The news & observer., 1897-02-27
NEs ANs II y 4 III ANf
For the Minority
REPoRIs oF CoMMITTEEs.

The majority Of the committee recon-
mended the substitute offered by Grant
published yesterday. The minority of
the committee made the following report
To the Senate of North Carolina:
The undersigned minority special com
mittee, TO which was referred Senate bill
-, entitled, IAN act to prescribe the terms
upon which foreign corporations may be
incorporated in this State, and for other
purposes" respectfully submit that they
cannot concur in the report of the major
ity for the following reasons:
i. Because the bin offered as a substi-
tute for the House bill referred, omits
those sections of the original bill which
have been adopted by every State that
has attempted to throw off the thraldom
of corporate domination, and which have
been pronounced by the highest courts
of the country, constitutional
These provisions are just and salutary
and, in the opinion of the minority, are
necessary to the adequate protection of
the people against the aggregation Of cor
porate power.
2. Because if the substitute is really
intended to become operative, lit gives the
sanction of the Legislature to the original
illegal agreement without any additional
compensation to the State or other valu-
able consideration, and at the sacrifice of
the opportunity now offered to get for
twenty years to come $4,000 per annum,
and probably in the more remote future
a sum sufficient 10 realize the dream of
the trainers of the Constitution, by giving
to all the children of the State the advan-
taoges Of attending a school at their own
doors for at least four months in every
year, i'm the face of an offer of ten per
cent. in lieu of 61a or per cent.
The substitute proposes to tie the
hands of the people SO that no Legislature
that may be convened for thirty-six years
cam undo the wrong that will have been
done.
g. Because, in the opinion of the mi
nority, it is not the purpose or expecta-
tion of the Southern Railway Company
that the substitute shall ever be ratified
by the stockholders Of the North Carolina
Railway Company, and without such a
ratification it will prove dead letter, ex-
cept in so far as it gives to the Governor,
after such failure, the power to proceed
through the Attorney General under stat
utes now in force, which the minority be-
lieye is totally inadequate.
The bylaws of the North Carolina Rail
way GOIjlpdUy are uldue III puTnudilCe ul
authority given in its charter, and provide
that no lawful meeting OF the stoclxhold-
ers can be held unless one hundred pri-
| vate stockholders, representing not less
| than majority of the private stock,
| shall be present. This bylaw will enable
| the Southern Railroad Company to upset
| the history Of 1895, when Governor Carr
| sought to subject this property to taxa
| tion, by the adoption of an amendment
| passed by the Legislature.
| 4. Because the substitute proposes to
| perpetuate the short-sighted folly of
those who consented to the lease of 1871,
and the pretended agreernnt of 1895, by
making no provision for the equipment
at the equipment at the expiration of the
term, thereby furnishing the same argu-
| ment that is urged to extend the lease 10
the present lessee by successive terms,
SO as to make it perpetual.
The minority of your committee there
fore respectfully recommend that the
| original bill do pass, and that the substi-
| tste do not pass.
GEO. II. BUTLER,
] i. ALEXANDER,
Z. u. MCASKEY,
For the Minority.