Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-02-07


theS State Of North Carolina by ordinance of the Con
vention, ratified - day of = 1861 P1orided
, That the amount Of the Bonds issued by author
ity of the said Act of the General Assembly shal
not exceed in the aggregate two millions fiy
hundred thousand dollars, and the remainder au
= thorized to be issued, to wit One million fiv
hundred thousand dollars shall be delivered to th
President of this Convention, or to the Governor
or to the State Treasurer, and by him or then
cancelled and destroyed
Sec. 2. Be 1t further ordained, That this ordi
nance shall take effect from and after it's ratica
ton.
Mr.. Abbott moved the adoption of the
ordinance.
Mr.. Sweet was sorry that his convictions
Of duty to the State would compel him to
oppose the measure that had engaged the
warm and active support of his friend from
New Hanover. He proceeded at some
length to show the disadvantages under
which the State would labor by the passage
Of this measure. The liabilities Of the
State would be greatly increased, and an
effort to save the two million already inves-
ted would involve the State to as large an
amount if not larger. Though he yielded
to no man in his desire to advance the
prosperity of the State, and to develope
her slumbering resources, yet he was OBJ
posed to involving the State, in her pres
ent impoverished condition, to save an ex-
plring corporation, to her great detri-
ment.
Mr.. Abbott next spoke, defending the
course of the President in his financial
management of the Road and advocating
the adoption of the ordinance. During
the course of his remarks, he said that he
had it from high authority, that if the
bonds received the endorsement of the
State, they could be sold for ninety per
cent. This was no vision, no supposition,
but Il substantial fact.
Mr.. Sweet said that Mr.. Abbott had
drawn a wrong inference from his remarks
He had said nothing that could, in the re-
hottest degree, reflect upon the honest and
upright management of the President and
| Directors of that Road; and at some little
length he proceeded to reply to Mr.. Alb
! bolts arguments in favor of the measure.
Mr. Tourgee said that if the old State
debt is to be assumed conditionalIy, there
| is but one question before us, and that is,
shall the State let the two million of dol
lars which the State holds in the Whining
ton, Charlotte and Rutherford Railroad be
swallowed up i'll the first mortgage of four
millions of dollars, or whether an effort
shall be made to save it. He did not be-
lieVe that the new State we are now build
ing is in any manner holden for the debts
of the old one, further than the assets of
the old State have come into possession of
the new. He was confident that this view
would be supported by the majority of this
Convention. He would most unhesitating
ly oppose this measure. If, however, the
Convention intends to accept, uncondi-
tionally, the old State debt and pay the
same, dollar for dollar, he was clearly of
the opinion that sound policy demands the
adoption of this measure. And should it
be adopted, he was as clearly of opinion
| that, before SO doing, it should be amend
ed. He offered the following amendment:
" In section LIST, 5th line, insert after the word
State the words: Elected under the provi-
| siOns of this Constitution > and after the word
destroyed, in 18th line, lst section, insert the
following Pr0U5ded' J."ther That five hun
| dred thousand dollars, of the remaining two mil
hon five hundred thousand dollars Of Bonds be
deposited with the Treasurer of the State, col
lateral security of the State, for the aboye-namod
endorsement and if the sid Wilmington, Char
lotte Rutherford Railroad shall fail to pay either
interest or principal of said endorsed Bonds, so
that the State shall become liable for the same,
by reason of said endorsement, and shall pay the
same, then the State shall become the owner of
said five hundred Thousand dollars Of Bonds but
if the said Railroad Company shall pay both in
terest and principal of said endorsed Bonds, so
that the State shall not become liable for the
same, by reason of its endorsement, then said five
hundred thousand dollars OF Bonds shall 10 The
property Of the said Railroad Company
Mr.. Latin said that he was an internal
improvement man, and swould like to aid
them in every way that he could, provided
it created no addition to the public debt.
He favored Mr. Tourgee's amendment, and
offered an amendment to ii, as follows a.:
Add to LIST section Sc Or that said one million,
five hundred thousand dollars Of bonds shall be
cancelled and destroyed by the Trustees Of said
first mortgage, and certificate shall be printed
upon the remaining bonds, certifying that two
million five hundred thousand dollars of bonds
and all that are issued are authorized to be is
sued, under the deed of trust or mortgage, are
lplI tn
million five hundred thousand dollars of bonds
have been cancelled and destroyed, and that said
certificate shall be signed by each of the Trus-
tees"
Mr.. Abbott accepted both the amend
ments, making an addition after the 10Th
line of section 1st, if Mr.. Tourgee would
withdraw his amendment to the 9TH line of
section LIST.
Mr.. Tourgee agreed to withdraw it.
Mr.. Heaton opposed the measure. He
said that if we pass this ordinance we are
not in honor bound to take in considera-
ton the many vast schemes of the same
kind, involving more than $4,000, 900? We
would be neglecting the grave matters that
call us here. 1t was matter of special
legislation that did not properly belong to
Constitutional Convention. Mr.. Heaton
closed by moving to postpone until the diff
ferent standing committees could make
their reports.
Mr.. Abbott again urged the passage of
the ordinance and gave notice that, If Mr..
Heaton's motion to postpone was voted
down, he would call the previous ques
ton.
Mr.. Hcaton again stated his objections
to the measure.
After good deal of debate Mr.. Heaton
withdrew his motion to postpone, in order
to arrive at direct vote.
The ordinance, as amended, was then
put on its passage.
Mr.. Abbott called for the yeas and nays.
The call being sustained, the Secretary pro-
ceeded to call the roll, and the ballot re-
suited yeas 80; nays 49. So the ordinance,
as amended, passed.
Mr. Durham moved to reconsider the
vote.
Mr.. Abbott moved to lay the motion on
! the table.
Tending which question, Mr.. Forkner
moved to adjourn, and it was carried.
Death of a Millionaire.
The death of Mr.. Crawshay, the wealth.
lest iron manufacturer in England, was an
] nOunced several months 400 IT WAS then