The news & observer., 1897-03-07

nually than it gets from the Southern;
that lit would be impossible to explain
this to the people. He asked what would
the people think of an agent who had
gone ahead and secretly leased property
for less than was offered for it. 1t was
argued that Democrats ought to ratify
the lease because a Democratic admin
;stration had made the lease, but while
the directors erred because they did not
have full knowledge OF the
facts in the case; but this Legislature has
she'd new light ON the subject. 1t can't
plead ignorance. He said Capt. Alexan-
der had said no company was solvent 50
far SIS the 99-year lease was concerned;
that Capt. Alexander said the North Car
olina Railroad was absolutely necessary
to the Southern; yet with this there was
neglect to make the Southern pay the
I proper sum for the lease. He continued
that the substitute does not take the road
out of politics, but puts it in the power OF
the directors and stockholders to confirm
or reject it.
/ Mr.. Gambler said it was unfortunate
that The question was presented to the
people ana the Legislature. He had
! worked hard to elect Governor Russell
believed he was honest and would make q
good Governor; but yet while the Govern
or was honest in his convictions, the Gov
ernor must admit the honesty Of others
He said that neither the Governor nor
/ Col Andrews had said a word to him
ana that he looked upon Col. Andrews
as IN honest man. He considered that the
argument against the 99-yeaR lease was
the length; and was also against the cor
pOratiOns working outside the State; but
inow the bill was amended so it stood just
las The opponents wanted 1T, according to
/ their arguments. The only point Of diff
/ ference now is as to the amount of money
| HE c0ntended that the interest rate was
| z per cent, very high. He asked if Rey-
nolds or Hoffman had any backing; If il
1 had been shown that they had any back.
! ing.
Mr. Aiken submitted minority report
from the special committee.
This favored the substitute bill which
passed the Senate.
Mr. Cook, chairman Of the committee
said it was said yesterday by the friends
Of the railroad that the Supreme
Court would not render an opinian, and
now when the opinion was rendered they
contended that it was not valid. lie said
the courts opinion was clear; that if the
bill had been passed as it came from
the Senate, it would have amounted to q
ratification of the 99-year lease. He
said further, that if the directors agreed
the Governor could not have brought
a suit to test the lease.
The substitute bill prevented any reyo-
/ cation Of license; it did not force the
Southern Railway to obey the orders as
to traffic regulation; that the bill literally
lrequires the State to give up all it's rights
to the Southern Railway, and that with
out recourse. Mr.. Cook sent forward as O
substitute for the whole the original bill
which passed the House. He said that
he had done this, and called on the House
to put these foreign corporations on the
same footing as those of this State. This
was the supreme issue.
/ McCrary said the supporters Of the orig
inal bin as it passed the House had won
a victory; that the things against which
they had declared We're not in the sub
stitute bill; that there were reasons upon
reasons why the substitute bill should
be favored; that Murphys amendment
met the objection raised by the Supreme
Court; that the great objection when
the bill was before the House was the
length Of the Lease that there was no OBJ
jecti0n to the lease in his section save by
a Populist, who thought the per cent.
rate too high. If the 36-year lease Is not