The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-13


road from falling into the hands of 9th
ers, usurped and exercised "a power on
right never intended to be transferred
or delegated to them in the original or
amended charter of this road. These
directors ruined in this ninety-nine year
lease without intent and without knowl-
edge. Their efforts now to prevent the
legislature so far as it can, from cor
recting their mistake are without ex-
cllse. Their hast work is worse than
their first
If the legislature shall fail TO undo
what these directors have done, so far as
1T cam, then the responsibility OF this
transaction, whether right or wrong, will
rest equally upon its shoulders with the
directors. He who conniyes at a wrong,
or ratiies or confirms a wrong is equal
ly guilty with the original wrong doer.
This whole thing ought to be undoue
and restore the people to their inheritance
and their rights.
This railroad ought not TO have been
leased in the dark, nor under cover, nor
away from the capital, nor without first
consulting the people and getting their
advice.
This railroad ought not be have been
leased six years before the original lease
expired. These directors, the trustees
for the State, as a guardian is for his
ward, are not prophets nor the sons of
prophets, so far as we know.
They ought to have waited until they
reached the fence, and not jumped before
they could see 1T. lit is always time
enough to climb a mountain when you
reach its base, or to cross the river when
you reach the bank. 1t plunges six years
ahead of time in the yelled future is
very unbusiness like thing to do, at least
for neophites or rather novices
To such, ninety-nine year lease, IS
incomprehensible. They cannot under
stand and comprehend its magnitude it's
liabilities, its fearful responsibilities and
Its far-reaching resorts ON society and on
the State and nation.
This property may and we think will
be worth fifty years from now three
times its present value, and if 50 ought
to rent for three times as much as now.
Twenty years is long enough for any
lease to run one hundred years is too
long for any lease to run. If this lease
stands and the people submit to it, they
had as we'll surrender TO the corporate
powers.
This corporation 0the Southern will
control the policy of the State for all
time 10 come.
1t Will dictate every governor and SEN
ator i'm the future as it has partly done
in the past twenty years. 1t will soon
goIbble up the Seaboard Airline. 1t will
crush out all competition, and become
an absolute monopoly from the New
England States and the Eastern Middle
States to the entire South. 1t viii at
its will fix the rates of all traffic and
travel
Those who sustain and uphold this
ninety-nine years lease ought never n
gain to open their mouths against cor
poration, Capitalization. consolidation or
goldbugism They ought to seal their
lips against denouncing the shrinkage in
values and low prices. This lease for
nfnety-uine years is only the outcropings
OF goldbugism under cover.
lit is the same old serpent with new
skin. 1t is the same monster under q
new banner with new uniform on. 1t
is the hydra headed searpent We
have been fighting all the while 1t il
the same Rothschilds who demonetized
silver i'm Europe 1t is the same Roths-
pany-who dem0netized silver im the Uni
ted States i'm 1S73-74. 1T is the same
0thschilds-Drexel Morgan, and Pier
pont and Company who repealed the
purchasing clause of the Sherman act,
and issued 1862, 100000 of United States
bonds.
This is the same crowd that forced this
ninety nine year lease and all who favor
that lease are aiding and assisting those
m0nied lords, kings and syndicates
whether they so intend or not Set the
lease aside so far as the legislature can do
it. Then let 1T go to the courts to test
the powers of the directors to make q
ninety mine year lease. If the directors
had the power to sell the road delegated
to them in the charter or to lease IT nine
ty-line years that will end the matter.
Ii the road has passed from the State into
the hands of a foreign corporation for q
valuable consideration, if both par
ties were competent to contract and did
contract and neither exceeded its pow1
ers, then the constitution OF the United
States, viii uphold the contract If the di-
rect0rs, exceeded their powers i'm
making this lease or sale aud the contract
is void because of the want OF power in
the directors to make it, or because they
exceeded their powers, then the State can
help itself, and must not submit. But
let the matter be settled one way or the
other.
The road ought not to be sold. 1t ought
not to be leased for ninety and nine
years
II ought not to be leased out for the
next two years
When leased it ought to be done after
inviting bids with security. No other
corporation will lease it to remain in the
hands of the Southern six years there
after
If thelease is upset, it will be a clear
saving to the State OF SOS, 900 600 for the
term of 80 years. Now, if the State is
able to give the Southern that amount
Of money, well. But woe unto the party
that consents to it. The difference be
tween the offers is that amount clear to
the State.
w. H KITCHIN.