Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-02-02

he should fail to do it what would be said of him
Why that he was Judas. Here followed some cono
raj remarks against States embarking in State work.
issuing bonds and endorsing others0in 90 cases or,
of hundred they had to pay ALL He admitted tI;s
to be desperate case, and he said the committee
had recommended desperate remedy, which bo
considered worse than the disease.
t. MIR. Pool, as one of the committee who had REM,
ted the substitute, explained the conscientious hr
which they were actuated in presenting this mattey
and the remedy they thought best to apply. Thu
State, he said, had an interest in the work which
amounted to $780, 900 by the time the bonds bec,ma
due Of the value Of the country proposed to be- Ja
veloped there could be no doubt Persons eminent
for their knowledge in such matters had been exam
ined by the committee, and the reports of dist;n
guished engineers and biologists had been consn
ted-including the late report of Conn., Wilkes, IA 70.
port said Mr.. p, which every North-C arolinsn
ought to be proud Of )-and from information time
elected they did not hesitate to say that the co.1
and iron and other mineral deposits on Deep river
were of such immense value and importance as to
make it one of the highest duties of the State to s
cure their immediate development. These depos;,s
had attracted the attention of the general govern
mcnt and seemed to be of such national concern =,
to render it probable that great national worl
would be speedily established there if the means Of
transportation were adequately provided by this
in her borders the value to the State was not to L
counted in dollars and cents, and the time might
come when it would be found to be of incstimabe VAL
| ue This was the view of the matter taken by tbo
committee, and that all this would be lost if soma
| thing was not done-as the entire works were Liable
to be sold on 80 days notice 1t was decided there
FORE that in order to save what already in mora
money should be invested and the work completed
| The question then was how should it bc done,
! Mr. Pool nrOceeflad to Ct. ta fI,o :,
| posed by the committee which were embodied in
the substitute to the bill He said the companv
could complete the work if the State put them in
condition to do SO, or the work must be sold, In
this event the committee thought the State must
have representative at the sale to look after her in
terests. On the whole, the best plan they thought
| could be adopted was that commission should lc
appointed by the board of internal improvement 10
go and examine the works; and if that commission
should be of opinion that it was to the interest Of
the State to prosecute the same to completion they
should so report to the board of internal m,royc
ment; in which event the rights powers and priyi
leges invested in the president and board of irec
tors OF the corporation should be vested in said COM
mission; and they should take charge of the work
and complete it in the manner they should deem
best for the State. And the governor (who WAS TO
be of the commission) should have power to draw
on the public treasurer for amounts sufficient to pay
outstanding debts, not exceeding $4,000, and such
other sums, from time to time as were required to
pay the expenses incident to the powers and duties
OF the commission Upon the completion of the
works the rights, powers and privileges vested in
the commission should be re-vesed in the president
and directors OF the company, and they should re-
sumo their exercise. 10 secure the State deed of
mortgage was to be executed to the governor, under
the corporate SEAL Of all real and personal estate be-
longing to the company, conditioned for the refund
ing to the State of all moneys expended by the COM
mission; and the interest on the amount was to be
secured by assignment of sufficient of the
prospective tolls and profits of the company, &c.
If this plan should not be practicable, the qucs-
ton was, should the State lose all her money! And
the next question was it best for the company
to 60 on? But it was found the company could rot
| go on while the State held her connection with it.
Then it was thought better that the State should
realize something as provided in the Sd section of
the substitute, viz: that in five years after the COM
| pletion of the work the State should release the
company from all or any part of its indebtedness 10
her by reason of amounts drawn by the commission
from the public treasury, and become stakeholder
in said company to the amount of said sums, and
this stock should be preferred stock upon which s
per cent per should be paid out Of the profits
of the company before any other dividends should
| be paid. Then the committee was met by the out.
standing debts Of $4,000. This they found the /.
State had to pay-she was legally bound for two Z
| CnlTuS OF IL, anu morally DOunu IOf IL all.
The 4th section provides that if the commission. 3
should be of opinion that it is not expedent fer
the State to prosecute the work to completion Or
relieve the company so as toallow them to go on she
shall give all interest in the work. pay the OutStan
ing debts (S95, OO0) permit the company to issue Z
bonds at not more than per cent to be secured by
mortgage, tolls, &C., and 60 ahead as best they can
Then there was a third alternative. The com :
mittee knew the works had to be sold at notice Of
! 1axyc Tba Sfotn had spfo If
which must be protected 1t was therefore pro
posed that in the event of such sale the Governor Y
should attend; and if in the opinion of the board
of internal improvements it should be to the interest
of the State to purchase the works. he should have
power to do so in which case the work should be 4
carried on by the commissioners provided in the
! LIST section of the substitute.
These were the plans suggested by the committee
| If none of these would do, asked Mr.. Pool, what i
was to be done? The committee were acting for :
the State alone without regard to the company !
This was the result of the best information they !
could get, of mature reflection and of their best
judgment If any plan could be suggested, he NIr
P.) would be willing to adopt it. similar course
had been pursued with regard to the Raleigh and 4
CASTOR road and resulted in the roads paying hard
some sums of money into the treasury. He NJ !
Pool, was not much given to voting large SUMS Of L
money, but he was clearly of the opinion it was fol
the interest of the State to complete this work. &
Some might danger in this business, he saw none
| The people would have to be taxed to save the !
State in this case. The ordinary prudence of every
day life would prompt course by which ten would
be saved by spending one
Mr. Thomas said it was proposed to do no more
| for this work than had been done for others. Col 7
Gwynn had recommended it as one of the most I'M 4
portant works of the State, and estimated its cost
at II millions.
Mr.. Ramsay desired to see something done fo
the work, but could not vote for the substitute IN
its present form. He hoped the matter would De
postponed till Monday.
Mr.. Ashe said the matter had been long betON
the Senate. He had some amendments to Suggest
but would reserve them for the third reading.
The substitute was then adopted, as an aEenG i;
ment to the bill. e
Mr.. Ptchford would vote for the bill on its preSn
reading but gave notice of amendments on tfI
third. He preferred some more definite plan II
M