North Carolina standard. [volume] (Raleigh, N.C.) 1850-1852, 1850-12-04
REMARKS OF MR.. EATON,
OF WARREN.


Delivered in the House of Commons. on the propo-
stion of Mr. Sherard to repeal the charter of the
North Carolina Rail Road Company.
cannot for moment suppose that the House of
Commons can entertain any serious doubts upon the
question erconsderaton-he bill introd uced
by the gentleman from Wayne proposing repeal of
the charter of the North Carolina Rail Road Company
am very decidedly opposed to any such measures and
very clearly of the opinion that have no right
whatever TO adopt it. The public faith of the State
has been pledged to the Stockholders of this Com
pany, that they shall enjoy the hts and privileges
conferred upon them in the act of the last session.
repeal of the Act of incorporation by the present
General Assembly would be in my Judgment sclear
plain, and palpable violation of the honor of NORTH
Carolina and her rplighfed faith. 1t would also be
In direct and manifest conflict with the Constitution
of the United States. which have all sworn sup
port The 10th Section of the Federal Constitution
prohibits the States from passing any laws imparng
the OBJ legation of contracts" charter is contract
between the State and the individuals who may SUBJ
scribe for stock the Company, and the State has no
constitutional right annul and set aside such
| an engagement, than she would have to violate any
other contract or agreement whatever. If a judicial
exposition were necessary upon this subject to
Tighten minds to the meaning of the 10th
Section OF the Constitution of the United States, such
an exposition may be easily obtained by any gentle
man who may wish for light upon this subject. 1t
has been expressly decided by the Supreme Court of
the United States, that State has no power to re-
peal charters had supposed that in our own State
the sentiment was almost universal that charters and
contracts OF every kind sacred and invoable and
that this Assembly is prohibited from touching them
with an unfrendly hand and such now believe TO
be the opinion of the bar of North Carolina, with
scarcely single exception so far am acquainted
with it. If, however, had the right to violate
the public engagements, if the fundamental law of the
land had not covered them with the shield of its pro-
tectIon we ought not to desire from moral considera
tlons and of justice and right, to pass any
law impairng the obligation of contracts of any kind.
hold myself bound in honor to fulfil my private
to the best of my ability and in my oPin-
ion, my personal honor as well my representative
I duty require of me while member of this House,
endeavor with equal fidelity by my votes to secure
faithful and punctious fulflment of all State
tracts, debts, and liabilities. was not member of
the Legislature when thslect was passsd, now pro-
voted for it. l am in favor of the North Carolina
Rail Road, and have been since the scheme was
| first suggested IT, however, my sentiments had
been adverse to the measure in the first instance.
should still be very decidedly opposed a repeal.
The subject of the North Carolina Rail Road was
| considerably discussed during the canvass in my
County last summer. Some of the people of War
rem were violently opposed oft, and very deeply
regretted the passage of the Act Incorporating the
Company, and authorizing subscription the part
of the State of two millions of dollars upon the
specified in the charter, and they probably have not
changed their sentiments upon the subject. My
opinion is that the majority is favorable the North
Carolina Kali Road among my constituents. There
is certainly. however, considerable portion of the
citizens of Warren County opposed to it, and some
of the candidates advocated repeal of the of
the last session, and if there is in my county
who would give the least countenance to the move
ment made here against chartered and vested rights,
do not know him. If the gentleman from Wayne
could succeed in taking the of the people at
the polls upon this subject, as he expressed wish
to do, in my opinion he will scarcely find soa-
~ individual in the County of Warren ready
pie upon the constitution of the country and the pub
lie faith by repeal of this Rail Road Charter. We
have been told that the Company has not complied
with the terms of the act If il conceded that
it had not the admission could furnish the advocates
ofrePeal with no justification apology for their
course, because the time allowed to the Company for
that purpose has not yet transpired. If the Compa
ny does not comply with the terms of the act
to entltle itself to the benefit of the States sub
scrpton, the Treasurer vii! not deliver to the Com
pany the State bonds, and there be danger.
Whenever application is made for the State bonds
whether the Company is entitled to have them is
sued, or not, will be matter of judicial and of
Legislative decision. 1t will be for the judiciary to
interpret the law, and TO declare what may be the
rights of the parties according to its intent and
meaning.
Il he referred to is that of Dartmouth College
VS. Woodward Wheaton 5IS