Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-07-17
North.Carolina Raiiroad.

DR.. Frederick j. Hill presided, and Messrs Thomas
Webb and E. B. Stanly acted as Secretaries.
The vote for Directors was, Gorrell, 71S votes
R. N. Saunders, q 100; Chas. F. Fisher, 1913;
McRae, 1899; Fries, $500; Mebane, 1879, with
smaller votes for others Messrs Gorrcll Saunders,
Fisher, and McRae we're elected.
On motion Of the States representative, Judge
Rufin, it was
Resoloed, That the Board of Directors, in con-
formty with the statute in such case made and pro-
vided be required to assign and set apart the sum
of twenty five thousand dollars annually, and
above the scmannua interest, as q sinking fund to
discharge the per cent Coupon bonds heretofore
issued by this Company, and TO invest the same in
the said Bonds of this Company, in the per cent
Coupon Bonds of North Carolina, and invest the
profits thereof from time to time.
Resolred, further, That the said fund thus set
apart shall pretence whatever be used for any
other purpose whatever but that of paying the said
bonds Of the Company, or of meeting the said pay
ment at the maturity of the said bonds; and that
the Board shall report annually to the meeting OF
the Stockholders the amount of the said sinking
fund then existing and the particular investment
thereof"
Mr. Nesbit introduced resolution against J" dead
heads also, resolution requesting the President
to apply to the next Legislature to amend the charter
so to require Director to own twenty fve shares
of stock-aso resolution requesting the President
to make quarterly report of the receipts and ex-
penditures of the Road and other matters Of interest
to the stockholders. The first and second resolutions
were lost, and the third was adopted. Mr. Nesbit's
proposition to confne Directorshps to persons own
ing not less than twenty-five shares of stock, would
if adopted, be unjust to the small stockholders, and
would, in effect convert the corporation into an
aristocracy. "Power is always stealing from the
many to the few" 1t make no difference with
honest man who is Director, whether he owns
stock not If honest in his purposes and just in
his judgments he will the State or the stock
holders as faithfully and ably without certificates
of stock as with them. Let us have majority of
practical qcorking-men among the Directors and
officers of our Railroads. and public works will
then prosper and pay dividends as they should do.
Men who are poor in stock, and even poor in this
worlds goods are often better qualified for Director
ships than those who rich in stock and who count
their money by thousands.
On motion of Mr.. Kirkland the bye-laws were
amended so as to require seven Directors, of whom
the President may be one, to constitute quorum
Of the Board
Judge Ruffin moved that the Board of Directors,
out of the funds of the Company, pay to the State
dividend Of six per cent. on the one million of
dollars of preferred stock of the State The motion
was not adopted
On motion of Mr. Mclean, the Treasurer of the
Road was instructed to have the expenses of the
Road for the last twelve months printed and publish
ed in detail, item by item, copy for each stock
holder
On motion of Gov. Morehead, it was unanimously
resolved, That free ticket be granted to the Hon.
Calvin Graves of Caswell, upon the North Carolina
Railroad during his life, as mark of appreciation
of his distinguished services for the same Nobly
done!
We were mistaken in statement that William
R. Poole Esq, of this County, had been appointed
State Director in the Road. The vacanc; was not
filled. We learn from the Recorder that Gov. Ora
ham declined to serve State Director. This occa-
stoned two vacancies, which were filled on Monday
last by the Board of Internal Improvements, by
appointing Giles Mebane, of Alamance, and Philemon
| B. Hawkins, of Franklin.
Linn b. Sanders Votes to create Taxes, and
| then refuses to lay them.
| 1t is we'll known that Mr.. Linn B. Sanders, who
| is an independent or opposition candidate for the
Commons in Johnston County, voted in ls4s for the
| Central Railroad charter, which contained State
appropriation of two millions of dollars for that Road
and also appropriations of forty thousand dollars
| each, we believe, for Neuse and Tau rivers This
vote may be found in House Journal, session of
| 1852, on the 10th page, the name of Mr.. San
ders being recorded for the BILL
Mr.. Sanders is, therefore, responsible with Others
for over two millions of the public debt yet at the
last session of the Assembly he voted against bill
q raise the necessary tn nm
this debt. [See Senate Journal 1867, page 2l51
What will the honest people of Johnston County
think of that If Mr.. Sanders had voted against
this debt if he had been opposed to it. there
would have been show of excuse for his course
but such is not the case. He voted to create taxes
| and them refused to lay them. And not only this
he now clamors against taxes, and would hold up to
public censure all those who showed their willing
ness by their votes to pay the interest on the very
| debts which he had created.
| Again: Five hundred thousand dollars of the
public debt will fall due the 1st of Janury, 1861
| This debt incurred in 1889 on account of the
| Raleigh and CASTOR Road. Will Mr.. Sanders have
the candor while he is denouncng taxes, to inform
the people of Johnston that this debt was incurred
by the old Wing party-thc very party with which
| he is now acting? Will he do that? Will he place
the responsibility on the right shouders9 We pre-
dict he will not, for the reason that he might lose
votes by it.
How Forsyth County will fare by the Democracy
forsaking Mr.. Holden and shouting Justify for
Judge Ellis, and the Convention nominees for the
Legislature, remains to be seen.-Salena Press.
Mr.. Holden is greatly obliged to the Press for
the information that the Democracy has forsaken
him. This is indeed news to him.
Democracy knows men only as the representatives