The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-14

tempted inValidatiOn of certain bonds by
certain counties i'm North Carolina. which
were issued by them several years ago
for the construction OF the railroads run
ming through their borders. You char
acterize these proceedings as acts Of att
tempted robbery and deplore them as
evidence Of the degeneration Of those eie-
ments Of honesty. which have hitherto
distinguished the people of the "Old
North state and attribute IL all TO the
bhghting influence of Populism. which
you charge has poisoned the minds Of
the people Of that State against corpora
tons until they have come 90 believe
that il is not dishonest to rob them.
You nave Intentionally done this people
"a great wrong and injustice and ! say
mintentional. because I feel sure that
You either do not understand the facts
I'm the case. or they have not been pro-
perly presented 90 you. Permit me %
say az the outset. i'm order 90 free myself
from any imputatiOn of. defending The
Populsts. or entertaining feelings of an
tagonism 90 legitimate corporations. that
/ have neither So mpathy nor liberation
for the indiscriminate denunciation Of
corporations so frequently heard from the
political demag0gue. and that as "a Demo-
Crat who has never departed from tho
Populism in North Carolina. and am NOR
tilted and Inundated as only one can Dee
who cntertaius "A love and pride for CHS
own. his native land" However. while
/ recognize with sorrow the fact that
P0pulism does dominate the politics OF
North Carolina ar present. and while /
abhor its doctrines and political methods,
/ cannot see where the influence of Popu-
llsm enters into the action OF these peo-
pie who are endeayorlng 10 get relief
from a liability that has neither founda-
ton IN law or conscience.
I approhend that the majority Of these
actions which are being brought grew
ont OF the decision OF the Supreme Court
Of North Carolina In the recent case Of
the Union Bank W. the town Of oxford
and that the facts boz them an are very
much the same. The facts in the case
above cited are briefly these a company
was formed 10 build "a branch road from
the town of oxford 20 connect with the
Northern and Durham railroad AT point
about three miles distant from said town
proposition was submitted To- the
town commissioners 10 call an election to-
vote on a bond issue to the amount OF
5000 10 aid in tho construction of said
road. Nearly am the property owners
who had 10 bear the burden. opposed
the proposition but the election was held
and resulted m IT'S favor Whereup0n
some OF those I'm opposition forthwith
instituted "A suit in equity 90 cnjoln the
commissioners from issuing the bonds on
the ground that the election was without
authority of law. and I'M the injunction
proceedings tho commissioners admitted
doubts Of their authority 10 sign the said
bonds However. some time thereafter %
compromise was effected. whereby IT. was
agreed that the amount of the bonds
should be reduced 20 10000 iu considert-
ton whereof the compliments were 10
have the injunction dissolved. Tn pur-
suance thereof, the president Of the COM
pany. an influential citizen of the town,
and also. Dr. ] mistake not. O. member or
the Town Board Of Commissioners, and
representing them in the matter. had the
bonds duly issued and subsequently sold
them 10 the Union Bank, who took them
Notwithstanding they called at@'ion
upon their face TO the proceedings in
equity. above recitcd which was notice
10 the world and should have put the
hank on inquiry as to .thcir validity.
These were interest-bcaring bonds. and
when the interest fcll due the same was
demanded by the said bank, whereupon
the town declined payment, ana set up
the defence of ultra wires.
SHIT was instituted. and in tho arsu-
mcnt of The case counsel for tine town
contended that the election under winch
the bonds were issued was without legal
authority. and. therefore. void ON the
ground that the general law ci the state
relating 90 the holding of municipal elec-
lions for the purpose of voting dpptopI'a
lions 10 aid in the construction OF r'i-
roads only prescribed certain provisions
10 DE observed when elections were ncid
bu did not expressly or Dy implication
authorize the holding Of said elections
Upon this point on demurrer UT. cas-.
went mp 10 the supreme Court, where d.
was held that the statute in question did
give authority by implication TO hold the
election and issue the bonds. and the case
was remanded 90 the lower court Tor
further proceedings. Judgment boz the
lower court was for plainun. whereupoh
an appeal Was taken TO the supreme
Court and Judgment was reversed ON the
unconstitutiOnauty OF the legislative acl
in question The constitution OF Noilh
Carolina requires that AN ac,s passed 10y
the LEGISLATURE. authorizing the hoidiis
of elections and voting of appropriation
nv towns for the construction oi Iail-
roads. shall be read ON three sUcce77iF
DAYS. and upon the vote me yeas anu
NAYS snail be spread upon the minutes Oh
tbr Legislature. neither of which require
ments were complied with in the pa7Sds i
Of tine act under which these bonds Were
issued. 4 would call attention especially
~ fine fact that the initiative in TINS case
wa, NOT taken by the people OF inc Tow"
If oxford. The suit was instituted us
,bo bank who had taken these ponds
notwithstanding the fact that they gave
roti,e upon their face of the doubla Oh
,bei. legality. aud called attention To ihe
.uit berainbefore mentioned. The pahN
fook the bonds al its peril, with run no.
,icc ~ AN the facts in the case anu
should NOT be heard 20 blame others TOT
a., ou,n folly. / would also like 10 state
10 Justification OF the action oi the Town
~ il never received one cent neneh''
for M railroad vas ever constructed OF
a,er will be. and what disposition was
I'D of the money Is question Io'
others to answer. ..,.,.
Now Mi. Editor. like YOU th'hN
moral obligation is more binding ana
shofll hoe more sacredly observed thah
a,,,. other and especially so when IL rests
nan a people in their collective capacity
and 1 would never endeaNor I'd u'l.'."
neople who were endeavoring 10 aVold .'h
Obligation. which though not sustained ny
io,, ,s &C.. founded iu conscience and good
morals The charge that the people are
act,,ted bv their hatred 20 corporations
connot be sustained in these cases, Tor II
e. third parties and not the railroads who
me, suffer bv the lnyalidation OF these
bonds believe the people Of North Car