New-York tribune., 1869-03-18


carried In Wallst. at a very high rate.
Augustus schell. Secretary Of the Hudson River Rail
6 S to dS the SessS & M said
that the fund realized from the issues OF stock had been
used for the purposes OF the road exclusively
In connection with these reports, the Committee
presented three bills. One Of them is recommended
by Mr.. Campbell and Mr.. Morgan. and is published
in the proceedings Of the Legislature.
Mr., Genet and Mr.. Graham also presented the fol-
lowing BILL
SECTION Subdivision 10 Of Section % Of the act en
tied an act to authorize the formation Of railroad cor
sSO is hereby amended so as to read as follows From
time to time to borrow such sums OF money as may DC
operating their railroad and to issue and dispose OF their
bOuds for any amount so borrowed, and to mortgage
the payment Of any debt contracted by the
company for the purposes aforesaid ana the
any bond issued for money borrowed aforesaid the
right to cast for every 800 secured by such Don one
convert the principal due owing therein into stock OF
said Company at any time after the expiration OF one
the date and issue OF the bonds under such regulations
the Directors may fit to adopt. The privilege Of
yerted, shal be stated in the bond
SEC g. Section nine OF the said act Is hereby amended
company whether Incorporated under this any other
act shall have power to issue any certificates or indeDt
ednes Of profits stock bonds or other evidence OF
debt as bonus their stockholders Nor to pay any
interest or dividends upon any such certcates STOCK
the consent Of the Legislature first had and obtained
thereto
The third bill was recommended by Mr.. Parker,
and is as follows:
The section provides for the amendment OF Sub 10
OF Sec 2s Of the Railroad law passed April $780, so as to
read:
SEC o. Sub TO- From time TO time to borrow such sums
OF money may be necessary for completing furnishing
aud operating their railroad and to issue and dispose OF
their bonds for any amount and TO mortgage
their corporate property and franchises TO secure the
payment OF any debt contracted by the Company
on any holder of any bond issued for money
borrowed aforesaid the right to convert the principal
time exceeding ten years from the date Of the bond
The privilege OF conversion and the time sha De stae1
authorize permit the Issuing OF any bonds convertible
into stock OF the Company beyond an amount which, to-
gether with the capital stock actually issued shall equal
the amount Of stock authorized by s charter unless sucn
issue shall be sanctioned by vote Of the stockholders at
public meeting called for that purpose.
SEC Whenever any railroad corporation formed I OF
in addition the heretofore issued Except upon
convertible bonds or shall issue any bonds convertible,
the OF such bonds with conditions OF the same,
to the State Engineer and Surveyor which report must
be verified under oath by the President or Secretary OF
stockholders directors agensof every railroad
company arc prohibited authorizing the Issuing OF
any stock scrip, representing purpOrtng 20 repre-
sent any interest property Of said company with
stock of such Company for speculative purposes Any
violation of this section is declared felony punishable
by fine not to exceed 100000, or by imprisonment IN
the Prison not to exceed one year, or by both
Mr. ParkeTs bill is the one most likely to meet
with favor and it will not be seriously opposed from
present appearances. by the railroads.
The debate ON the bill aboshing the contract sys-
TEN on the canals was brought to q close this morn
ing and Senator Stanford's bill ordered to third
reading. Senator Morgan endeavored to have the
Assembly bill substituted for that of the Senate but
he only got five Senators to go with him, namely,
Genet. Graham, Kennedy, and MattoOn. The Senate
will pass this bi the Assembly will stick to its own,
aud the chances are that no Conference Committee
will agree upon common bill.
The entire morning session of the Assembly was
consumed to-day by the discussion of the Suf-
frage amendment to the United States Constitu-
ton Speeches were made on the Republican side
by Messrs Hustled of Westchester, Campbell of
Otsego, Gleason of St. Lawrence and Davis of Orange,
and on the Democratic side by Hichman of NewYork,
Kimball of Albany Mosely of Kings, and Patrick of
Chemung The Assembly Chamber was crowded
during the whole discussion. which was unquestion-
ably the ables that has been heard in the Legislature
for two years. While none of the members could
say anything entirely new on the subject, most of
the speeches indicated that their authors had given
much thought to their theme, and were determined
TO do their level best" No bitterness was dis
played on either side nor was there any attempt at
interruption.
The merits of the amendment were further ably
debated this evening by Messrs. Jacobs of Kings and
Nachtmann of New-YOrk on the part of the Democ-
racy, and by Messrs. Labau and Selkreg who called
the previous question: on the part of the Republi-
cans. vote was then taken on Mr.. Jacobss substl-
tute, which provided that the Amendment be
submitted to the people at the polls and it was lost
by party yOte-Yeas. Al; Nays 72. Then the vote
was taken on the resolution approving the amend
ment, and it was carried by party vote-Yeas, AZ
Nays, A. as follows
s, ss1q De.r cb Geo cl,rk consaI Conse Cook
W. NawP1sl OarTeass" nl,'et DooI,tts R XIV w W
GT Fafsy. Ferns Giaori Gleason, Glenn, Goad, H.cte,,
Ksai KHa% LaB.u, Lashsr Msis Palmer C. Pssr.4 Perry
SsiErrg b. SAITH y B. smith Speaker p stewart q stuart
snmas, Thornton, Truman. Tu's Walker Weed "n'AA''"
B gqa.'r;S Isgs sss 9,Sa IL Galsi ciTR
Gra HGPn R@,,rsst hs'a"' Ki5%aR H2,oo, 2sso
.s Es@1ss ' Ysf ' T.r,,ss @i;'l u4 &s;
Potter SIesiS T. SniA Sspsrs S0er, TSAe T'dsH
IOrer. WhaLsH. and WaffermaH--47.
During tho roll-call Mr.. Keegan asked to be ex-
cused from voting for the purpose of making i've
minutes senseless speech, which so disguised the
House that they would not let him withdraw, and he
was forced TO sit still and see all his colleagues record
their names without his having like privilege
some of his party friends tried to force
tho House to let him VOTE and there was an incna-
ton TO allow the demand until Mr. Hitchman rather
excitedly insisted that Keegan had right to vote,
which angered the Republicans aud the roll was
without Mr.. Keegan's name on it.
Mr. Tweed has introduced bill which provides
for the amendment of the law passed April 2 1868,
by changing See. 3 to read as follows
No stockholder director. officer either the New
be- director officer OF the Eric Rallroad and no
or officer Of the astnamed company shall
nfne of Of