Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-12-23

an act was passed by the Legislature en-
titled IAN act to restore the credit of the
State, &C." The first section requires the
several Presidents and other officers OF
railroads, who have secured bonds or other
securities of The State for the construc-
ton. of railroads in which the State is in
terested, to give full statement concern
ing the same.
The third section makes il the duty of
such President. or other officer, to return
these bonds and to account for the pro
ceeds of sales, &c.
The ninth section makes it on indictuble
felony to refuse, wilfully. compliance
with the provisions OF this act. The six
teenth section makes the introduction OF
the bill, notice to all parties, of the pur-
pose OF the State, and thereafter. forbids
any sale, transfer or disposal of her bonds,
in the hands Of any one, except bona ttde
| purchasers.
On the 9th day of March. 1870, an act
was passed in these words, THAT all Acts
passed at the last session Of the Legisla
| ture, making appropriations to Railroad
| Companies, be and the same are hereby
repealed"
| ''That all bonds of the State which have
been issued under said acts, now in the
hands OF any President or other officer, be
immediately returned to the Treasurer"
The second section provides that all
money In tho Treasury, levied and collect
ed under the provisions Of said acts. are
appropriated to the use Of the State gov
eminent. This section is PERHAPS modified
by an Act of the 18th of March. 1870. di-
recting the Treasurer to use $3.50, Geo of the
Special Tax money, and authorizing him
to replace it oat of the first money collect
ed, sc. BY another Act passed the anne
day, the Treasurer was objected to deliver
| Ave hundred thousand first mortgage bonds
to the Company upon their compliance
with certain conditions. The Company
was authorized to mortgage again for q
loan of two millions five hundred Thousand
dollars and States mortgage to be post
p0ned These repeating acts We're submit
ted to the Stockholders Of the Whining
ton, Charlotte aud Rutheff ford Company,
aud formally assented 10 June Is. 1870. :
5 This statement contains a compendium, as
far as | can ascertain, OF oil the Acts oft Q
Legislature relative 10 this Railroad
7 From a general view Of the fubject, |
j think it must be manifest, that the obi ct
and purpose Of the Legislature IN thes g
several Acts passed in 1870 was to relieve
} the State Of heavy liabilities incurred, ard
: to sever her connection with certain Rail-
road Companies. As to the Act of March
: tho 8th, 1870, language could scarcely
mako it mora comprehensive. All Acts
} making appropriations to Railroa IL, &C..
arc hereby repealed. Not simply the APP
F. pro; riations, ut the Acts making the ap-
: pro plia.ions. This includes the Act of
- January 29th, 1869. as I think, for it was
= one of the Acts passed III the session of
1869-'60. Under the Act Of 1859, the State
= had q right TO representation in the board
+ Ct Or, ctors Of this Railroad, and the
t Governor was authorized to appoint seven
: Directors. The power Of the Governor to
: appOEiit DIcI GtOrs must cea1e, / think,
J with &c Gopga! Of the Act by which it was
conferred.
t 1t may not be improper to say that the
Executive Department. has recognized the
: form anl virtue OF this repeating Act by
/, the Gppointm 9nt of Directors in the Yves
tern Railroad. The repeating act restored
his power in that instance, and, as [ think
G takes it a way in this. The cases are anala
/ goue.
Ii Il Is objected that the act is unconstitu-
i tional. But the Legislature might repeal
- the act of 1869, provided it did not inter
;, fare with vested rights nor impair the OBJ
Il legation of contracts What effect this re
e pealing act may have upon the rights o
L those parties is not presented. But, 81
II far as this Company IL concerned, the,
have fully assented to tho act, and canno
Il therefore complain. And it seems clea
l that the State may roinquish her right o
o representation. The Courts, it is true, il
struction most favorable to the State. Ye
Is they Cannot disregard the plain letter O
d the law, although they may consider
q statute unwiSe OF impOlltic
d Icannot suppose that it j. necessary t
III express definite opinion upon the precis
?, interest which the State may have in thi
% Railroad. She has an interest as secon
e mortg2gc--sEe has outstanding bonds sui
scTibed 10 this road, to the amount of tire
sd nillionn Of dollars. She has paid com
r paratiyoly small portion Of interest. Whf
tie may he the future policy of the Sta'e
- regard TO these bonds cannot be foreseeI
ed Her inter st may be contingent. Th
1r Company. too, may satisfy the State an
t return her bonds, and the proceeds OF ga
o. Of bonds. The Company have, by assen
81 ing to the act, 50 often alluded to, mao
3y tio:nacIv,8 liable to the State for retni
ed Of bonds and their proceeds. This
)y plainly intimatad by the Supreme Cour
ed The Supreme COnrt, in the case of NJ
DIS Alden as jenkins, have intimated that tt
OF State has 10 interest as stookholder in til
to road. The point was not fairly before II
al Court, but the dictum is entitled to CO
40 siderAtion as coming from the highe
, q Court III the State.
OF The question Is one OF great intere
he aud importance. The interest of credito
ne as well as the State may be involved in
decision. For any purpose of legislatit
he now pending, l cannot conceive that al
Z expression from me upon this point
lat necessary or advisable. 1 reiterate {
to opinion that the State has relinquisht
he her right Of representation in the Board
Directors OF the Wilmington, Charlotte
IL Rutherford Railroad Company.
u W. III. SHIP, Attorney General.
he ---
=; Senator Drake has transmitted his res
- n atiOO n the Governor nf Missouri