742 



FARMERS' REGISTER. 



[No, 12 



170 miles greater than by the Piedmont, or near- 

 est, 151 miles than hy the road via Raleigh. 

 Should the contemplated scheme of cormicting 

 Ralei<>h vviih Columbia and Augusta, by rail road, 

 be carried into etiect, vvliich we are satisfied must 

 be done in the course ot a few years, it will |)lace 

 this route beyond competition; and the stock ol 

 our road must become as valuable as any in the 

 union. 



In prosecution of this, and pursuant to the au- 

 thority given by the stockholders at their last 

 meeting, a reconnoissance of the route from Ra- 

 leiirh to Columbia was made by the chief engineer 

 of this company, whose hiirhly satisliicfory report 

 shows that a very favorable route may be obtaui- 

 ed. Books of subscription for stock in the Ra- 

 leiirh and ColumbiH road were opened dunng tlie 

 past year, and a large amount subscribed — the 

 greater part in the city ni' Raleigh — but not siitR- 

 cient to secure the charter. As we still regard 

 the construction of this road of vital imfiorlance 

 to the success of our own, it is thought proper to 

 bring it again before the stockholders, that such 

 measures may be adopted by them as they may 

 dee IT) advisable. 



Whenever this road shall be commenced, we 

 are assure.) that the legislature of South Caroluia 

 will, with their accustomed liberality and spirit of 

 enterprise, incorporate a company for the further 

 extension of the road to Columbia; and, we learn, 

 that the Charleston and Cincinnati road has been 

 located with a view to that connexion. We are 

 still of opinion that the route oriiiinaily contem- 

 plated through the couniies of Cliaiham, Moore 

 and Richmond, is the proper di-ection tor this 

 road, boh as regards the directness of the com- 

 munication, for the accommodr''on of llie north- 

 ern and southern travel, and the probability of its 

 ultimate extension weswardly, so as to connect us 

 with Salisbury and the whole western section of 

 the state, for we cannot yet abandon the hope, 

 that the citizens of this fertile section of our stale, 

 cut off as they are from all facilities for transporta- ! 

 tion to market for their varied and valuable pro- j 

 ducts, will, ere long, find it to their interest to 

 unite with us in accomplishinji this object, so de- 

 sirable to themselves, and tending so manifestly : 

 to the improvement of the internal condition of I 

 our state, and the developement of its vast re- j 

 sources. Ours appears to us now, the only feasi- j 

 ble scheme; and aithouiih, hereioliire, disappoint- 

 ed in our expectati.in of inlerestinir them in jour j 

 project, we are still disposed to extend to ^them | 

 the hand of good fellowship, and will most cheer- j 

 fully unite in j)rncurinfT for them at least, one good \ 

 outlet for their produce. This we shall be ena- | 

 bled to do, by diverging at Haywood, or some 

 other suitable point in the county ofChatham ex- I 

 tending thence weswardly, along the borders ol 

 Randolph and Guilfiird, to the Yadkin, whence, 

 if desirable, it can be continued so as to intersect 

 the Charleston and Cincinnati road at some favor- 

 able point within the state. 



Since the last annual meetino', the heavy ex- 

 penditures incident to a work of tliis 'magnitude, 

 and the rapidity of its progress, have compelled 

 us to call largely upon the stockholders for contri- 

 butions. Instalments of ten per cent, have been 

 required to be paid on the first da\'s of March, 

 July, October, December, January and February, 

 which, together with the amount previously paid, 



have produced up lo the first of January, 1838, 

 the sum of .<ft406, 125 85, 



Alihousrh the difficulties of the past year have 

 caused some little delay in the collections, and 

 produced some failures among the stockholders, 

 yet upon tlie whole, we believe the payments 

 have been generally made with more punctuality 

 than to any other road now progressing. To re- 

 lieve liie stockholders, as far as possible, at a sea- 

 son when the |)ressure was greatest, a loan was 

 made from the bank of the state, to whom the 

 company is now indebted in the sum of S;70,000, 

 which is to be provided for and refimded out of the 

 instalments now due, unless some other arrange- 

 ment is made by the stockholders. 



A detailed statement of our receipts and dis- 

 bursements will be found appended to this report, 

 to which we beg to refer. The accounts and 

 vouchers have been examined by the comnntiee 

 appointed for that purpose, whose report is here- 

 with submitted. 



Jiy order of the Board of .Directors-, 



Gj30. W. Mordecai, Prest. 



PROCEEDTNGS OF THE STOCKHOLDERS OF 

 THE RALEIGH AND GASTON RAIL ROAD 

 COMPANY. 



At a general meeting of the stockholders of the 

 Raleiiih and Gaston rail road company, held at 

 the hankinL''-house of the state bank, on Mondaj', 

 the 22nd of January, 1838, on motion of D. Cam- 

 ernon, esq. John D. Hawkins, esq. was called to 

 the chair, and E. B. Freeman appointed secre- 

 tary. 



iJpon its being ascertained that a majority of 

 fhe stock was represented, the meeting proceeded 

 to business. 



The report of the president and directors, to- 

 gether with that of the chief engineer, were sub- 

 mitted, and. on motion of Chas. F. Osborne, 

 esq. ordered to be received and printed, with the 

 accompanying documents, uuder the direction of 

 the president and directors. 



The following resolutions were offered by C. F. 

 Osborne, esq. 



Resolved^ I'hat the president and directors be 

 instructed to receive such subscriptions of stock in 

 tlie R:deigh and Gaston rail road company, as 

 may be offered; provided such subscriptions do 

 not in all exceed one m.illion of dollars. 



2. Resolved, That in the event of the whole 

 amount of the capital not being subscribed, the 

 president and directors be authorized to negotiate 

 a loan for the deficiency, (convertible or other- 

 wise, as they may think proper.) on such terms 

 as they maj' deem most advantageous to the in- 

 terest of the stockholders; and that they be further 

 empowered to pledge the property of the compa- 

 ny for the guaranty of said loan, and the payment 

 oi' its interest, and to employ suitable agents. 



3. Resolved, That the proceedings of ihe presi- 

 dent and directors, in letting out the remainder of 

 the road to Raleitrh, is unanimously approved, 

 and that ihe.y be desired to prosecute the work as 

 rapidly as possible, consistently with its durability 

 and the interests of the stockholders. 



4. Resolved, That the president and directors 

 be requested to appiv lo the next Pession of the 

 legislature of North Carolina, for an increase of 



