r
THE PATRIOT.
Abstract of the Rewaue Act. 1
Section I. Levies n tax of 3 cnta on every
dollar of inteietl afrly secured and actually due
or receivea on usum ol money nt interest, 10
the Stale of out of it, fur ibe yei next before the
returns are made.
' Levie like tar af 3 cente oa every jolW
' oi ' dividend, tncom mr profit safely secured and
actually due ot received, lor the. year next br(pjw
the return ere mde s on all sums of mwy in?
vested i Slocks, in trndinff in alavea. in aailmi-
vessels. or4n any other epecies.if, trade : Frow
st1 b" Ct to -wW'Ml 'oc.k riow
taxed by law, nor to irtejytf inatitutior.s. nt pro
vuled further, Italia, act shall Exempt I row, tax
Hon allium oiiiniere Ai'.AA
.at wcVt seated k aforesaid undef the turn
f 5CV v
Abstract of the Act to-incorporate the
North Carolina Railroad Company. ,
." ThT list Section prof lie! tor fteTforroa.twnot
a, Corporate Company, with a capital stock of $3
000,000 under certain conditioo prescribed
and Section 2.auiborises them to construct a Rail
road from the Mrilmintnon aod Raleigh Railroad,
where the same pasxrtover thu Neuse River, in
Wayne, via ft-Jeigh, and thence by the most I
practicable route, tiiV Salisbury, V Charlotte,
See. 3d appoint Commissioner, at Ibe vari
ov proper placet, whose duty it shall be to direct
the opening of Books for Subscription of Stock,
&c, arjd to cut for and recover ail sums of mon
ey iha ought (under this act to be received by
.hem. --':;"';'',
See, 4 and 5 nuke further regulations as to
the operations ofihe Commissioners, the securiog
periodical pay men". 00 the Slock subscribed, and
prescribes the mode for the formation ofihe Com
pany, besides regulating and organizing meetings
of the Stockholders, election of Directors, etc..
' V Eliempt merchant lot all sums they are ' provide that from the closing of the hooka of
ow taxed by lawr h ' subscription the - subscribers to the '-clock ehaj!
BOW
4. xetnDti further, an amoant -nual tatha
."debtedncs of the owner ol all moneys thus at in-
" tcresi or so invested.
" 6. Ptoeide the mod for making the return
,ttf these 'tori,' " r ...........
9. Taxes all Surgeon Oentisb, Practicing Phy
sicians and practicing Lawyers, whose annual in-
I come exceeds 500, the sum off? each after the
first ftre year of their practice i and taxes all oth
er persons whose salaries and feea yield annually
300, a like sum of 93, exempting Ministers of
Ibe Gospel, Governor, Judges, dbc
T. Tsxes gold and silver plate between the val
ue of 50 and 3500, the sum of &2, over the val-
, tie of 3300, tb turn of 34 ; all carriage! in use by
Hht osrners thereof over the value of 3200, the
sum of 31 ; gold wa'.cbes in use 25 cents, silver
do, 10 cents 1 harps and Piano, (except in semi
naries of learning.) the former 32 and the latter
31 each retailers of spirituous liquors 310 bil-
. liard ublea. 3200 ; bowling allies 325 playing
cards 10 cenu a pack, to be paid by the teller ;
Prov'ultd, that this enactment shall not go into ef
fect until April 1850.
b. Taxes horse and mule and bog drover 35
for every courty in which ibev sell or off-r to ell.
The remaining sections provide for making these
returns, thai the. Countv Courts shall not he l.
lowed to tax any of the Vbqve articles, and a pen
ality for making false returns, and for printing
csira copies 01 me net, etc.
V
Abstract ofthg Act to incorporate the
Hank of FuyetteviU
. Section I. Providea m that a Qanksbajl be es.
Ubfubed in tlie l wn of Faxetteville, ibe Cupi
Ul Stock or mViich shall not exceed eight hun
dred thousand dollars, divided into shares of fifiv
dollar each, and that o the purpose of receiving
Subscriptions for said Stock,, book shall be ope.i.
od on Ibe first 4y of February, one thousand
eight hundred and forty nine, and rema.io open
for the space, of sixty days, at Fayee.yile, under
the superintendence of the following persons or a
aiaionty oC therovix j Jaroea Kyle, Henry Lilly
J. D. Starr, Javmea Marline, J. T. Gilmore, aod at
such other places, nnrler the aperimendence of
1 soth person as a'td UommTSsronerj rruay direct.1
St. Otie lenth of such sha.ea to be paid in eold
tt silver or their equivalent at the time of subscri
bing, 'another tenth within SO days, another tenth 1
. within GO, another tenth within 00, another tenth
within 120 days thereafter, and the remainder
when the president and director may direct.
3. When two thousand shuira ttr subscribed,
and 325,000 actually.' paid. ,n, the subscribers to
stand incorporated u.v,der the name of the Bank
of Fayette ille.ine charier tecoatiaue until Jan.
lit, 1875,
. 4. Provides fur colling a meeting of subscrib
ers at Fayetiettlle electing nine directors, dtc.
r 5. Lays down rales for the stockholders' and di
rectors' melings.prescribes the bitsine; of the Bank
the public treasurer to be furnished once in six
months with a statement of (he eapitsl atock, the
debts due, the monies deposited, the note in cir-
culation, cash .in hmrst, exc. tmmmm,
0. Note of Iho Rank presented for payment
and refused, to draw 12 per cent interest.
7. In case of insolvency ox ultimate inability on
the part of thia corporation, to pay, tho individual
atock holders liable in sums double the. amounts of
their stock.
8. The books may be kept open until the
whole of the stock is taken. :
9. Makes embezzlement on the part of any of
ficer, director, &c, felony.
10. Punishment for counterfeiting die.
1 1. A tax of 12 cents on each share of stock
to be annually paid to the Stale.
12. Semi-annual dividends to be declared.
1U. The President must annually transmit to
the Generil Assembly a full statement of the con
d it ion of the Bank,
14. Any officer, making or conniving at a false
return to the Treasurer or to the Legislature,
made liable to indictment. v
. -15; Proceedings in ease of violation of charter.
, 16. If a greater sum than 3800,000 be subscri
f bed, the Commissioners may scale the subscrip
tions. ; '
17. Whenever ten thousand shares shall
' have been subscribed, and the sum of 6ve hund
red thousand dollars shall have been paid, in spe
jo cie or us equivalent, the President and Director
' of the said Bank shall cause to be located branch
es or agencies of the said Bank at Wadesborougb,
in the county of Anson ; at Greenaborough, i n the
countv of Guilford ; at Salisbury, in the' county
of Rowan ; and at the town, of Washington, in the
1 county of Beaufort." ,. -
The Plank Road.
The capital stock is 3200,000. Whenever in'
div.duals or corporations subscribe as much as
325.000, the company is to be invested with all
the rights and privileges of a corporation.
Wheneve r individuals or corporations shall have
aubscribed one fifth, that is 310,000 then the State
iala subscribe the aame. Whenever individual
or eetpbW116lir"uf subscribed another fifth,
then the State shall subscribe two fifths more, that
is tossy 380,000 more.T he State is to be called
en for ;he payment of its subscription as follows:
' Whenever tbree-fourt hs ofihe first subscription
of 340,000 by individuals is either paid orsecured
. . . JB.JXV AAA I
the Stale is lo pav it subsenpt'on
Whenever threelourtha of the other
ed by individuals ia fithef paid. r secured, the
!, State is to pay hs ether subscription of 380,000.
It will be perceived, therefore, that individuals
pay two-fifths and the atate three mhs,
Tbe name of the Company ia " The Fay
ville and Western l'lank Koad Company.
The design is to construct a Plank Road from
Fayeiteville to Salisbury by the most practicable
route, to be determined by the -Pirectors with
the privilege of branches diverging from the
-main siem. -The capilsl stock way fee increased
le 3300,00a -j'I."'
form one bodv politic and corporate, in deed and
in law. for the purposes aforesaid, by the name
and style of the North Carolina Railroad Company.
Sec, 0, Makes provison for the perfection of
the powers of the Corporation, when one million
of dollars shall be subscribed in conformity to the
act, &c, and See. 7. direct tbe manner of serv
ice process upon the Company, ebc
Sec, 8. Provides Tor a General meeting of the
Stockholders at Sailabury, as soon as one million
of dollors shall have been subscribed, for the elec
tion of Directors &r., and Section 3 commits the
management of the aoaiis of tbe Company to a
Board ol twelve Directors, Sec. 1Q direct the
manner of their election, &c.
Sec. 1 1. 1 hat the President of the Company
shall be elected by the Director from among their
number, in tuca a manner aa the regulations a
the said Company shall prescribe.
sec. ix. At tbe nrst general meeiiog a major;
ty or all the .hares subscribed shall be represent
ed before proceedioa to business if not, provide
for adjournmea until a regular meeting be held,
at which bye-kw. fcc.,are t..bejdoptfdA4MK
Sections 13, 14, 15, and 10. contain general re
gulations fox tbe government of the Company, mar
king their contracts binding, dtc.
Sec. 17. That tbe Company may have power,
and may pweeed to contract aa speedily as pos
sible a Railroad, with one or more tracks, lo be
used with steam power, on the whole line, and
may use any teciiun of the Railroad constructed
by them before the whole is completed.
Sections 18, and 19 Give exclusive right of
conveyance, at such charges as may be fixed on
by the Directors ; and autboiise the Company to
farm cut their rights of conveyance, &c. and makes
thevn common carriers, &c.
Sec. 20. Gives the Directors power lo call for
payment of stock in such manner as the interest
of the Company may require, due notice being
given ; and provides, if any stock holder fail to
payfhe Directors may sell his stock at auction
on ten day's notice, and convey the same, &c,
and Sec. 21, make all the debts of stock bolder
of equal dignity, &c.
Sections 22, end 23. Provide for the issue of
ftvek. liaferatle, dte, and for the increase cfb
Capital Slock, lo a sum sufficient to construct said
road, which sum is tell in blank and provides the.
mode, wc.
Sections 24, 25, 26, 27, contain provisions, for
acQumnjr property, condemning land dee. tbe us
ual mode in such cases : and Sections zs, VJ, and
30, provide for the security of the rights of owners
of lands, feme coverts, persons non composmentis
&c. 1
Sections 31, 32. and 33, provide penalties -for
instrusion, obstructions, damages, &c, to the said
Road.
Sec. 34. Directs rule for transportation, &c on
ssid road.
. Sec. 35. Provides for division of the profits, dec.
Sec. 30. That whenever it shall appear to the
Beard of Internal Improvement of this State, by a
certification under the seat of satd Company,
signed by their Treasurer and countersigned by
their President, that one-tnird nave Deen subscri
bed for and taken, and that at least five hundred
thousand dollars have been paid in, said Board
of Internal Improvement ahall be, and are hereby
authorized, and required to subscribe on the part
of the State, for stock in said Company, to tbe a
mount of two millions of dollars lo the Capital
Slock of said Company ; and the subscription
in the following manner, to wit : the one-fourth
part as soon as the said Company shall commence
work, and one-fourth there of every six months
thereafter, until the whole subscription in behalf
of the State shall be paid. Provided, the Treas
urer and Prescient of said Company shall, be lore
they receive the said instalments, satisfactorily
assure the Board of Intern il Improvmenls, by tbe
certificates under the seal of said Company, that
an amount of the private subscription baa been
paid in equal proportion te the atock aubscribed
by the State.
Sec. 37,-If, in case the present Legislature
shall not provide necessary and ample means lo 1
pay the aforesaid instalment? on the stock pres
cribed for on the part of tbe Stale, as provided
for tn tbe 30th section of this act, then and in toat
evaat, the Board of Internal Improvement afore
ssid, shall aod they are hereby authorized and
empowered to borrow, on tbe credit of the State,
not exceeding two. million or dollars, as toe ame
may be needed by the requirement of this act.
I See. 38. Thai in case it should become neces
sary to borrow the money by this act authorized,
the Public Treasurer shall issue the necessary
certificates, signed by the Comptroller, in sum
not less than one thousand doiisrs eacn, pieagmg
the State for the payment oMthe sum therein
mentioned, with interest, norexceediog six per
cent, per annum, payable" semiannually, at such
ttmea and place as the Treasurer may appoint,
the principal of which certificate snail be re
deemable at the end of thirty years from the time
the same are issued t but no greater amount of
said certihestes 'shall be issued any one time,
than may be sufficient to meet the instalments
required to be paid by tbe State at that time.
Sees. 39 and 40. Make further, nececessary
regulations concerning said Certificates, &c .
Sees. 41 and 42. Pledge the Stock of the State
in said Company for the redemption of said cer
tificates; and dividend of profits for the payment
dr, ud af reviving the late Company, certain .- r
persons laerein nameo, ana tne laie ctocKnoiaera
of, and obligors for the Road, or fly part of them,
and such other persons and corporation a may1
associate with them, are created body corpor
ate, with the privileges, die., of the late Com
pany, upon tho following conditions ;
4(1. Whrnt-ter the a.iid nersoaa fend their
associates named in the loregoing section, r-hall
have subscribed the sum of five hundred tnousanu
dollar for the purpoae aforesaid, and shall have
expended the same) in putting the Raleigh and
Gaston Railroad in full and complete order, with
heavy T rail iron, or other iron equally good, hot
...;.kin li ihin Rftw nAundatothe vard. then
ene-balf of tbe said Railroad, with all the machine
shops, depots, water stations, engines, coaches,
cars, and every other property appertaining to tbe
said Railroad, ahall be sold, conveyed and trans.
tVrred lo ibe said subscribers, their heir and as
siens, by the Governor, under the Great seal of
the state; ana tne saia inie stocunoKjer jiu
obligors of the said Raleigh and Gasteo Railroad
Company, snail be and are here ay deciarea to
to be forever released .and discharged trout an
liability to the State, for and on account of ibe
said Raleigu and Gaston Railroad Company, up
on the payment of costs incurred and tbe Uov
ernor i hereby authorised, and it is declared 10
oe ni auty, to suspena tne lurtner prosecution 01
suits brought by lb State against tbe said Stock-
t.n -J li -i T. v - I
uoiuers anaowigors, until it can 00 ascenaineu
whether the said subscribers are willing tearcept
the condition of the act ; and that they shall be
alloweu two year from the passage of this act to
make known their determination lo tbe Uovernor.
And if the terms and conditions of this act shall
be accepted, and tbe work commenced, within
two years, and finished within three years from
tbe ratification of this act, then this act shall con
tinue and be in full force for ninety years and no
tohger. -.
47. If tbe conditions of this act are accepted,
and the um of five hundred thousand dollars
shall iiave been subscribed by solvent subscri
be! i to be judged of by the Governor and At
torney Ueneral, then, and in that case, tne ssiu
ubscribet shall have lawful authority to mort
gage one half of said Railroad to enable them to
obtain the necessary credit to purchase a part of
the iron which will be needed for said road.
48. If the subscriber refuse or neglect to ac
cept the conditions of this act, the benefits of the
same to be granted another association who may
agree to comply with said conditions.
49. Specifies tbe terms of a connexion at Wei-
don With the Roanoke Railroad Company, or the
Seaboard and Roanoke Railroad Company.
oU. Keaervc power in the Legislature to reg
ulate intercourse between the IMortn Carolina
and the Raleigh and Gaston Railroad.
51. Provides ppropnaiioos lor INeuse ana
Tar rivers.
62. Provides for effecting ihe junction at Ral
eigh.
53. " All the works hereby , required ol tne
North Carolina Railroad Company shall be exe
cuted with due diligence ; and if they be not com
menced within three years alter the ratification
of this act, and finished within two years after
the period of commencement, then this - charter
shall be forfeited." '
CdmWNlCA TIONS.
I.- .'For the Peiriot,
: , ., RAILROAD IMPROVEMENT.. ,
Messrs. Editors: I rejoice to believe tbat the
thick and impenetrable gloom that, has bung over
us so long aa state, w at wngin muoui 10 do
hroUen un and disoersed. I trust forever. The
cheering dawn of a new and glorkma era is now
upon u ; a brighter aay as at iai oroe opoo
the prospecta of th Old North, the bright morn
oT which many now living upon uei sun wm m
to ee. vFor 1 bare Wilts or nououot in my. own
mind but that tbe liberal and enlightened schemes
of tb Ian Legislature will be carried out to com
plet'wo i and when thu is done, the hour I have
anticipated will have arrived in all its glory, and
iha oond naonle of North Carolina be as prosper-
ouand hsppy as any other people on this con-
linint. '': -""; ;?,'"
Am I too aaneuine in expectation T -or do I
speak too confidently, or beyond the bound of
Railroads have been tried, every- yr adds to
their length and. number t especially is ibh tbe
case in those Mates wnere mere bave been any
great number of them completed Tff Uluslrate
luny tnis poinu iaae lor eaampto riiner, ei me
States of ibe Union, sey the one that has the
greatest number of miles of Railroad completed
v COXGnCSSIOfAE,8rJM91AIIT. j
r, : Monday, Feb. s. I'-
" Sehats. The Virginia slavery resolu
tions were presented by Mr. Hunter, with
his statement that Virginia (would tnatain
I their doctrines, &c. After sbme other morn-
within it. bounds, and there you will be ure w jng biisiiiess, tbe postage bill was taken uu
find the (rreateat niinUr nfnilea under contract 1 , .
nfemnnn of accruing interest, &cbui until such dividends
r; A k ..SZ fprtfif my be declared; it shall b the dutr of
fiAhtubscr.b- lh TreMarer , p,y aI, loch i,,
crue, out of any monies in the treasurer not oth
erwise appropriated ; and make furtfier regula
tions for keeping accounts of Stock, &c, with di-
ui!nn fnr ranafrr of certificatLS. Ac.
f l,Vw.. - - ' i.
c"w" a A't n.MMj,a fn-lk nnamini.nl rJ Tt.
rectars on the part of the State, &c. and 44 ex
empts certain officers, tervanU, dec. o.f (be. Com
pany from Military duly..
' . Raleigh and Gatton Railroad; -Sec
45. Declares tbat for the purpose of put
ting the Raleigh and Gaston Railroad in good or-
Of the cost of relaying the Raleigh and Gaston
Railroad wi'.hT iron weighing 60 lbs to lin-
eat 'yard : '
306,240 yds in Railing, of 87 miles
lineal, 17.379 lbs. 56j to lineal
yd. for 87 miles, 7,768 tons, at 350
per ton 3387,920,78
183,744 Sills, at 20 cents each, to be
. placed 30 inches from centre lo
centre 336,748.20
367,488 spikes, 2 to the pound, 183,-
744 lb 6 cents ' 15.024.64
163,120 yds laying sills and railing,
25c per yd. 38.290,00
10 Turnouts for Depots, 240 yards
each ; laying the sills snd rails, at
25 cis per yd, to be laid with the
iron now used, r 600,00
Ware-house at Gaston, 5000,00
For repairing dirt-work, 25,000,00
Cost of T iron per mile
3181.580.18
31.450,93
COMMON SCHOOL ADVOCATE
PROSPECTUS.
IF sufficiently supported, the siilwcriber intends to
publish a monthly paper i t eightpages, tor the
purpose of diffusing iutbrmution on tlie kubject ot ed
ucation with the especial view ot improving the
character of our Common Schools.
It ia intended to give an account, drawn Ironv the
public docuri.ents and other source, ot the origin and
progress of our Common School system, to compare it
with that of other States here and in Europe, thus no
ting our improvement over former years ami autrifeit
ing the means of overcoming the Oetects and difficul
ties under which we alill labor. This will lead ua
to Investigate the sources frem which sclicol funds
are derived, the modes of their spplicui ion, the pre
servation of order in schools, tlie selection of proper
txmks lor study, the recreation suitable lor the pupils,
the treatment necessary fordifl'erent dispositions, Ac.
And believing that the Slate which would improve
its schools must nrst improve its teuchers, a portion
ol our columns will be devoted to the quest ions
How are our schools to be supplied with Competent
teschersl How is the standard of education to be
raised, and the services of a band secured who are
well qualified logo forth and in the spirit of love, la
bor Tor the advancement of the children who are
placed under their charge t " i
But Education is a lord of very extensive mean
inir. and althotiirh the orimarv obieel of the Dublica-
lion may, frequently take us into the school room, we
do not intend to be always confined there. Our sub
ject matter is the human mind and the " fluencies
irood and bad. with a view of preventing the one
and strengthening the ether -which can be brought to
operate upon it That this is a theme ol the deepest
moment none csn deny. rlt grasps the interests not
of this world onlv it reaches throuifli eternity. We
ahall not hesitate then aa occasion may demand, to
enter tbe family circle, to place ourselves on the
streets or minele in tbe busy crowd and there aet
fotth the rules of life and principles ol conduct which
we believe will promote the gord of our race here
nJ Mtn,,nt tn nnr vorlisl ini- tLdlfam in tha lilfl
which is to come.
The publication will be commenced in Greensboro
so soon as a sufficient number of subscribers can be
obtained to defray the expense of printing to bo
printed on fair type, at OU centa a year, psyaoie on
tbe receipt ot the firat number.- '-
Letters relating to the paper may.be directed (poet
paid) to Nereus Mendenhall, Jamestown, Uuillord
county, N. C.
Subscriptions also received at the Patriot office-
Tb papers ol the State, and othere friendly to the
cause of Education are requested to publish or' notice
the above. NEKEUS MENDENHALL.
2d mo. 7, 1W9.
riMlE FARMERS' AND PLANTERS ALMA-
N AC, lor 1049, publhthed by Blum & Son. Sa
lem, N. C tar sale by the gross, doten, or eincrle
eopy, at the pubiigbeis' prices, . "
Jan, J84SL 3 R At J SLOAN.
n-iinn and common aense? I think not. For It
must be apparent to all wfio have paid the least
attention to public opinion, that there is a spirt
abroad in the land, which I am gratified to be
lieve cannot now be readily checked or resisted,
in favor of internal improyement oy tne otate.
This spirit has been aroused ra the bosom ol eve
rv read in? and intelligent man of both politica
tarties--bv the bright example set us by all the
other-Stales. The creal problem of the utility
emif expediency of such works by the Siatea has
at last been solved by them, and we haveencour
geing assurance before us, in the way of profits
and dividends, which pre fit we find have been
and are still reducing the respective debts that
were contracted by the several States lo construct
tbe same. "
In' 1840-41 snd 42. when Pennsylvania,
Maryland, Indiana, Obio, Illinois, Michigan and
one or two other Siaies, owing to Ihe great and
unurecedented pressure In money ailairs, were
compelled to. suspend payment for a short period
oi tune, naiiruau aiiu iiinurs -jrr,i, iaifi''
ment suffered in popularity under the great pres
sure ihst existeo, and were denounced every
where and almost by every body wbo had not
been ihstrumWiatlrt constructirif ihemr Tbat
waa a dark and fearful lime for the advocates
and friend of internal Improvement. At this
inauspicious moment, when the most sanguine
began to despond, tbe public clamor became loud
and bitter indeed were the sneers and anathemas
that were hurled against' ibe friends of internal
improvement for the ruinous course of policy
which thev as a body had pursued. The ene-
roie of internal improvement every where bera
ted their opponents in no measured terms, and
with much boasting set themselves up to be So-
j Ions per tt ; and claimed to be the only individ
uals in the country who were fit or safe to be
trus'.ed with legislative authority. 1 hey bad.
they said on the stump, prophesied this result
when these expenditures were being mane, out
their prophesies were not regarded no one would
hear them, but were coolly set asicje as unwonny
of regard or consideration But now that they
have been verihec. and you nave our predictions
before you as a reality, without change a fact
We hope you will not have it in your hearts Ion-
ger-to" question urgncjtyiiJIfiiIiJgUlote j
tor you. w uh ihese and many oiners ot a sim
ilar nature, the enemies 6ine-jn.
throughout the Union triumphed for a lime; and
under their M prudent and " economical ad-;
ministration some of the great State works were
sold for one fourth ol the amount that they orig
inally cost, while others were mortgsged for large
sums of money to enable tbe friends of the roads
to complete them as designed.
The work of internal improvement progressed,
slowly, notwithstanding ibis panic had seized up
on and chilled the prosperity of the whole coun
try. There were more life and activity along
these lines, crippled as they were, than in any
other business ofihe land, and most of them paid
better than negroes, manufactories or merchan
dize. Many, very many of the manufactories
stopped, and .merchants and traders ot every class
failed by scores in every direction. Still the rest
less fiery steed, with all the power and speed of
a locomotive, with long and huge trains of pas
sengers and freight, continued to pass over the
roads increasing the number of passengers, the
amount of freight, snd what was still better the
permanent popularity of the roads with every
day that passed, until confidence was again re
stored. The revenues from these works, as we have
intimated above, gradually and steadily increased
with returning prosperity, until they have been
ultimately found sufficient lo keep down all inci
dental expenses pertaining to their construction
and present operation, and leave a sufficient sum
in the,hands of their treasurers to pay a handsome
dividend upon the capital atock of most of them,
varying in amount from three to twenty per cent.
This result or final triumph of this great and no
ble experiment, both in this country and through
out Europe, hsg been of such a character as to
satisfy the most skeptical of their practical utility.
In fact, experience has proven beyond cavil, thai
if they bad never paid one cent of profit in the
way of dividends to Ihe stockholders, the advan
tages arising from their construction by the in
creased facilities they afford the communities thro'
which they psss are more than sufficient to pay
for their construction.' This is one, and probab
ly the greatest reason why Rrailroads are at this
time in such high favor with the people in the
New Englnnd States, where all classes are taught
to lok to rested and trace all effects to ihe right
cause.' o 1
What other system or species of internal im
provement has ever taken such an abiding hold
on the feelings and partialities of the enlightened
portion of the American people as 'hat jf Rail
roads I , None. Canals, Turnpikes and Macad
amised roads have ell had their day of popularity
and public favor ; but that day has passed, and
their popularity has given way and disappeared
before that of Railroads. Is this change in pub
lie" sentiment any way remarkable, wheit we
reflect that wherever Railroads have been com
menced and completed as originally designed
especially where thyy baye been laid with Titon
without an exception lo ihe contrary, they
bave invariably proved profitable and increas
ed iq popularity with each returning year
and rising aun. This is tbe grand secret why
the people in Ihe most enterprising sections of the
Union have gone into these immprorements so
.extensively. And had we no other argument lo
advance iu favor of Railroads, ibis single state
ment, taken in connexion with tho further fact
lhat within the lsst fourteen years there have
been constructed by dint of hr4 labor the rise of
six thousand miles of brse roads at a mt of more
ihacjbree huadred millions of dollars, would be
sufficient to, convince any reasonable man of their
utility and, advantage.
Put we have ano'.ber argument in their favor
a more powerful one still, and one which tbe
enemies of internal improvement wilt find it some
.what difficult lo answer. It is this s Wherever
find ibe greatest number of miles under contract
aod tbe most strenuous exertions being mad lo
have new onea laid 08. ; : f
That we see thai txptrtenet under the sever
est tests possible, has decided in their fsvor where
ever tbey bave been fully and fairly tried, m the
iMarto, oouin, jbast anu ty est, to sucn perieci sa
lis! action that in most ol the Slates where tbey
have embarked in internal improvement with a
iberality something like commensurate with their
ability, tbey are now becoming weary with the
tardy progress of navigating good river and ca
nals with steam, and actually now expending the
rise of twenty-three thousand dollar a mil lo
construct a Railroad along the banks snd often
over the very bed ol the broad Hudson and oth
er fivers is the State of New York as Is also the
case on the bank of that stupendous work f im
provement tbe brie and Hudson canal.
these facts, ss hastily-as tney bave .been
thrown together, are sufficient t trust to awaken
interest enough in sll whs may have an opportu
nity .to peruse them, to lake tbe trouble to exam
me carefully all tbe statistics relative to the. coo
st ruction, cost and profits of the same, I may in
a future number give tome that 1 deem absolutely
indespensable to my purpose ; but from the very
nature of circumstances 1 cannot go into this mat
ter as I could wish, and therefore shsll have to
call upon the reader to examine them more fully
and minutely for himself st hi leisure sstisfied
in my mind that he will feel himself well paid
for bis trouble snd rise from his tsslc mere de
voted friend of internal improvement than be ev
er before has been. ' All that is wanting to kin
dle a blsze of enthusiasm in favor of the propos
ed Central Road in this Stste, is for the people lo
become theoretically and practically acquainted
with the operation of similar works in other States.
EXCELSIOR.
Guilford county, Feb. 12, I84U.
. j i . Tor the Patriot. '
BANK OF FAYEITEVILLE.
Messrs. S waim dc Sherwood : I see by an ad
vertisement in tbe last number of the Patriot, thai
the commissioners appointed lo superintend the
opening of books to receive subscriptions lo the
stock ot the Bank of Fsyetleville, bsve discharg
ed tbat duty, and are now ready to accommodate
all with an opportunity of subscribing who may
have a desire to do so.
I have seen and perused the charter grsnted
te this Bank by the last Legislature, and find that
it is a very liberal one in all us provisions and re
quirements.' Persons who have surplus capital on hand, or
money invested in any way that is not yielding
more than six per cent , would do well lo em
brace iHis opportunity lo lake Block in this Bank.
By thus inveating ibeir funds, tbey would be
gainers in three respects, if in no more.
In the first place, they would realize a sure
semi-annual dividend of more than six percent
s4e4he-eecood place, ey . would be edding to
me canning capital oi ins -state, wnicn.jiceaa
greatly lo be enlarged. -
And in the third place, they would by taking
stock in -this institution hasten the day when a
Branch of said llank would be located in Greens
boro', thereby accommodating a large section
with banking facilities and advantages that bave
now to depend on banks at a distance.
That the banking eapitsl of the State should
bo increased is evident from the following facts:
-The banking capital of Virginia is, if I mistake
not, something like nine millions ; while that of
South Carolina, with a population less than North
Carolina, is seven millions or upwards. Now, if
this amount ofvbanking capital can be employed
to advantage and profit in Ihe adjoining States, it
is certainty important that our should be in
creased to more than three millioos. ' This defi
ciency is rendered more apparent from the prof.
hrtt realized on capital thus invested, aod from the
fact that many buainess citizens of this Slate are
compelled to go to the adjoining States of Geor
gia, South Carolina and Virginia before tbey can
be accommodated with a small discount.
I have thus called public attention to this mat
ter because I believe it is one of great importance
to the public especially so to those Who have
money to loan or to borrow. Persons who lake
stock in this Bank will find i of great advantage
alike to themselves and the public generally,
from the fact that there is a demand lor more
banks, and that there is no bank in this State
but what from ihe commencement of its opera
lions hss declared more than aix per cent, diri-
dends, on an average, to the stockholders. The
Commercial Bank of Wilmington, which is one
of ihe smallest banks in the State, the Chronicle
of that place cays " appetrs to be in a highly pros
perous condition. It has just declared a dividend
of. 4 pcLCen of 5 per
cent, made in August last, i t qoat to six pr
cent on ibe whole capital from the commence-'
ment of it operations, with the 3d and 4th in
stalments on stock not yet called in. We- learn
that the expenaesof plates, printing, stationary,
dec., incidental lo the organization of ibe Bank,
were paid out of the first year's profits, and that
after making the two dividend,' amounting to 0
per cent, for the 18 months, there is left a snrplos
of over U per cent, to form a contingent fund."
I shall add nothing lo this sietemeni, farther
than to repeal what 1 bave above slated, that
there are books now open in this place to receive
subscriptions of stock in a similar institution to
this of Wilmington. Your renders who have
capital can think of this matter, and act ' as their
judgment may dictate to them to be prudent.
Either of the commissioners will, I presume, take
pleasure in imparting any information that may
be desired by persons wishing to subscribe.
....... GViLFQRD-
Greensboro', F?b. 1,5, 1849. L
For lb Pstriot.
I find in tbe fifth column, second page, of the
lasl No. of tbe Patriot a piece headed ACuriou
Calculation." If its statement are worth know
ing, tbey are worth correcting.. In the first
place, a million time a million is ; more than a
billion. In tbe second place, a day will produce
but 288,000 and a yea-of three, hundred andix
ty five diy 105,126.000. And 6853. which i
the tiiheto the present, will produce 3,070,336,
800 minutes. ' S. F. G.
and the, Senate addressed by Messrs. Allen.
and l'earce. ; ,
IIocsi. After considerable discussion.
Mr. Stephens's resolutions relative lo the,
treaty with Mexico were adopted. 147 to
34. " L., ; . - , .
tTbe resolution of Mr. Stephens ask the-
President if there does not exist a protocol.
signed by the American Commissioners
Sevier and ciinora, ana me Mexican Minis
ter, Rosa, declaring that ihe amendments of
ihe American Senate to t he treaty were mat
ten of form merely , and not substance. If
the protocol does exist Mr. Stephens 'con
tends It anuufs ihe treaty.
Tuesday, Feb. . v
Sbmatc. The South Carolina slavery;
resolutions were presented by Mr. Butler.
Mr. 11. addressed the senate on the occasion.
After other morning business, the Panama
Railroad bill was taken up opposed W
Mr. Underwood, and supported by Messrs.
Dayton and Webster. ,
House. Mr. Edwards from a select com
mittee, reported a bill to prevent the paten
ting of medicines, not, however, interfering
with present patent rights. He said thai.
Congress had passed a law to prevent lhe
importauon ot adulterated drugs and medi
cines, and this bill was to carry out the de
sign to protect the public health.
The naval appropriation bill was parsed;;
all the amendments agreed to in committee
were concurred in. with one exception, rix t
Ihe abolition of the spirit ration and an al
lowance of four cents in lieu of it. Tbe vo
te was 92 to 71. --"' -.---
trcanctaay, rco. 7.
Senate. Mr. Dix, from the Committee,
on Commerce, reported, with amendments,
aud accompanied by a report, House bill of"
last session, for the repair and completion or
works on rivers and harbors, already com
menced or completed, and for surveys of cer
tain otner rivers ana narpors.
I he bill embraces almost every character
of improyemetits.and involves almost every
(Mincipio uiscnsaeu in connexion wun tne.
subject of harbor and river improvements.
Mr. Benton asked leave to introduce) the-
bill of which he had given previous notice,,
for a National Central Koad from St. Louie
to the San Francisco on the Pacific, with a
branch to the Columbia River in Oregon-
and proceeded to address the Senate, at.
length, iti. explanation and support ef the
project. ... House Wentintocomntiittee of the wholtv .
btfthe annual fortification ibUL wlieii the
territoria question was largely debated.
Thursday, Feb. 8. .
Skxati-. Engaged on private bills.
Hoifst- A long communication was re
ceived from the President, (enclosing a re
port irom ine secretary ot state,) with the
information called for by Mr. Stephens's re
solutions, in reference to ibe protocol to Ihe
Mexican treaty. In the course of his mes
sage, the President argues that the commis
sioners did not regard the protocol as part of
the treaty. They knew that they had no
authority to alter thetreaty or modify the a
mendmenls. Nor would the President of
the Mexican Republic hare regarded the
protocol as modifying the treaty as amend
ed by the Senate of the U. States, for no re
ference is made to it by him on its final con
summation. The President then proceeded to notice
the amendments of the Senate, to the origin
al articles, and to argue that the changes do
not change any of the guaranties of rights,
civil, religious or political. .
Friday and Saturday, Feb. 9& 10.
No proceedings of general importance in
either house. The President's reply to the
inquiry in relation to the protocol of the
Mexican treaty was received in the Senate
on Friday. On Saturday Mr. Milliard ad
dressed the House, in committee,on the terri
torial question.
as-"--a s
Advertlslns; Balea or the ratrlai.
One dollar per aquare (15 ! fr
and 25 cent, tor eeery continuance. Dedue Km
made in taor ol standing adveru.en.ent. y lollewe
RAILOAORS. ,
There may be uncertainty, a lo which Allan
lie city belongs the Credil of mskine; ibe first suc
cessful movement in the construction of a railroad
among the earliest, are Baltimore and Charleston
and Boston, New York and Philadelphia were
nearly simultaneous in ibeir merements. Bos tea "
however, ha been more wise, or rather more for
tunale than the others, and now enjoy railway
advantage by far superior to any city in the world ,
London only perhsps, excepted. Very toon, tbau '.
advantage o: railroads become familiar lo all who
read and travel, and the impulse was given in
every Slate ofihe Union, causing eiraordinary '
effort and outlay to secure their benefit; yet it
it certain, that few of us justly appreciate or esti-y
mate the comforts, the benefitt, and ihe influences.
which tbey have already given to man.
Although Railroad were first used in England'
and next adopted by us, tbe system is not coofin
ed to those countries wbeje the Jgngluh language
is spoxen nut t exieuueq rmtjgnout .urepe
into ihe besrt of Russia, and ajso to India 1 and,'
it my be safely estimated, that the entire expeov
diture, wHbin the' last , twenty-rie years, in the.
projection and construction b? railroads, will pot
fall short of one thousand millions of dollars an,
amount, enormous as it is, that will fall farsbor
of the increased value they have given to proper,
ty, besides their influence in facilitating business
in reducing the expense and lime of irl, and, in
opening op new region of eountrjr,; t
These benefits and ibese influences are, as yetK
only beginning to be felt-ihe time Wilt coma
when all our grea.t ihorougbfsres, from the AUSR
tic cities to the extremes of every part of our court.
tryeven e ths thoret oj ine racyic ucean
"will be bv railroads ; and these main lines will be
- . . . ,-r
intersected oy mousana oi connecting ana ora.acu ,
railroads. Cincinnati C(actttx .
One rquare, ; , JJJ!
Twoquarea, ,' 7.00
"Three c Hoott
Ilall co!u:nn, , : . 13 00
i5:.:;:;:-;i....r;.,::;..
5 50-
10 01)
SWOO
-tiO
1400
30.00
30
PLOUGHS. X:ry:-.:,-: ;V-t
F tbo manufacture of C H Richmond a mpa.
rior article for the soil or tnia victnKy for aaJe
O
at the store of
March SU,18
J