The Caucasian. (Clinton, N.C.) 188?-1913, 1897-03-11
WORK OR THB
LEGISLATURE.
Riotoua and Difgraeeful Conduct
in The House at The Closing
Of The Session.

Of The Session.
GRANTS SUBSTITUTE BILL
On The North Cass liza Lease Pr e,psisirs
The Uproar-lsrss Apr epsis,iens Fer
C6esiotts 1nstitsfioas asd Public
seseois-Ths Rev nss Act Am-.dsd
and PACED The Hosss-Dr. Abbot,
Elected Railroad Cemmissse.sr aud p.
A. Cosb State Librariaa-The Public
Printing Placed In The Hs.ds Of The
Governor. Councii.
FRIDAY-Asra DAY.
Senator Usley opened the Senate
with prayer.
At ths hour Of IL Mr.. McCaskey
called for the report Of the special
committee on the railroad bill.
Mr.. Grant, chairman of the com
mittee, said III st he would frst sub
NIT the report of the committee on
the investigation of memorial of the
president and directors of the North
Carolina railroad company. The re
port as read.
Mr.. Grant then sent forward the
substitute recommended by the com
mittee. (rhe Grant bill which was
introduced in the Senate Thursday }
Mr.. Butler submitted a minority
report on the memorial declining to
join in the report because the com
mittee did not examine ex-Gov. Carr,
A. B. Andrews and Mr.. r. C.Hoffman
The minority c )I tended that the di-
rectors did not give publicity to their
action and that they did not lease
the road upon the best terms that
could be secured. They absolved
the directors Of moral fraud, but
held that the directors exercised d bad
judgment, and charged them in eff
feet with making a blunder which
the legislature was not bound to ap-
prove
Mr.. Butler submitted q minority
report on the bills, recommending the
rejection of the substitute and the
passage of the bill as it passed the
House. The report was signed by
Messrs. Butler, Alexander and Nc :
Caskey.
Mr.. McCaskey gave notice that he
would call the previous question on
the minority report at the hour of 2
p. m, 1t then being 1925. He then
proceeded to discuss the bill, saying
that he objected to the ninety nine
year feature of the lease and the
seven per cent. rate Of rental. he
did not object to reasonable COM
promise, but did not think that the
compromise proposed by the substi-
tute was fair to the State. He spoke
brieflly saying that he might speak
on the bill again.
! Mr.. Grant spoke in support of the
substitute. He said that the objec-
tions stated by Mr.. McCaskey, with
the single exception of the rate OF
rental were obvlated by the substi.
tute. It was generally considered,
he said, that 6 per cent. is a good
rate of interest for investments.
Capital seeks investment at three OF
four per cent, but the State of North
Carolina is now receiving a rate q
interest higher than the legal rate
Two years ago the legislature enact.
ed law fordidding any one to take
a higher rate of interest than siz
per cent. Now representative oI
the people are here seeking to ex
tort ten per cent. If that was con
, sistency, he wanted none of it. I'm
der the ninety-nine years lease il
was provided that the State should
have all the betterments put upon the
railroad; the substitute secures the
same advantage to the State. Dis
|, cussing the rate of rental, Maj
Grant said that seven per cent
rental, together with the better
i ments accrued and to accrue, would
! nearly amount to the equivalent o.
ten per cent. Speaking of the i'm
provements placed upon the Nortl
Carolina railroad. he said that they
were making the property NOR,
p valuable and the State richer. Cor
porations were very much like men
he said; if pressed too far by hare
8 bargain they would seek some mean
of getting rid of it. He feared tha
If it should be sought to compel tn
i Southern railway to pay an extor
tionate rate of rental it would b.
q compelled to seek other outlets fo
= its traffic and throw the propert,
r upon the hands of the State. 81
: did not believe that any intelligen
: person thought that the North Caro-
't lima railroad would pay as q locs
road.
d We have citizens, said Msj. Gran
l. who are in copartnership with tn
II State; it is the duty of the State {
, protect their interests. 1t would b
n unpatriotic and wrong to jsopardiz
!. the interests of the private stockho
:. ders. II the value of the bette,
" ments were taken into consideration
q it would be to the interest of til
le State and of the private stockho
ders to adopt the substitute. Raj
1e road corporations invest money f,
IL profit. They open an account wit
~ =, every link in their line and adju
~ rates so as to make a profit. If Il
c. Southern railway should be fore,
to to pay higher rate of rental, Il
ch people living along the line won
lis have to pay the difference in i
. creased rates. He did not con,id
le it necessary to discuss the matt
~ further.
sll After a prolonged discussion Il
nd substitute was then adopted by t
es, following vote:
nd Ayes-Abell, Anderson, Anthon
ne Ashburn, Barringer, Barker, Die
g, 1e son, Earnhardt, Grant, Hyatt. j.
nd m tice, Mccarthy, McNeill, O1u
mr. Parker Of Alamance, Person. Ra
m Ramsay. Rollins, Scales, Sharpe
er- Wilson, Smsthers, Shore, Wakefiel
NJ Whedbee and Yeager.-26.
mt Nayes-Alexander, Atwater, B.
val Ter, Cannon; Clark, Early, Gedd
ox e.s Henderson, Hardison, Lyon, Maui
p' by, Maxwell, Moye, Merritt, \