On motion of Dr. E. B. Glenn, seconded by F. R. Hewitt, it was unanimously resolved that the heartfelt thanks and gratitude of this Company be tendered to his Excellency, the Governor, and the Council of the State of North Carolina for the sane and conservative action taken by them in ordering that no interference be had with the convict work of this railroad company while it is engaged in completing the financial work to insure its construction.
It is further resolved that we wish to advise the Governor and Council of State that the time limit for the SAW Construction Company to comply with the terms of thier tentative contract expired yesterday, the 1st of August, 1913. And we have been informed that said SAW Construction Company is unable to go forward with its contract, and it has failed to file or produce evidence satisfactory to this Company, and through it satisfactory to the Governor, and the Council of State of its financial ability to perform its contract. Therefore we cancelled and declared forfeited said tentative contract with said SAW Construction Company. But in the mean time a new Company, at this Railroad Company's solicitation, is being formed that could, after the date of the forfeiture of the old Company expired, meet the requirments of this Railroad Company and the State, and said Company is now getting in shape to enter into a contract with this Railroad Company to proceed;
First. To file in writing evidence satisfactory to this Company, and to the Governor and Council of State, that the money not only subscribed and pledged, but available to proceed to push the work to completion, which will be done if this State makes no changes in the law, and remains faithful to the legal pledges made through the law by the State to this road.
Therefore, while the contract for convicts to work on this road has been ratified by the Legislature, after said contract had first been approved by the Governor, and made a public act with the rest of the Acts and amendments thereto that constitute the charter of this road. Over One Hundred Thousand Dollars cash has been raised and expended in the promotion of this work for the benefit of this State, and this Company has caused more than Three Hundred Thousand Dollars additional to be expended by construction companies in the promotion and construction of this work;
And whereas, to remove these convicts now on this work would cause this Railroad Company, not only the loss of the One Hundred Thousand Dollars, and the years of faithful work they have given to it, but put it in a false position before the State alone with other States that have endorsed this work (and cause the loss to innocent investors of Three Hundred Thousand Dollars or more), invested on their faith in this State maintaining its pledge.
It is further resolved that the stockholders of this Railroad Company wish, because of the misleading ideas and statements circulated in regard to the financial condition of this Company, that it is the further deire of this Company to advise the Governor and the Council of State that it is now prepared to keep these convicts equipped and properly at work until this company shall have completed the financing of this road.
It is further resolved that this Company wishes to advise the Governor and the Council of State that it will be with sorrow and regret, but that it will, under a written request by the Governor, approved by the Council of State, surrender these convicts at such time as the Governor may direct, but this Company does not render its right under the law to ask that these convicts shall be returned. This Company is making no appeal for personal interests or the interests of any construction Company, but in the in interest of this Rail road Company organized to relieve this portion of North Carolina from monopoly, and the State from discrimination, for we are conscious no set of men have ever been more faithful to the best interests of this State, and it should be known to the people, one and all, the wrong impression has been sent broadcast over this State, about the honest and patriotic work this Company is now doing, and has been engaged in for these past years, for the benefit of the whole State, and the people should know that it will succeed if the public laws protecting this work, and the State's interest in this work are not interfered with, pending the completion of the financing of this great enterprise.
