The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-08-01
QUOTES LAW TO SHOW IT
They We're Issued on July LIST. 1862
Under Gov. Vance.
AUTHORIZED BY CHAPTER 142, LAWS 81
The Bonds Belong to an Fs'ate and Were Sen
10 The Treasurer With The Will and That
is Now in the Hands Of the Al
torney General.

Except as a curiosity, anything in the
way of money, bonds or certificates of in
debtedness with 1.-The Confederate States
of America" written across the face Is
now generally considered worthless.
But. according to a ruling of State
Treasurer Lacy, this is not always true
and there are many such bonds in exist
ence. thought to be worthless by those
hiding them, that the State must re-
deem at 25 cents on the dollar.
The Treasurer now has such bond in
his office. and he says he is going to pay
it, 1t is for 81 900, and was issued July
/ 1862 under an act to secure the COM
pletion of the Wilmington, Charlotte and
Rutherford Railroad (now the Carolina
Central; and ratified on February 10Th,
1861 It is signed by Y. B Vance, Gov
erpor. and Jonathan Worth, Public Treas
urer.
Across it in immense letters is written:
Confederate States of America" and it
is declared in the bond that it is ere
deemable in good and lawful money or
the Confederate States, at the office OF
the Treasurer of the State of North Car
DINA. in the city of Raleigh, on the first
day of July 1892. with interest thereon
at the rate of 6 per cent
Now it has generally been thought that
the redeemable in good and lawful mon
f-the- Confederate States clause Wit
lated the bond and relieved the State of
all obligation in regard to it. The Treas
urer however holds otherwise. He bases
his decision on charter 90, Laws OF
1S79-"Act Act to Compromise, Commute
and Settle the State Debt This act au-
thorized the exchange of certain old bonds
(''issued is pursuance of any act of AS
sembly passed at any time before the
2Cth day of May, 1861, exclusive of bonds
issued for the construction of the North
Carolina railroad for new thirty-year
per cent bonds, and section 4 provides:
These bonds shall be exchanged for old
bonds of the State mentioned in the first
section of this act at the following rates:
For the bonds issued July 1st, 1862,
by authority of act of 1860 and 81, chap
ter 142. for the construction of the Will
mington, Charlotte and Rutherford Rail-
road % per cent of the principal of the
bonds or certificates as surrendered"
The Treasurer was unable to say yes
tcrday just how many of these bonds are
outstanding but it is known that the act
authorized the issuance of a million of
them -one-fourth of them on different
debts--and that only the quarter of a
million dollar issued on July 1st, 1862,
can be redeemed by any construction of
the law.
The bond now in the Treasurers hands
was sent to him with a will in which it
was bequeathed 1t has on the back an
iron clad endorsement in regard to the
manner of it's transfer, and the will is
now in the hands of the Attorney Gen.
eral for construction of that section of it
and the Treasurer's duty in regard to the
transfer of the bond is that it may be
paid
The first warrants for the salary of
judges under the new judicial district
bill passed by the last Legislature, were
issued yesterday from the Auditors Of
flee.
The salary to each Judge is the same
as heretofore (S229.16 a month"; but there
are now sixteen judges to pay instead of
twelve.
There is also considerable shifting of
judges. and of the twelve old judges only
two retain their old districts. These are
Judge Brown in the First district and
Judge Mcneil in the Seventh. The new
judges are: Winston in the Second. Neal
in the Eighth, Jones in the Fourteenth
and Justice in the Fifteenth
The other ten have been shifted, by the
new bill, as follows: Bryan from the
Second to the Third district, Undertake
from the Third to the Fourth, Allen from
the sixth to the Fifth, Robinson from
the Fourth to the Sixth, Shaw from the
Fifth to the Ninth, Coble from the Eighth
&c the Tenth, Starbuck from the Ninth to
the Eleventh, Council from the Tenth to
the Thirteenth, Hoke from the Eleventh
10 the Twelfth, Moore from the Twelfth
to Fifteenth.
The next issue of the Bulletin for the
North Carolina Agricultural Department
will devote considerable space to the
grcwing of grain in eastern North Caro-
lima
This is a new industry as it has been
believed until the last few years that
small grain, such as wheat and oats.
could not be profitably grown in the east
ern counties. Recent experiments, how
ever, show this to be untrue and within
the past half dozen years the wheat
crop in some OF the eastern counties has
iporea sed from 500 to 20, 900 bushels each.
This year some farmers in that sec
ion have reported yield of thirty BUSH
els an acre, which is considered good
for even the wheat lands of the West.
A gentleman who came in from Will
son yesterday says there is great in
dignation over the .waylayings of Mr..
Thomas Farmer. He also says that all
the crime-or nearly all-knOwn in
Wilson of recent years has grown out
of "moonshining," which was unknown
in Wilson until tobacco was cultivated
there on large scale. What connec-