The news & observer., 1897-02-09

done IN the Ryan SeaboaTd pool IL
such friends should get it, the SeabOard
could say we don't want the road and
the North Carolina Railroad would
dwindle into a mere local road. If you
wont let the Southern road have this. it
is right to let them have something in
the place of it. Mr. Burton offered an
amendment to protect the private stock
hOldCrs.
As to 30 year leases, they were as
common as every day dealings, and there
were no decisions against them as far
"a he knew.
Judge Avery followed referring to Mr..
Busbee's personal remarks about cop
peras- -breeches gentlemen who were on =
par with the 400" He referred to the
remark Of Judge Pearson to whom Judge
Avery had heard that Mr.. Busbee had
said he agreed with Pearson's opinion,
and Judge Pearson had thanked him.
Judge Avery was glad to be put on the
level with a gentleman of such high
authority. Mr.. Busbee denied the story
which Judge Avery said he had heard
for twenty years.
Now, these gentlemen wanted to turn
this over to the Acknowledgement. The
people had come two years ago for suit;
these gentlemen demanded notice. These
wrong now.
Mr. Busbee said the people must not
| seek remedy, though John Graham, a
poor school-teacher, had vainly gone to
the expense of bringing action.
AS to his putting his hands into the
Treasury, he had never received but $500
from the State and that was from Zebu-
lon Baird Vance, and it was one of the
| proudest fees of his profession. Mr.. Bus
| bee had received, according to the Au-
ditor's report, fees from Governor Carr,
and he had heard that Mr.. Busbee did
not think he had been paid enough So
| that any lecture to him on account OF
his representing the Governor should
come from some one else besides Mr..
Busbee.
But Mr. Graham had come without
| fees, and if he is not honest, his face
Il mis-marked. And as to Buck Kitchin,
no man ever said he was dishonest, and
| he believed he told the truth.
Judge Avery had nothing to do with
| the railroad war, but he didn't regret
that it was ON.
| ANY foreign corporation coming into
| the State came in only by comfy and
| the State could impose any restrictions
| not forbidden by the Constitution Of the
| United States or by the Constitution of
| the State Col Sutton asked, did not
| this bin impose such restrictions or con-
ditons? The Judge said no, and cited
| Dolye's case to support the imposition
| and revocation of a license. Answering
| Mr.. Busbee's interruption, Judge Avery
said the license was revocable even
against a corporation doing an interstate
commerce. Conceding that it would be
unconstitutional to restrict corporations
1 nr m 1Df - bo1
/ a right to exercise his discretion
| Conceding honesty to all the directors,
the fact remained that they did not do
| their duty to the State-they might be
mistaken as well as any one else in their
/ judgment. He believed a bill could be
| presented, which, in a court of equity,
at least, would invahdate that lease
| 1T is a mockery to tell the people that
/ they must go over again the same ground
| that Mr.. Graham went over. We pro-
pose to make it easy for litigation.
| 1t was asked why the private stock
| holders did not take a part in this move
| ment. When Mr. Graham tried to get
a private stockhoder he couldn't get any
stock; he had heard that the Southern
was buying it up Mr.. Graham admitted
that he had heard this, while Mr.. Busbee
| denied, as a fact, that the Southern had
bought any, Judge Avery said it may
| have been through some Ryan scheme,
and even Mr.. Burton had said that
| Ryan was friendly TO the Southen, an
admission, that had not been extorted
| from any Of them.
The Southern would give 15 per cent
before they would give up the lease He
had no fear Of parallel, if this bill was
passed.
Judge Avery said he had been slandered
| by sheet that purported to represent
| the Republican party. If it is the organ
Of the Republican party, he didn't under
stand why they denounced Daniel l..
| Russell,' who is a Republican, and the
| Supreme court which was Republican,
and he had most unbounded confidence
in the integrity of this court. There is
but one solution to it, that while it pro-
| fessed to be the organ of the Republican
party, 1t was grinding the organ Of a
| corporation.
Mr.. Charles NJ. Busbee, in behalf OF
private stockholders, said he had not
| heard OF any private stockholder being
against this lease, except Mr.. PEBBLES,
mentioned by Judge Avery.
The people who owned the ST 900 600
of stock took it with the implied promise
| OF the State that at no time would the
1 SltNIS btiNC 0hg dNbfOu WHICH WOuiU Dp IN
| derogaiOn OF their rights. The stock had
gone to so or 60 prior to the lease Of
| 1871 (Mr. Fab. Busbee suggested that
five shares had sold at 20 in 1867, bought
| by Mr.. Jim Morehead) it had gone ND
and and after the lease, reaching S1.35.
and now under this agitation it had de-
clined to $1.1O. A great many trust
funds were invested i'm this stock; he
knew of some bought at $120 These
circumstances should be considered tx
the probable effect of this legislation
| The market value could not now be
stated, and if the bill were passed, 1T
would go to rs. Mr. Busbee thought that
a valid lease had been made and that
no power now existed 10 lease it to any
| other party. The private stockholders
were satisfied.
| In order to attack this lease, you had
1 TO do one of two things YOu have got