1838] 



FARMERS' REGISTER 



741 



It was never ooiiiem|i!ate('. or fxpected by nny 

 one iU(]Uiimle(i with the work, ihat tlie sum uri- 

 ^ir.ally siilisci-ihed would he siillicien! to '"oinplolc 

 I hits uiideriakiiijr; and ii is now ovideni, that the 

 whole ca|)iial ol one niiilioti will be insufficiont lor 

 thai pnr[)o.-=e. Il will he necessary, iherelbre, for 

 the sloi-kiiolders, at the, present nieelin<.>', Ir. aihipi 

 some measure fir the increase of the capital, to 

 enable us to comfily with onr coiUracts. 



As the sclnMue would he incomplete, were, we 

 now to stop short, and the value ol' the stock be 

 thereby materially affected, we cannot doubt that 

 they will adopt any practicable plan which can be 

 devised lor raising the means ofcarryinfr on the 

 work. To eliect this, three modes have sufjciresl- 

 ed themselves. By the terms of our charier, the 

 oritrhiai subscribers are first eiHiiled to fake the 

 residue of stock unsubscribed. The first plan 

 then would be, to ofl'er to apportion the remain- 

 injr st.-ick amonLT the present solvent stockholders. ' 

 accordiniT to the amount already held by them. 

 This would, in some instances, operate unjustly 

 and oppressively, as many may have made as 

 lar<ie investnienis in the first instance as their 

 means would enable them to do; besides, we 

 think this could only be done by the unamimons 

 vote and consent of the stockholders, and it is on 

 that account further objectionable, as it would be 

 difficult, if not impracticable, to obtain this. To 

 comply, however, with the provisions of our char- 

 ter, the oH'er can be made to the respective stock- 

 holders, who can then accept or reject it at their 

 option. 



The next and most obvious plan, is to re open 

 books of subscription for fillinii up the amount un- 

 subscribed. Had the condition of the country 

 continued as prosperous and flourishinir, and the 

 facilities for obtainiiiir money as creat, as at the 

 commencement of this work, we mijiht calculate 

 with certainty upon the success of this measure, 

 and that the same anxiety to possess our stock, 

 which characterized our first movements, would 

 be ajrain manifested; fornothins has occurred to 

 diminish our confidence in the ullimate success of 

 the undertakintj. But owing to the sudden and 

 unfortunate revulsion which has taken place in 

 the pecuniary affairs of the country, fli'om causes 

 unnecessary to be here alluded to,) stocks of eve- 

 ry description have underijone a very considera- 

 ble decline; and, from the difficulty of procurina; 

 money, are no longer soufrht Ibr with the same 

 avidity as formerly. Our largest capitalsts find it 

 inconvenient to meet their existing engagements, 

 and those having the command of money have so 

 many opportunities of making investnv^nts afford- 

 ing immediate and exorbitant profits, that but few 

 can be found to take stock in incorporated compa- 

 nies, however flattering their prospects may be. 

 From these causes we apprehend there may be 

 some difficulty in obtaining subscriptions for the 

 whole remaining stock. This can, however, be 

 attempted, and in the event of its not succeeding, 

 it is then recommended to the stockholders to vest 

 the board of directors with authority to make a 

 convertible loan, or loans, to ihe amount of the 

 residue of the capiial stock, and to pledge the 

 properly of the company for the payment thereof. 

 This plan, if sanctioned by the stockholders, is be- 

 lieved to be more practicable than either of the 

 others; for, while the scarcity of money is so great 

 in the United States, it appears to be abundant in 



England, and capitalists th<'re are seeking invest- 

 ments liir less profitable than this would he. As 

 soon as confidence in American credit shall be 

 restored, which we are pliMsed to say is daily in- 

 creasing, and a sulTicient portion <if oar road shiil! 

 he in operation to aflbrd a guaranty for the loan 

 and tiie payment of its in!' resi, we h ive every 

 assurance that it can be clfecicd there, if not m 

 ihis counlrv; and we are confiinjed in iliis belief 

 by our Icnowledu'e of the lad ihai several rail-road 

 companies in the United Slates have already 

 negotiated loans in England to a considerable 

 amount, none of them giviuL'' hener security than 

 we can otier. We would, iherelbre, recommend 

 :hat the president and directors be insirucied, in 

 the first place, to receive addiiional subscri|)tioris 

 Ibr slock to an amount, not exceeding in all one 

 million of dollars; and, in the event of the whole 

 not being subscribed, that they be authorised to 

 negotiate loans convertiMe, or otherwise, as they 

 mav think proper, Ibr suidi sum as may be re- 

 quired to increase the whole capital of the compa- 

 ny to one million of dollars; and, Ibr that purpose, 

 that thev be empowered to emp'ioy suitable agents. 

 The interest of the stockholders, regarding them 

 merely as such, the benefit to the country, and the 

 whole success of the work, demand its extension, 

 and we are therefore satisfied that the stockhold- 

 ers will adopt any means in their power to efii?ct 

 this. 



A line of coaches commenced running between 

 Gaston and Fayetteville during ihe last spring; 

 and, although the change of times has caused a 

 considerable reduction in 'be number of travellers, 

 it has received a fair proportion of public patron- 

 age. From tiie (>xperience gained Irom this, we 

 are satisfied that the want of laciliiies is the only 

 obstacle to the diversion of the greate part of the 

 southern travel along this route. These will be 

 greatly increased by the completion of our road tO: 

 Raleigh, and if two good lines of coaches shall 

 then be established, "the one leading south to. 

 Columbia and Augusta, and the other, westward- 

 !y to Salisbury, there to connect with the Tennes- 

 see and Piedmont lines, we have little doubt that 

 the principal part of the southern and western 

 travel will find its way to this road, (t may not 

 be irrelevant or improper here, to :'ravv a compar- 

 ison between tlie present travelled routes li-om the 

 south and south-west to Baltimore, showing the 

 difif^rence in the distance by them respectively. 

 Taking Milledgeville, Geo. as the starling point, 

 the distance from that p'ace to Baltimore, by the 

 Piedmont, the most direct route, is 692 miles — 

 the whole of which journey, as far as Potomac 

 creek, is performed in coaches. The distance 

 from Milledgeville, via Augusta, Columbia, Fay- 

 etteville. Raleigh, Petersburg. Richmond, Freder- 

 icksburg and Washington city to Baltimore, is 

 711 miles, or only nineteen miles farther than the 

 other. Of this, "upon the completion of our road 

 to Raleigh, there will be 235 miles of rail-road, 

 which will fir more than counterbalance the in- 

 creased distance; and even those choosing lo 

 travel on the Piedmont line, by diverging at Salis- 

 bury, (a distance of about 120 miles from Raleigh) 

 may intersect our road here, when they will have 

 a continuous line of rail road, with an increase of 

 only 37 miles in distance. The distance by the 

 third route, v>a Charleston. Wilmington, Halifax, 

 Portsmouth, &c. to Baltimore, is 862 miles, being 



