H 
 
 \N55° 
 
 ww* 
 
 Glilmore, 
 
 Speeck. 
 
of ttje 
 
 ®nibersittj> of JSortfj Carolina 
 
 Collection of J^ortf) Carolmtana 
 
 (Cnootucb bv 
 
 of the Class of 1889 
 
 mm 
 
 
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 SPEECH 
 
 OF 
 
 JOHN T. GILMORE 
 
 SEKTA.TOR FX7.02VE 
 
 CUMBERLAND AND HARNETT, 
 
 r 
 
 ON THE BILL TO AID IN THE CONSTRUCTION AND 
 
 EQUIPMENT OF THE WESTERN RAILROAD FROM 
 
 FAYETTEVILLE TO THE COALFIELDS, 
 
 DELIVERED IN THE SENATE 
 
 OF 
 
 istorth - c^HOLinsr a.. 
 
 December 2, 1858, 
 
 RALEIGH: 
 
 HOLDEN & WILSON, "STANDARD" OFFICE. 
 
 1859. 
 
Digitized by the Internet Archive 
 
 in 2012 with funding from 
 
 University of North Carolina at Chapel Hill 
 
 http://www.archive.org/details/speechofjohntgilOOgilm 
 
SPEECH 
 
 OF 
 
 JOHN T. GILMORE, 
 
 senator ptiom: 
 
 CUMBERLAND AND HARNETT, 
 
 ON 
 
 THE BILL TO AID IN THE CONSTRUCTION AND EQUIPMENT 
 
 OF THE WESTERN RAILROAD FROM FAYETTEVILLE 
 
 TO THE COALFIELDS. 
 
 DELIVERED IN THE SENATE 
 
 OF 
 
 m © G§ ¥ M°© A G5 © L D Rfl /A g 
 
 DECEMBER 2, 1858. 
 
 Mk. Speaker : As this is the proper time to consider the 
 objects and provisions of the bill, I would ask the attention of 
 the Senate, whilst I make a few remarks in favor of its pas- 
 sage. This is one of the most important measures that has 
 ever been presented to the Senate, or occupied the attention 
 of the people of the State. It involves the great question 
 of the extent and value of the coalfields, and whether the 
 coal and iron ore exist in sufficient quantities to justify the 
 passage of the bilk The coalfields on Deep river were known 
 before the revolutionary war, and fragments of the iron then 
 manufactured may now be seen at one of the mines. After- 
 wards the Crown issued letters patent to a company to work 
 the mines. This company, having left the mother country, 
 proceeded on its way to the mines and reached within some 
 ?7* 30 or 40 miles of its destination, when the disturbances in the 
 Q» State occurred, and the company was compelled to return. 
 
 ■^ 
 
This fact is established by the records of the Board of Trade 
 of Liverpool. The period referred to must have been about 
 the time the Regulators began. The coalfields were then 
 considered chiefly valuable for iron ore. After this the fame 
 of the coalfields passed away until 185-1, when a geologist was 
 employed to make a survey of the State and reported in 1S52, 
 by whichreportpublic attention was called to the subject agaiu. 
 Shortly after this report was made, a controversy in the news- 
 papers between scientific gentlemen was carried on in relation 
 to the quantity of coal and ore and the extent of the coalfields. 
 This discussion produced the deepest interest not only between 
 the parties themselves, but also among the people of that sec- 
 tion of the State. When this controversy subsided, popular 
 opinion finally settled down in favor of those who maintained 
 that the coalfields were both rich and abundant. After this 
 the auger was applied, the shaft sunk, and the coal and ore 
 taken up. At one of the mines, machinery costing $50,000 
 is now ready for the raising of coal and ore as soon as means 
 of tronsportation are provided. These coalfields are 30 miles 
 long and from 3 to 6 wide. The quality of the coal is superior 
 to any — it is free from smut and sulphur, and is therefore not 
 unhealthy. It burns with a clear light, containing from 10 to 
 12 gallons of oil to the ton, and is superior to any other coal 
 in the production of gas ; and when we take into considera- 
 tion the increased demand for that article in lighting the cities, 
 it forms no inconsiderable item in estimating the value of this 
 coal, and, besides this, the residuum of the coal after being 
 burned forms a coke of great value in the manufacture of 
 iron. The coal alone is sufficient to place the State in the 
 most prosperous condition. It has not only been compared 
 with the coals of this country, but of Europe, and haa 
 been pronounced superior to them all. In this day of im- 
 provement, when the boundary of knowledge has been en- 
 larged, and the arts and sciences improved, it behooves us to 
 look to the incidental as well as the principal products of the 
 State. Coal is now becoming more and more abundant; in its 
 use, and is an indispensable fuel for almost every steamer; 
 and when we look to the constant increase of stea::i power, 'we 
 
cannot too highly estimate the great value of these coalfields. 
 There is no product upon the earth so eagerly sought after by 
 capitalists as that of coal. Gold and silver mines are liable to 
 give out — they are uncertain — but experience proves that the 
 quantity of coal can be more easily ascertained and with greater 
 certainty. 
 
 But the coal is not all ; the iron ore is of incalculable wealth, 
 and is proven to be equally extensive and abundant. There 
 are five kinds of ore, and among the number that which is 
 pre-eminently known as the blackband iron ore. It is from 
 this that the best Scotch pig iron is made, and I think that is 
 esteemed the best in any market. To appreciate this matter 
 properly we should know the fact that this blackband ore has 
 been found nowhere upon the earth, except in Scotland and. 
 at these very coalfields. This ore produces from 12 to 16 
 gallons of oil per ton, and at a very small expense. The coal 
 and ore are found together, and in removing the one you ne- 
 cessarily remove the other. These coalfields are nearer the 
 ocean than any other on the Atlantic slope. Every Governor 
 for the last ten years has recommended the developement of 
 fc<he resources of the State. The Legislature saw its impor- 
 tance, and hence about forty thousand dollars have been ex- 
 pended in Geological surveys of the State. Whatever doubts 
 may have been heretofore entertained in relation to the vast 
 quantity of coal and iron ore existing in these mines, there 
 can be none now. I can here refer with confidence to the 
 naval commission under Com. Wilkes, by whom an examina- 
 tion was made, in reference to the establishment of govern- 
 ment machine shops at these very coalfields, and upon the 
 very best authority, by letters in this city, it is beyond a doubt 
 that his report to the government will be of the most favora- 
 ble character. 
 
 We have no means of ascertaining certainly the quantity 
 of iron imported into the State, but the lowest estimate that 
 has been made by those I have consulted, is $5,000,000, exclu- 
 sive of railroad iron. The duty upon iron is 20 per cent. — 
 commissions, profits and freight will exceed 10 per cent. ; 
 making in all at least 30 per cent., which is about $1,500,000, 
 
nearly one third of the whole cost of the iron. If, then, this 
 amount of iron should be manufactured in the State by our 
 own citizens, it would be an annual gain of $1,500,000 ; for 
 even if this iron should sell as high as the imported iron, still 
 the entire profit would be retained in the State, and if manu- 
 factured by citizens out of the State or by foreigners, there 
 would still be a very large expenditure out of this sum which 
 would enure to the benefit of the State, for the- wealth of the 
 citzen is the wealth of the State. Assuming then, what I 
 believe to be true, that a large and populous town would be 
 created and extensive establishments erected for the manu- 
 facture of iron, it follows necessarily that instead of the manu- 
 facture of $5,000,000 worth of iron, it would become ten,, 
 fifteen or twenty millions, and the increased advantages to the 
 State would be in the same increased proportion. 
 
 No measure has ever been submitted to the Senate, in which 
 the interests of the State of North-Carolina have been so deep- 
 ly involved. Before the stockholders have asked any aid of 
 the State, $340,000 have been subscribed and mostly expend- 
 ed upon the road, which is constructed of the very best mate- 
 rial and promises to be equal to any road in the Union, The 
 bonds of private companies, all know, cannot command high 
 rates, whereas the bonds of the State can. The company 
 therefore proposes an exchange of bonds to the amount of 
 $600,000. The State is secured at every step. When twelve 
 miles of the road is finished an exchange of $200,000 is to take 
 place j when the iron for the whole road is delivered at the 
 port of Wilmington, an exchange of another $200,000 is to 
 take place ; and whenever twenty-four miles of said road is 
 completed, an exchange of $100,000 is to take place; and 
 when the whole road to the coalfields has been completed and 
 put in operation, an exchange of the final sum of $100,000 
 is to take place, and the State is to have a lien upon the 
 whole road, stock, houses and lands, and if the company 
 fail to pay the interest within 12 months after it is due, 
 the State is to take possession of all, and the same provi- 
 sion is made in case of failure to pay the principal. This road 
 differs from all other roads in the State, for the freight is ready 
 
as soon as the cars arrive. It is thought it will pay 15 or 20 
 per cent, on the amount of capital invested ; and when we 
 look at the fact that the Reading road cost over $100,000 per 
 mile, and pays 6 per cent., all must admit this calculation to 
 be reasonable. 
 
 Mr. Speaker, the road under consideration is 43 miles long, 
 12 miles of it is in running order and now in operation, and 
 8 miles more are graded. A single track is estimated to trans- 
 port five hundred thousand tons of coal annually, and that 
 coal would be worth at Wilmington three millions of dollars, 
 and the transportation of the coal is worth two dollars per 
 ton, making one million of dollars. But some have said that 
 I must show that this coal can be shipped and meet other 
 coals successfully in northern markets. This I will do. The 
 cost of the coal at the mines is one dollar per ton, which brings 
 it to three dollars per ton at Wilmington, and freight to New 
 York is two dollars and a half, making in all five dollars and 
 a half. This coal can be sold in New York for seven dollars 
 and a quarter per ton, in quantities of a hundred thousand 
 tons, thus showing that it will bear shipment and at a good 
 profit. 
 
 I will now ask what must be the effect of all this upon the 
 localities and upon the State at large? The United States' 
 Arsenal at Fayette ville has been made an Arsenal of con- 
 struction, but can never become extensive in its operations 
 without the completion of this road, for it is by this means 
 only that coal and timber can be supplied. It leads to one of 
 the finest timbered regions in the State. If this road were 
 completed, the general government would make large appro- 
 priations to carry on the work, because it would be her inter- 
 est to do so, and Fayetteville would increase in population 
 and wealth. Wilmington would become a populous city, and 
 the enhanced value of real estate at all three points and along 
 the line, which would greatly swell the amount of taxation, 
 together with a very great increase of the poll tax, form con- 
 siderations of vast importance to the revenue of the State, 
 which ought not to be overlooked. In an able speech deli- 
 vered by the Senator from Guilford (Mr. Gorrell) two years 
 
ago, I think he estimated the amount of taxable merchandize 
 imported into the State at thirteen millions of dollars — add to 
 this the sum of two millions not taxed — all these, as well as the 
 iron imported into the State, must be paid in exports or in 
 money, which is liable to the difference of exchange. Here, 
 then, is a debt of twenty millions subject to the deduction of 
 our exports. There are no certain means of ascertaining the 
 quantity or value of our exports, but I have heard them esti- 
 mated at ten millions of dollars. This, then, would leave us 
 to pay exactly ten millions in money, subjeet to the difference 
 of exchange ; add to all these the sale of state bonds and those 
 of railroad companies, both amounting to several millions, 
 subject to a loss in exchange. No State can prosper long 
 where the balance of trade is against it. That is the law of 
 political economy from Adam Smith down ; and there is no 
 product on earth which can be developed so cheaply, so quickly 
 and so abundantly as that of coal, and hence it becomes the 
 most important article in equalizing the exchanges of the 
 State. 
 
 Sir, if Georgia or South-Carolina had treasures like these, 
 they would have been heralded to the world, and this very 
 coal would, ere this, have given motion to steamers in the 
 seas of China, or to those of the South Pacific ocean. 
 
 These are the only mines of coal and iron ore known in the 
 South Atlantic States so near the ocean. The day may not 
 be far distant when their value may be felt. Sir, you recollect 
 the period of 1850, when that lofty statesman, with giant mind, 
 stood in the midst of the Senate and gave warning of the ap- 
 proaching danger, — when the patriots of all parties rallied 
 around him for the safety of their country, and when those stars 
 of the Union, which had shone so brilliantly in peace and in 
 war, began to grow dim. You recollect, sir, the period of 1856, 
 when again those stars began to lose their accustomed lustre, 
 and the heart of every lover of his country throbbed for its 
 safety. If, sir, those stars should ever fade away, and those 
 stripes be torn asunder,— if this Union should ever be dissolved, 
 — then may I ask, where is your iron to cast your cannon and 
 your ball, and what will put in motion your infant navy? — 
 
Sir, I do not speak of this to harrow up the feelings of the 
 Senate, — I trust it may never be ; but such has been the fate 
 of other governments, and such may be the fate of ours. In 
 whatever aspect this measure is viewed, 'tis marked with in- 
 terest to the State. If passed, North-Carolina will become 
 the richest of the southern States. 
 
 Sir, we have advocated almost every measure of internal 
 improvement. I appeal to the extreme east. We sustained 
 you in your greatest work, — we stood by you in your Albe- 
 marle and Chesapeake Canal, — will you stand by us now? I 
 appeal to those on the long line of the Raleigh and G-aston 
 Road. We stood by you at your natal hour and sustained 
 you, and that too at a time when it required a mind to con- 
 ceive and a nerve to execute, — the members from Cumber- 
 land voted for your road, and returned home to meet an as- 
 tonished people. They justified the act and were sustained. 
 Will you too stand by us now ? I appeal to the west. We 
 have stood by you from the beginning to the end, and never 
 deserted you. I appeal to the friends of internal improve- 
 ment. We have stood by you all. I appeal through the 
 Hon. Senator of New Hanover, (Mr. Ashe.) He has devoted 
 his time, his services, his talents, to your cause. I appeal 
 through my friend from Bladen, (Mr. McDowell,) who in like 
 manner, has sustained you upon every occasion, though he 
 asked for nothing, and his people wanted nothing. I appeal 
 through our own great and lamented Dobbin, whose metallic 
 voice held the Commons in suspense, and whose eloquence de- 
 lighted the ear and captivated the heart ; but that voice is heard 
 no more, — 'tis hushed in the deep silence of death, and the 
 eloquence of my country is buried in his tomb. Will you 
 turn your back upon your most ancient ally, who stood by 
 you in your infancy, followed you in your progress and gloried 
 in your ascension, until you have now become the ruling pow- 
 er in the State ? Gratitude was the highest, the noblest virtue 
 of the Romans ; yea, it was the brightest jewel in the rich 
 diadem of virtues; and bright as was that jewel then, it is as 
 brilliant here to-day as it ever was in the proud Senate of 
 the commonwealth of Rome. When the illustrious Cicero 
 
proclaimed that gratitude was the mother of virtues, he ren- 
 dered his fame more immortal than he ever did by his mas- 
 terly defence of Milo, or his unrivaled phillipics against Cati- 
 line. Sir, it is not my voice you hear upon this occasion. — 
 It is but the echo of 1,815 voters who have sent me here. — ■ 
 It is the united voices of the counties of Cumberland and 
 Harnett. In making these appeals here to-day it is to show 
 where we have stood, and where we are now. I place this 
 great work upon higher ground. Stern justice is all that we 
 desire — more than that we do not ask, and less than that you 
 ought not to give. We have passed resolutions unanimously 
 instructing our Senators, and requesting our Representatives 
 to use all proper means in procuring the establishment of 
 work shops by the General Government for the manufacture 
 of machinery and a National Foundry, to be located at the 
 coalfields. If this bill should pass, ensuring a speedy outlet 
 to the ocean, the General Government would be encouraged 
 speedily to commence the work. If we fail to pass it, our 
 own confidence will be distrusted. No measure has ever 
 been presented to the Legislature that came with the same 
 merit, or occupied the same elevated position. In the Gub- 
 ernatorial canvass it was proclaimed in almost every county 
 in the State, from the remotest confines of Cherokee to the 
 distant shores of the Atlantic. It was heard upon the moun- 
 tains, in the valleys, and in the towns ; and no opposing voice 
 disturbed the harmony of the sound. The rival candidates 
 both sustained the measure, and it was carried in triumph 
 through the State. In candor and in truth I can say, it was 
 approved and ratified by the people. May I not here appeal 
 in confidence to those Senators who feel themselves trammel- 
 led by their constituents, and ask if this does not show con- 
 clusively, that this measure was not regarded by them as 
 leading to an involvement of the State? If this bill should 
 pass, it will become the most popular measure ever presented 
 to the people. I trust the Senate will sustain it, and rally 
 around it, as they would the flag of their country's safety. 
 
 Sir, if I were ambitious to live in the recollection of poster- 
 terity — to connect my name indissolubly with the State, and 
 
to create a fame which should endure as long as her history 
 should survive, I would ask no higher claim than to record 
 my name in favor of the passage of this bill. 
 
 I would here do injustice to my own feelings, were I not 
 to return my warmest thanks to the Senate for the kind and 
 indulgent manner in which I have been heard on this occa- 
 sion. 
 
 LENGTH OF RAILROADS, CANALS, &c, IN NORTH 
 CAROLINA : 
 
 North Carolina Railroad, from Goldsborough to Charlotte, is 220 miles. 
 
 Western North Carolina Railroad, from Salisbury to Statesville 
 (completed 28 miles) and from thence to Paint Rock, on 
 the Tennessee line, is 183 " 
 
 Wilmington & Weldon Railroad, from Wilmington to Weldon, is 1G0 " 
 
 Wilmington & Manchester Railroad, from Wilmington to the 
 
 South Carolina line, is 80 " 
 
 Raleigh & Gaston Railroad, (including the Weldon Branch,) 
 
 being from Raleigh via Gaston, to Weldon, 99 " 
 
 Atlantic & North Carolina Railroad from Goldsborough to Beau- 
 fort, is 98 " 
 
 Wilmington, Charlotte & Rutherford Railroad, from Wilming- 
 ton to Charlotte and Rutherford, 265 " 
 
 Chesapeake and Albemarle Canal, from the head of North 
 
 River, (in Currituck county,) to Currituck Sound, is ... . 5 " 
 
 Thence from the head of North Landing river, to Elizabeth river 
 in Norfolk county, Va., (connecting the waters of Albemarle 
 Sound and Chesapeake Bay,) is 9 " 
 
 Clubfoot & Harlow's Creek Canal, in the counties of Craven 
 and Carteret, connecting the waters of Neuse river and 
 Core Sound, 3 " 
 
STATEMENT, 
 
 Exhibiting the amount of the funded and unfunded debt of 
 the State. — On what account contracted. — When due. — The 
 annual interest thereon, and to hen and where the same is 
 payable. {Compiled from the Report of the Public Treasurer.) 
 
 REGISTERED BONDS. 
 
 Bonds endorsed under the 
 Act of 7th Jan'y, '39, 
 for the Raleigh & Gas- 
 ton Railroad" Co., Due 1st Jan'y, 18G0, 
 
 Do. issued in 1849, under 
 the Act of Jan'y, 1849, 
 to pay the debts due 
 Bank of Cape Fear, the 
 Bank of the State, and 
 the debt due on account 
 of further endorse- 
 ments for the Raleigh 
 & Gaston Railroad Co., " in 1859, 
 
 Do. (running 10 years) is- 
 sued under the Act of 
 8th Jan'y, '51, to settle 
 and pay off the contin- 
 gent liabilities of the 
 State, " " 1861, 
 
 Do. under same Act, and 
 
 on account of same " " 1862, 
 
 Do. (running 20 years) is- 
 sued under act of 27th 
 January, 1849, for 
 the State's subscrip- 
 tion to the Fayette- 
 ville & Western Plank 
 Road, " 
 
 Do. under same Act,and on 
 
 count of same, " " 1870, 
 
 Do. " " " " " " 1871, 
 
 Do. " " " " " " 1872, 
 
 Amount of registered bonds, 
 
 8 500,000 
 
 1869, 
 
 200,000 
 
 40,000 
 130,000 
 
 26,500 
 
 33,500 
 40,000 
 20,000 
 
 $ 990,000100 
 
 00 
 
 00 
 
 00 
 00 
 
 00 
 
 00 
 
 00 
 00 
 
11 
 
 STATEMENT.— {Continued. 
 
 COUPON BONDS. 
 
 Bonds running ten years, is- 
 sued under the Act of 
 27th Jan'y, '49, for the 
 State's subscription to 
 the Gaston & Weld on 
 Railroad, and for the 
 improvement of Neuse 
 and Tar rivers, Due 
 
 Do. under same Act, " 
 
 Do. " " " " 
 
 Do. "' " " running 
 30 years, for the State's 
 subscription to the N. 
 C. Railroad, " 
 
 Do. " " •' " 
 
 Do. " " " " 
 
 Do. " " " " 
 
 Do. " " " " 
 
 Do. under the Act of 14th 
 Feb'y, '55, on account 
 of an additional sub- 
 scription to the K. C. 
 Railroad, " 
 
 Do. running 20 years, issu- 
 ed under the Act of 
 14th Feb'y, '55, for the 
 State's subscription to 
 the Fayetteville & 
 Contre Plank Road Co., " 
 Do. under same Act, " 
 
 Do. " " " « 
 
 Do. " " " « 
 
 Do. " " " " 
 
 Do. " « " " 
 
 Do. running 20 years, issu- 
 ed under Act of 15th 
 Feb'y, '55, for subscrip- 
 tion to the Fay. & War- 
 saw Plank Road, " 
 
 Amount carried forward, 
 
 1st July, 1864, 
 " Jan'y, 1865. 
 « July, " 
 
 " Jan'y, 1888, 
 " July, " 
 " Jan'y, 1884, 
 " July, " 
 " Jan'y, 1885, 
 
 " April. 
 
 " " 1875, 
 
 « July, 1876, 
 
 "April, 1877, 
 
 " Jan'y, 1878, 
 "■ July, « 
 " Oct. 
 
 July, 1875, 
 
 41,000 §0 
 67,00000 
 
 44,000'00 
 
 500,000 ! 00 
 500,000'00 
 500,00000 
 130,000:00 
 370,000|00 
 
 1,000,000 
 
 20,000(00 
 lOjO^OO 1 
 
 2,000 
 
 4,000l00 
 
 00 
 
 5,000 
 9,000 
 
 4,000 
 
 $ 4,196,000 
 
 00 
 00 
 
 00 
 
 00 
 
12 
 
 STATEMENT.— {Continued.) 
 
 Amount brought over, 
 Bonds running 20 years, is- 
 sued under the Act of 
 loth Feb'y,'55, for sub- 
 scription to the Fay. & 
 Warsaw Plank Boad. Due 
 Do. running 30 years, issu- 
 ed under the Act of 
 14th Feb'y, '55, for the 
 improvement of Tar 
 river, " 
 
 Do. running 10 years, issu- 
 ed under the act of 14th 
 Feb'y, '55, on account 
 of Lunatic Asylum, " 
 Do. under the same Act, " 
 Do. " " " " 
 
 Do. " " Act of 17th 
 Jany, '57, (running 30 
 years,) on account of 
 said Asylum, " 
 
 Do. running 30 years, issu- 
 ed under the Act 12th 
 February, '55, for sub- 
 scription, to the Atlan- 
 tic & K". C. Kailroad, " 
 
 Do. under the same Act, " 
 J) u u u a u 
 
 Do! " "Act of 2nd of 
 Feb'y, '57, (as a loan,) " 
 
 Do. running 30 years, issu- 
 ed under the Act of 
 15th Feb'y, 1855, for 
 subscription to the West. 
 1ST. C. Railroad, " 
 
 Do. under the same Act, " 
 
 "T)q a a a a a 
 
 J) u a « a a 
 
 Do. running 30 years, issu- 
 ed under Act of 2d 
 Feb'y,'57, for subscrip- 
 tion to the Chesapeake 
 & Albemarle Canal, " 
 
 1st Jan} r , 1S77 
 
 " Jan'y, 18S6, 
 
 " Jan'y, 1866, 
 " April, 1867, 
 " Jan'y, 1868, 
 
 " Jan'y, 1888. 
 
 " Jan'y, 1886. 
 " u ' 1887. 
 " July, " 
 
 " Oct, " 
 
 " Oct., 1S86, 
 
 " July, 1887, 
 
 " Jan'y, 1888, 
 " April, " 
 
 " April, 1SS7, 
 
 $ 4,196,000 00 
 
 6,000 00 
 
 (Am't of coupon bonds, $5,644,500.00.) 
 
 15,000 
 
 59,000 
 
 15,000 
 
 6,000 
 
 35,000 
 
 533,000 00 
 
 00 
 
 00 
 00 
 00 
 
 00 
 
 266,000 
 267,000 
 
 400,000 
 
 200,000 
 
 100,000 
 
 100,000 
 
 50,000 
 
 00 
 00 
 
 00 
 
 00 
 00 
 00 
 00 
 
 250,00000 
 
 $ 6,648,50000 
 
13 
 
 STATEMENT.— {Continued.^ 
 
 OBLIGATIONS, FOR WHICH THERE IS NO SPECIFIED TIME OF PAY- 
 MENT OF PRINCIPAL. 
 
 Brought Forward, 
 
 $ 6,648,500 
 
 00 
 
 Bond payable 
 
 to Literary Board, 
 
 65,563 
 
 00 
 
 Do. 
 
 u u 
 
 15,442 
 
 00 
 
 Notes " 
 
 to Cape Fear Bank, on account 
 
 
 
 of loan, 
 
 Total funded Debt, 
 
 150,000 
 
 00 
 
 
 % 6,879,505 
 
 o.o 
 
 INTEREST. 
 
 Annual interest on funded Debt, 
 Add interest on the Bonds endorsed 
 
 for the Cape Fear & Deep Biver 
 
 Nav. Co., (paid by Pub. Treas'r,) 
 
 Total annual interest, |$ 430,770130 
 
 ^recapitulation, — (Principal.) 
 
 Principal due in 1859, $200,000 
 " 1860, 500,000 
 40,000 
 130,000 
 41,000 
 111,000 
 59,000 
 15,000 
 6,000 
 26,500 
 33,500 
 40,000 
 20,000 
 
 u 
 
 u 
 
 1861, 
 
 u 
 
 a 
 
 1862, 
 
 u 
 a 
 
 
 1864, 
 
 1865, 
 
 a 
 
 u 
 
 1866, 
 
 a 
 
 u 
 
 1867, 
 
 a 
 
 a 
 
 1868, 
 
 a 
 
 a. 
 
 1869, 
 
 « 
 
 a 
 
 1870, 
 
 « 
 
 u 
 
 1871, 
 
 u 
 
 a 
 
 1872, 
 
 Principal due 1875, $ 24,000 
 " 1876, 10,000 
 " 1877, 8,000 
 
 " 1878, 18,000 
 " 1883, 1,00Q,0Q0 
 " 1884, 630,000 
 " 1885, 1,370,000 
 ' : 1886, 748,000 
 " 1887, 1,283,500 
 " 1888, 335,000 
 No time speci- 
 fied for payment, 231,005 
 
 16,879,505 
 
14 
 STATEMENT.— ( Contin wed.) 
 Recapitulation, — {Interest.) 
 
 Tuterest, payable in New York, 1st January and i 
 
 1st July, of each year, |!$ 219,750 00 
 
 Ho., . payable in JSIew York, 1st April and 1st 
 
 October, of each year, 119,760[00 
 
 Do., payable in New York, on account of en- 
 dorsements for the Cape Fear and Deep 
 River Navigation Company, 
 
 Do., payable at the Public Treasury. Raleigh, 
 
 / North-Carolina, 
 
 18,000 
 73/260 
 
 00 
 SO 
 
 $430,770130 
 
 Endorsements. 
 
 3km ds endorsed under the Act of 27thj 
 January, '49, for the Wilming- 
 ton & Raleigh Railroad Co., " $ 250,000,00 
 
 Do., under the Act of 10th Feb'yJ 
 '55, for the Cape Fear & Deepji 
 River Navigation Company, || 300,00000 
 
 Total endorsements, 
 
 1$ 550,000(00 
 
15 
 
 STATEMENT, 
 
 Showing the amount heretofore expended by the State in aid 
 of the severed' internal improvement companies therein, a* 
 ivell as the amount yet to be expended under existing char- 
 ters, together with the amounts of the loans and endorse- 
 ments to the same. 
 
 RAILROADS. 
 
 North-Carolina Railroad, 
 
 Western N. C. Railroad, ||$ 
 
 To be expended, |3 
 
 Wilmington and Weldon Railroad 
 Company, 
 Endorsement for same, 
 
 Wilmington and Manchester Rail- 
 road, 
 
 Raleigh and Gaston Railroad, in- 
 cluding the Gaston and Weldon 
 branch, 
 
 Atlantic and North-Carolina Rail- 
 
 850,000 00 
 150,00000 
 
 I 
 400,000'00 
 260,000 00 
 
 road — subscription, 
 
 Do. do. (loan,) 
 
 Wilmington, Charlotte and Ruth- 
 erford Road, endorsement to be 
 made, 
 
 CANAL AND NAVIGATION COMPANIES. 
 
 Chesapeake and Albemarle Canal 
 
 Company — subscription, 
 Cape Fear and Deep River Navi- 
 gation company, 
 (Endorsement,) 
 Neuse River Navigation Company, 
 Tar River " " 
 
 New River " " 
 
 Yadkin " "(pai$ 
 
 To be paid, (will not be called for) 
 Cape Fear Navigation Company, 
 Roanoke Navigation Company, 
 Club Foot and Harlow Creek Ca- 
 nal Company, 
 
 ,006,500 00 
 400,000 00 
 
 160,000 00 
 800,000 00 
 
 5,00000 
 15,00000 
 
 3,000,000 00 
 4,000,00000 
 
 650,00000 
 
 200,000 00 
 
 8 S 7,500 00 
 
 1,466,50000 
 
 i 
 
 2,160,000100 
 
 250,000 
 
 00 
 
 460,000 QO 
 40,00000 
 40,00000 
 20,00000 
 
 20,00000 
 
 65,000|0O 
 5O,00Q!0O 
 
 6,00000 
 
 Microfilmed 
 SOLINET/ASERL PROJECT 
 
16 
 
 STATEMENT.— [Continued.] 
 
 TURNPIKES AND PLANKROADS. 
 
 
 
 
 
 Fayetteville & Western Plankroad, 
 
 
 
 $ 120,000 
 
 10 
 
 " Warsaw " 
 
 
 
 10,000 
 
 00 
 
 " Centre " 
 
 
 
 50,000 
 
 00 
 
 McDowell and Yancey Turnpike 
 
 
 
 
 
 Company, 
 
 
 
 2,300 
 
 00 
 
 Road from Caldwell and Watauga 
 
 
 
 
 
 Turnpike to Collettsville, 
 
 
 
 500 
 
 00 
 
 Road from Wilkes County line to 
 
 
 
 
 
 Witchev's Store, 
 
 
 
 1,000 
 
 00 
 
 Road from Reddie's River to Ten- 
 
 
 
 
 
 nessee line, 
 
 
 
 5,000 
 
 00 
 
 Road from Henry's Gap to Blue 
 
 i 
 
 
 
 
 Ridge, 
 
 
 
 500 
 
 00 
 
 Road from Salisbury to Georgia 
 
 
 
 
 
 line, 
 
 
 
 11,308 
 
 32 
 
 Salisbury and Wilson Road, 
 
 
 
 930 
 
 82 
 
 Buncombe Turnpike Company, 
 
 
 
 5,000 
 
 00 
 
 Plymouth Turnpike Company, 
 
 
 1 
 
 1,400 
 
 00 
 
 
 $13,522,9-15 
 
 L4 
 
 VOTE IN" THE SENATE, 
 
 On the final passage of the Mil to aid in the construction and 
 equipment of the Western Railroad from Fayetteville to 
 the Coalfields, 19th January, 1859 : 
 
 Ayes. — -Ashe, Bledsoe, Boyd, Cherry, Davis, Dobson, Edney, Gilmore, 
 Gorrell, McDonald, McDowell, McKoy, Miller, Mills, Pitchford, Ramsay, 
 Reinhardt, Steele, Straughan, Thomas, Walkup, Worth — 22. 
 
 CToes. — Basnight, Battle, Blount, Brown, Cowper, Cunningham, Donnel, 
 Douthitt, Flanner, Guyther, Humphrey, Lane, Lankford, Leach, Martin, 
 Person, Turner, Whi taker, Williams — 19. 
 
 Davidson, Houston and Ward, in favor of the bill, paired off with Speight, 
 Taylor and Pool, opposed to the bill. 
 
 Carmichael and Dillard were absent. 
 
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 UNIVERSITY OF N.C. AT CHAPEL HILL 
 
 00043135071 
 
 FOR USE ONLY In 
 THE NORTH CAROLINA COLLECTION