Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-11-26

1t appears regular. Acts giving men con
troll of So, 900, 900 may be regular, yet the
bonds may be disposed of to parties who
have full notice of the fraud If an agent
transcends his authority, the principal is
not liable. 1t man, passing through the
country, offers horse worth 5000 for S25.
1t is evidence of something wrong-that
the horse was probably not tho property
of the seller. So, if man proposes to
sell $4,000, 900 of North Carolina bonds for
30 to 80 cents on the dollar, it is almost
positive evidence of bad faith. Col John
son very properly refused to put his bonds
on the market; but others have placed
millions of bonds on the market, vet,
strange to say, very little of the roads have
been built, and the contractors complain
OF having no money. Why is this Shall
we see this ruinous sacrifice of the State :?
Shall we stand by aud allow this hugo
resolution endorsing the same ? 1t is
monstroIs to contemplate If this be the
policy, we are ruined ruined
Mr Sinclair opposed the amendment; it
would intimate that the Legislature had
made dishonest appropriations and pre-
Judge matters or this subject to go before
Committees.
Mr.. Seymour hoped the amendment
WOulG be Withdrawn and the vote taken on
the main question.
Mr. Malone said this amendment in
voIved the question whether the people
should be protected from the infamous
swindles Of the ''Ring.' There was no
party movement III 1t; it was merely
measure to protect the State, and all men
who wished the States appropriations to
Railroads honestly and judiciously spent,
could support it regardless of party.
Vest and Harris, of Wake, opposed the
amendment.
Mr. French thought if there were grounds
OF suspicion that bonds had been dishon-
estlg disposed of, it was the duty of the
House TO examine into the matter, and not
put this amendment in this resolution,
which was intended to prop the credit Of
the State.
Mr.. Argo thought the proceedings on
the matter premature, and moved to post
pone for one month, that Committe IS might
have time to report on matters connecte d
with it.
On his motion the yeas and nays were
ordered and resulted, yeas 81, nays A.
Mr.. Seymour moved to reconsider the
vote Just taken. He thought now was the
time fer the Slate TO declare her ability
and willingness to pay her new bonds. He
wished old and new bonds put on the same
footing, all made special tax bonds. He
spoke at some length, declaring against
Reputation, &c.
Mr.. Ingram favored the motion to re-
Mr.. Argo said he opposed reputation,
except in case of the direst necessity but
he was opposed to thieving in every shape
and form. Il was charged that thieving
was going on in our Railroad bonds, also, |
that collision between those managing the
bonds and the purchasers existed; he de- |
sired the postponement to give committees
to investigate these charges time to report. |
If the reports show no ground for the
charges, it will then be time enough for
these resolutions at present this Legisla- !
ture is acting in the dark on the matter.
Mr.. Poa was opposed to the motion to |
reconsider. He thought no one ooald be
hurt by the postponement; at least, no one
who had right to the consideration of !
the Legislature. The bonds were either |
in the hands of the authorities of the Rail- |
roads or those Of purchasers, if the for |
mer, let them call at the Treasurers Office, |
draw the interest on them and go to work
on their roads; if IN the hands Of the lat
Ter, let them call for the interest of six
cents on the dollar. That Of itself is one
sixth of the present worth Of the bonds,
and probably one-sixth of the investment
made in them by the purchaser. Let the
Legislature in this matter make haste
slowly" and act conscientiously and with
its best Judgment.
Mr.. Justice favored the reconsideration.
He was opposed to Reputation, ard said
it was the doctrine the Democrats hoped
to carry the next election with, and this
u7o1lH rivo fbapo ctropciE
Mr. Hodnett said. when money matters
were discussed the interest of the bond
holders seemed to absorb the attention of
some gentlemen, while the interest of the
poor people was completely ignored. If
the cry of reputation was raised, gentle
men should remember that the Republi-
can party was born with the word written
upon it's forehead. The new Constitution,
which the Republicans forced upon the
people, repudiated. in the homestead ar
ticle, millions of debt between citizen and
citizen, while the bloated bondholder had
pledges of security given. He came from
the people, as q workingman and knew the
value of money earned by the sweat OF
the brow.
Gentlemen were mistaken in regard to
the cause Of the depreciation of our bonds.
Northern brokers and bankers were shrewd
anu ldI SOG1HS5 LASu, GllCJ MIC" Guao VIZ
people were over taxed and could not
pay.
Go TO Greensboro and SEQ the caravans
which almost daily pass through that place
carrying our citizens TO other States,
driven forth by the enormous load Of
taxation put upon them by the legislature
Of the Republican party. At the close OF
the war, the Republican party came into
power processing to be the poor mans
friend but ii their reckless and lavish ex
penditures are taking away the little left
by the war and driving them from their
homes By excessive taxation.
He had warned gentlemen last session
that these lavish appropriations of money
would educate the people to the doctrine
Of repudiation. The people were fast be-
coming aware how their interest was being
abused and if gentlemen did not pause in
their career, other representatives would
be sent here who would attend more to
the interest Of their constituents than to
the bondholders in Wall street
After some further discussion the House
adjourned until tomorrow morning at 10
o'clock.
L.