The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1889-07-11
THE MIDLAND BONDS CUES TON
The Merits of the Case as Argued by
| Counsel

The Merits of the Case as Argued by
Counsel
70 issue them or not to issue them.
this Is just now question of first inn
portance to the people of Winston.
Ten years ago the Baltimore &. Ohio
r. Il. owned the Va Midland Road
They projected road from Danville
via Winston and Salem to some point
on the Atlantic, Tennessee < Ohio
Road, which would give them Il
Southern outlet Independent of the
r. & ID. The town of Winston was
induced to vote Il subscription of
$40, 900 for the purposes and upon
the terms set forth in the petition and
order of election, viz: 'sSaid amount
when subscribed to be used in the con-
| struction of said road from the point
where it touches the Forsyth county
line to Winston and Salem and thence
| to the Yadkin river in the direction of
MOcksville, Davie county, THAT
said subscription shall be binding
only when sufficient guarantees shall
have been made to insure the compile
ton of said road from DanVille to the
| a., Z. & o. r. r.
At that time one Sharp, posing as
the trustee of unknown capitalists,
began the road from Danville to
Leaksvllle, which was parallel to the
n. c. Midland. This prevented the
| n. c. Midland from selling their bonds,
| hampered the enterprise and enabled
! the X. & d. to buy up it's stock.
Sharp proved to be an agent of the
r. & D. The B. & o. sold out their
| stock in the Va. and n. c. Midland to
| the r. & d. but eXacted as IL condi-
| ton of the transfer that the r. & d.
should build the n c. Midland road.
| A committee of our town waited ON
Col. Barbour of the B. so. who gave
them copies of the contracts with the
r. & D. These were thought to be
sufficient guarantees and our COM
missioners issued $4,000 of the
bonds. The next week work stopped
| and before an Injunction could be
granted $1,000 of the bonds had
| passed into the hands of innocent
purchasers
After delay of ten years work has
been resumed on the route from Win
ston to Mocksville, and Col. Andrews,
| President of the n. G. Midland, has
asked our commissioners to issue
| these bonds and place them in the
| hands of d trustee to be delivered to
him upon completion of the road
from Winston across the Yadkin
River. He offers no guarantees or
| promises ever to build another mile.
Our commissioners recently passed
resolution to the effect that it was the
sense of their body that these bonds
| should be issued and SO delivered
On last Monday night the question
was argued. A very strong petition
was offered for the postponement of
| the matter. Judge Schenck repre-
sented Col. Andrews and Messrs Eller
and Starbuck represented the petit
TONERS.
| The following is a summary of
Judge Schenck's argument as bestwe
could gather it: That work had been
resumed upon the assurances from
Mr.. Hinshaw and the Chamber of
| Commerce that there would be no
trouble about the bonds; that they
had gone on and spent their money
relying on our good faith expressed
as above noted; that while the Cham
Der of Commerce had no authority to
| pledge the credit of our town, vet we
were morally bound; that because the
N. c. Midland had once treated us
badly was no reason we should treat
them badly now; that the commits
| SiOnerS may have erred in accepting
the guarantees heretofore. but that
we were bound by their action; thai
the resolution recently passed b.
| their board, above referred to, was -
recognition of the contract and bound
us; that tie guarantees they now of
fer is a nOn-delivery of the bonds i!
they do not build across the Yadkin
river; that if they pledge us to build
to Mocksville they will lose their sub
scription in Davie; that the commits
sioners are sole judges of the guaran-
tee; that the contract has been chang
ed with the Chamber of Commerce
and that failure to build north is
not Il failure to comply with the con
tract as it now exists; that the n c.
M. had not forfeited its charter and
lcOuld not till action was brought
that the commissioners representing
the Chamber of Commerce had kept
alive the rights of the road under the
charter; that our subscription W.,
an executed contract and that W;
were bound whether we issued til
bonds or not. That they would ris;.
the legality of the bonds if they got
hold of them. He read several letter.
4 from Mr.. Hinshaw snd some artici $
from our newspapers showing tn
general interest which our people toe i
in the promotion of Railroads.
Mr.. Eller's argument may be SUN
married as follows THAT no sufii-
Gent guarantees have been given f.;
the building of the road from Du,i
vile to the A. r. & o., as required i.
the petition and notice of elects e.
which constitute the terms of cou-
tract with the people: That althou:.i
the n. c. NJ has not forfeited il :
j charter, yet it has forfeited its right
, under the charter, it's subscripti.r
from the people of Winston by lo::..,
J and wilful non-user. That time Is -.
the essence of every contract whc:c
: delay is prejudicial to one of the Colt
tracing parties: That delay ON The
part of the NC. NJ. was prejuditi;il
; to Winston 1t checked the growth
of our town, deprived us Of a CON
f peting line, of northern and il
southern outlet. It's charter lsis
hung over us as a hindrance anu i
stumbling block to any other roiia
: leading from the no. tn to. the south
and has finally forced us to pay into
the r. & S. 100000 for north III
outlet, whereas we were promisetl :;
. northern and southern outlet 10.
$4,000. And more, we are 10
!, asked for the whole $4,000 on tn,
J. completion of II miles, when we con