Sharp County record., 1880-05-13
FROM MAXVILLE.
MAxyILLE, ARK, May 3, 1880.

the l0tl ult. Indtj ia yum 0~.'0
marks, you refer to the proposed conegtltu'
tional amendment as being an odlous
movement. But would it not be better,
and more appropriate, to give the history
and the authenticated facts connected with
the issuing of those bonds, to which the
constitutional amendment applies, to the
people, telling them that the first class OF
bonds referred to in the amendment now,
denominated Holford Bonds, was first
issued by the state forty years ago, and
turned over to a private banking company
of this state, known as the Real Estate
Bank, for the purpose of raising money
for banking purposes, under statute es,
uecially providing that said bonds should
not be sold for less than par, or their face
value; that S5O0,0O0 worth of these
bonds were, in violation of law, pledged
or hypothecated, by the agents of the Real
Estate Bank, to the North American and
Trust Company, for Sl2l, 1886; and that
company, contrary to the same provisions
of law, transferred the same bonds to the
Holford Company for probably less than
half their face value; that upon this
ground, our supreme court, in the case OF
Whitney VS.. Peay, held that those trans
actions were illegal and void? Mr..
Albert Pike, one of the ablest lawyers in
the country, says, in letter to MIR. H.
H. Johson, of March 4th, 1880, that he
was consulted as lawyer before the war,
by gentleman in Chico county, in refer
ence to the validity of those bonds, who
told him Pike that they had been offered
to him Mr., Davis, of Chico county, for
$4,000, and he Pike gave as his opin-
ion that the state would never pay them
nor the money advanced by either the
Holford Or Trust Company upon them.
He saws he also advised Mr.. Chas. John
son, Of Fort Smith, who consulted him in
1869, about purchasing them at $4,000,
to have nothing to do with them, as the
state was in no way liable or bound to
paw what had been advanced on them.
Though it is held, by the best legal au-
thority, that the state was never legally
bound for any part of the money advanced
on those bonds, the state has paid
S2O4OO0 on those bonds, 49,, 900 more
than the Real Estate Bank received from
the North American Bank and Trust
Company. Certainly this amount COW
cred all there was in the claim. Yet, the
the legislature of 1869, legislature
that was foistered upon the people against
the will of large majority of the tax
PAYERS of the state, through con nSplraCy
and bribery, passed an act funding the
whole $500,0OO in bonds--interest and
principal amounting to S5OO,OOO. The
same fraudulent legislature passed the
act providing tor the issuing of the Rail
road Aid Bonds, included in the proposed
amendment, which were issued Ostenslbly
for the purpose Of building railroads, but
were, in reality, issued to enable carbet-
baggers who had, vulture like, scooped
down upon US, under the precious auspl-
ces of reconstruction, to speculate upon
the credit of the people, which bonds
have been declared Illegal and void by
the supreme court Of the state.
The Levy Bonds, s,"which have clearly
been proven to- be the result of con-
spiracy and bribery, was commenced to
| be provided for by the same fraudulent
legislature of 1869, and the scheme was
consummated by the equally fraudulent
| legislature of 1871. These bonds have
also been declared unconstitutional by the
supreme court of the state.
Now, Mr.. Editor, let us call upon the
people to investigate these matters, and
decide for themselves whether these
bonds, amounting to sl3 100000, are a
Just debt. If just, we should endeavor to
pay them; but if they are found to be
frauds, Dot debts, then, in justice to our
selves and children, we should choose the
best remedy for our protection against the
payment of them, by adopting the
amendment. We now have a legal right
to decide upon the validity and justice of
those bonds, and should do it honestly
and conscienMeusly. The people make
constitutions and adopt amendments to
delegate power to the different depart.
ments of government and restrict the
powers of governments. Shall the legis-
lature of this state be restrained from
levying tax or approprissing money to
pay those bonds? Let the people in their
| wisdom saw, A SUBSCRIBER.