The North-Carolinian. [volume] (Fayetteville [N.C.]) 1839-1861, 1854-07-01
NOR 7r.EI GAIROIIMIAM.
YETTEVIL N. c..
The following communication was put in type
for last weeks paper, but was crowded out:
For the CGrOlininn.

For the Carolinion.
The Atlantic and North Carolina Railroad.
Mr. ED1roR: I have seen Extra from the
Oh1ce OF a Newbern paper containing the intel
gencs that at meeting of the Commissioners
of thdAtlantic and North Carolina Railroad
Compsny, held in Newbern the 18th June,
the sun Of fire hundred and enc thousand three
| hnnard dollars was found subscribed on the
bookstn the town of Newbcrn. The FIVE per
cent, sfeHuired1 by the charter also found
| paid SrtasA- The subscription of $46G,O0Ql
subscribed in Raleigh by Risley & Co., was de-
clared veid and thrown out for want of evidence
of the Hcuniary ability Of the subscribers, and
the infonality i'll the note offered to secure the
5 per cett.
| Whatfhe informality in the note given to
secure tlf per cent. Risley & Cos sub
scrption was, the bulletin from which / get my
informatln does not state. If the note
defective. it is little singular that it should
have beenreceived by the Commissioners who
had charge of the subscri ption books at Raleigh.
On turning to the charter of the Company, l
find that the commissioners for receiving sub
scrptions 1t Raleigh are Ron,ulus NJ Saunders,
| G. w, .Mo'decai, w. w. Holden J. II. Bryan,
Edw'd Yafoorongh and w. Whitaker, Esqs
1t would sem to me that some of those gentle
men arc sufficiently learned in the law to detect
any lnfornallty i'll the note to secure the per
cent. The erejection of Risley & Cos subscrp-
tion on this ground appears the more remark
| able when I is observed that there is not legal
gentleman $50 far as l can learn) in the whole
Board of General Commissioners.
But there was another ground upon which
the subscription of Risey & Co. declared
void, VIZ the want of evidence Of their stand
ing. 1t strikes me that if the right to reject a
subscription on this ground is vested any where
by tte charter of the Company, it must be vest
ed in the commissioners who receive the sub
scripions. The charter provides that when a
subscription is made, and the 5 per cent paid or
secured to be paid, the commissioners shall! pass
a receipt to the subscriber. If this was done
| (whith presume) in the case of Risley & Co.,
it would seem to me that they hold, in that re-
ceipt: the written evidence of vested right to
S460,OOO of stock in the Atlantic and y.
e. Railroad Co. What force can lie in the
! objection that the general commissioners had
! no evidence that Risiey & Co. good The
charter does not give them the power to Judge
of the solyency of subscribers. In undertaking
to pronounce that judgment, they in my humble
not + hd s9 1a
profess to act. l repeat that if any such pow
commissioners at Raleigh. That they were
satisfied that they did not have the right, or at
least that it was not their duty, to reject the
subscription in question: is evident from the fact
that they did not reject it. l am bound there
fore, to believe that the proceedings of the
Board of General Commissioners at Newbern,
as disclosed to me, are void-that lsisley & Co.
have right to majority of the stock of the
Atlantic and n. G.. Railroad. And they are
not the men l take them to be if they submit to
such arbitrary proceedings as those OF the Gen
| eral Commissioners at Newbern.
JUSTITIA