The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1881-08-11
Bcst's Bad Bargains! some
Strong Legal Documents.

HI hHL .fFAItIftfd iAAT #
pathized With MIR. w. j. Best IN his
for a Grand Trunk Line from
Tennessee to 'tother sea. We nave
stood by him when nearly all other state
papers derided his claims; and wnen
our personal interests were With n otiier
side. But in doing so we supposed ne
had equitable and legal grounds Tor his
claims. We trust he may yet De
able TO show them. The following ar
ticle. however, contains a set OF iegai
contracts. which, unless i~nvalldated, no
court could 90 behind. We shall regret
il if this be so, and we think the people
should hold accountable those IN author
ity who allowed a great Statehood to pass
under influences wherein North Caro-.
lima starts second TO Richmond. All
the same. there would be no honesty IN
breaking contracts such as here stated.
(Gor. News K Observer.)
By acl of the General Assembly
of North Carolina, ratified the
29th day Of March, 1880, the interest OF
the State n and 70 the Western North
Carolina Railroad was directed TO be sold
and transferred 10 Messrs. w. j.. Best
Fish, Tappan and Grace, of New
York, upon conditions and stipulatlons
we'll known TO The public.
Sixty days rom said goth day OF
March was the limit of tlmeln which the
contract directed by the said act TO be
entered into by aad on the part OF the
State with the the said Best, Fish \
Co., grantees, should be signed, sealed,
delivered, &C., and the said railroad
property duly transferred.
After the ratification Of said act,
Messrs. Fish, Tappan and Grace. for
reasons at least satisfactory to them
selves. decided to withdraw from the
association, which left Mr.. Best alone to
assume the contract. 1t Is well Known.
for il was frankly avowed by Mr.. Best,
that these three gentlemen were to tur-
nish the money necessary to assume and
carry out the contract, he having 70
capital, at East for such an undertaking
For mat ,ct SIM g have thus remained,
no contrac,, h,faave been made, the
PROPERTY &c liant as 1t was alarming
~ called) would have remained III the
control OF the State with all approprla-
tions for its construction repealed, and
the entire work Of the extra session gone
for nought.
To avert this result, and save the con.
tract, 1t was necessary the stlpulat IONS
and agreement, as directed in the act,
should be signed, and entered into on OF
before the 29uh day of May following the
ratification OF the act.
The 9TH day of May had arrived.
and Mr.. Best had failed to enlist Other
capitalists who were willing to take the
places Of Messrs. Fish, Tappan anc
Grace. At the solicitation of Mr.. Best,
Messrs. Clyde, Logan and Buford,
9th :ers and part owners OF the Rich
moud and Danville corporation, agreed
to advance to Mr.. Best the
amount of money necessary tx
repay Fish, Tappan and Grace fol
their outlay, and to meet the frs,
instalment due the State for convic'
labor and for interest on the bonded
debt of the road, and thus save the con
tract. Messrs. Fish, Tappan and Grace
thereupon assigned their interest in the
contract to Mr.. Best, and Mr. Best en-
tered into the following agreement with
Messrs. Clyde, Logan and Butord
(All my facts, dates and figures rela-
tive to the act and the contracts ar
taken from the official record Of these
transactions, made and published by
the last LEGISLATURE
an agreement mpde thts ttcenty-serenH
dag Of Ndy, 1880, bet,ceen William
j. Best, party hereto of the first part
and William p. Clyde, Thomas n
Logon and 4lgernon s. Butord
parties hereto Of the second part.
Whereas an act was passed by tn.
General Assembly of North Carolina
..ni duly ratified on the 29th day Q
March, 1880, entitled An act to pro
vide for the sale Of the States interest,"
in the Western North Carolina Railroad
Company, and for other purposes,
which act and all the several provision
thereof are herein referred to with tn,
same force and effects as if the said &C
was fully reclted herein.
And whereas it is alleged by the part,
heretofore Of the first part and assumed
by the parties Of the second part. an,
the parties who IN said act are designa
ted grantees" have done each an,
every act by said statute required O
them, except to reorganize the sal,
Western North Carolina Railroad Com
pany, as IN the Sth section of said &C
provided for.
And whereas it is represented to tn
parties of the second part that IN orde
render the said reorganization etfectual
1t IS necessary to raise the sun of fit,
thousand dollars and apply the same t,
various purposes IN the said act provi
ded for, and that without the paymen
thereof, said reorganization and tn
many benefits to the people of the Stat,
of North Carolina intended by said &C
would fail.
Now this witnessesth hat the partie,
hereto, in consideration of one dollar b,
each to the other paid, and of the mu
tual stipulations and agreements herei1
contained, do covenant and agree a
follows:
First. The parties hereto of the secont
part, here uatter in this agreemen
called 'assignees," agree forthwith
when required, to furnish the said SUI
Of fifty thousand dollars to applied t
the purposes N the said act provided
for.
Second. The said party of the frs
part, hereinafter In this agreement cali
ed the said Best agrees shat the pro
per steps shall be taken satisfactory t,
the said assigned to reorganize the sa {
Western North Carolina Railroad 5,
that it shall have all the rights an,
powers, directors and officers necessary
to exercise the powers Of a corporation
Third. The said Best shall procure t.
be duly executed and delivered to the
asslgnees, 81 assignment of all the rights