Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-02-05

WIN gradually completing them, and 10 give the
1pihojders and the State an opPrtanity Of getting
so' If the difficulty. The question was whether
Out o.. State should invest the $s6OO0 now urgently
"eeded and assist the company, or throw sway her
m .e.est Of $6OO,000 He believed the work practi-
ME- s1s and valuable in every point Of view.
ea %r Worth preferred the bill rejected yesterday
now cave his support to the substitutes Of Mr.
%u ar He was for maintaining the honor and
;ntsrest of the State at all risks.
NJ Edney offered another substitute with . view
nrotect the interests of private stockholders q
Sel as those Of the State He saw no necessity for
s.Ie If the works. He proposed to issue bonds to
s the outstanding debts, and to draw upon the
surer for sufficient means to carry on the works
IN the meeting of the next Legislature to an
.naont not exceeding 800, OO0-the States interest
a. the work to be increased in proportion to the
.nonnt thus expended, and the interest of individ-
a ,aS in proportion as they should contribute work
~ material during the same period a:-
Wr. Lane supported Mr.. Pitchfords substitute
IN had not voted for cent of appropriation during
.'o session: but this work had to be attended to or
.hs State would suffer to the extent of 5000 OOO
H. was prepared for the decision Of his people and
nosterity as to whether he was right or wrong. He
rn,ured to say that in less than ten years the work
would nav dividend of 25 per cent
Mr. Pitchford followed In conclusion he said
+b,. in the event of the State owning and managing
tho works at their completion the private stOckhol-
asrs might be admitted some just and equitable
terms
Mr.. Gorrell believed in the Improvement The
State could go and lift the liens by the payment
If the debts Then she could lift the mortgage and
,llw the company to open books for the subscription
aa certain amount of stock she subscribing in pro-
nort;on to the sum received from individuals and to
scare herself by subsequent lien. In the mean
TING some appropriation could be made to protect
the work now done. He submitted a series of res
buttons cmbodyins these views and proposed to in
str,,ct the committee to prepare bill in accordance
with them.
Mr.. Speight had voted afirmatively on every one
neutrality-suspicious. submitted, as he considered this
most important State work. After remarks on the
character of the Improvement he said the present
plan did not exactly suit him. but he would 60 for
the most effective. The company could relieve it.
self Of the mortgage Of the State by executing bond
to indemnify the State and paying the debt amount
ins to some sl25, If the company could not
do this she could make a proposition to the State
was liable for the debts of the company over and
above the amount of her interest in the corporation
Mr. Pool agreed in the main with Messrs Speight
and Gorrell.
NJ. Walkup rather favored the scheme of Mr.
Gorrell.
Mr. Carmichael said the States interest had to be
protected in some way. 1t was better to consider
now rise report progress and ask to sit again at
Pm. Concurrcd in.
The Speaker now resumed the chair and the bust
ness of the session proceeded
Mr.: Mcdowell reported as instructed from the
committee of the whole.
REVENUE BILL.
The revenue bill was reported.
On motion, the bill was ordered to be printed,
and was made the special order for Monday next,
anil from day to day fill diSnO,ed Of
At o'clock the Senate took recess
AFTERNOON SESSION.
The Senate met at 8 o'clock, and resolved itseli
into committee of the whole, Mr.. Mcdowell in the
chair.
Mr. Ramsay submitted his substitute for the bill.
It provides for a contingency of the sale of the
works, by empowering the Governor and four com.
mssioners to bid sum sufficient to indemnify the
State against loss-the works then to be gradually
sustained and completed under limitation Of 800,
00 per annum for two years-excess of profits over
6per cent. to be divided among the individual stock
holders-and providing by future legislation for a
surrender of the works to the company, &c.
Mr.. Miller was an internal improvement man. but
now could he be expected to support this any
other work after the vote taken by the House on q
measure to do but simple justice to his section o.
the State?
Mr. Pitchford said the Senate was not responsible
for the action of the House.
Mr.. Pool entered into heightened statement o.
the course of the committee the subject, and re
cited the various considerations which led to theil
adoption of the rejected substitute. He then no
tced the various plans proposed and their results
adopted He appealed to the Senate to consider thu
matter carefully, and above all not to allow tn,
States interest in the work be lost
Mr. Gorrell offered an addition to his resolution!
providing that the proposed 100000 Of new stocl
should be preferred stock at six per cent He de
sired the work to be completed by the State ant
individuals.
Mr. Edney considered Mr. Gorrelrs plan imprac
tricable
Mr. Ramsay said that if they could not do wha
they would, they should do what they could
Mr. Clark followed, and urged compromise o
opinion After other remarks he offered Al
amendment the amended bill rejected yesterday.
An amendment of Mr.. Pitchford was rejected
Also one by Mr.. Edney. it,
Mr. Pitchfords bill was then rejected.
Also Mr.. Ramsays.
The substitute of Mr. Clark was then adopted
Mr. Humphrey then at about O'Clock, movet
the committee dorse report progress, and present tn
bill to the Senate for its consultation. Adopted.
The Speaker thereupon resumed the chair. Tn
bill was then reported by Mr. Mcdowell and place
upon the file
Mr.. Gorrell moved to reconsider the vote by whic
the bill on the Cape Fear improvement was killed yes
ter day. He did so, he said to provide against an
difficulty arising out of the question of order. TIL
motion prevailed.
On motion of Mr.. Speight the Senate adjourne
till 10 o'clock tomorrow. ST.. T.
HOUSE OF COMMONS.
The House met at the usual hour.
WESTERN n. c. RAILROAD COMPANY.
Mr.. Outlaw presented report from the commit
teeappointed toinvestgate theaffars ofthe company
On motion of Mr.. Badham, it was sent to tn
Senate, with proposition to print.
RESOLUTIONS.
Mr.. Outlaw introduced the following resolution!
which being read, the rules were suspended IN
they passed their second and third readings:
l. Resolced, That it shall be the duty of tn
Public Treasurer to submit to the next session
the General Assembly estimates Of the appropri.
tons, which are necessary to meet the demand
upon the public treasury for the two fiscal yea,
thence next ensuing, stating in detail the sever
items, the amounts required, and under what law {