Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-10-08

| of such additional levy shall have been
submitted to the qnaiItit d voters OF
the State for til er approval or disap
proval, and shall have been approved
by majority thereof. And no part of
the Interest which has acccued, or
which may hereafter accrue, upon any
of the bonds of the State, snail ever
be paid.
Mr. Jarvis moved an amendment to
strike out the words ''more than five
per cent. of the princi pal of" the bonds
of the State, which amendment, if it
prevailed, would prohibit the Legisla-
ture from levying any tax to pay any
part of the special tax bonds.
Mr.. Tourgee submitted a substitute,
providing that, as the debt of the
STATE is more than the people in their
Impoverished condition con pay, Tri
ban Il OF Arbitration shall be est,ib-
li-hed to which the whole debt of the
Stat sha be submitted, the said arbi-
traitors Tot 10 be citizens of the State,
and their action to be final.
Mr.. Jarvis, dem, advocated his
amendment, reviewing the action of
the Leg stature which authorized the
onerous debit under which the State Is
groaniug. He said the order of the
q " at I'll at time upon this floor was to
vote away million of dollars of the
peoples money, walk into another por-
ton of the Capitol, into Littlefeld 8
bar room, taxa a drink. and come back
and vote away millions more. His
amendment might be called repudia-
zion, if it was SO wished, but the effect
ef IT was TO prohibit the Legislature
from ever levying tax to pay interest
upon the special tax bonds, which were
coucaived in fraud, rocked i'll the era
die of iniquity, born in corruption and
prostituta1 to the basest purposes
tae work Of the Legislature Of 1868 and
1869. The word "repudiatiou" in
connection with these bonds was what
the people of North Carolina wanted
Mr.. CEngman, dem, could not sup
port the ameudma ant, and gave his
reasons therefor, explaining the con-
duct of the officials In connection with
these appropriations, and thought that
the total Reputation of these special
tax bonds would work hardship to
many innocent purchasers. He thought
the matter had better be left to the
Legislature with powers to adjust the
debt in the best possible way.
Mr.. French, rep, gave HISTORY OF
the legislation under which these spec
inl tax bonds were passed. He was
member of the Legislature at that
time. voted for the measures which
Gec-ssitated these appropriations, and
urtier the same circumstances he
would vote for them again, but would
takt. good care into whose hand, these
bonds woHld be placid. He favored
tie idea of referring the whole matter
- Il Board of Arbitration.
Mr.. Boyd, rep, did not hesitate to
he placed upon record as being in ia
vor Of the utter reputation of the
special tax bonds. The existence OF
these bonds, hanging over us, would
forever rttard the progress of the
State. He claimed this debt was Gu
acted III fraud, and notwithstanding
the fact that the larger majority Of the
legislature which created these bonds
belonged to tn. party with which he
belonged. he was free to admit that
undue Influences were used to bring
abuu. their passage; his party was
held responsible for the passage of
these acts. bat he claimed that some
Of the Democrats OF the State had re-
ceived large benefits therefrOm.
Mir. Durham also opposed the
amendment, and at considerable length
discussed the status of the present
State debt. He was opposed to repu-
diatlou, but desired the nearest access
to an honorable adjustment of the
debt.
Nlr. Altman moved that the whole
matter be recOmmitted to the com att
tee.
After much discussion, Mr.. Turner
called the previous question, which
being sustained the motion TO recon-
nit prevailed by a vote of 40 to 3S.