Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-11-19

pany.
respectfully refer to Henry Ciews &
! Co., B4nkers, 81 Wall Street, New York,
and to Co. Thos. A. Scott, of the Penn.
r. r. Co., as to the ability of myself and
associates to comply with the conditions OF
! this proposal.
Respectfully yours,
A. X. MCCLURE.
Mr.. r. G. Badger was then announced
as the Governors appointee as State
Proxy. Mr.. Badger arose and said That
when the appointment was rendered to
him, on the 10Th of last month, he accept
ed it with the distinct understanding that
neither he (N1r. Badger nor the Governor
were to express an opinion as to how the
vote Of the State was to be cast in this
matter. That he (Mr. B. was to come in
to this meeting, listen to the arguments
pro and con, and then report to the Cover
nor and receive his instructions how to
vote SO as to secure the best interests OF
the State.
| The recommendation of President
Smith to postpone was next discussed.
| Gov Graham said in substance that
while he was opposed to any lease whatso-
ever, yet he favored the proposition TO
postpone the question until the time spe-
cited. He did not believe that the n. G..
make the lease or the r. & G. R. r. Go.
could take it. He thought such proce-
dure upon the part of those Companies
would render them liable to forfeiture Of
their charters. Here Gov. Graham cited
various authorities and instances in sup
port of his position in this matter. He
concluded his remarks by strong and
eloquent argument against the policy of
forming combinations to build up cities
and ports of other States to the detriment
of those in our own State.
Gov. Graham'sspeech was searching and
close in reasoning and effective and elo-
quent in delivery. He was listened to at
tentively by all present., and his argu-
ments seemed to have made deep i'm
preston upon his hearers. We regret that
our limited space prevents US from giving
the entire speech.
Mr. Merrimon said that no question was
properly before the meeting, and in order
to bring the matter which they had met to
discuss squarely before then, he moved
to approve the action of the Board of Di-
rectors of the N. y. Railroad Co., in accep-
ting the proposition of the r. and G.. Rail-
road to lease.
Mr.. =. G. Cameron said, as he under
stood it, the question was upon the adop-
ton of the Presidents report.
Mr. Gorrell said the report was nothing
more than q recommendation to pursue a
certain course, therefore, he moved to
postpone the consideration of the matter
until the second Thursday in July, 1870,
the annual meeting of the Stockholders.
Mr.. Merrimon thought his motion had
precedence.
The Chairman said that the motion Of
Mr.. GorreH would open the whole matter
for discussion.
Mr.. Merrimon then proceeded upon a
long argument in favor of approving the
action Of the Directors of the n. @. Rail-
road Co., in accepting the proposition to
lease.
mon had spoken rather harshly of Mr..
Mcclure, who was now present, he (Mr
Suherlin) had been introduced to Mr.
Mcclure by parties Of the highest respec~
liability and had reliable evidence that that
gentleman was what he represented him
self to be. He asked in behalf OF Mr.
Mcclure permission for him (McClure) to
make some remarks in defence of himself.
Consent being given, Mr.. Mcclure said
he came without single letter of intro
duction, but lie had given references to
proper parties, which could not be doubted
He had never received q single letter or
notification of this meeting. II the matter
had been advtL led, stating when and in
what manner propositions were to be made,
he would have complied with the direc-
tons.
After mentioning that it was in his
power to convince any reasonable man of
his standing and ability to fill the con
ditions of his proposition, he concluded by
saying that the gentleman who preceded
n
statement IN regard to the North Carolina
Railroad realizing six per cent. from the
lease, that his (McClure's) proposition
$3.50, OOO) would not pay six per cent, as
the debt Of the Company wonld have to be
paid.
Gov. Graham said that he had not heard
word Of Mr. Merrimon's argument that
showed any power, under their charters,
for one to make or the other to take the
lease. to perfect such q transaction, the
appreciation of the General Assembly must
be obtained
Mr.. Graham then cited from various
chapters of Redfeld, and from the char
ters of both roads in proof of his argu-
ments. He argued that neither corpora
ton could throw off in thi, manner, the
responsibilities which they assumed when
they accepted their charters. In abiding
W All. AhcOlHt0 D piOpOSlt1On no SAla tudO
Mr.. McC. proposed to give $265, 900 and
renew his deposits as often as the other
party would, and if they were going into
market he was in favor of them going to
the highest bidder. In concluding Mr.
Graham said that since he had been upon
the stage Of action the commercial towns
OF this State had greatly improved, he
knew that Norfolk had great natural I'D
vanteges, but he would not, SO far as his
vote in this corporation was concerned,
strip our own towns OF single particle of
their prosperity.
After some further discussion, on motion
OF Mr.. Badger, the meeting adjourned for
| one hour.
AFTERNOON SESSION.
The meeting was again called to order
Mr.. W. A. Caldwell took the floor and
| argued for some time against the lease.
Gen. Barringer said he was opposed to
the present lease, though he differed with
| Gov Graham in regard to the commands