Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-05-02


pectation of being able indemnify themselves out
Of the unpaid subscriptions; in which expectation
they have been disappointed and as appears to your
committee without any want of proper vigilance on
their part. They cannot believe that it was intend
ed as mere device to deceive the Governor of the
State for in that point of view she committee could
not but condemn the transaction not entitled to
relief. But these individuals having acted with an
honest intention of promoting the interest of the
Company, the loss ought not to fall on them. The
committee therefore report the following resolution
for their relief:
Reso1ped,- That the PRECEDENT and Directors pay
off and discharge the balance of debt due the
Commercial Bank of Wilmington, by John Ii.
Haughton, and others, out of any monies belonging
to the Company, and applicable to the payment OF
its debts-the same having been assumed, and the
proceeds applied for the benefit of the Company.
The committee feel it their duty further to state
that the report Giscloses the of much of for
mer misrnapagement and abuse, and they consider
of the Suggestions contained in the report as
wise and polite and calculated to guard against
similar results in future. They therefore report the
ResolUed, That hereafter it shall not be consider
ed either lawful On proper for the Board ofPresident
and Directors in the further prosecution of this
work, to create any debts obligations over and
above the available means of the Company to dis
charge unless authorized to do so by the stockhod
ers in general meeting assembled.
ResoEUed, That hereafter it shall not be lawful or
proper on the part of the President and Directors
to make any allowance pass any order for the
benefit or relief of any member of the Board, ex-
cept in the discharge of preexistng contracts and
obligations but all such claims by any member of
the Board shall be referred to the general meeting of
the stockholders.
Resozued That hereafter there shall be appointed
a Standing Committee of two stockholders, whose
duty it shall be to examine and report semannual-
Iy upon the receipts and expenditures of the Com
pany, from whom received and to whom paid, and
that the same be published. The said Committee
shall be allowed by the Board of Directors reasona
BILE compensation for their services.-Adopted.
A. RENCHER' Chairman.
A motion made to reconsider the vote of yes
terday fixing the town of Fayetteville for the next
annual meeting, which motion adopted.
Resolced, That the next annual meeting of the
stockholders be held in the town of Haywood.
The Hon. A. Rencher rose to personal explana-
tion He referred to what took place Yesterday in
the election of Directors. iiei4 mad in his par
tiaty put his name in nomination, and he wished
to say that it not with his knowledge or con-
sent. He satisfied with the other gentlemen
whose names put in nomination, and if he had
been present, should have voted for them. All he
desired efficient directory eand that rep
resented the various nteIe sts of the Company. He
desired the of this great work, and what he
had done might hereafter do simply from
sense of duty and not from motives OF pleasure
He apologized to the meeting for having troubled
them with his explanation.
John H. Haughton, Esq, then and stated
that he felt it due to himself and the OCCASION to
say that he recprocated the kind sentiments express
ed by the gentleman (Mr Rencher,) and that he felt
it due to ankneSs to declare that the course of that
gentleman IN this and the preceding meetings as the
States representative, had been not only character
lied with his accustomed ability, but also with just
liberality and demonstrated what he had formerly
supposed was not the (for reasons not necessa
ry to state) but had become satisfied that he was
friend to this great work, and submitted the follow
ing resolutions which was unanimously adopted:
Resol0ed, That the liberal course of the Hon. A
Rencher, States Proxy in this and the preceding
meeting of this Company meet the approval of the
individual stockholders thereof.
Resoloed, That copy of the proceedings of this
meeting the signature of the Chairman and
Secretaries, be furnished speedily as possible to
his Excellency, Gov. Bragg.
Resolced, That the Secretary of the Board have
published 800 copies of the proceedings of this meet
ing, and to furnish the Executive with 10 copies.
Resolved That the thanks of this meeting are due
and are hereby rendered to Edward D. Hall, Sheriff.
for the of the Court House, and his attention.
Resozced, That the thanks of this meeting are due
aud hereby rendered to the Chairman and Secre-
tares meeting for the faithful discharge oftheir
duties.
The meeting addressed in very happy
ner by the Chairman, and then adjourned
F. j. HILL, Chm'n.
A. 4: 4 4. F TsSBoskrnps, seoy's