The news & observer., 1901-01-15
THE SUBSTITUTE ADOPTED
Debate Between Senators Morton and
Morrison.
FIVE BIS FOR BANKS AclEO ON
Session Of the Senate Interrupted by the EIec-
tOral College Senator Arlington Pre-
sents New Rules. Bill For
National Park.

The work of the Senate yesterday
was interrupted by the session of the
electoral college, the Senate taking a
recess for nearly two hours so as to
give that body the use of the hall.
The only debated matter before the
Senate was the bin to amend the char
ter of the Whitney Reduction Com
pany, now operating at Gold HILL in
Rowan counts. This bill came up be-
fore the Senate last Saturday and con-
tanned some lights and privileges which
caused it's re-reference to the corpora
ton committee for further scrutiny
Yesterday Senator Morton, chair
man of the Corporation Commission, Of
fered substitute for the previous bill
In this substitute the features that had
been strongly antagonized Saturday
were eliminated. The substitute did
not give the company the right to con-
denim private property for factories and
other purposes, but only for building
railroads and locating depots; also only
with the consent of the municipality
can the company build street car lines
in towns and cities. The committees
substitute gives the company the right
railroads. tramways, buy, construct
and operate telephone and telegraph
lines, build dams on the Yadkin river
and it's tributaries, make and sell gas
and electric light, furnish power for it's
own use or TO sell, and gives the cor
poration sucn rights as other corpora
tions acquire under the laws of the
State The capital stock shall be 81, ,000.-
tn a
by majority vote of the stockholders.
AS stated the right of eminent domain
is given for building railroads and de-
pots.
AT the op ming of the debate which
followed, Senator Morton said that
the substitute gave the company
broad, liberal charter, but was not in
excess of the powers usually conferred
upon such enterprises and permitted
the enjoyment of no rights which a pri-
vate individual could not exercise. The
company only had the right to con-
denim land for railroads and street rail-
ways and met the objection the for
mer bill possessed in regard to going
into towns and cities to build street
railways. To the substitute he thought
there could be no objection.
Senator Morrison said that he was
sorry Saturday that he was compelled
to antagonize the bill. He had not in
vestigated tie measure before he heard
it read in the Senate, but then some of
it's provisions shocked him; those rights
were so far in excess of anything that
he thought corporations had under the
Legislature and constitution of North
Carolina, and he felt compelled to OPP
pose it, 1t was far from his purpose
to assail property interests and he de-
spised the cheap demagoguery that
would tear down and cripple the rights
of capital. Since Saturday he had look
ed into the matter and was astonished
to find that sCme corporations now had
the right to condemn private property
for their own use. He still had some
serious objections to the substitute even
for it gave the corporation the right
to build railroads without stating
where. This ne contended was like Civ
ing franchise without any assurance
that it would be carried out Then the
law says IA $1,000000 is the maximum
capital sto.N for a corporation, while
this gives them the power to raise to
any sum it desires. Then giving the
right to buitd street car lines in any
town or city, when they have no such
purpose, might interfere with the for
nation of tne companies which really
intend TO build such street railways.
While Senator Morrison was speaking
the Senate took a recess for dinner and
upon reconvening he resumed his argu-
ment and recapitulated his reasons for
not favorIng the substitute as it now
stood, at the same time making it clear
that he in 40 wise desired to antago-
nize capital that would come to North
Carolina.
Senator Morton said he knew nothing
personally of the Whitney Reduction
Company, but he desired to treat cor
porations as individuals, and by fair
ness, encourage capital. A private in
dividual with sufficient capital could do
the things this company asked. then
why not the same rights to this corpor-
alton? If fifty corporations come ask
ing give us the right to go anywhere
IN the State and build great enterprises.
give them the chance, and perhaps
some of them will do these things for
the States good. He thought the verv
fact that such unusual privileges were
possessed would often insure the sue
cess of the enterprise. The senator
read the act of 1899 Incorporating the
Cape Fear Power Company, which gave
them the right of eminent domain for
Its works Senator Morton said this
Continued on Twelfth Page.)