Year: 1859

WI. 'SldTk, (SpeakeI,J Salu lie WAS al Oiu HleH-
Der of the legislature, and had these State ap
preparations for public works made time after time
and had always thought it not to the interest Of the
State. For this reason he had always opposed the
appropriations and time had verified his predictions.
The present case was presented under altered cir
cumstances. The question was not an appropria
ton but how to protect the States previous appro-
priations and her interests and credit. 1t not
merely question of the interests of Deep river, he
repeated, bnt one also which affected directly the
credit and the honor of North Carolina. He had
not voted for these appropriations, but repre-
sentative of the people of Edsecombe he felt IN hon
or bound to lend his aid in providing means to meet
the liabilities of the State. This was his position in
reference to the question before the committee
This work was an old one-the opinion of the peo-
pic natl been expressed fully it, by the action of
their representatives in former legislatures. The
improvement had been approved Of then; the State
had embarked largely of her means in it. and he in
sisted it their duty representatives to carry
the work, and above all to that the State suf
fcrcd neither in her interest her reputation. Re-
ferring then to the various schemes proposed, he
said that because each could not adopt plan which
would suit him Individually, it surely could not be
a reason why no plan at all should be adopted
There must be spirit of compromise evinced For
one he felt bound to give his support to that plan
which in his opinion would be best calculated to
meet the end whether it fully met his views or not.





in his legislative capacity in money matters lie
had no defence to offer against the charge. The
State treasury would not bear fresh appropriations.
STILL he felt bound to go for the protection of those
works in which the State was largely Interested
He never had been suspected of extravaganza but
| he would be found to stand by the legislature in
their efforts TO provide the necessary means for the
protection of the credit and interests of the State
He preferred the bill rejected yesterday to that Of
| fered now TO the committee


| Mr.. Pitchford said the present bill contained the
same Objectionable features that of yesterday
| 1t gave unlimited power to borrow on the faith of
the works, and brought in the State a secondary
mortgage. lie had no faith in the present managers
| of the work as a company they had forfeited all
claim to the confidence of the State; therefore he
was opposed to giving them farther control. As
private gentlemen he had nothing to say against
Them Mr. Pitchford offered substitute for the
bill, providing that the company shall go on as now
if they can but in the event Of sale the Governor
or his representative shall be empowered to bid an
amount sufficient to pay all outstanding prior claims
to the States mortgage, and to secure the States
claims on the company and her interest in the works.
not to exceed $500, 600; in the event of which pur
chase the entire interest of the corporation shall
vest in the State, who shall resume the management
of the works, employ competent engineer, hands,
&C., at an expense in the whole not exceeding $50-
600 per annum.





went; but it merely provided for the purchase of
the works by the State He was for giving the
stockholders another chance The bill provided that
the State should lift the mortgage to enable the
company TO borrow money The work could not
now be sold under the States mortgage; if at all, it
would have to be sold under the prior claims of
$4,000. lie objected to limiting the Governor in
event of sale as the private stockholders might
bid up to the full amount CT their stock besides the
$95,OOO-then the State would be thrown ou. alto
gethcr.


Mr. Pitc,ford concurrcd in Mr.. HIS view as to
limiting the Governor. As to the stockholders they
might 60 on if they could; but they were not en-
titled to consideration than were those of the
old Raleigh and Castor road.


Mr.. Mcdonald entered into heightened history
of the improvement and reviewed the various
schemes proposed He favoured the bill of Mr..
Houston.


Mr.. Ramsay sustained the substitute so far as it
went; but he thought some consideration should
be shown to the stockholders. He had given the
matter full consideration and had prepared bill
with view to sustain the works as at present ar
ranged gradually completing them, and to give the
stockholders and the State an opprtunty of getting
out of the difficulty. The question was whether
the State should invest the sos, 900 now urgently
needed and assist the company or throw away her
interest of sjU0,GO0 He believed the work practi-
cable and valuable in every point of view.


Mr. Worth preferred the bill rejected yesterday,
but now gave his support to the substitute of Mr..
Pitchford. lie was for maintaining the honor and
interest of the State at all risks.


Mr. Edney offered another substitute with view
to protect the interests of private stockholders
well as those of the State He saw no necessity for
sale of the works. He proposed to issue bonds to
pay the outstanding debts, and to draw upon the
treasurer for sufficient means to carry the works
till the meeting of the next Legislature, to an
amount not exceeding 800, ,000-the States interest
in the work to be increased in proportion to the
amount, thus expended and the interest Of indivd-
uals in proportion as they should contribute work
OR material during the same period


MIR. Lane supported Mr.. Ptchfords substitute.
lie had not voted for cent of appropriation during
the session. but this work had to be attended to OF
the State would suffer to the extent of $500, 600
He was prepared for the decision of his people and
posterity as to whether he right or wrong. lie
ventured to say that in less than ten years the work
would pay dividend of 25 per cent.


Mr. Pitchford followed. In conclusion he said
that in the event of the State owning and managing
the works, at their completion the private stockho


dcrs might be admitted on some just and equitable
terms


, Mr.. Gorrell believed in the improvement The
State could 60 ON and lift the liens by the payment
of the debts Then she could lift the mortgage and
allow the company to open books for the subscription
of certain amount of stock she subscribing in pro-
portion to the sum received from individuals and to
secure herself by subsequent lien. In the mean
time some appropriation could be made to protect
? the work now DONE He submitted series of res
outons cmbodying these views, and proposed to in
struct the committee to prepare bill in accordance
with them


Mr.. Speight had voted atirmatively on every one
of the propositions submitted he considered this
most important State work. After remarks on the
} character of the Improvement he said the present
plan did not exactly suit him, but he would 60 fol
, the most effective. The company could relieve it
self of the mortgage of the State by executing bono
to indemnify the State and paying the debt amount
7 ing to some $125O00 If the company could moi
do this she could make proposition to the State
to undertake the work. He did not think the State
was liable for the debts Of the company over anG
above the amount of her interest in the corporation
Mr. Pool agreed in the main with Messrs Speigh