Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-29
From the Raleigh 9entinel.
LEGISLATURES. OF NORTH CAROLINA.
( SENATE.
NIGHT SESSION.

SENATE.
NIGHT SESSION.
THURSDAY, Jan. q, 1869.
UNFINISHED BUSINESS.
The discussion of the bill to separate the
Eastern and Western divisions of the Will
mington, Charlotte and Rutherford Rail-
road.
Mr.. French offered substitute, to be
entitled an ct to amend the charter OF the
Wilmington, Charlotte and Rutherford
Railroad, to provide for the completion Of
said Road, and to secure to the State O
representation in the Company. This
substitute provides that the capital stock
of the Company be increased to seven mil
lions, and in order to complete the Road
the Treasurer of the State is directed, as
soon as this amendment is accepted by the
Stockholders, provided it shall be done
within ninety days after the ratification of
this act, to subscribe on behalf of the
State four million dollars. For payment
of subscription of said four millions, the
Treasurer issue coupon bonds of the State
in sums of one thousand dollars each,
bearing interest at the rate of six per
cent. per annum, payable semi-annually,
and the principal at-.the end Of thirty
years.
Two millions of dollars of the subscrip-
ton be applied exclusively to that portion
of the Road west of Charlotte, called the
Western Division.
The Directors of the Company, as pro-
vided for in the Charter, are limited to
thirteen. the State appointing seven and
Stockholders electing six, and after the
acceptation of this act by the Stockhold-
ers, and the payment of one million of
dollars of the bonds of the subscription
authorized on the part Of the State, there
shall be within sixty days after said pay
ment meeting of the Stockholders and
Directors elected and appointed, and re.
organization Immediately. Adopted
That the acceptance of this act by the
Stockholders shall not affect any Of the
liabilities or contracts made by the said
Wilmington, Charlotte and Rutherford r.
r. Co. For the purpose of paying inter
est upon the bonds issued and the princi-
pal at maturity, an annual tax of one
eighth Of one per cent. is imposed upon
all the taxable property of the State, which
shall be levied, collected, and paid into
the Treasury as other public taxes, and the
surplus, after paying interest, shall be in
vested in securities of the United States
or other safe securities, and kept as a
Iuuu 1OI Vic pay ulSnG VI GnC pTlu-
clpal money at maturity.
Mr.. French said if the bill separating
the divisions of the road was passed, it
would amount to nothing whatever, as any
Stakeholder or bond holder could sue out
an Injunction and stop the proceedings
While on the other hand, the adoption of
his substitute would be extremely agreea-
BILE to the majority Of the Stockholders, and
would result in speedy completion of the
road, &c.
Mr.. Justice, of Rutherford, spoke for
sometime in opposition to the substitute,
and urged the adoption of the bill as it
came from the Senate.
The question recurring upon the substi-
tute, the yeas and nays were called, and re-
suited in a vote of yeas So, nays AZ.
The question then REQUIRED upon the
passage of the bill on its second reading.
The yeas and nays being called, resulted
in the following ballot
AYEs-Messrs. Ames, Ashworth, Barnett Bow
man, Gambler, Carson, Carey CaWthorn, Cherry.
Davis, Dixon, Downing, Ellington, Estes, Fork.
ner, Foster, Franklin, French. Gahagan, Gatling,
Gilbert, Graham, Green, Grier, Hendricks, Hicks,
hoffman, Hudgings, Ingram, Justice. of Ruther-
ford, Kelly, OF Dayie, Latin, Leary, Long, of
Richmond, Malone, Matheson, Mayo, McCanless,
Morrill,, Morris, Painter, Peck, Price, Proctor ,
Proffitt, Renfrow, Robbins siegrist, Sinclair,
SImonds, Stevens, Nestal, Vest, Waldrop, Welch,
White, Whitley, Wilson.-60
NATs-Messrs. Allison, Armstrong, Boddie,
Clayton. of Pennsylvania, Davl Icon, Durham,
Ellis, Ferebse, Gibson, Hawkins, High, Hinnant,
Hodnett, Horney, HUMPHREYS, Jarvis, Kelly, Of
Moore, Long, Of Chatham, Mcmillan, Menden-
hall, Moore, Parker, Pearson, Pou, Rea, Robinson,
Seymour, Shaver, Smith. of Allegheny, snipes'
Stanton, Sykes, Thompson, Williams, of Harnett
50.
On motion of Mr.. Latin the House then
adjourned until tomorrow morning at 10
o'clock.