Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-01-04


fered TO To company By s former LsgialS&ars, md
they had refused to accept it Would they accept
It now There was NO assurance Of that He,
(Mr rather suspected the real design WAS 10 At
TACK the preseat management rather tim to seek
or obtain = change Mr.. Gorren bad spoken Of
had said that the latter class had had the manage
ment Of the North Carolina road He tAr b. Oh
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 proposed by the BILL
proposed to Them scaling system which they could
not accept on account of Objectionable features
But that system did not realize what was now
sought As to individuals managing the work at
an early day in its progress, he knew that just as
soon as 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
appointees, 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 he 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 the
authority of the ex-President Of the road, now in
statement Us 10 the A1luTc 10 Olvl
dends ON the authority of the President of the road
who informed him that the company had to pay
debts contracted before he hc Presidency came into
| office He, (ir. b. had no other interest in this
matter than to protect the State, and he would en-
deavor to do that while he occupied seat on that
floor lie then drew attention to the bill which
proposed to confer this extraordinary power .
company whose road was not yet built-thc Wcs-
tern n. e. rOad-and asked If the Senate vas pre-
pared to do that? For one he would never consent
| to it. And he was astonished to hear Mr. Gorrell
| talk of taking back this power when once given
What became of the protection to vested rights rs
guaranteed by charter, il this could be done.
MIR. Gorrell admitted the heavy debt left to the
present management in the construction Of the
| work shops. 1t was 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 wools-n the range Of the hawk and the wild
animal :-where land brought $40 an acre, which
| could before be purchased at So? How came that
extraordinary, unnecessary pile Of machine shops
| those brick houscs-that store house-that hotel
Who laid out all these? Bear in mind the State had
twOthrtls of the directors the individuals onc-third
Why did not the twothriS curb the recklessncss Of
the minority. Why did they not build in some town
east or 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 lie, mir.
g. could not tell which of the States directors had
Overrldden the other directorS-they report ourn
al, published no lists Of the ayes and But if
they had chosen, they could have ovcrridlcn them.
| The body having the power is responsible for the
management The road, if ii is not enn be managed
entirely by the State, and individuals have no
! voice at all. He contcnded the bill was right in
principle, and he proceeded to touch upon the Dam
vile connection as materially affecting the prosperity
of the work and concluded by declaring that il that
or no other means of relief could bc reached, the
La,
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.. GorIeil If the State not limit
ed in her representation to the amount Of third
her stock?
NJ. Gor,en Thought mr. Elney mistaken. Sub
sequcntly Mr. Elncy read from the charter to show
he not mistaken.
Mr.. Edncy continued, and remarked as to the cx-
travagance at the shops, that Judge Rufn had been
the States representative for years. but had really
taken no active part in the management; that in
truth he said the entire mismanagcment ut the
shops was chargeable the individual stockholders.
He, Cdr E. was in favor Of postpondins till Mon
day next.
calmest cOnsderatiOn-that was his object in offer
ing the original resolution He agreed with Mr..
GOrrc in thinking that his illusions to the Danvilc
connection were 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 Of the 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
twitted those gentlemen upon their change Of tone
at one time the State could better afford to lose
her two millions than they their one; at another
when demands were to be made, the State had q
greater interest in the work than they, and their in
difference was marvellous, and now they come again
with another 'front.' He, MR. S. did not admit that
the State could retract in two years If she did moi
like the change but admit she could was it not in
the power of the board of directors to do that ir
two years which never could bc undonc? Every ont
. knew the power of these boards of directors Re
ferrng to the shops he said the whole plans and cs
, Inmates had been made under the first management
E of the road.
, Mr. GorrelL And carried out under the STATE
t management
MIR. Steele denied the State directors were NOR,
responsible than the other directors. This was m
, secret these boards of management Almost every
body knew who voted this way or that. lie alludc'
to the outcry against $40 per for the land il
(. AlamanCe county, and thought that better thai
e paying $500 per acre in Greensboro. That outlay
:? said Mr.. Steele was about the smallest thing tn
. directors did He next proceeded to examine tn
), proposed change, and treated the question of own
J, ing stock as qualification for dictatorship Al
t mpellng power to act honestly. He repudiate
this idea and would soon believe that the fact
T., owning one hundred shares of stock was g,,arar
v tee for mans common sense. lie believed tn
States directors would act rs prudently rs an
r other persons But all knew the power of the pr
It sident of these corporations his opinion wa
E the controlling power of these boards Of directors
v and from this he deduced the conclusion that tn
fact of the State being the holder of controllin
power" was not the of failure in the manag,
| no that ho1 oIa
into, and he called upon the copmittce this wor
y to sft the management to report their labors an
: let the responsibility rest where it belongs.
st secuted the idea of the business of the holders
1t one million of stock controlling all the affairs at Ii
expense of the holders of three millions He rcgar