The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-07

unless the ayes and noes shall have been
entered on the journal on the second and
third reading in each House. The Con-
stitution further provides that the jour
mails shall be published and distributed
Immediately after the adjournment of
each Legislature, so information should
be readily accessible. Amy one taking
a State, county or town bond without
seeing if there was valid authority con
ferred to issue it is in the situation of
one taking a deed without tracing up
the title to see if the grantor could
sonvey.
There is no question that the people
had a right to protect themselves by
putting that provision in the organic law
and being there the courts had to hold
that it meant exactly what was there
said in unmstakable language. 1t is all
the more necessary that the provision
should nave Deen put there as to this
class of legislation, since the majority Of
the court has held that as to other leg
islation an act was valid, which was not
even seen in the Senate, because it had
been signed by the speakers, though their
signatures had been procured by fraud.
If this were true as to issuing State,
county and town bonds, what a carnival
Of fraud we would have. 1t is well the
Constitution does require other safe
guards as to taxation and bonds.
THE Stanly county bond case has
been treated as if it were n new de-
cision. The identically same point was
held by the Supreme court of this State
last 'Sear in Bank VS.. Oxford, and the
court in that case quote 90 decisions,
from thirty other States, holding as our
court held and only one decision from
a State having the same provision in its
Constitution was found of contrary
tenor. Yet who has ever charged those
thirty States with Reputation?
''As to the merits aside from the law
which is very plain, have seen it stated
that in Stanly and perhaps other coun-
ties the voters were induce to vote the
bonds upon the representation that stock
of Ike amounts would be issued to the
county on which the dividends would
balance the interest on the bonds. 1t is
charged, however, that before the stock
was issued the railroads put mortgages
on the railroad property, making the
stock issued to the county worthless and
leaving the county to pay the interest
on the bonds-a nice trick, surely.
IF these charges are true, and they
are made over the names of good men,
it follows that the corporations have
got, first, the railroads; second, the
money received for the mortgage bonds
thereon; third, the high salaries, and
profits and influence attending railroad
ownership, while the people of the coun-
ty have only the stock, which was made
worthless by the corporation managers,
and the burden of paying interest on
the bonds, and are paying freights and
passenger fares as high as they were
when cotton was Is cents per pound.
IF the bonds passed into third hands
the holders are to blame for not seeing
if they were valid, and should look for
payment, not to the people, but to the
corporation managers, who palmed off on
them as valid bonds. which they must
have known were invalid, since they
always procure the legislation to issue
bonds for their own profit"
WILKES COUNTY BONDS.
The Wilkesboro Chronicle speaking of
the action of the commissioners in bring
ing action to invalidate the bonds to
the Northwestern Railroad says:
1.-THE point especially relied upon-the
legality of the acts similar to the
Stanly county case and that has been
decided in favor of the county.
"11he railroad authorities are scared
and are threatening to tear up the line
between here and Elkin. That's a bluff
that wont work.
Let everybody possess his soul in
patience. 1t is time the people had
some voice in their own affairs"