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

courts of pleas and quarter sessions of Cumber-
the oud Dupiin counties passed and WAS ordered to
10 enrolled ~
Tho hill concerning the deeds Of teme cooerts was
rejected, ,,.;r. n tho tar An b;n;..a ..h,.s =.
lus sor resorts was referred to the committee ON
bn ar Edney offered resolution for joint select
vi, ,,tee to ascertain and report on the condition
eep aha furniture in the executive mansion. Agreed
TO- RAILROAD MANAGEMENT.
~, hill, TO amend the charter of the Atlantic and
,.iLh.Carolina, and Western North Carolina rail-
NL' ca As to give to the individual stockholders
" sr;v on the boards of directors, being the first
n% s;,l order for to-day, was now taken up.
S,Wr Lane proposed it be informally passed over,
many senator's were absent
Mr.. Thomas suggested dennlte postponement-
s Mr. Houston moved to amend by naming Monday
MR. Mr.: Humphrey moved the bill be indefinitely
Tr Douthitt thought that in, justice to the friends
.f,be hill not present, the bill ought to be passed
'r.r FIR the present He was Of opinion something
y so,a be done for the roads embraced within the
srrSions of the BILL as they were now paying
hsbOucd Mr. Humphrey would withdraw his amend
neht.
had led to this bill without considering the subject
!, the light in which the bill now presented it. AZ
-, ,ne dcberaton he was forced to oppose the bill
Senator's who felt an interest in this matter, know
mo the hill had been made the special order for to-
DIV ought to have been present
Vr humphrey concurred with Mr.. Steele. He
insisted on his motion. ~
Mr. Go.rell remarked upon the importance of the
iii and on the heavy interest of the State in the
three roads, amounting to nine millions of dollars.
H. was in favor of postponement on account of
h, absence of Senators, though his own mind was
made up on the question, having had ample oppor-
tunie> of investigating the matter and seeing how
,o nroroscd plan had worked in other States, He
n-aretd then to address himself to the provisions
!; the bill, and instanced the case of a South
Carolina road which had languished while the State
VAS stakeholder, but which as soon as she sold
OIL, and the management of the works went into
the hands of individuals began to flourish, and was
now paving eight per cent to the stockholders be-
>ies having reserved fund for contingencies.
w. Steele. Was that road built with heavy or
strap iron:
flat Was all removed, he thought, and the road
vas real with heavy 7 iron, and this he consider
eel another argument in favor of individual man.
a.ssnent Mr. q. proceeded to argue that no effi-
clint management could be secured till it was COM
bnel with individual interest and instanced the
eaSe of the Wilmington Road to show the advanta-
q of individual management 1t was true the
State had interest in that work, but the individ-
Gal stockholders chose the President, and had ma
e +l,,I loc. LII. Al. :!
usn the provision of the law requiring State direc-
tn to own five shares, which, he said could be
lu.t!ased in the North Carolina Road for 800 and
| IT,. Tor stock in that road had recently been pur-
tiased at 81 per share. He considered that direc-
t.> general interest citizen, in his share of
three million dollars not sufficient to insure that
ese attention b business requisite, nor was the
natter much improved by his additional interest in
the 500 of stock owned by him individually. Mr..
pursued this matter at length, and contrasted the
system of bank management in the State as con-
dEted by individuals He instanced the case fthe
State of Alabama undertaking to manage the bank
IN business and showed that it had resulted in a
corrupt political machine, and had eventually entail
ella debt of eleven millions of dollars on the people
Mr. GOrrell next drew attention to the otter 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 to
give sufficient bond to return the works in as good
condition as received and pay that handsome sum
for their use for five years.
Mr. Ramsay said he had been mistaken in stating
the sum proposed at $1S5.000. 1t was less than
that. but the offer would be made.
Mr.. Gorre continued and in conclusion paid a
high tribute to the management of the North Caro-
haa road, so far as the running of the trains was
encerred He thought the bill would do no harm
As the State still retained the control in the meetings
ii the stockholders and, if the change should re
suit in benefit to the individual stockholders thu
Sate would be benefited in the same proportion.
Mr. Thomas understood the object of the bill tt
be allow full investigation into the entire sub
jet but as it was the intention to force vote, he
desired to state that in voting against the motor
70 Indefinitely postpone he did not pledge himself
osupport the bill. He then proceeded to discus.
te4uestion generally. The South Carolina Road!
mad banking privileges connected with them, ant
1aS bank stock was conveyed with the railrOat
Stock And this was eminently proper as banking
regulated commerce, upon which the prosperity o
me other interest rested But North Carolin
thought proper to adopt another policy, and give t.
uNnct CORPORATIONS banking privileges. But thi
PARTICULAR South Carolina road never paid till open
eito the commerce of the Mississippi valley. Tn
cent per cent, he commended was not the result o
a's particular kind of management; but it was tn
result Of the trade flowing from the west, and Of tn
he1 that the stockholders held bank stock whicl
Iey could transfer with the railroad stock So
NO been the case in Georgia North Carolina ha
Sne more for her railroads than any other State o.
u ue Atlantic, and she now required connection
s the steamboat navigation of the Mississippi an
s se sea-going steamers Of the Atlantic All thes
lungs should be looked into. The State had sun
ussA' millions Of dollars in these works, and tn
fAst'on was, What shall be done for this interest
IT, was no wonder to him that our roads did not pay
Int s great trunk line began at the sea, it was tru
u Where did it end Pin the village of Ashevill
s sHa Its 300 Inhabitants! What prospect, tina
i I Investment by capitalists! The same results ha
S SIa seen in Massachusetts,, New York and Penn
r.S When those roads tapped outlets the
hd and not till then. ..,-o5
n. MI Betsoe, after patiently listening and aft
t ue reflection, was forced to the conclusion tn
N.Y. oe)ect Of the bill was to reflect on the manag
i'l t Of the North Carolina railroad because the
n ra hied to pay dividends. The whole of this fai
G vi not attributed to the directors appointed
ths Scte He asked if the road was not wholly
e hants Of the individual stockholders for wears