlotte, North Carolina, shall be invested wiih all the powers, rign s, immunities, prlvileg- s and franchises conferred on the first named corp >ration, in and by an Act entitled an Act to iuco; porate the Atlantic and N »rth Caro'ina Kail Road <'ompiny, aud the North Carolim and We-te-u Rail Road C>mpmy. ratified the 2Tih day of December, A. I). 1852, and by any amendments thereof, and also with all the lights, powers, immunities, priv. leges and franchises conferred on the s-cmd named corporation, by an Act entitled an Act. to incorpoiaie the North C.roliua Rail Rnad com- pany, ratified the, 27th of January, A D. 1849, and by any amendments thereof, and all the prop- erty owned or acquired by either of s id c r:wations, shall be taken to be the juiut property of the State and the Stockholders of the wo compani-s as hereafter prescribed. Sec. 2.- That at the first meeting of the Stockholders of the corporation afoesa.i 1, a majo-ity of the stock being represented in person or by proxy, each of *aid companies i-hall decide by a majority of votes, according to the method prescribed in us charter, in favor of, or against the Consolidation and Union of ihe two companies a-'oret-aid, and if said companies small deride in favor of consolidation, it shall be the duty of the re- pective Stockholders to dx and agree ii ton the terms and conditions of their consolidation, by a valuation of the stoek, property, rights, inim unities, franchises and privileges of each, and for this purpose each corporation may appoint a eommiueo of three Stockholders, whose action shall be submitted to the decision of the Stockholders of each company; the union of the two companies aforesaid shall be consummated upon the basis of uiis Viluation, and upon such terms and m such mamer as the majority of Stockholders of i-ach com- pany may agree upon, anlafter iheir un ; on and consolidation is completed, all the property, ml personal and mixed, an ,1 all the powers, rights, privileges, immunities and franchises of the two corporations, conferred by their respective charters, and the various amendments thereof, shallvest and be conferred on the united corporations, under the name and style of the Nftrtii. Carolina Central Rail Road Company, and shall "fljftong to the Stockholders thereof. Sec. 3. That upon the union of said companies in the manner prescribed, the individual stockholders of said North Carolina Central Rail Road company, shall have rho right to elect four Directors as prescribed in the charter of the North Carolina Rail Road company, and the State shall be entitled to eight Director,-;, to be appointed by the Governor of ma State, who shall manage the affairs of the said North Carolina Central Rail Road company. A majority of *aid board of directors shall, out of their number, elect a President of the cohipany. Sec. 4. That the corporate power of the said North Carolina Central Rail Road company, shall continue and be in force for ninety years from the time of the union and consolidation of the said Rail Road. » Sec. 5. That the two corporations aforesaid shall have the period of two years in which to negotiate, establish and settle the terms of their union and consolidation, and their failure to consummate the union of said companies, shall not be considered final until the expiration of the said period of two years.from the ratification of this act. Sec. 6. No discrimination shall be made by the North Carolina Central Rail Road company, in rates and charges for the carrying of passengers and freights over an y part of said road, but the rates charged for freight and travel between intermediate points, and between either terminus and any intermediate point, shall be the same per mile as the rates charged for travel or for like classes aud qualities of freights on the whole line of said road; Provided, That the rates shall apply to the line of said road only, and not to through rates in connection with otlrsr lines of transportation. Provided, further," That the said company, in addition to the rates per mile charged for the carrying of passengers and freights over the whole line of said road, may, for the carrying of passengers and freights of like classes and quantities between inter- mediate points, and between either J^rminus, and any intermediate point, charge the follow- ing and no other: For any distafSs un-cLir fifty miles not exceeding twenty-five per cent. ; for any "distance over fifty and under one hnnflred miles, not exceeding twenty per cent. ; for any distance over one hundred and not exceeding two hundred miles, not exceeding fifteen per cent. ; any distance over two hundred and not exceeding three hundred miles, ten per cent. Provided" further, That the incurred rates, herein authorized between intermediate points, and between either terminus and any intermediate point shall be equal on all parts of said road; and if any officer or agent of said company shall violate the provisions of this soction," any person injured or suffering loss thereby may sue. the company, or such officer or agent, in any Court having jurisdiction of tne cause, and recover his actual damages and costs, and in addi- tion thereto shall recover the sum of fifty dollars, as liquidation and settled damages. Sec. 7 This act shall be in force from and after its ratification. Ratified the 1st day of February, 1869. • State or Noeth Carolina, Office Seoeetaey of State, j Raleigh, February 12th, 1869. f I, Henry J. Menninger, Secretary of State, hereby clrtify that the foregoing is a true copy of the original act on file in this office. H. J. MENNINGER, Secretary of State. Communication from Governor John M. Moreliead. [From the proceedings of the Seventeenth Annual Meeting of the 'Stockholders of the North Carolina Bail Road Company, July 17th. 1866.] To the Stockholders of the North Carolina Rail Road: The wise and sagacious statesmen who have taken thought as to the best im- provement tq develope the exhaustless resources ami increase the wealth of North Carolina, have uniformly agreed upon«the one great work to effect that object, to wit : One great leading trunk line of railway from the magnificent harbor of Beaufort to the Tennessee line. The great, wise and patriotic philospher and statesman, Dr. Joseph Caldwell, made this improvement the subject of his thought by day and his meditation by night.' His visit to Europe and observations there, quickened his zeal and aroused his interest in the work to enthusiasm. His thoughts and his counsels on that subject he has left on record for our benefit. He is gone. The scheme, and his views on that scheme, survive. The great, good and wise Gaston no less zealously advocated this great work. Charter after charter', by the influence of these great men, was granted to effect the work, but the gigantic work was thought to be too much for the limited means the State and her citizens could then command^ and the charters remain monuments of their wisdom and our folly or inability to carry them out. A more successful plan, it, is hoped, was finally adopted — to do this great work by sections. The North Carolina Railroad, your section, was the first undertaken. The contracts on that road required contractors to begin on the 1st of January, 1852, and to finish their contracts on or before the 1st of January, 1856. On the 29th of January, 1856, the road-bed was ready for the passage of trains frobi CharTotte to Goldsboro', a distance of 233 mnles. -' In the 'meantime other charters were granted for sections of this great work, and the 17th of June, 1858, found the road-bed of the Atlantic and North Carolina Railroad ready for trains from Goldsboro' to Beaufort Harbor, and a few months thereafter found the trains running to within a few miles or Morganton on the Western Extension, with the whole route surveyed to the Tennessee line, and considerable progress made in grading beyond Murganton, which by the line of the survey for the road is distant trom the Tennessee line by the French Broad route, some 110 miles, and by the D nekton route some few miles more. Here let, us pause and take a survey of what has been done in seven years towards this great work. From Beaufort Harbor to Goldsboro', the Atlantic & North Carolina Railroad Company have built 96 miles. From Goldsboro' to Charlotte you (the North Carolina Railroad) have built 223 miles. From Salisbury to within 4 miles of Morganton the Western North Carolina Railroad have built 76 miles, besides a large amount of grading ready or nearly so for the superstructure, making in all 395 miles, from which dedufet 43 miles, from Salisbury to Charlotte, and we have actually built of this great line 352 miles in one continuous line. P34289' Think of it I Seven years ! ! In the lifetime of a State or nation, seven years is but as a moment in its existence. It would not cover the dawning of its infancy. In the great day of a nation's improvements, seven years would not be the sun- rise of that day. We have done £his great work in the twilight of our great day of Internal Improvement — a day which dawned so beautifully upon us, but which became enveloped in that gloom which shrouds the nation in mourning. But let us despair not. That day which dawned so beautifully upon us will yet reach its meridian splendor. Then let us be up and doing that which, we 'et£ this, would have done, but for circumstances we could not control. Already Tennessee is pushing an arm of her Virginia and Tennessee Road from Morristown to the North Carolina line at Paint Rock. She will shortly connect Cleveland with her Ducktown copper mines and the North Carolina line near that place. Shall we meet our lovely daughter at the line and welcome her to the maternal bosom? Surely, we will, and then the hopes, the dreams of the great and good Cald"well and Gaston will be realized. The trade of Memphis will find its nearest and best Atlantic port at Beaufort Harbor. JEast Tennessee will find herself within Jess than a day's travel of the, same port, while the exhaustless mines of Ducktown and our own mountains of minerals will crowd our freighted trains beyond their capacity for transportation. Can we do it? Yes ! ! And we will, if your powerful body will only say the word and the Legislature will permit you to do it. You have the honor of being the pioneers in this great work, executed in sec- tions. Do yourselves now the honor to consolidate the whole and complete the original design. You, the most powerful and most independent of thtJ three corporations, can, with much grace, propose to your sister corporations consoli- dation upon terms of justice and equity, manifesting selfishness i-i naught bur, your name. Yield not that. 'The new consolidated corporation should be st.ll "The North Carolina Railroad Company." This will be a corporation, worthy of you, of your State and of the great destinies that await it. It has been proposed to permit the western section to go into hands tint wiil complete it. Resist the proposition with all your might, strength and iutluence, except it be to bring it unto the consolidated corporation. Let no .corporation stand between you, and the trade of the vast West, within you own State. You may ask, will the consolidated corporation be able to complete the line. Un- questionably it will. It will be a corporation possessed of property already costing some eight or nine millions of dollars, well and cheaply invested. The consolidated debt of all these corporations will be a mere trifle compared with its ability to pay, and with its great capital and large income it Avill meet with but little difficulty in raising the means to defray present indebtedness and to cemplete the line. And when comfJieted, who can predict the vast consequences resulting from its completion ? I desire to put the prediction upon record, as I now do, that if this scheme of con- solidation is successsully carried out, that in less than five years after its completion, the net income of a single year will pay every debt now owed by the three corpora- tions ; that the net income of the next two. successive years will, pay the whole cost of* the completion of the road to the Tennessee line by the nearest route ; and the next year or two years' net profit will pay the whole cost of the road from the fork to the Tennessee line by the* other route ; which will be the more direct and profitable line — the construction of both of which lines, in due time, I would most earnestly recom- mend. I take it for gaanted, opposition to the consolidation of the roads will arise. To witness the struggle, of the lines now connecting with your road, for the little strag- gling freight that now passes over it, is presumptive evidence that they will resist consolidation, lest all the freight will pass directly to the ocean by your own line. Heed them not ! Consult only the great interest of your own State and of yourselves and thereby you will consult even the interests of these opposing lines, if they but knew it. The drippings and leakage, by the wayside of this great, overtaxed freight trunk line will give them more freight than your whole road now yields them.. Besides, this higgling and underbidding about the price of freight will cease. With this great freight line terminating on your own excellent harbor, what com- mercial advantages may we not hope for? But there are those who pretend to doubt the capacity of our harbor for extended commerce. Refer such sceptics to the fleet of upwards of three hundred war vessels and transports which so lately rode safely on its bosom. Our own lines of weekly and monthly steamers will cany our own produce, in our own vessels, from our owl. port across the Atlantic. We shall then avoid those wasting exactions made a* the North in the charges for freight, fire insurance, marine insurance, advertising, city taxes, wharfage. drayage b storage and labor, with. th^ commissions on the whole, which often leaves scarcely enough to pay the express company for bringing back what they foot up as "net proceeds." With this great trunk line in full operation, a weekly line, of steamers could find continual employment to foreign ports. And, if to its interests to do so, this powerful corporation could establish the line in a few years by its own means. Should you doubt the policy of embarking in the construction of the Western Extension at this time, consolidate the two Roads already completed and witness the advantages derived therefrom. Doubtless the Legislature will grant the desired charter, if a Committee of your body were to ask for it, in your behalf, and your eastern friends of the Atlantic and North Carolina Railroad would leap for joy at the prospect of so much freight crowding their road. It will take some time to get the matter judiciously arranged and the sooner the subject is agitated, the sooner action will take place upon it. Very respectfully your obedient servant, J. M. MOREHEAD. [JProm the North Carolina, Standard.] Railroad Consolidation. Messrs. Editors : — I observe that a bill has been introduced, in the Senate, having for its object the consolidation of the Atlantic and North Carolina Rail- road, and the North Carolina (or Central) Railroad ; and as I consider it one of the most important measures that has yet engaged the attention of the Legisla- ture, I beg leave to submit a few considerations whv the bill should pass. When each of these Roads was proposed, and a subscription on the part of the State was asked, the inducement was held out, arid appeal was made to the patriotism of citizens as well as legislators, on the ground that jt would be a grand trunk road, and that it would build up a port, in the State ; that it was a realization of the well-considered scheme of those illustrious friends and advocates of progress and internal improvement in North Carolina, Joseph Caldwell and William Gaston. The weight of their honored names was given to the enter- prise. The writings of the one, and the speeches of the other" were quoted, and the cry then was Beaufort and the mountains ! The measure was carried against strenuous opposition — millions of dollars were appropriated by the Legislature, and expended. The roads were built, and what do we see? So far as com- mercial intercourse is concerned, Beaufort is as far from the mountains as even- Tim intention of the builders of the roads are frustrated by want of concert of action in the management of those improvements. If you doubt it, send a barrel of potatoes from Raleigh to a friend at Morehead City, or try to get a barrel of fish from Beaufort to Salisbury, and you will find that by using the Virginia railroads, you can get it as cheaply and as expeditiously from New York. Why ( is tins? Simply because every facility is given to running in connection with Virginn,- railroads, and every impediment and obstacle thrown in the way of freight going P34289 to or coming from a North Carolina port. As things are now managed your freights going to or coming from New-Berne or Morehead City, gets to Gold 1 - boro', where it is stopped until it can be moved from the cars of one company to those of another. By this management, freight which leaves Morehead or New- Berne in the morning, and should reach Raleigh in the afternoon of the same day, is commonly three days in reaching its destination. Now this would be obviated if both roads were under one and the same management, and worked in concert. Again, if this consolidation of management and interests were brought about, a trade would flow to New-Berne and Morehead which would soon give employ- ment to a daily line of steamers to the city of New York. Do you ask "where are the steamers to come from?" I reply that with so good and safe a harbor as Morehead City, private enterprise and Northern capital will furnish the steamers as soon as the trade will justify it. All the freighls. both outgoing and incoming would go by that route, because it is the shortest, the most direct and consequent- ly the cheapest. This would be particularly true of heavy freights, as they nat- urally seek water by the shortest route, for on going aboard ship they are charged according to bulk and not by weight. In addition to this, every railroad man will tell you that a road daily freighted to its full capacity, can put freights down to a much lower figure than one where the freights are fluctuated in quantity. If the products of the State, in the counties naturally tributary to these roads, were carried over their whole length, they would give them employment. Men of capital and enterprise would be attracted to Morehead and settle there; and the day would not be distant before that port, never obstructed by ice, and in a climate where a rigorous winter does not obstruct business, in a direct line between Memphis and Liverpool,, would be the port from which the cotton of the Mississippi would be ex- ported, at a less expense, and reaching in European market sooner than from any other in the United States. Saving in time and distance involve a saving in interest on the money value of the crops, and enhance, their value. But we should not only build up a port, but we should open the way for many in- dustrial pursuits which are not now attempted in this State. We count! supply the Northern cities with the earliest and latest fruits and vegetables, and lands lying along the line of the roads would be eagerly sought for truck-farms, and as the returns from such farms come much oftener than those of staple-raising farms, many men whose capital is small could go into that business who are now unable to farm. The expenses of the consolidated roads would be much less than under the present management. Then we should have one President instead of two, and one Superin- tendent instead of two, one principal shop for building cars and making extensive repairs, instead of two, and so on. Then every inducement would be offered, and every exertion made to have freight go along the whole line of the road, instead of offering a premium to shippers to send it by other routes. All the money paid out for land freights would be retained in the State, and go to enrich our own citizens, and add to the wealth of the State, instead of going abroad. Consolidation is popular in other States, and it is found that the longest roads are the most profitable because they can be operated at the least expense and with the most certainty and reliability. Our railroads ought to pay large dividends to the State on the stock owned by it, and to relieve the treasury from a heavy burden ; but instead of that they barely pay expenses and do not declare any dividends. As a stockholder in the North Carolina Railroad I desire to see this measure fully and fairly tried. I hope to see the days when a car locked at Charlotte will not be opened until it arrives at the wharf at Morehead City ; and then, if the resusts do not answer expectations, we can easily fall back upon the plan which is now in operation, of forsaking our own ports and seeking those of other States. A Stockholdeb In the North Carolina Railroad. CONSOLIDATION OF THE Atlantic & N. C. E. E. Co. and the N. C. E. E. Co. North Carolina is capable of becoming a great commercial State, and her system of railroad improvement ought to be enlarged, perfected and managed upon this view, and to this end. This thought has been here- tofore often expressed by great and leading men, who were alive to the welfare and in- terest of the State, and who were ready to aid unselfishly in carrying it into practical Operation. It is now uppermost in the minds of the people, who desire and look to the future substantial and permanent growth in population, wealth and usefulness of then- State. A just and worthy State pride cher- ishes it. Every native North Carolinian, and every one who comes to make the State a home for himself and his children and be a North Carolinian, wishes to see this thought now carried out, and is now look- ing to the action in this direction of the present General Assembly with the deepest interest. The " bill to consolidate the Atlantic and North Carolina Railroad Company and the North Carolina Railroad Company," so as to authorize the formation of one " North Car- olina Central Railroad Company," if passed, will lead ultimately, surely to the building up of a great seaport city in the State, to a combination of capital and population and influence which will be felt for good in our coming history. The passage of the bill will be but a first step which the State will take forward, never to take it again back- ward, in the right direction, beyond the little local jealousies and apparently con flicting interests of its own people who would " diversify" and waste and ruin her and their own prospects and hopes, and away from the grasp ot avaricious men and States bleeding her as a sickly, dependent territory between Virginia and South Car- olina. With regret I have read, recently, commu- nications in your paper from the President of the North Carolina Railroad Company and from anonymous correspondents, inten- ded, perhaps, though little calculated, to de- feat this great measure. I do not wish to dispute with them. I respectfully suggest to them a more decent respect for the opinions of such men as Caldwell, Morehead, Gaston and Murphy, who lived and died with op- posite and better views— views more worthy of the study of our intelligent and unselfish people. They are mistaken, and perhaps misled, for want of that which these great men possessed, — enlarged and liberal minds and a clear judgment unwarped by party or sectional jealousy, prejudices, passion or in- terest—on the subject of their State's im- provement. Gov. Morehead, in his commu- nication to the stockholders of the N. C. Railroad in July, 1866, (which should be read by every friend of internal improve- ment in the State) has written : " the wise and sagacious statesmen who have taken thought as to the best improvement to de- velop the exhaustless resources and increase the wealth of North Carolina, have uniform- ly agreed upon the one great work to effect that object, to-wit : one great leading trunk line of railway from the magnificent harbor of Beaufort to the Tennessee line." And I would quote also his fitting language for the friends against the opponents of '•consolidation." "Heed them not. Consult only the great interest of your State and of yourselves, and thereby you will consult even the interests of those opposing it. if they but knew it." This great friend and untiring worker for improvement in North Carolinp, whose lat- ter life was given to building up his State's material prosperity, had not, as your "Rad- ical Railroad" correspondent imagines, "Beaufort on the brain," but he had rather North Carolina on the brain, frwm which sprang into full life and vigor her manliest form ot internal improvement, — the North Carolina Railroad. Though dead, he yet speaks to the present General Assembly " consolidate your broken and divided lines of trunk railway and realize the predictions of greatness and prosperity for the State, which I made, and which I desired — but lived not to witness." I commend his views to the opponents of consolidation and the views of President Caldwell who probably was not embarrassed in his inves- tigations of truth in relation to State internal improvement by any side questions as to who should be President of his grand State railway; what particular city, town or neighborhood, whose parcel of land or spec- ulative interest might be benefited; nor by any biased advocates of " private enterprise always shrewder than public policy," whose 2 game of selling out and ruining the State will, like murder, out, sooner or later,to their disappointment and disgrace, and that of all those who aid and sympathize with them in their foul attempts at a most foul crime, to sell out the poor old State and make themselves rich by her poverty. My purpose is to invite attention to the subject of paramount- importance to the Re- publican party as well as the State, which will be held responsible for the action of the present General Assembly iD regard to the bill, for consolidation. I might present some facts, perhaps, arguments in favor of the matter, but I believe that the mind of the people is made up, and that consolidation is soon to be an accomplished fact. No mere objections will remove the force of an irre- sistible conviction that the State, the State itself must. shape and control its own works in the cheapest, most practicable and profi- table way, by using, not forcing;, tliem to develop all its resources of agriculture, mining, manufacturing and commerce, the last being the greatest and surest means to her greatness as may be seen from every stand point. No intelligent man doubts, or needs doubt, that the State has the best and most capa- cious harbor South of Cape Henry. No railroad man of experience and disinterested mind will deny that the railroads when con- solidated, can be, and must be operated much more cheaply, quickly and conveni ently lor transportation of things and per- sons. Each corporation separated now, really is doing as profitable and as great an amount of transportation as the sanguine friends of either could hope for, in the pres ent state of the country, and impoverished, condition of the people. The prospects of each brighten as the State and country be- come settled, and trade and labor resume their wonted ways. They cannot lie worked well separately, upon any system yet devised. of contract for mutual " through freight,," "through trains," &c. In this connection I would quote the con eluding portion of the Report of the Presi- dent .and Directors of the Atlantic & N. C. Railroad Company to the Stockholders of that Company in June, 1866, in support of this view and as showing the views of dis interested persons in relation to the subject then : "Two steamship lines, the one by way of Newbern, the other by way of Morehead City, both from New* York, have contributed largely to the through freight of the road. These steamship lines should receive en- couragement and aid from both the North Carolina Railroad Company and your own; because in the opinion of the Board of Pirectors, the system of through freight, from New York especially, to the interior of the State, which steam vessels will best maintain and build up, is that system upon which the North Carolina Railroad, to a large degree, and the Atlantic and North Carolina Railroad, almost entirely, must de- pend for future success. " Whilst efforts have been made to pro- mote safe, expeditious and economical through transportation, by agreements, as to "through cars," "through tariff rates " and through tickets, on the part of both the North Carolina Railroad Company, and the Atlantic and North Carolina Railroad Company — these efforts have been attended with, but partial good results. The difficul-. ties in the way are inherent in the manage- ment of separate corporations, i The two corporations ought to lie one. And the question of "consolidation," of the North Carolina Railroad and the Atlantic and North Carolina Railroad, is, in the opinion of the Board of Directors,, one that should receive your early consideration. Let there be a conjunction or "consolidation" of these roads, and there would grow an united and strengthened interest ,in the success of the entire line, as one line ifrom Charlotte to Morehead City. The stock of both. Companies interested would be appreciated, as the business of both would be improved. Such an union of capital and interest would stimulate domestic commerce — would ulti- mately induce foreign commerce, and would greatly advance and buihl up a commercial, prosperity for North Carolina, without detriment to any of her works of internal improvement. Respectfully submitted, C. R. THOMAS, President. The then President and Directors were, in no wise interested in any local question pertaining to the management of a consolida- ted Railroad — no speculative movement or interest. The present President and Direc- tors of this road now favor the same general plan and purpose, not specially for their sec- tion or company, or either corporation, but tor the joint advantage of the Companies, the State and its whole people. They have North Carolina "on the brain" and desire singly to promote her interest, prosperity and honor. They want a State — a new North Carolina growing in consolidated ma terial wealth, prosperity and glory — along with, in and part of her united, great and one country. May they live to witness and enjoy a "consummation devoutly to be wished" by every North Carolinian., All the objections that I have heard or read, as urged against a consolidation of the roads, in general, apply to the roads un- der separate management. But one objec- tion is urged that the Atlantic and North Carolina Railroad would be a " dead weight" to carry. This is an assumption, if not a misstatement, made from ignorance of the operations of the road and its present 3 condition. This road, (the Atlantic and North Carolina Railroad,) has been doing, and it is now doing, as well as any State road, except the North Carolina Railroad, and hut for the unjust discriminations of the latter in respect to other roads, would do quite as we'd as any road. The company now owe about $250,000, and are operating their road, at this nine, so as to l>e able to pay the interest on their debt, and with good prospect of doing still better. An assumption is urged that the consoli- dated company would operate their road to force freights, &c, over their line by unjust discriminations aaainst contiguous lines of road The idea <>f forcing trade is obso- lete. Trade will go where capital invites or commands it to go, and what is wanted by us now is consolidation of cap- ital and influence to invite and command it to come and go from our own seaports. A home market wherein as in Northern cities, the products of agriculture, of manufactu- ring, «fec, may be purchased as cheaply as from the original place of their growth or making, as is often done — and wherein our own industry may find protection and aid, is needed. "Consolidation" will give it, sooner or later, to the State, and it will give also increased profits and advantages to all her people who are especially as tax-payers deeply interested in the matter. If the N. C. Railroad Company has declared a divi- dend of $180,000 from the operations of 175 miles of their road, it will at least be able to declare a dividend of $328,000 from the operations ot 319 miles of consolidated road to the State, which amount might be relied upon for the payment of the expenditures of the State government, as in Georgia and other States. From every $5,80 of profit made by a consolidated road the State would receive $4,36, and no giving or lending of the credit of the State would probably be needed in future by such a corporation, so united and strengthened as it would be by consolidation. No outlay of money would be required by reason of such consoli- dation for the purpose of securing better steamers than have heretofore been had. These steamers of as good class and capacity as carry between New York and any place South of there would be commanded at once, and such a number would be put on as to afford daily, certainly tri-weekly transpor- tation. I write what, I am assured, is true, that by means of consolidation, transportation in and out would be done more cheaply, at less rates of insurance and of freight,more quickly and more certainly than ever before in the history of our State Railroads. And facili- ties for transportation so gained would be maintained, enlarged and improved to the general profit and advantage of every inter- est of the State. A Friend of Internal Improvement. Date Due | — *\5k(\ O ** * Library Bureau Cat. no. 1137 I : CALL NUMBER I Vol. Date (for periodical) 3&.OW3L, TU>n \<{\J\ WfflM MB Hi :