The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-27
80 YEARS; 7 PER CENT,
{ Continued from Second Page

TIME In the session IL - dIlhOoe AhiAOs'N'e :,
10 secure any legislation If we cross 7,
OF dot an ~ of that bill, which IS as near
perfect as any bill can be.
att is the history of such legislation that
amendments kiln them. He reviewed
soyv for ten wears this method was pur-
sued by the railroads to prevent the estab-
lisbment of n Railroad Commission
at is said that we are to stain the honor
of North Carolina by annullmg a con-
tract. We do not seek to do anything
INT have the court to pass upon these
questions.
II know THAT nine-tenths of the people
are with me. The indignation against
the lease has grown to be almost revo-
fution. Those who vote against the peo-
ME now, will tell them that the places
Mai know them now will know them no
more forever.
The private stockholders had a right
10 do what they pleased. The States di-
rectors had no right to lease the road
without asking competition. He showed
that no competition had been sought; in
ract competition had been avoided
"Tlhe proposition in the House bill was
not TO take it from the. Southern and give
it to the Seaboard Air Lime. 1t is to lease
1T to the highest bidder. He showed that
two substantial parties desired to bid
at an advance.
He held UP and idiculed the Grant ar
gument about the 6 per cent. interest
bug-a-boo, showing that it was rental and
not interest being considered. He elab-
GRATED this and showed its hollowness
and fooliShness.
The North Carolina Railroad is the
most valuable piece Of property IN the
South. 1t pays handsomely. Ought the
State to give most of the profits to the
Southern Railway?
The Wilmington and Weldon Railroad
paid net earnings last year of IL per cent.
II that road made such profits, does it not
gtnad to reason that a bigger profit was
made ON what General Henderson called
stthe best road in the South, if not in the
whole country?'
The Wilmington and Weldon Railroad
cost &2,000,000 1t Is worth SO, 100000
The North Carolina Railroad is worth
much more than it cost. It's increase has
come from the industry of the people of
North Carolina and not from the South
ern Railway.
The substitute validates the North Car
china Railroad lease. 1t gives sanction TO
the lease for a generation. | cannot en-
dorse THAT. The reason for leasing before
expiration was because the road would be
run down on us so the Southern Railroad
said
There is no clause that prevents the
road being run down ON us again. This
bill means perpetual lease to the South
ern Railway at such terms as they die
tate.
The lease was made on the exact terms
of the Southern Railway, and made six
years previous in order to prevent any
competition in bids.
There are some desirable features in
che substitute. But it may die on the
calendar; it will be null and void in its
effect if it should pass.
With due respect to those who intro
duce amendments, / say that they will
have the effect of killing the bill that
passed the House.
This question will not down at our bid
ding The people are deeply interested.
They see that the issue here is: will the
North Carolina Legislature relieve us of
$4,000 taxation every year for 90 years,
or will it give that sum to a rich corpora
ton?
On Mr. McCaslxeys motion not TO ad-
journ until the lease matter was settled,
the vote stood as follows:
Ayes-Messrs. Alexander. Atwater.
Butler, Cannon, Clark, Geddie, Harrison,
Lyon, Maultsby, Maxwell Mitchell,
Moye, Merritt, McCaskey, Newsome,
Parker of Randolph. Patterson, Rober-
son, Sharpe of Iredell, Shaw, Utley and
Walker-22.
Noes-Messrs Abel, Anderson, Antho-
ny, Ashburn. Barringer, Barker. Dick
son Earnhart, Early, Grant, Hender-
son, Hyatt, Justice, Mccarthy, Mcneil,
Odum, Parker Of Alamance, Person, Ray,
Ramsay, Rollins, Scales, Sharpe Of Will
son, Smathers, Shore, Wakefield Whed-
bee and Yeager-2S.
On motion of Mr.. Abel the Senate adj
journed till $50.
AFTERNOON SESSION.
AT the afternoon session, Senator But
Ter arose and gave notice that he would
offer three amendments
/. That the Southern shall pay 10 per
cent. rental.
2. Nine per cent
3. Eight per cent.
Senator Parker, of Alamance, did not
want to cover the whole ground aud did
not want to act without due delibera-
ton. He then outlined the history Of
the lease two years ago. In his county,
inert WIS 10 1hulRudLl0n, revolution Or
Incorporate language. He was a Demo
crat and his political faith was founded
upon the will Of the people; but the will
of the people was based largely upon the
accuracy of information of the people.
He referred to a paper the did not
name the paper that went among
the people giving inaccurate information
which if the people knew they would
repudiate. He started out to give the
Gods truth about it all He told
about the directors, who were the agents
of the people, and who had not exceeded
their authority.
He took up the objection Of too soon"
He answered this by saying: Think of
the magnitude Of the transaction; think
of the long time; the prudent tenant and
landlord were looking out ahead OF time
for renewal.
"Fhey say there was no competition Of
bidders Only two bidders had been
mentioned-the Southern and the Sea-
board Airline. But the Seaboard was