The Caucasian. (Clinton, N.C.) 188?-1913, 1897-02-18

opius. no sailrosd esns'ruosioa shcait
b. p~rmiss<d. sxosps upon sSed lines.
i'm possseie Of eopsfrucsieo and uapeo
Il a.clsss IL bullt- II is as az raitrosd
euiidipe in We~:esn North Csroiins
shou.d OF q solemn enscf@eof BE- de-
eiar~d conpie;s and npished fesevsf
A cd that eli this shouid D. done ip
the tufSrsss Of q sailroad ceupany
| which possesses . coopesing lire vx
tending entirely asrcss Moth Caro-
I.ua. and boz in the fullest enjoy m~n'
Of It's franchises. IL 10 bot fair To sdd
that the counsel Who appeared BE-
fore the Committee at ifs nes; session
4 sdsooasisg the adoption Of this s~c-
ttou, af . Subsequent messing With
drew hts support. In efccf admitt-
ing that the PROPOSED iestsiaitou was
tnd.isasibie aud eonsensing that the
.o, IN ght strike 10 from the bill. Tht.
"a. not TO be wondered ~, for q mose
insidious and dangerous blos was
never aimed ~ the interests Of Vice.
tern North Carolina thsn 10 prov id~d
In this section. lt would be . death
blow tn development aud to progress.
aud would subject fo irreparabie ruin
the people OF Q large section Of the
State, rich In material resources ~ yet
undeyelop~d. and only waiting the
| magnificent growth which will survly
follow the Investment Of CAPITAL. ard
the constr uctiou of avenues of com.
| merce- The minority viii never con-
| sent that there shall be any limitation
to railroad building In any part OF
North Carolina, or that any un Iust re-
slrictions shall hamper the invest
ment Of capital within her bord~rsy
IL will AWAY resist an order that on~
por. ion Of the State shAil be favored
| with laws inviting capital and d-vel-
opment, and another shall be thwart
ed BY any unjust restrictions. since
the meeting OF the Committee the ma
jority, without calling its member to-
get her, have seen q. to make q new
amendment and recommend that this
original section eight be stricken out.
This death-bed repentance 10 unmis.
taxable evidence that the majority il
beginning TO appreciate and To com.
prehend the iniquitous provisions oi
the bill, but as the eighth section ID
still before the House until stricken
out by It's order, II 10 deemed best Ia
permit the above report concerning IL
marvel OF singular legislation. In or
der TO protect the interest Of The pri-
vate stockholders of the North Caro-
lima Railroad Company BY a provis-
ion In section twelve Of lis charter. IL
was enacted at the first general meet
| ing OF the stockholders that no l~ga,
meeting could be held unless "Sn~
hundred individual ttockholcers
| should be represented
Ihis provision was commended in
the argument before The committee rs
salutary one, without which the pri-
vate stockholders would he ut the ab
sOIute mercy VI the vote Of the States
proxy. Although this charter Vas
passed before lsGs and il a contract
between the State and the stOc L holder.
which cannot be altered without the In
! consent, II 10 seriously proposed To pa.s
section eight, directly aimed at the n
Z. X. X, declaring in effect that il an,
stakeholder shall think il unxdyisibi~
To attend the meeting, and shail com
munlcate this intention To spoth i'm
| SUCH . way as to amount to a sugees-
ton that the other should not attend
the meeting, this would be a co1,yina-
fton, and both could be imprisoned in
the common Jail. The private stock
holders are 10 be coerced by threats Of
Indictment. The section il hastily
drawn, and If carried into effect would
prevent any railroad incorporated in
TINS State from holding any stock
holders meeting outside the State. ey-
en- though ii was chartered i'm anot her
State Also. For instance, the Seaboaro
q Roanoke could not hold a stock
holders meeting in Virginia because
IL Is chartered in North Carolina. :,
Legislation should be carefully con-
sioered aud not be couched in such
eeherai ana 1ar-reachiBg terms As TO
| thor.
The title of the bill makes No sI,us.
sion 10 It's real object, which is legis-
lation intended to annuI the Las NJ
the North Carolina Railroad 10 IN.
Southern Railway. 1t is not mill I'm.
9th section is reached that this ia m. a.
apparent.
The ninth, tenth and eleventh SEC.
TONS OF the original bill may be con-
sidered together
By section nine the Governor Ia
sought to be empowered to bring a
civil action In the name of the state
ior the purpose Of declaring null and
void the lease OF the North
Carolina Railroad Company. IL wa.
not contended Except infereptjaIIy
Dy Mr. Graham. the President of the
ALiance), that it would be to the in
teresu OF the State to operate the North
Carollha Railroad under its own Or
ganizatlon. But it was yehemeptIv
urged that the amount of the rental
required TO b" paid by the lease to the
oouthern Hallway, executed in Aug
ust, 1898, was Inadequate. That the
execution OF the lease WA prema,u,.
ana That its term was too long Ths
counsel for the Sesboard Ar lin.
System, which Is the title of the y.r.
lous railroad companies controlled nv
the Seaboard Roanoke Railroad Com,
pany. commended the interests of The
State would be best subserved nv
Lease of the North Carolina Railro.S
TO the railroads composing that avs
tenn others declared that il the less.
should be declared void. in ALI nroh..
oiiity larger rental could be secured
either from the present Lessee or soms
other corporation. The minority of
your committee do not feel that n is
necessary to discuss the right of fhs
NORTH Carolina Railroad CSmpanx e.,
make lease of it's property and fran.
cnlses. This matter has been before
the supreme Court Of North Carolin.
tu.ee separate occasions, in re
ference eo the validity of Ease to the
nnmonu q Danville Railroad Com
pany Ior thirty years, and upon three
&c of'S[aI occasions the Supreme Court
VI N0tth Carolina has decided that
such lease was valid: once in the 20 n
". reports, at page, once in 73rd. and
IN Ilet", at page $40. No Authorize
was cited to the committee on which
10y eistlnctIon was ever drawn by the
courts between the power to lease for
,h,r,y years and the power to make .
tease ior a longer period, and from
me AGILITY OF the counsel engaged ="
sns discussion it may be safely pre.
sumea mat no snch authority can b..
. ".au. ~ the North Carolina Rail
70 ms Loin pahy In 1871 was empowered
W make lease for thirty years ths
minority Of your committee do ~,
thlnk that the cnntenrion r. n"'