Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1884-01-17
THE FORSYTH RAILROAD SUIT.
WELL MERITED SUCCESS OF CY.
WATSON AND JUDGE WILSON.
The Opinion Delivered by Chief Justice
Smith of tho North Carolina
Supreme Court.
COMMISSIONERS OF
FORSYTH COUNTY, o:
T2.
w. A. LASH, ct ais.

w. A. LASH, ct ais.
SMITH, 0.J.;
At Jtine term, 1868, of the county
court of Forsyth, the Justices thereof,
among whom was |. G. Lash, the in
testate of the defendants, in pursuance
of popular vote of approval directed
one n. S. Cook to subscribe ON behalf
of the county for one thousand shares
of one hundred dollars each in the
capital stock of the North Western
North Carolina Railroad Company,
and at the same time elected the in
testate, financial agent of the county
in regard to such subscription. In
connection with these appointments
the justices passed the following reso-
luton
"Whereas the county of Forsyth
stock ofthe North Western North Car
olina Railroad Company of one hun
dfed thousand dollars, and the first in
stallment of five percent is now due
and payable and whereas one or
more installments may be called for
during the year, and the remainder in
1869 ond 1870 by said company for
the purpose of meeting said install
ments as they may be called for, the
court does hereby appoint [. G. Lash
financial agent of said county, and he
is hereby authorized and empowered
to negotiate a temporary loans or loans
in the name ofthe county, on such times
and such terms as he may deem most
advisable to meet the instalments as
they may be called for, and said finan-
cial agent is further authorized to
cause to be prepared coupon bonds Of
said county, with suitable devices, of
pear most suitable for negotiation, bear
ing interest at the rate of 8 per cent per
annum and payable at such time and
place as he shall deem most advisable,
and to negotiate and sell the same on
the best terms he can obtain provided
however that not more than fifteen
thousand dollars, of the principle and
interest ON such bonds shall mature in
any one year. Said coupon bonds
shall be authenticated by the signature
| of said financial agent and countersig-
ned by the Clerk of the Superior Court
under the seal of said court and that
a tax be annually levied, collected and
paid over to said agent on or before
the 20th day of December of each year
to meet the payment of principal and
interest, as the same falls due on all
loans and bonds, which said agent may
have negotiated for the purpose of pay
ing the instalments on said subscrip-
tion."
Then after directing the raising of
the sum of five thousand dollars to
meet the first installment prior to the
fourth Thursday in July the justices
further ordered "that tax be levied
to meet the instalment on the Railroad
subscription of one hundred thousand
dollars on all persons and subjects
of taxation now taxed by the State and
county for State and county purposes,
equal to the said State and county tax
es for the present year, and that the
same be collected and paid over. to
said agent on or before the Goth day
of December, A. d. 1868, by the sher-
if of Forsyth county, and that the
said sheriff collect the taxes according
to and upon the tax list, as now made
out by the clerk of this court for the
present year"
On October 18th following, the
county commissioners, who had sue
ceeded the justices as municipal coun-
ty officers met and passed an order in
these words:
''Be it resolved that the financial
agent is hereby instructed and duly
authorized whenever he finds himself
minus of a sufficiency of county funds
under his control on the Goth day of
December in each and every year un-
til the loan shall be paid, to meet all
the maturing bonds and coupons on
the succeeding LIST of January in each
year, if minus on the Goth day of June
preceding, to negotiate a temporary
loan or loans, in the name of the
county, payable at such times as he
may deem advisable, and to negotiate
and sell the same for the best terms he
can obtain for any amount sufficient to
supply him with ample funds to meet
the bonds and cupons as they mature /;
all Of which is adopted and passed by
InC uuduILuOuS dCtiO1 VI Tic DOdTu,
and the clerk is ordered to furnish
the financial agent with certified
copy of this resolution"
The foregoing proceedings before
the justices and ratification by the
Board of County Commissioners in the
exercise of public functions, are reci-
ted to show the extent and duration of
the contemplated agency and the
measure of confidence reposed in the
agent in the discharge of its high and
responsible trusts.
The intestate accepted the appoint
ment and continued to act under it
without rendering any account Of the
number of bonds issued or the disposi-
ton made of them, or of the funds re-
ceived- and disbursed up to the time of
his death in April, 1873, during which
time large sums derived frem taxes
levied and collected annually were
paid over to him to meet the county
liabilities.
The action was begun on the Both
day of September after has death