The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1846-07-10

'nouBnl proper 10 give luli ueldl VI tH'
| subject, he would raise the curtain and lool
something further into il. lf blame theri
was to any body, he was proud to have AT
opportunity to contrast the course Of the two
parties on this subject, if the gentleman
though, he could g,in any thing by II. |
was well known that the sy stem OF lu,erna
improvement was first fastened by the Lc
gisla,ure of ls3G-by that &C, the State in
vested 5000 900 10 the Wilmington aud Ra
leigh Road-that she became partner, b,
the terms Of her contract, with the Compa
ny, othe fu 'lamoun, Of their charter, which
was 81 100000. And every mar Of com
mon sense, lawyer or no lawyer, well knew
! that firm was liable for the contracts Of an,
member. Ii was true that the State coulC
not be sued; bu, he was unwilling TO believe
that the old North State had bastard son
who was willing to see her tarulsh her hon.
or. or tuke shelter under the panoply Of soy.
ereignty, from the performance Of any legal
or moral obligation.
Tha, it was we'll known fact that the
Legislature OF 1896 was Democratic that
the plan submitted TO the Legislature pIedg.
ed the State 10 embark IN Internal Improve.
ment with Railroad companies 10 the a.
mount Of several millions Of dollars, proyl-
ded individuals would take three fl;hs OF
the stock that as he was Informed, this
was done by the agency Of the leading and
most prominent Democrats. The plan was
embodied in series Of Resolutions under.
stood to be drawn by Hm. II. Hoypood
then member from Wake, and advocated
and sustained by Michael Hoke, leading
member of the progressive" Democratic
party from Lincoln. AT the time Of the
adoption of these Resolutions, the Simon
Pures had elevated Mr.. Haywood to the
Speakers Chair in the House Of Com.
mons and, as they are progressive in all
their notions, they have been progressive
with him, having since elevated hun TO the
Senate Of the United SlGtes. Mr.. lioke
occupied high rank in their affections,
and they since tried TO raise him into the
Executive chair.
In 1888 the Raleigh aud CASTOR Rail.
road came forgasd and asked the aid Of tho
State. This Road, (of much more impor-
lance 10 all Western North CiroliRa,) had
been conducted upon individual responsible
ity. They came forward not as beggars,
but asked that the name Of the State might
be loaned to them, AID as ON indemnity exc.
cuied mortgage on their property, and be-
came individually bound TO the State to the
extent of their stock. Ia lS40, their work
no, being completed. they asked further
aid of a loan of $500, 900; they gave as an
additional security the bonds Of individuals
10 the amount Of 100000, and executed
on the whole Of their property,
which cost over Sl,500,000. Tha, the
of ISIS and 40 we're Wing Il
hat TO the passing Of The first Act they had
been strongly urged by many Of the Iced.
ng Democrats Of the State. A large In.
ornal improvement Convention had been
held in the city Of Raleigh, in November,
>3s, at the commencement Of the Session,
over which Il. NJ. Saunders presided, aud in
which l.. D. Henry and William II. Hay.
wood, (names not unknown to the progress
'ive pat.y,) figured largely. That Con.
'eniion passed Resolutions urging i, upon
he Legislature to aid works of Internal
improvement TO the extent OF three millions
IF dollars; that the Wings had only gone on
o adopt the recommendation III part, aud
hen took the precautlon TO take mort
gage and hold the individual stockholders
liable.
Mr.. Gllmer here made strong appeal to
he common sense Of every man, 10 deter.
mine who had acted prudenily: Democra.
tic couusels had plunged the State into an
investment Of 100000, with the hnEard
Of swelling the sum 20 millions and Dem.
ocratlc leaders had recommended and urged
upon the Legislature to involve the State
in three millions more, without security or
Mr.. G,lmer then took review Of the le.
gal opinions Of MIR. Shepard, and his no.
tons Of the law Of mortgage, and equity ju.
risdic,ion and sale, &C.; also his views OF
the validity of the bonds executed under the
act of lS4O. In all which, q more com
pete exposure was never witnessed. DE.
mocracy itself was brought 10 the blush.
After his exposition Of the different views
of the " talented young Senator" he wound
up this port of his speech by simply asking
the people o few plain simple questions.
The Stale is interested in the bends to the
extent Of $500 900; Gov. GRAHAM, (who
is admitted to be a good lawyer asserts
without question these bonds are valid and
can be collected while Mr. SHEPARD thinks
hey canno. be colIec.ed-ai all events, that
Il is very questionable The question is,
In whose hands shall these bonds be placed
for collection i'm the hands of Gopernor
GRAHAM, pho thinks there is no doubt of
heir Ualidity or in the hands of Mr..
SHErARD, phO thinks they cannot BE- col.
iected An individual has an importan,
law suit two lawyers are consulted one
is clearly Of the opinion that his clients
claim is well founded-lhe other thinks the
case hopeless which Of the two would
any prudent man retain In his cause The
conclusion was so logical tina, its effec,
stunned Mr.. Shepard and his friends and
struck them dumb.
MIR. Gilmer next took view Of Mr..
Shepard's course on the subject of the Rail.
roads, and charged that Mr.. Shepard or his
cy,apde ,upre d,ract1y intareSteh IN the Raj