The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1869-02-10

sent, had his vote recorded in the affirma-I
tive on the passage Of the revenue bill on its
second reading yesterday !,
Leaves of absence was granted to Messrs.
Hodgin, Kinney, Williams of Harnett, and
Raotifl<1. ,isssfsa1 7ist
Mr.. Ingram presented the memorial Of the
trustees Of sthe Baptist Church at Raleigh. 3
Mr.. FRENCH presented a petition from
[ the Cape Fear Agricultural Society.
Mr.. MoRRnL, from the committee on PR
yate bills, reported favorably resolution IN
favor of j. r. Smith, late tax collector OF
Wayne county and
Resolution in favor of j. @. Byers, sheriff
Of Cleveland county. Passed third reading.
BILLS AND RESOLUTIONS.
nv Mr. WALDRoP: Resolution authorizing
5the commissioners of Polk county to levy a
special tax. Referred.
By Mr.. HARRIS, of Wake: Resolution re-
ouesting the code commissioners to examine
the ordinances of the Convention of 1868.
! Referred. s
By MIR. Pou: Resolution providing that
after the 9Th of February the President of
the Senate and Speaker of the House shall
receive Sc per day, and members and officers
81 per day.
BY Mr.. VEST: Bill to punish persons for
violating town laws Referred e'
By Mr.. PoU. Bill IN relation to salaries
and fees. Made special order for Thursday
next.
BY Mr.. FRENCH: Bill to incorporate the
Cape Fear Agricultural Association, and to
aid the same; and bill to authorize the ex-
change of certain bonds issued for internal
improvement purposes for new bonds. Re
ferred to the committee on Finance
By Mr. JUSTICE. of Rutherford: Resolu-
ton to authorize the printing of the House
calendar Laid over.
On motion of Mr. HARRIS, of Wake, the
rules were suspended for the consideration of
the bill to grant town lot in the city of
Raleigh to trustees to be used for the edu-
cation of children lit grants to j. 81. Har-
ris, Alexis Long, Ben. Rhodes, Oliver Roane
and Moses Patterson, as trustees, lot of
land at the corner of Dawson and Lane
streets, in the north western portion of the
city of Raleigh.
Mr.. HARRIS, of Wake, explained that
building had been erected upon the ground,
for school purposes by the Freedmens Blu
reau; and it was necessary to have this lot
granted to trustees to whom the building
would be transferred.
Bill passed its several readings.
On motion of Mr. RAeLAND, bill provid-
ing that judgments on debts contracted pri-
or to May, 1865, be stayed to the lst of June
1869, was taken up. e
Mr. RAeLAND said the people of his
county would be relieved of great suffering
by this bill, if passed. The men of wealth
| had in many cases gone into bankruptcy and
| this would relieve the poor men from paying
| one-tenth of their Indebtedness until the first
| of June next -
Mr.. STILLEY opposed the bill and it was
indefinitely postponed.
On motion of Mr.. WHITE, bill in relation
| to the election of municipal officers in the
town of Hartford, Perauimans county, pass,
ed its several readings
On motion of Mr.. ESTES resolution au-'
thorzing the Board of Education to sell the
| stock now owned by the Public School Fund
! in the Wilmington aud Manchester and the
Wilmington and Weldon Railroads, was
taken up.
Mr. ESTES said this money was a portion
/ ofthat received from the United States gov
i eminent in 1887, which was invested for the
1 Literary Fund-$400,0 600 in the Wilmington
| and Weldon Road, and 100000 in the Will
mington and Manchester Road. The condi-
ton of these roads is such that no dividends
| can accrue on the stock for at least the next
| eight or ten years. The debt of the Wiz
mington and Weldon Railroad is S2,5O0,00O;
| the original cost of the road was $1452, 900.
The receipts from the road are $560,000
year, other expenses 100000, leaving
S24000O to provide for the wear and tear of
machinery and the sinking fund to pay the
debt, at which rate the debt could not be
| paid in ten years. Nt
Northern capitalists have invested up
wards of g, 900, coo in these roads, but now
come forward and say they will not invest
/ any more unless they can have complete
| control They offer $35 ashare for the stock
of the Wilmington and Weldon Road, which
i is more than its actual value. The Presi-
dent says the present price of the stock is
fictitious one, and that the real value is not
$35 a share. They are perfectly willing to
have the Board advertise it, and are willing
to pay the highest figure that can be obtain
ed for it. They propose to buy enough
| stock to control the road, and then put at
least half a million more into the road and
to put down new rails, and put on new ma
cllinery so as to compete with the lines run
| ming through Tennessee, and through the
! West from the North to the South.
! He was told by the President and knew
from observation, that we could have no
! dividend from that road for the next eight
OF ten years therefore he thought..it better
for the interest of the State to take the
market price of the stock and invest it in
United States bonds or its equivalent, and
that the interest upon that $l40,0 would
amount to 100000 sooner than we could
get any dividend from the stock. The Gov
ernor and the Board of Education recon-
mend that course they claim authority to
make the contract without the sanction of
the Legislature, but they ask the passage of
the resolution to give sanction to the sale at
the best price they can get.
MIR. PoU spoke in favor of the resolution,
believing we should never be able to sci. the
stocks for this price in the future. i't
Dr. STILLEY said this resolution was offer
ed after mature deliberatiln by the commit
tee on Education They asccrtained that
in various railroads in the State, not having
as much debt as the Wilmington and We'll
| don road, the stock was not worth as much
as has been offered to the Board of Educa-
tion for this stock. fss b -
The stock of the Raleigh and CASTOR road
and no debt, is worth $50 to $55 !; North
/ Carolina road, with about the same receipts
with nearly S2,O00.000 less of debt $40 |;
! Charlotte and South Carolina road, with
about half the debt per mile $40; South
| Carolina road, with about the same debt
per mile, and more than double the receipts
| $40; North Eastern South Carolina road,
with less debt per mile, and nearly the same
earnings per mile $50; Petersburg d Well
don road, no debt, $40. II an average Of
the debts and receipts be made and taken as