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


be enrolled
BILLS on THEIR SECOND READING.
The bill concerning the deeds OF teme coUerts was
rejected.
The bill relative to the tax on billiard tables at
summer resorts was referred to the committee on
finance.
Mr. Edney offered resolution for joint select
committee to ascertain and report the condition |
of the furniture in the executive mansion. Agreed
RAILROAD MANAGEMENT.
The bill to amend the charter of the Atlantic and
North Carolina, and Western North-Carolina rail-
roads, so as to give to the individual stockholders
majority on the boards of directors, being the first
special order for to-day was now taken up.
Mr.. Lane proposed it be informally passed over,
as many senators were absent
Mr. Thomas suggested definite postponement-
say Wednesday next
Mr.. Houston moved to amend by naming Monday
Mr.. Humphrey moved the bill be indefinitely
postponed.
Mr. Douthitt thought that in justice to the friends
of the bill not present, the bill ought to be passed
over for the present He was of opinion something
should be done for the roads embraced within the
provisions of the BILL as they now paying
nothing The bill very important one, and
he hoped Mr.. Humphrey would withdraw his amend
mcnt
Mr.. Steele had introduced the resolution which
had led TO this bill without considering the subject
in the light in which the bill now presented it. Af
ter due deberation he was forced to oppose the bill
Senators who felt an interest in this matter, know
ing the bill had been made the special order for to-
day, ought to have been present
Mr. Humphrey concurred with Mr.. Steele. He
insisted on his motion.
Mr. Gorrell remarked upon the importance of the
bill and on the heavy interest of the State in the
three roads, amounting to nine millions OF dollars.
He was in favor of a postponcment on account OF
the absence of Senators, though his mind was
made up on the question, having had ample oppor-
tuntieS of investigating the matter and seeing how
the proposed plan had worked in other States. lie
proceeded then to address himself to the provisions
of the bill, and instanced the case of South
Carolina road which had languiShed while the State
was stakeholder, but which soon as she sold
out and the management of the works went into
the hands of individuals began to flourish and was
paying eight per cent. to the stockholders be-
sides having reserved fund for contingencies.
Mr.. Steele. Was that road built with heavy or
strap iron:
Mr.. Gorrell. 1prcsume it was strap iron. But
that was now all removed he thought, and the road
was relaid with heavy iron, and this he consider
cred another argument in favor of individual man
agement Mr. G.. proceeded to argue that no eff
cicnt management could be secured till it COM
bined with individual interest; and inStanced the
case of the Wilmington Road to show the adyanta-
ges of individual management. 1t was true the
State had interest in that work, but the indvid
ual stockholders chose the President, and had ma
orty of the board of directors. He then remarked
upon the provision of the law requiring State direc
tors to own five shares, which, he said could be
purchased in the North Carolina Road for 500 and
less for stock in that road had recently been pur-
chased at 81 per share He considered that direc-
tors general interest citizen, in his share of
three million dollars was not sufficient to insure that
close attention to business requisite, nor the
matter much improved by his additional interest in
the 800 of stock owned by him individually. Mr..
G. pursued this matter at length and contrased the
system of bank management in the State, con-
Quoted by individuals He instanccd the case ofthe
State of Alabama undertaking to manage the bank
ing business, and showed that it had resulted in a
corrupt political machine and had eventually entail
ed debt of eleven millions of dollars the people.
Mr.. Gorre next drew attention to the offer which
he understood was to be made to farm the North
Carolina Road. The offer of $1S5, 900 per year for
use of the works was significant of the confidence OF
business men in the road. They were prepared tc
give sufficient bond to return the works in good
condition as received, and pay that handsome sum
for their for five years.
Mr. Ramsay said he had been mistaken in stating
the sum proposed at $1S5G00 1t was less than
that, but the offer would be made.
Mr. Gorrell continued, and in conclusion paid a
high tribute to the management of the North Caro-
lima road so far as the running of the trains was
concerned He thought the bill would do no harm
as the State still retained the control in the meetings
of the stockholders and if the change should re
suit in benefit to the individual stockholders the
State would be benefited in the proportion.
Mr.. Thomas understood the object of the bill to
be to allow full investigation into the entire sub
jcct; but it the intention to force vote he
desired to state that in voting against the motion
to indefinitely postpone, he did not pledge himself
to support the bill. He then proceeded to discus.
the question generally. The South Carolina Road
had banking privileges connected with them, ant
this bank stock was conveyed with the railroa.
stock. And this was cmincntly proper as banking
regulated commerce, upon which the prosperity o
the other interest rested. But North Carolin
thought proper TO adopt another policy, and give t.
distinct corporations banking privileges But Thu
particular South Carolina road never paid till open
ed to the commerce of the Mississippi valley. TIT
eight per cent, he contendcd, not the result o
any particular kind of management; but it was thu
result of the trade flowing from the west and of tn
fact that the stockholders held bank stock which
they could transfer with the railroad stock. So
had been the case in Georgia. North Carolina hat
done for her railroads than any other State
the Atlantic, and she now required a connection
with the steamboat navigation of the Mississippi ant
the sea-going steamers of the Atlantic All thes
things should be looked into. The State had SUM
eight millions of dollars in these works and tn
question was What shall be done for this interest
1t was no wonder to him that our roads did not pay
The great trunk line began at the sea, it true
but where did it end Pin the village of Asheville
with its 1900 inhabitants! What prospect, that
for investment by capitalists! The same results hat
been seen in Massachusetts,, New York and Penn
sylvania. When those roads tapped outlets the,
paid, and not till then.
Mr. Bledsoe, after patiently listening and afte
mature reflection was forced to the conclusion tina
the object of the bill was to reflect on the manage
ment of the North-Carona railroad because the,
had failed to pay dividends The whole of this fail
ure was not attributed to the directors appointed b.
the State. He asked if the road was not wholly il
the hands of the individual stockholders for years
and yet the receipts of the road have now to pa,
debts contracted by the individual stockholders :
This failure to pay dividends surely could not res
on the present management. After pursuing this a