The North-Carolina standard., 1845-10-08

LII
Atthe April Term. ofthe Superior ~ r'oAD'
Wake County the Attorney General noros ra, loF
judgmen. pro eOnfsssO, under the act passed 0'
last session, in relation to the Raleigh and ~" me
Road, against said Road, but was met bv,ho '0N
sci for the Road wilhthe defence that proro,s 'UR
not been properly served, and that tberefor. "aO
Road was not in Court. His Honor Judoo n. %
then presiding, ruled in favor of the deren1
whereupon the Attorney General appealed ,o"
Supreme Court upon this polnt and that C. 1'
at Rs late Term decided that the Road mn. w"
Superior Court, and that judgment pro ,,"r "'
ought 10 have been entered for the State ,boI ''
dant having failed to answer within the ,b,o. s"
days of the !clm. III"
The case again came up last week in or, @
perior Court, and,w decided by his hopo, Tns s@
Settle. On Thursday the matter was oron.It S'
the Attorney General and Governor IredaIls1
State, and they~were met on the other side bv M
Badger for the North Carolina Stockbodo,s '"''
orally, and by Thomas Bragg, Jr. E,o orNs'H
ampton, for the Virginia Stockholders and au,:~
portion ofthe North Carolina Stockbolaoro ~
on motion and argument for judgment and r,,p rr
closure of the Mortgages, Judge Settle Ob,crr.1
that it was apparent the Legislature desired 10 brn
the matter to close; that he felt his duty to c,s
ry ont the Legislative will, and would do so ~.
however, without strict reference to the rob,. ,n1
Interests of the Stockholders; that the tecI,;.a,
right 10 put in an answer had passed from tbc d.
fendant, and depended nov solely on the discrc;o,
Of the Court and that he woulI receive no oDsn..
which did not admit the ma in statements in ~.
plainants' bill, or which might render it neccss,,n
to take proofs. Mr. Bragg, in behalf of his Il
cnts declind to admit all the facts SIT folth bv con
plainant, but relied mainly upon the ground b,
the Mortgage of 1888 was void, because, as bis
answer alleged, two-thirds Of the StockhoH,,
were not present, as required BY the chatter assem-.
ing and agreeing to the Mortgage. In the course
ofh his argument Gov. IredeIl reviewed the ground
of defence set up by the Virginia Stockholders Z
denounced them as regulators, and chargcdtln that
their only object was delay, Mr.. Badger also al.
dressed the Count briefly, and concluded by Offer
ing to submit to a decroe for n foreclosure. Mr.
Bragg acquitted himself with his accustomed in.
genuity and ability, and did ample Justice 10 his
clients. Judge Settle pronounced judgment a.
gainst the Road, and directed the Mortgages 10 be
| forCclosed
According to the act it is now the duty oflhe
State Treasurer TO make advertisement at various
points, for at least SIXTY days, at the end Of which
time the Road and other property both real and
personal, will be sold to the highest bidder. The
Governor is authorized to bid about 100000, and
should the Stale become the purchaser, the Road
will come under the the control Of the Board of
Commissioners mentioned in the act In tie
mean time, the Governor, by and with the advice
and consent Of his Council shall have power 10
sell the Road for the most that can be obtained
for the same - and is expressly provided by the
last section of the act that all operations upon the
Road shrll be suspended whenever it shall appear
that its proceeds are not sufficient 10 keep ilun
By the net passed at the last session of the Lc'
gislalure directing foreclosurco Of these Mortgages
it is declared that the purchase money shall fe
applied first to the 100000 loan of l84l, and
lhcn to the $500, 900 loan of 1888. Should The
Road not sell for moro than 100000, the bond
givers will be held liable, under the act for the
full amount of their bonds, to wi five hundred
thousand dollars; and as some doubt has been ex
pressed upon this point, the matter will probably
go to the Supreme Court. The decision in that
tribunal will of couIse be fnnl