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ATLANTA, GEORGIA, SATURDAY, AUGUST 10, 1872.
Mgtmrm-
iXHR »« BAIILJC.
b*84 ware Ik* Baitaroad and
yaepan.es. Bui these were ex-
expreea enactment This node
But query ?.' ta flie as
thee a a ben ? An you
HAMHIIM
do not,
NORTH CAROLINA.
*1.000,00) hae
The bond ism
quietly oh the
swew.npu
to fit sting? It
But than wan put out of the way in
on. So the alaMonn Mi for biddnta
n loo aundtrmr outsiders-, only ineid-
* eauid destiny. The wail 8,000,600
washAq^94
Governor,"
making the
wards fled,
prove upon
taod—-fitU of
to have bidetsee.
oandid exposition is all
protected itself diiarenUy. For ex
pie, suppose au annual report of
The right to critioiso (his Irani
closely, aside from express invite
claim, in the twofold canaeity of
A Oman* arm a Btokhol:
lio, which was to~be iu-
: been intended to inform
coudit
audits outfit
At public. The thing
was not known without snob inventory.
The aubjwfi guttler was not duly adver
tised, and the emission was of no taifling
matter. The use of property lev twenty
yean is of itself a heavy item of profit.
In ten yean unman at 7 per oaut. to-
.Tilts'
whs add*bead net anatudiug nor injuriously
titn- limiting eoapetition, the State might
mid have been protected even better than by
StS- 1 utoug standing bond. A deposit of a
‘ dm lass amount would have served a bat-
__ tar purpose.
Bo provision seems to have been made
for the safety of the securities. They—
poor drudges—were only thought of as
( The bearers bf burdens. The State u osten-
.—. aibly well cared for. The securities, left
oat In the oold. The Lessees covertly,
b*.* take all benefits. The securities oarry
Georgia Legislature.
WkNAlt- AiTUUjOUH bLSBlOM.
ATisAKa*^ Auguot eta, 1171
fonsldartUou t UmmmLxitj ud mfortty
•portion the 1mm of the Woittru k Atlantic 1UU-
MVUNMMd.
for ths Mi* ol brevity, w# flys Um spM*hei in
omp*ct form.
Mr. Umn Mid that th« rosoimtlon aodar vhloh
now ia worth much mors than 7 per cent
But while paying thna highly to thu les-
staai this hogs item was not fairly known
and expoaudtosalR We do not any that
8500,000 was the exact value, but use
that sum for illustration only.
Suppose the lease to be effected bed
been of a fasus and the stock upon it, in
the lump ? Would it not be essential to
inform bidders in,g4vtuoo of the partic
ulars constituting the stock? No publi
cation baa been made’beforo or since the
lease of thminfurmatioo. I cannot tell,
nor can the publio, whether the valuation
was fair, or%J(ak was tho aggregate, or
m a. oonaaus modi cats-pawb.
Now,' da to the relations of the railrosd
nanaatastothe lease i It would seem
idftaVlHre reading of the act would
tddftbaaf po about their business. No
sFttt’ yctr St this auction; this is no
|U «■■■■■■ .l..™. - * I
bond Is sol good. Is ln.ro ouy
bondt Thors Is no Is* blndlns fl
ourllr I°r Uis bsnsat of PrasOds:
Uhf Of'yours. Not so fast—read
lar. The benefits are not for yon,
,0OvM)t at' lioerty to attume the bur-
, Amt consider yourselves sligbt-
,Xpqara expressly invited to bear
Keennit help feeling this slur," one
A sxpeot as Ike answer; but he
daoi-dojustice to the boldness of •
Urown wu ooansefeed with tlis (Mad. Kim-
a bis opinion, pronassd tbs Is— •*-- *
i. (Apyutuw lu the gallorl-g.
friends. (ApyutUM lu the gsilort-g. l'resident
Tmumoll chocked It, sad ordered the galleries
cleared, If rspesled.) n-
Ms. MoBMtU rsrlswsd the HUfiwj of tbs less*,
unnsosi
duriuK'
clssrsd, it rsi-onlodO ^
showius'tUstll waopwisodl
rood from ul,. Hsoraton.
saute, sad ths bond saStel
■erndlfM the set of their i
sostsln this yoeW
tor» sboM uoUw-
S. This was not
giaus ! We hope, before the iaVeehgo-
tiou is over, other Georgians will Da
found (the number of the natlvea of the
State is small) who, satisfied that tbs
transaction was unfair, however it be
came so, Will follow the ex ample-of that
truoaon of Georgia, Mr. Stephana. If
■ Sta|| L — 1 - -*■ *f your
the State had not a fair ohanoa—if ;
fellow-oilizene nod not a fair ohani
withdraw from 4 tainted tranaaot
Bn not oontenl with empty protea^ana
of patriotiam; hut come out o< it, land
stand not on the order of your coming.
DUATH ASP WJOCXSallflf. j „
By the 8th sccfWn,dtf fuse of dtsth
each lessee is euooeeded—(not, be it ob
served, by his eaoceesor in the pred-
denuy of any railroad which went to-
ourityr but,) by Ilia own legal represent
ative.
The 10th aeution is tbat remarkable
one whioli exclndes railroad and express
companies as principvls, but tolorktes
them os securities. By this provision
toaUmcny ibowlng that
fairiy ur by fraud.
tmsnU dlM«0Brdsdt MAtfte Hamsnor I
i oondiUous of tho not com]
l lu tfci sttODV*™.
Bat all MttKinn. we wonld have tho
avMIMMi *4M wni in.
A.feoenl.Vd thorough coufersuco
mouxUs? Wsrs the i
wlthtlls luswored —- - ns— -—
VAdiwI Mqatrsd tbs aoTsmor not to rsoslvs h bid
sssomynlnsd bj doubtful ••aunfiy. Tho bid Si
f 3S.UUU li*d no sMUrltjr Tbs Seagu-Bludgott Com-
l*»y thought W0J ooold give Ms ssoarlly and
couldn't. TbslesatMdld. i hers U aSLlsv to dm*
dlsUnotly diMiystes any IdsdW unMirnoM or frsui
Mr. bud ill onllsd tbs previous qusstlou, which
callwi
Sonittors Blmnioua sud Muunslly wsrs sgrsod to7
Mr. UUyer's substltufts for tbs third resolution
W 'Mr. lister's snbaUtuts for the whole wm lost
The mlnoilty report m amended wm then resets,
od in lieu of tbs majority report by Urn following
Yeas—Mosars. Andsrson, Brown, Black, Bruton,
Brook* Oamaron, Campbell, (bark, colman, Ooolay,
Crayton, Dstmux, Katas, OrUBn, Hillyer. Hinton.
Jervis, Jonea, Mathew a, McWhorter. Manually,
Park. Paddy, Itlohnrdaon. Smith btcadman. Stplfw,
Waliaoe, Wellborn—JO,
Maya—Messrs. Burns, Cone, Krwln, Heard, Hoyl,
Lester, Mlcholla, Uaeae aud Bmimona—«.
Mr. Candler called for a division of the resolu
tions.
Tbs Aral was read and adopted.
The second was adopted by the following vote:
Ysm—Anderson, Black, Brock, Brown, Oamaron,
Campbell, Clark, Oolmaa, Oonley, Ontyton, Bevanz,
Bates, Unfflu, Jervis, McWhorter, Mnnaally, Park.
Klckardeon, Smith, Steadman, Styles, Wallace, Well
born—2S.
Maya—Burns, CandMr, Cons. Heard. HlUyer, Hin
ton, Hoyl, Jones, Lsster, Nloholla, Paddy, Beeea,
gained by doubtful aetturity.
i had no security Thz '
bousMSpey ouoM gt
X ThS teesesa did. TJ
ti tles joining together
.White's teeUtnony, on wl
dlslinotly dtssipa tee any IdeA
Mr. raifrl tbs jrrri:
call WMauatalnud.
Tho amendmouts to the first resolution offered by
to any aclioaintBe premises. The pre
sumption in favor of non-action was very
powerful. Principals, the railroad oom-
paDies could not be. They were express
ly excluded from this position. The
' *— **—*r aooaptauoe
r. A. «. UarnTum Ignoiut tt
•klob Uw OomUMIUb Iliiwvs era
Uw U0o.nl Asnlll. us h»,i a
tnlltc .ppoloted to iUTMtlyu. tb.;
burdens proposed for their a
were either real or imaginary. _
keep out. If imaginary, keep oat, and
substitute for the
thus defeat the effurt to exalude Didders,
by refusing to book the ring. At all
events, before notion, conference, and not
merely • little telegraphing at arm's
length. We all know now chevaliers iT
Industrie get up indorsement/.. They go
to Mr. A. and say, Mr. B. will en
dorse, if you will. Then to Mr. B. sod
say, A. agrees to indorse if you will.
Letu, withou tdiaoigping the policy of
Mng «a tataMta <wh «>• mn-
dst of the lease, and this notin ateohni-
brousM before Uu
selves, and secure the State.
Yet, admitting them to bid would not
have injured any private company,
willing to oaloalate and pay the actaal
value, and not held to give impossible
seourity. They would have had a fair
ohance. Tho State was not to provide
lor anybody’s private speculations; but
for the good of the public, by getting
tho most for the property, aooording to
its real worth—leased to those who were
able to pay its value, and scon re 11s pay
ment properly.
If it be said,the provision was intended
to prevent partial and unjust disorimina-
Jjonrned.
•W*» bn4 Ifsnmon honesty.
If bast to lease it, then was a fair and
po^r wayjo aeoomplishjt, ji. i^yflmt
tLk «lilbae^dirionwd value of the
KauSiSttssAi-
. This.Nwtf hava bean faa to the State,
fair to all Intsstata involvsd, giving just
and squsl ahanaaa to tkaBtala aa owner,
sat tJnBsttiasos interested.
How do the Aet and the Lease under
it, iitsntaM will, this just and
obvious stataobont of proper principlus?
Tka sot shows iatsrnal evidence ol the
A was* olrilriag tod satisfactory tort, that
no anah Isaas m this was ever prsotioabls
‘ItaSta M, or intended by 11 Not that
it wanta provisions with a plausible
look that way, but the tool meaning and
emit win ah to tbs contrary. The
prdVisiObj 'Vere' BeoeptffS, and too
shrowdly so, to bo so uniutentionslly.
Ws propose to orsinino tbs record
itself, as upon s motion in arrest of judg
ment We toe teaching for traoes of
Fraud or ftaaao, without refereeoe to
who mads them. Ws are analyxiug for
poison, to am wfaotksr it is m, not who
'Stt— psassd Oct. iU, 1870, end
MARKET REPORTS.
ness, said representation oouimuDioated
to both Mr. K.
We ars out now. Shall we go in?
"Will you walk into mv parlor?" We
respectfully decline. Ws cannot sat at
your facet We are invited not Mouses,
but aa vailert. Please sxsuae us. If
oomplaiaanoe goes so far, however, aa to
oonaant to this—at least arrange terms to
protect yourselves from being over
worked—terms on which yon will in
dorse. if obstinately bent on indorsing
that delightful and aafs thing. Terma.-
torms—terms of indorsement Since
we are oat'e-paws in the transaction—the
chestnuts yours—the ooals and burned
fingers oura, we should act for a well-se
cured consideration, certainly, and not
blindly or in haste. But what do we
get? Is the railroad company, as suob,
represented at all in foot? Suppose the
could give remedies by action for dis
crimination, in freights or connections.
Fourthly, if all kept out, it wu tho same.
Id a word, the dangers of partiality
under tecuritythip, are exactly the same
aa under the tease itself -neither more
nor leas. I erred in one partic
ular—they would be leu, because
the Isom would give a permanent influ
ence, and preurve the original status,
during its whole period.
Now compare, in the light of the ittler-
nal evidence, the two hypothyses:
1. This wu s fair and honest transac
tion, with fair conditions, proper infor
mation, and an open market; or,
1. It wu artfully constructed sud in
terpolated to fit a ring.
Suppose a determination, after the
wild eat system, to get possession of the
Stato Rood. Now, the first thing is ft r
the right men to get it. To d > this, it
may be necessary to let.iu some buoyt, to
keep the concern afloat—some nnoon-
scious of the fraud—some half suspect
ing but taking no native past.
Bat, if the market it open, tee may not
be the auooeasful bidders. If the facts
are veU known, wo may have to pay too
high.
To exeluds individual oom petition, wa
mike the bond impnotioable, except to
suoh s ring u oar own, f
Omen of FOWLEB <
cious use of temporary loans for the
next two vean, I do not believe the
funded dent should exceed five mil
lions of dollars.
From estimates made I am sure
that, with any proper restoration of
the general prosiierity of the coun
try—tho Stato Hoad being relieved
from all other responsibilities—can
be made to pay the gemi-annnal in
tercst of thu debt, and absorb the
whole of the principal, long before it
matures. I give these ideas, having
confidence in their feasibility; hoping
tbat in the combined wisdom or the
leading minds of the State, a plan
may be matured by which the State
Rouil may-os I believe it can—be made
to relieve tho people of the State,
not only from the payment of the
interest semi-annually on her debt,
but, at tlie same time, gradual
ly liquidate her entire indebted
ness, which certainly should be
greatly preferable to snob relief as
may be temporarily had from any
payment into tho State Treasury of
Bs it Ursnfon BuolTSd bj tht oenirtl Aasomblx
of Usorglo, Tbat HI0 ExctUaucr, UuUDTtruw, ba.
and b« la hestbj laatrueted to bavaa felrondjuat
invaatory mada out and returned and racordad la
tho laciratary’a ottco. vtucU a ill stand aa tho troo
lavabtorv, by whlobtho loaoaaaabaU mabo thalr
dual aatuanunt with tho State at tho asd ot tho
'“and bolt tarthor raoolTod by tka oalbortty atom,
■ted. That mid la van lory aboil ba mada by Ihroo
ouatinlatesMts who aio cntup«teni railroad teas
osa b> ba aatected by HU Kxoollaney, tho Oarasaor,
on#by tho rrUd.nl of the Wsatarn a.id Atlantic
...imd "iwiabT .hall sated a third;
■ad Mid oammlaatoners abaU boar avldaaoa aa bi
tho condition ot tka road, lu roOins ssook and
■ppsrtsnaasw ot avsry character, at tka da s
3 V Mid 1 —. aad shall laako oat
" "J, bj; tvidancs which they au
oolain bbbrinn oat tha qaaaUon of. lost abd mw Ua-
vontory hatwaba tba Smte and tta Ijraaaa ate r»
lasa it 0os rsoovd aa alorsaaid, dsKrlblaf tkaeoa-
dltton o( tha tnak, aU patuos • kir nlsstlsa s*aa
tho raiilas atoeh and material and aspattassaiSa aw
band at tha date ot tha taaaa.
Tka tell to (foOaat Iks mtersst ofths Sites laths
really very favwr-
i Ntata u if very ,
>rovision in ths sot itself,
IS action of the companies,
oompany gets any benefit
lalor informal, really or
stsyari
BELIABl
Hoifxx-ArrxaxiAiti sxastoa,
Fpon tha fonasambltes s€ lbs Boaas.sl
It. Somites anas to sddrsss ths Bsi
bought tbat nothing that ha or uy ua at
lo weald saw the rsoolt of tho uraou.
raltmlnary OhooUoas iodlcatel that thai
—UA_ ate.' la hu nlMtets
elusive
Rata and the securities. Wmcan gat i
si say lima, if we an not pleased. !
Now, to prepare the public aiei
What we the qualities in Mr. Blods
fy office.
Nignad CanraaLL Wauscb,
kuparinUitelenL
this impurtant poutiun of
cut ot the titate Hoad ? Which hypoth
esis fits him ? Wnat consequsaeee
loved tram Mr. Blodgett’s edminh
lion? How waa the road reported ol
that worthy mas ? This expensive
broken down oonosn, (for whioh 1m