Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-15

withheld on a former exchange OF colulftny
bonds for stock in said railroad, ana also
the State does hereby relinqulsh all CLAIMS
to stock in said company above SOOO,OOO |
upon the return to The treasury of S5OO,0OO
of Vil,ainoton Charlotte u Rutherford *. |
Il. Co. bonds and coupons heretofore issued |
TO said Western railroad Co. The state |
also relinquishes all claim to stock i'll the |
Western North Carolina railroad above |
S4,00O,COO. - p
Sec. H. That us soon Is the proportion OF |
shares of stock for which the State appoints |
one director in any corporation i. eXchang- /
ed, the right Of the State &c appoint Such |
director shall cease and determine and one |
director to be selected by lot Shall be de- |
Quoted from tire number appointed ON the !
part of the State, aud upon acceptance OF
this act by any corporation and such guar
antees given for its fuliilment as shall be
deemed sufficient by the treasurer and at
torncy general all further right to represent
tation by tie State either by directors or
proxy shall ceasa and determine.
See. ). The said treasurer and attorney
general shall also advertise i'll like manner
for proposals to exchange two bonds OF me
State issued prior 10 May 20, lSOl7 Oh to The
Western railroad or Western North Carroll
Ma railroad, dated October !, 1861, Tor one
new bond issued under this act; three bonds
issued to Wilmington, Charlotte and Ruth
pftOIG ftlllIOdU. OItlCNl guy l. ItV-r ACi Ohi~
new bond; five bonds issued to the Chat
ham railroad dated January |, 1865, for
one new bond three bonds issued between
january l. 1866, and July /, 1868, inclIl-
sivc or issued under funding act OF August
20. 1865, for one ncW Bond; tive bonds
ated 1st OF October, 1865, or subsequently
issued to the Williamson and IarborO
railroad, or Eastern Division OF the West
eln North Carolina railroad, or OF the first
nj. I e., ,rrt { ~ at
and Rutherford railroad for one new bond
twenty bonds OF the other outstanding OBJ
LEGATIONS of the State not issued i'll AID OF
the rebellion for one new bond. Coupons
may be funded into new bonds al the same
rate as the bonds from which they were
taken except those from bonds Issued prior
TO january t. 1862, which viii be valued at
;};} 1-3 cents on the dollar.
Sec 6. The bonds to be issued under this
act shall be signed by the Governor, coull-
trr5ioIed by the treasurer, scaled with the
treat seal OF the State, shall bear date the
first of july and October, eighteen hundred
+ and seventy-twO. and shall be payable thirty
wears thereafter, coupons for interest, at thc
/ rate OF six per cent. per allnun, payable
/ semi-annuaily to be attached, authenticated
/ with the written OF cngrA 81 signature ot
/ the treasure, principal and interest payable
/ in the CITY Of New \ DIRK, at such place rs
/ UllG pll)lC llCCtctilIL uI0 't~'9i>Ai''''' ''''
/ bonds shall be of the denomination Of SlOo
5000. $500 and 81 .OG0, and shah be issued
under the provision, nt H.. :)ti. chapter ct
/ the revised code.
See 7. The provision OF this act shall
not apply to such ct,Jn4. Nulis!:; rs hHV"
been registered on The books The Treasury
Department, duly Nitneos'3 ~ the Treas
urer, unless regularly transferred t" the
bearer or to the holder.
l..i, a.
exchanges authorized by this act, shall be
cxchanccable for the bonds of til" descril-
ton mentioned, if presented GA OF bcior"
JANUARY first. eighteen hundred aud o"N-
/ cntv-t0ur.
Sec. .. To provide for tl!e payment OF the
coupons upon the new bonds authorized by
this act, a special tax Of >; - cents on tine
500 Of real and personal property in the
State. and OF one dollar on the poll, is
hereby levied to be paid into tll" public
treasury on the 10th Of Jaruary, 1873, and
every year thereafter, 50 Ions rs the same
may be necessary, and in case there are
any surplus, il shall bc usCd under the di-
rectiOn Of the treasurer ;ln! Attorney
General iii purchasing bonds CT the state.
Sec. 10. That as soon as may be practi-
cable the Public Treasurer shall receive the
bonds offered i'll exchange, and III the pres
ence Of the Auditor and Attorley-Gcneral
Sldll Cancer the Stilt' II SltG'I CtIoO 't iIit'
duty to transfer the stocks and execute
such conyeyanccs OF the ether interest here
inbefore mentioned as shall be deemed he
cesSary, such conveyance to be in . form
approved by the AttOrmcN4'eneral.
Sec. II. 1t shall he the duty Of the Aud
itor to make a minute Of what shall be
done by the Treasurer in the premises, and
to make therefrOm such entries in the books
of his office as may secure a just account
ability OH the part OF the Treasurer bCcttSc
Of the transaction hercinbcfore mentioned.
Sec. II. The Public Treasurer shall make
special reports upon the subject Of this act
to the General Assembly at every session.
Sec. Is. That this act shall be in force
from and after its ratification.
The substitute was ably argued by
Messrs. Fleming, Worth and Graham, Of
Orange, at considerable length. AS the
synopsis of their speeches we have room
for would utterly fail to present their
arguments intcliiSibly we prefer to max"
no attempt, but to give the proposed scheme
in full as above
On motion of Mr.. Lehman, the further
consideration of the matter Was postponed,
and made the special order for 1ue5day at
1Oa O'Clock on motion OF Mr.. Graham, of
Orange.
HOUSE OF REPRESENTATIVES,.
FRIDAY, Dee :, 1871.
BY Mr.. Brooks, a bill to authorize the
Commissioners Of Brunswick county to is
sue bonds ; referred.
BY Mr.. Regain, a bill to prescribe the
jurisdiction of Justices Of the Peace in civil
cases referred.
By Mr. Morris, a bill to amend chapter
139, section f., laws Of l&70-'7l re
ferred.
The bill concerning Const;llles was taken
up and failed to pass its third reading.
The BIZ revising and digcstin% tie statute
laws Of the state. was taken UP. tAppOints
such service 81 800 each and t. employ Il
clerk at 500.
Mr.. Withcrs would favor the motion to
Indefinitely postpone. He acknowledged
the necessity Of such Il measure, but Just
now the bill was premature.
The motion TO indefinitely postpone was
put and adopted, 10y :; vote Of yeas It nays
%.
BY Mr.. Powell: y bill to amend chapter
13, laws 1StiO-'G1 referred
Mr.. Warning moved to suspend tn" rulcs
and take up the bill abolishing tie office of
State GcoIogist carried, after much dis
cuSSiOn.
The bill passed its seIN.,@ reading, 10y Il
vote Of yeas - nays A.
sen ATE.
SATURDAY, Dec. 9, 1871.
y message w.s received from the House
tI.,I, ]