The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-12-23

and it was beyond the duty of the Legisla-
ture to interfere with the chartered rights of
that town.
Mr.. WEIGH opposed the amendment If
prouf were presented that the College is
quarter of mile from the city limits, and
| the bill applied to the distance of quarter
of mile around the college, he would not
| object.
Mr.. CLAYTON, of Pennsylvania, moved to
lay on the table t.si .s.lefn.fa
The motion failed-yeas II, nays so.
Mr. JUSTICE, of Rutherford, offered pro-
| viso that said amendment shall not interfere
with any of the chartered rights OF the town
of Hendersonville. aa1 -z 3sEE
/; The proviso was adopted, the amendment
agreed to and the bill passed its third
| reading.
Mr.. PRoFFrT introduced resolution in ia
vor of James Byrd, former the Sheriff of Yam
| cey., Referred. ~ dst4,. i.-s,.-5 ss.fs
| SPECIAL ORDER. m
| Senate bill No. 81 to reenact and confirm
certain acts of the General Assembly, au-
thoriziDg the issue Of State bonds to and
for certain railroad companies, was taken up.
Mr.. PoU raised the point of order that
this bill was included in the vote by which
all railroad bills making an appropriation
were postponed. s'Ri'a2 7f'i'
The CHAIR said the motion applied only
to bills then pending. THIS was since re-
ported. ..,. ..sl,-.6s.. !,
Mr.. LAFLN said the committee looked
upon this as matter of right or wrong,
that we as Legislature made certain ap-
preparations to the Williamson and Tarbo-
ro' Railroad Company and to the Chatham
Railroad Gentlemen took these bonds in
good faith They made contracts for the
building of the roads. pledging their private
property, surprising the bone's to be consti-
tutional. They confidently believed that
the Solons and the Lycurgu ses of this body
were the better judges of the Constitution.
He did not think any member of this body
would refuse to make right that which they
supposed they had made right at the last
session. 1t was supposed that these bonds
were made in good faith, and all that is ask
ed is to reaffirm them. aH' afa cEH
Mr.. DOWNING thought it was necessary
for the Legislature to maintain its own hon
or and integrity. He was informed that
| large amount of iron had been purchased,
and the funds topay for that iron raised
upon those bonds. If there is doubt as tn
the constitutionality of the bonds as they
were issued, we should put'thcse parties in
proper position, reissue the bonds legally,
and destroy or burn those that have been is
sued. He hoped the bill would pass unani-
mOusy. ,...s.r.. sF.-t
Mr.. BOWMAN hoped the bill would pass
without discussion. The bill only proposes
to levy a tax to meet the interest on appro-
| priatiions made at the last session. sos
r.. ID 4 10 .oko
nothing, but would refuse to recognize the
unauthorized acts of their predecessors. The
Legislature, as the agent of the State, was
not authorized to issue these bonds. He read
section 5, article of the Constitution, and
said in the bills of the last session no special
tax was laid, therefore the bonds are worth
less The Legislature, he said, could do
nothing to make the bonds legal except by a
vote of the people. He argued the words
"or in which the State has direct pecu-
mary interest" were put in to prevent future
Legislatures from making further appropria-
tions for building new roads. At the time
of the passage of this Constitution the State
had no pecuniary interest in this road.
Mr.. HAYES said if we don't make these
bonds good that we issued last August, the
credit of the State will be ruined. Gentle
men say they want to see the State prosper,
and that they would not do anything to hurt
the credit of this State in other States He
commended that if VIC do not make these
bonds good, the State credit will not be
worth as much in ten days from now as it
was on the first day of last January. He
thought.if it were not the intention of the
General Assembly to make good the. lays.
passed at the former session and the ordi-
nances of the Convention making the States
credit good, they ought to have said so
last August, when these same bills were under
consideration. FIVE are going to repudiate,
why not say so at once, and put the State
right before the people of the United States,
and let them know that North Carolina is
going to rcpudiate. Let them know that our
bonds are worth nothing, and that we do not
intend to pay the bonds. Hehoped the bills
would e, through at once.
! Mr.. MALONE thought the interests of the
State in the transaction that has occurred
heretofore, good faith and justice require
that We should reenact these bills. But the
/ fourth section, as he understood it, made it
a new bill. II makes the State take two
millions of bonds in the Chatham road
which was not done before .1 E 81, 81
Mr.. ESTES thought the bill defeated the
| idFoTltt pTt,JtCI vi tue gentleman from JOnn-
ston. We provide for the tax which is de-
handed by the Constitution, and therefore
defeat the favorite population plan of the
gentleman from Johnston. This road is
simply an extension of the Cualfell road,
which was in existence when the Constitu
tion was adopted, and the directors of
the road changed the name and called it
the Chatham road. Referring to the first
sentence of sec. 5 art. 5 of the Consti-
tuition, he said these bills were not for the
suppression of an invasion or instruction,
but they do provide means to assist an un-
finished railroad, and do levy tax to pay
the interest annually as provided for
in section FIVE At the last session it was
thought the issue of two millions of State
bonds would answer the same purpose as if
we levied tax and did it; but we find
that those bonds are not worth as much as
our other State bonds, and the gentlemen
to whom we loaned the money ask US to re-
enact law by which these bonds will have
the same value to them. We can only do
it by taking stock in this railroad, which is
preferred stock, better than any stock held
by any private stakeholder in the company.
Mr.. LAFLIN, in answer to the gentlemen
from Caldwell, said we passed law at the
last session exchanging our State bonds to
to the amount of $s,8aG, 900 for $4,000, 600
in bonds of the Chatham Railroad Company,
and as the whereas of this bill says, doubts
have arisen as to the constitutionality of
fl,ie NOT We nou v,rnnoca in rrrar ,,1a