The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1861-07-23
SS,644 SO
ADvERrIsEMESr.
To the Citizens Of Charlotte /:
CHARLOTTE, July ls, ls6,


At a meeting of the Board of Commissioners of the
Town Of Charlotte held the 18th of July, 1861 the
following reasons influencing their course in regard
the payment of coupons Bonds issued to the Allan
tic, Tennessee and Ohio Railroad Company, or
dered TO be published
Whereas certain designing persons have been indus
triously circulating report through the town, the
effect that the Board of Commissioners have committed
act Of reputation by refusing pay the July
pons upon the Bonds issued by the Board
instament upon the Town subscrip the A., I.
Ohio r. r. Co.. the Commissioners have thought il due
citizens that they should be furnished with the fol-
lowing reasons which induced their action upon this
matter, in order that they may Judge for themselves
whether the present Board has been remiss in
guarding the honor and interest of the town there
FORE be it resolved by the Board of Commissioners that
the following reasons which influenced action in
the premises be submitted to the just and impartial
consideration of our citizens:
In casting votes upon this important question,
we did under full conviction of the duties resting
upon the representatives of the town. The
sons influencing determination to against the
proposition pay the July coupons upon the $40 900
of bonds issued by the Town of Charlotte part pay
ment of conditional subscription to the A, r. & ..
Railroad company, are as follows:
1t is manifest the mind ofevery who has given
this matter casual observation, that the condi-
ton upon which this subscription made has not
been complied with the of the Railroad Com
pany, viz that of independent guage;" and it is
evident after laying down some ls 20 miles Of the
track that it is intended to be complied with 1t
is urged however by the friends of the Road that
agreement entered into the 18th day of March,
1850, between the Commissioners and certain gentle
representing the interest of the Road by which the
condition of subscription in reference the guage
to be erased upon the Directors of the Road releasing
the Town of 900 of its subscription In reply to
this allegation it is desirable know by what author-
the Commissioners entered into such agreement
after the citizens of the Town had previously voted
subscription of 100000 for this purpose 1t would
seem that in matter of SO much Importance the citi
ought again to have been consulted at the ballot
box, for if the Commissioners had the right without
such reference to reduce this conditional subscription AL
ready accepted by tie Railroad Company $40 OOO vice
they had the right to increase it the amount
and pari dssu, to make any subscription they thought
proper. 1t is difficult to believe that it inten-
ded to invest the Commissioners with such extraordi
nary powers.
But let Us see what kind of an agreement this was
and whether it has been carried out by either both
of the parties The Town by the records of March H.
1860, seem bound to the condition ofhe snbscrp
ton made November 18Th 1859, when the Railroad
company shall release her Of $50, 900 of subscription
1t upon this understanding that the 100000 Of
bonds in tho hands Of the Railroad company, and
the coupons which repaired to be paid WAS
issued Has this understanding been complied with
The condition of an independent guage according TO
the best information has not been erased, neither has
the subscription of 100000 been altered $40 000
the companys books; therefore the Town is still bound
by its subscription of $50 o0o if bound at all On the
other hand, far this Board of Commissioners is
informed, there has been action either by the board
of Directors by the stockholders of the Road recog
nizing such agreement-nor record whatever commit
ting binding the company to such arrangement.
of contract without corresponding obligation and
discharge of obligation by the party contracted with
In other words contract exist without parties
and without mutual obligations sufficient or legal
considerations? 1t would seem not. In that case,
then there be no breach of faith in refusing pay
the coupons since the bonds GU gh have been
issued. AS to the argument urged that condition
of indepsndent guage" printed upon the tickets
by the citizens in voting for the subscription the
Road is completely eStopped from any advantage to be
derived by such preext since the company accepted
he subS tonu hat nd
Town authorities knowing this to be the wish of the
citizens eoad not be induced to make the subscription
upon other terms.
Again The condition of the Amended Charter has |
not been complied with according to the construc- |
ton placed upon that charter by the Commissioners at
a meeting held for the purpose of appointing a proxy
represent the stock of the Town in the last meeting
of the stockholders of the Road At this meeting the
proxy instructed to cast the vote of the Town for
the amended charter upon the condition of the
milton by the stockholders of their construction Of that
portion of it referring to independent guage This
refused by the stockholders the
Town had vote in that meeting. 1t would therefore
be ignoring the position taken by this Board to do any
act tending to the recognition of contract the cond-
ton of which has not been complied with by the party
to the contract, the provisions of its charter
spected.
Without entering any legal investigation of the
powers exercised by this company the discharge Of
its functions nevertheless inclined to doubt the
existence of any charter for its works By the provis
ions of the 4h and eth sections of the Tennessee char
ter reenactcd by the North Carolina Legislature it is
provided that in order the charter the OF
$780, 900 mist be subscribed and the books closed BY
the first day of January 1855, and duplicate declara
that effect together with the of the sub
scribers ha be signed and sealed by the Central Com
mission a majority of them, and forwarded to the
Secretaries of each of the States OfTennesee Kentucky
Virginia and North Carolina be by them filed in their
Offices and thenceforth and from the day Of
closing the books of subscriptions the said subscribers
the stock shall form body polite and corporate
deed and in law in all the States aforesaid, by the
name and for the purpose aforesaid Now, has this /
been done? We informed that such duplicate
declaration has been filed in the Office Of the Sc
of this State If this be then it is reasonable
suppose that the condition of the Tennessee charter
never complied with, and consequently no such !
charter has any existence at this time. Therefore
without charter, this company have no organiza
lion, and, of course right to receive subscriptions
10 stock 1t is important to the interests of this Town
that this Board of Commissioners should have official
information, through the proper channel, to what
kind of charter the Al T. & o. Railroad company is
working under.
Without going any further, desire that this whole
matter shall receive proper investigation before the
Supreme Court of the State
r. F. DAVIDSON, Mayor.
T. ". DEWEY, Town Clerk.