The Caucasian. (Clinton, N.C.) 188?-1913, 1897-02-11

,,.,sa 10 startling. inA N"'t ~
,~.rrd in this TRANSACTION inoie'A %
nnau, haste and ipdefeusioie secrecy
/. well knoun TO the puone, oa' s"'
until now, so far "a AN sNhr,
- ,lI,r,d by responsible psrt,.s
800. Tru.r~.s Of the State actually /
.,,.m,,~ "A Ia nake what 10 sub.iaE- 1
,,.Ii, = .ale OF i,s property a. n price
80 Than was offered by r~sponsoas
n,as.r.- III this assertion be tr's~,
,h.n ,be transaction IL not only voiu
| in equity. but fraudulent In ia~ ara
morals s., 49,
,h. nro,f. the Courts Of Equity would
nulI,fy this ninety-nine year lease on
the ground Of palpsbie and nsgfah'
fraud. Any Director or Trustee who
would sell or lease property belong
ing TO bis fduciaries. when ne Knew
| that he could get better price woala
be re buked and removtd and the trans
action itself vitistsd by the Equity
Courts.
| Your honorable bodies will now
80. Thai herr is an offer for 4 twenty
wear lease which gives TO the state
net gain over the ninety-nine year
lease of about one hundred thousand
dollars q year for twenty years ana To
the priyate ckholders y net gain oil
about thirty thousand dollars year.
On this bid the State would gel Tor
twenty YEARS four per cent on two and
one. hs n millions OF dollars, and Thu ~
clear net gain over what l. will &c; ~
this ninety nine year lease - allowed
TO sfsnd. Under this offer of the Sea
board system, the State would receive
over aud above what il would get FOR
twenty years under the ninefy-nine
year lease about Two uiiHoh
dollars and NJ the end Of the
time leave all this property n
its own. IL We advance in ms
terial development as We hope and
believe We will, ut the end OF tue mtg
years the State will have in this rail
road . property that may be Of great
value To its people in reducing taxa-
ton or in augmentinR the school
= fund. There il good reason 10 believe
> that the Seaboard System would pay
Z not pay only the ten Ter cent
a but also the organization expenses
. and the taxes, State, county aud mu'
n nicipal Of the North Carolina Rail.
\ road. Indeed, what reason IL there Il
I doubt that this bid of ten per cent
|. may be greatly increased by those whs
. want this property, and by those wh'
n not only want IL but must have IL be
d cause IL is indispensable TO them. I'M
less they are allowed by our law max
; ers to become independent Of IL?
r Ii the bill now depending bsfor'
Il your honorable bodies, entitled al
Act to prescribe the terms upon which
foreign railroad corporations shall b
allowed to operate railroads and trans
act business within the State OF Nortl
r Carolina" shall be enacted by yo'
r. into Law, not only will this ten pc
=. cent. be realized, but in my opinion
% more than that will be obtained fo
\, your property. But this cannot be &C
m complished il the bill is To be amend.,
ne by striking out any Of its importan
features. The provisions OF the bill a
to requiring nonresident cor pora;iUn
to obtain a license after the first ca
of May. 1897, and announcing crimins
penalties Tor its violation, are essenfis
]. for the State protection This licens
feature applies to the old lease rs We
as to the new. The less-es have n
right to complain of this action
"A the State because they took the thirt
~ year lease with notice Of the reserve
y, right of the State to exercise its SOY
ereign power to prohibit them, as
:, foreign corporation from operating
-, railroad in the State. They never ha
% lease from the State or any coptra,
=, with the State. Their lease and thei
contract were with the railroad cou
90 pany. The North Carolina Railroa
20 company leased to them, a foreign col
iv pOratiOn, and they We're permitted I
~ take and did take the lease under an
od by virtue of an unwritten law whir
nv said to them GU are authorized
the laws Of Virginia to take this leas
nd and not by any statute Of North Car,
r.. lina," admits } on here as matter +,
ho hospitality and comfy. This hosp
" raliiy and comfy she will withdra
, at her pleasure" The provisions
the bill as to removals from cur cour
are just as fair and necessary TO II
enforcement of the rights of the Stat
The striking out of any of the bi
will probably be disasfrous--
--unless il be that which al
thOrizes the sale of the State stock.
.: the General Assembly in its wi-'o
.! prefers not to authorize the sale
Il. any event, that much can he s,ricke
from the bill without weakening
lpt impairiDg the efficiency or force of i
~ general scheme. That scheme il
ne make such laws as are necessary TO e
!, for our property what il is worth. NJ
MS own best judgment IL that the siot
10 should be sold unless better terms ms
OF be had by lease.
Objection is made that legislati,
y action in this matter will lead TO e,
vi pensive litigation. I do not belle,
70 that the litigation would subject a
n9 State to serious expense. I know .
81 way tn assert rights or correct wron,
es except by litigation.
&c 1t is of the highest import that II
10 North Carolina railroad from Green
70 boro to Charlotte shall not be parable
ID
e..s, stock by lease or sale. To permit ID
us is to seriously impair the value IL
ho does not throw away the property.
No one railroad or line or syste
use should be permitted TO acquire !
'ur lease, purchase or otherwise. any cor
'ue petive railroad or lire or system.
OF earnestly recommend that the mea
al ure relating to that subject which n
70, passed the House Of Representatiy
VII be enacted into law.
'on The North Carolina railroad
e's hardly competitive t. the Seaboal
system, but IL il was the manifest il
Ia terest of the State il to make an exec
~. '' ton Ia its policy as TO IL for the sal
a.! of realizing its value for the people.
AIT The State has a large interest in n
led All. n,;c and vor,h Cs.oi;n. 49,.
1t ia entirely practicable 10 compel Il
TUG lessees or purchasers of the North Ca
Olina railroad to take the States il
VI terests in the Atlantic Railroad. or
vided the General Assembly will a
-! thOrize the lease or sale Of the Alta,
, tic and North Carolina railroad ar
pass the measures necessary to enab
~ the State to get value for its propert
"a DANIEL. /. RrssKLL.
ian A GOOD AND JUST BILL.
at
the Lrhs G.,.r., a...,nhI, sho,,s
.n Passit. tits Jost to The Railroads 81
.si- It Will b. OF Great Benefit aud Prof