, 1873-11-28

concerning the debit. Committees upon the
"bthto debt Rro appointed at tho organization
Of zach Logielaturo, but an adjournment tinedfc
port. Thia delay from year to year chafea tho
pooplo and rondorB t,onl iostloas il, tho meatl-
tlmo, men who aro alwaya roatly to tnlso afvan:
t1ge 81 eyesy onpGrvty are mailing Of
gressman elect from thia District, has published
4 card, III which ho takoa open and bold ground
for tho absolute and unconditional population
Of tho entire lntlehtonnosa Of tho stnto. In do
fcnao Of their policy tho ropdtatotu arg,1o TINT
tito failure Of THO lcgieature to loyy + tax to
pay interest OH tho bonds, md to provide sink
ing fund to redeem tlion ut maturity, is virtual
ropudntion In roply It can bo truly said that
tho odd debt amounting to s15s9l, AGO, pri1,-
tito dobt tho pnoplo would chccrfully pay
sxo n to meet t Tug thn s9Ss 1n nht e foya9 n
or with the now debit created by tho ieu,io Of
Bpecinl tax bonds, and 1t ia impossible to sopa-
rate the two claHHcs in my offort that may be
Sao to tho a6 Action Ton
until Tint timo arrives will a tnx DO 1oviod to
pay interoBt md 10 provide for tho redemption
Of tho bonds at maturity. ThtB action on tho
gteasonce son sr Of popuaaon' but ho H. eg obggaton a
70 pay, and . co,,aclo'.sness Of THO legal
ity Of tho debt which overhangs them, ia
understood and accepted by tho people. As long
as,aop e 70 boe IT, PIsy See w S g0oa
the dobs but II tho pooplo should become
restless and allow their dosiro to get rid Of tho
dobt to run AWAY with tllor bottor judgment,
the election Of . Legislature pledged to repudl-
for conpron'ao would bo lost, the bonlhollors
would ho compelled to sock rolreBH in tho United
statos Courts, and tho credit Of tho State would
bo irrctrioyablY ruined.
CNJVEHT4 rFpYrnY
Tho huccesalvo failures Of tho Legisla-
10 making converts to Reputation. Roao-
seaass e sa dssaras 1s'n that ea0eSsa So people % s2 ~2
mover pny moro Of the principal Of tho gpecial
tax bonds than tho amount such bonds sold for
at first bona JGte sale. ThcAo resolutions ,woro
originally drsted y t1o on w. A. GrthS
iu 1862.
MEETING OF BoNpno1pEna.
Tho bondioldcrB OF tho State should hold q
general meeting and asccrtatn il thoy have any
manifest that tho proposition iii this instance
should come from tho creditor, and not tho
dobtor.
IMPOSSIBLE TO TAT 1NTEREsr.
It Ia impossible for tho people to pay 81 ,700,-
600 tntoreat OIL tho debt, and, in addition, pay
taxcH to dcfray tho ordinary exponBos Of tho
Slate Government. Inaainuch M the special
tax bonds were conceived N sin. brought forth
procceds arising from their salo to tic complo-
tion of the unfinished roadR in whose aid they
wore iBaucd, md wcro sltamefully md fraudu-
ony zanaloareed o STATE roeeiyIng eee not more
tn1 bonds, the bondlo!dora should sur
render their bonds at 25 cents on the dollar,
and take now bonds III exchange, with 9 cortnin-
ty that tho interest wonld te promptly paid
cyory year, and that sinking fnnl would be
provided to redoom them at nlnturity.
GENERAL ASSEMBLY OF lSG9.
The Legislature elected in April 1868. under
the Reconstruction acts, was composed largely
tion, Of worry ordinary ability, and woro oyory
why fit subjects for tho corrupt and vonal lob
byists WHO infested tue legislative halls
arng th9 3aca session 9l tho winter . Of
Several Investigations, had since 1860, provo
conclusycly that Ting WIS organized for tho
purpose Of passing bills authorizing tho issuc of
roso Of specu!ating in tho bonds, by which the
ring vas to bo enriched 1T tho sacrifice of tho
good mama Of tho State. tho ruin of hor credit.
and the abandonment of work on tho sovoral ill.,
North Carolina bonls wore quoted in Ncw
York at G7. Members Of tho Legislature
who wcro alao members Of the ring,
Wed with, each other for, the honor
tho bills rs prelared by tho ring, md in provont
ing the adoption Of amendments that would
hare protected the credit OF the State, and
checkmatcd tho Wholesale robbery that robulted
as mattor Of conrao from the peculiar drafting
Tho acesion continued four months, during
| which timo bills were paused authorizing tho
issua Of special tax-bouda to tho enormous
amount Of GIG, 900, 600. four Of which mere de-
| carod unconstitutional.
| WHOLESALE bribery.
To effect tue passage OF these bills, Geo. ".
swepgon paid to rnoflbera of tho Legislature
S,2ll, 900, Democrats and Republicans, the rich
and tho poor, mono OF whom have been proseou-
! ted for their knnycry.
DISPOSAL. OF THE BONDS.
THE special tax bonds we're delivered to Geo.
y. swepaon, President Of the Western n: 9.
Railroad, to Andrew Jackson Jones, President
OF the Western Railroad, to VIM. Sloan, Presi-
dent Of the Wilmington, Charlotte Il Rutherford
Railroad, and TO Milton 8. Littlehold, auccessor
to Swepson, who proceeded at once to New York
Some wcro placed on tho Stock Board md said;
otlorg wore lost at faro and tho State received
Of tho proceeds Of tho sale Of the at1, ,d07, 900
apecial tax bonds not moro than 50, 100000, il
that much.
TIE sw1NDL1aG PRESIDENTS.
OF tho Presidents who Bquan1ered tho bonds,
Jones' mas indicted. found guilty, aantcncod to
ton years in the pcnitontiary, appealed to tho
died fou months thereafter. swopaon stands
indicted in Bunconbo County. He rogidcs u
this city aud is frequently seen OH the streets.
Sloan llaH not been indicted. Lttlofieldia Indicted
III Buncombe County, but had retired to the eycr~
gladoa Of Florida before tho indictment was
found. 4 requistion forwarded by tho Governor
of this State for Litllotold vas not honored by
Gov. Hart. Of Florida, because ombezzing
crime by tho florida Governor! Littlcacld is
President Of tho Jacksonville Railroad in Flori-
do. knowing that he is liable to be arrested 1t
he leaves that State, he confines himscf to
Hart'n tominions and will douotlcas 20 un-
y1,f nf j,n} n}ira tnfn n