Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-01-05

very thing sought by this bill should have been Of
fered to the company by former Legislature, and
they had refused to accept it. Would they accept
it now? There was no assurance of that. He
(Mr. b. rather suspected the real design to at
tack the present management rather than to seek
money saving men and money spending men" and
had said that the latter class had had the manage
ment of the North-Carolina road lie, (Mr. b. OBJ
jected to this mode of attack-let the charges be
brought forward fairly and squarely.
Mr.. Gorrell thought the company had never been
offered anything like what was proposed by the bill,
or they would never have rejected it. They had
proposed to them scaling system which they could |
not accept account of Objectionable features
But that system did not realize what now |
sought As to individuals managing the work at
an early day in its progress, ne knew that just as
soon the State became partner she appointed |
her directors, and the contracts for the work were
made while the State had share in the directory.
He did not know what speculation had been done in
contracts, but he could speak for his own county.
He disclamed any reflection on the Governor or his
appointces, many of the latter were his personal
friends and were good men. He asked the Senate
to try the change for while. This was not char
ter, and if it failed the system could be abolished.
The Speaker remarked that the bill was to amend
the charter
Mr.. Bledsoe explained that he had made the state
ment as to the offer of former Legislature on the
authority of the eX-Prcsident of the road now in
town. and the statement to the failure to pay divi
dends the authority of the President of the road,
who informed him that the company had to pay
debts contracted before he 0hc PresidenD came into
Office. He (Mr. b. had no other interest Ill this
matter than to protect the State, and he would
deavor to do that willie he occupied seat on that
| floor. He then drew attention to the bill which
| proposed to confer this extraordinary power on
company whose road was not yet built-the Wcs-
tern n c. road-and asked if the Senate was pre-
pared to do that? For one he would never consent
to it. And he was astonishcd to hear Mr. Golrel
talk of taking back this power when once given.
What became of the protection to vested rights as
guaranteed by a charter, if this could be done?
Mr.. Gorrell admitted the heavy debt left to the
present management in the construction OF the
work shops. 1t was an instance of the most reck-
less extravaganza ever beheld in America, north
south. But was it not an argument in favor of the
| bill! How came the shops to be located in the
wild woods-in the range of the hawk and the wild
animal :-where land brought $40 an acre, which
could before be purchased at 81? How came that
extraordinary, unnecessary pile of machine shops
those brick houses-that store housc-that hotel?
Who laid out all these? Bear in mind the State had
twothirds of the directors, the individuals onethird
Why did not the two-thirs curb the recklessness of
the minority? Why did they not build in some town
east west of this place. where they could have put
up their shops and there have their work done,
stead OF having to build up town too ? He, (Mr.
g. could not tell which of the States directors had
overrldden the other directors-thcy report ourn-
al, published no lists of the ayes and noes But If
they had chosen, they could have ovcrridden them.
The body having the power is responsible for the
management. The road, if it is not, be managed
entirely by the State, and individuals have no
voice at ALL He commended the bill was right in
principle and he proceeded to touch upon the Dan
vile connection as materially affecting the prosperity
r &l~ok,f
or other means of relief could be reached the
working of the road must be put down to the lowest
point at which competent men conld be obtained.
Mr. Edney thought the passage of the bill would
prove destructive to the whole interests Of the State
He would not go into the question, but he
would ask Mr.. Gorrell if the State not limit
ed in her representation to the amount of one third
her stock?
Mr. Gorrell thought Mr.. Edney mistaken. Sub
sequently Mr. Edney read from the charter to show
he was not mistaken.
f Mr.. Edney continued, and remarked as to the OK
travagance at the shops that Judge Rutin had been
the States representative for years. but had really
taken active part in the management; so that in
truth, he said, the entire msInanagemcnt at the
shops chargeable on the individual stockholders.
He (Mr. E.) was in favor of postponding till Mon
day next.
Mr.. Steele thought this question required the
camest consideration-that his object in offer
|
Gorrell in thinking that his illusions to the Danvc
connection out of order, and out of place too
they had better be reserved for fitting OCCASION
Addressing hmselfto the question before the Senate,
he said that according to the arguments ofthe friends
of the bill the Senate called upon to protect the
interests of the State not those of private individuals
Was the State likely to be better protected when
she gave up all control in her works? He then
twtted those gentlemen upon their change of tone
at time the State could better afford to lose
her two millions than they their one at another,
i when demands were to be made the State had a
greater interest in the work than they and their in
difference was marvellous and now they come again
f with another front. He, Mr. S. did not admit that
the State could retract in two years if she did not
like the change; but admit she could was it not in
the power of the board of directors to do that in
two years which never could be undohe? Every one
e knew the power of these boards Of directors. Re.
frring to the shops he said the whole plans and
e Inmates had been made under the first management
e of the road.
n Mr. Gorrell And carried out under the State
management.
i Mr. Steele denied the State directors were more
4 responsible than the other directors This was no
secret these boards of management. Almost every
d body knew who voted this way or that. He alluded
to the cutlery against so per for the land in
< Alamance county, and thought that better than
e paying $500 per acre in Greensboro. That outlay
Z? said Mr. Steele, was about the smallest thing the
:. directors did. He next proceeded to examine the
}, proposed change and treated the question of own
ing stock as qualification for dictatorship an
!, impelling power to act honestly. He repudated
this idea, and would soon believe that the fact Of
! owning one hundred shares of stock was guaran
Y tee for mans common sense He believed the
States directors would act as prudently as any
other persons. But all knew the power of the pre-
t sident of these corporatons-that his opinion was
the controlling power of these boards of directors
' and from this he deduced the conclusion that the
fact of the State being the holder of controlling
power" was not the of failure in the manage
4 nlent This was the matter that should be looked
into, and he called upon the committee this work
to sft the management to report their labors and
: let the responsibility rest where it belongs. HI
secuted the idea of the business of the holders O.
one million of stock controlling all the affairs at the