The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-25
THE HLIGHTOF POPULIsM.

An interesting opinion involving the
validity OF county bonds has recently been
handed down by the Supreme Court Of
North Carolina.
II seems that the county Of Sianly Issued
bonds under an act passed by the Legis-
lature but the validity OF the issue was
afterwards attacked by certain citizens
on the ground that the constitution re-
quires that bill authorizing a county or
municipality TO vote on the question Oh
subscribing stock or issuing bonds for
public purpose must pass each branch OF
the General Assembly on three several
days and that in the case under discussion
the bill had two readings in one branch
OF the Legislature on the same day. The
case finally found its way into the Su-
preme Court and was decided against
bondholders. the Chief Justice alone dis
senting.
II is not denied that the election. al
though 10 the extent above mentioned ir-
regularly ordered. was properly held. that
the people cast their votes In favor Of the
bonds. that the bonds were sold and that
the proceeds were used for public pur-
poses: and yet because the Legislature did
not comply with the exact wording of the
constitution in passing the bill authoriz-
ing the election. the whole debt Is to be
repudlated.
We gather these facts from the Raleigh
Morning Post. and our contemporary
makes the following comment:
These people. therefore. are. in the sight
Of God and man. obligated to correct any
error that has occurred 10 vitiate these
bonds and make them good. Otherwise
both the private as well as the public
credit Of a community so offending will
be seriously injured Under these decls-
ions it will be necessary 10 carry along
hereafter with any municipal bond certi-
hcates showing the authority for their is
sue. with all details connected with pas
sage Of the act by which the issue was
authorized. 1t would have been much bet
ter for these communities to have waived
these technicalities 1--WE presume We may
so call them) and met this obligation I'm
the same good faith that characterized
those whose money they obtained and
used. Honesty is the best policy and
applies no less to municipalities than in
dividuals.
There is OF course. no argument against
the honest position taken by the Post. but
our contemporary surely cannot be supris-
ed that the Stanly case has taken this
turn and it must not be disappointed If
its plea for honesty fan upon dull ears.
The act Of the stanly county people IS the
logical result of the Populstic instruction
that they have had during the past several
years They have been told that this coun
Try was divided into two classes. one Of
plutocratic bondholders and the other o.
the plain people: that the bondholders by
striking down silver" had doubled the
debts Of every poor man in the country
and that it was nothing but right and
honest that the money Of the country
should be so deprecated in value as to en-
able the debtotrs 10 discharge their oblisa-
lions I'm fifty cent dollars. They have
heard their Governor and one Of their
Senator's in Congress denounce bondhold-
ers. corporations and trusts until they
have come 10 believe that TO cheat them
out of their dues is the righteous act of
down-trodden people. They have seen
their Governor at the head Of a move
ment to repudiate a contract Of agreement
made in good faith with a railroad corpo-
ration and have heard him denounce the
courts OF the land for declaring that a
State had no more right than an individ-
ual to violate the obligations OF con-
tract. Following the example OF thar IL
Iustrious leaders. we are not surprised
that the people OF stanly county should
deem it right and proper 10 evade their
obligations through 4 technically Of the
law. The blight Of Popuism has fallen
upon the good old North state and the
fruits thereof are now being gathered.
1t is a sad spectacle. The people OF
North Carolina are noble and honest In
their instincts They have been led astray
for the time by dema sogues, but they Will
return after a while TO those principles
upon which their great state has been
builded