| Report of Select Committee {of
the North Carolina Legislature} Ses.
1862-'63 |
| Report by Joint Select Committee |
| W. W. Holden, Printer to the State |
| |
| Report of Joint Select Committee |
| The Joint Select Committee, to
whom was referred a communication from his Excellency, the Governor,
relative to the contemplated seizure of iron on the Wilmington,
Charlotte & Rutherford Railroad, have considered the same, and
report, that by an act to amend the charter of the Wilmington,
Charlotte & Rutherford Railroad Company, in 1858-'9, the Public
Treasurer was authorized to issue, and dispose of for money, the
coupon bonds of the State of North Carolina, bearing six per cent.
interest, the principal payable at the end of thirty years from date,
and the coupons of interest payable semi-annually, at such time and
place as might be directed by the Public Treasurer, for the purpose of
raising funds to be loaned to the Wilmington, Charlotte &
Rutherford Railroad Company. That the Wilmington, Charlotte &
Rutherford Railroad Company, before receiving any aid from the public
Treasurer, were required to deliver to the public Treasurer the coupon
bonds of said company, bearing the same interest and date, the
principal and coupons payable at the same time and place as those of
the State hereinbefore directed to be issued and disposed of; and, to
secure the principal and interest of said bonds, issued by the
Wilmington, Charlotte & Rutherford Railroad Company, the State of
North Carolina was to have a lien upon all the estate of said company,
real and personal, which the company then owed, or might afterwards
acquire, between the towns of Wilmington and Rutherford, including the
property at both points, together with all the rights, franchises and
powers thereunto belonging, or in any way appertaining, or which might
after belong or appertain to said company; the lien to have a
preference over all other claims. |
| Your committee further report,
that a mortgage, in strict conformity with the requirements as above
stated, was executed and delivered, as they are informed and believe.
That the company have completed the road for one hundred miles West of
Cape Fear river; and that it is important for the company, and for the
public, that the road be finished as speedily as possible to
Rockingham, the county seat of Richmond, where produce, &c., can
be deposited. From the best information your committee can procure,
there remains to be completed to Rockingham, about ten miles, which
will consume, as your committee are informed, the iron which the
company has on hand, and which the Confederate Government threatens to
seize. That the iron not laid down is at the Western end of the road,
and to take it to Wilmington will prevent the company from complying
with a contract it has with the commissioner of the State who is
engaged in making salt; which will result in great loss to the State,
and be a serious inconvenience to the people. That, by virtue of the
mortgage, the legal title of the road, and the property, chattles,
&c., incident thereto, is in the State of North Carolina, and your
committee believe, and so state, that the Confederate Government have
no right to seize the iron not laid down, or any part thereof. |
| The committee submit the
following resolutions: |
| 1. Resolved, That the
Confederate Government have no right to seize the iron, or any part
thereof, not laid down, in the possession of the Wilmington, Charlotte
& Rutherford Railroad Company, and we do hereby enter our protest
against any act, on the part of the Confederate Government, to seize
the same. |
| 2. Resolved, That his
Excellency, the Governor, be requested to transmit, if necessary, to
the Secretary of War this report, and to insist that the iron alluded
to shall not be seized and taken from the company and State. |
| W. B. Wright |
| Chairman |
| {The minutes of the
House record that this report was presented to the House December 12,
1862} |
|