The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-05-11
WORKING TO GET MONEY FOR
TIE REPUDIATED BONDS.

TIE REPUDIATED BONDS.
Three letters have come to The
News and Observer office within the
past week asking for copies of the pa
per containing the figures OF the
amount of the Reconstruction bonds
repudiated by the General Assembly
after the carpet bag government had
been driven out of the State. This
shows that the South Dakota case and
the threatened like litigation on bonds
issued to build the A. & n. c. r. r.
are regarded by the holders of these
Reconstruction bonds as the entering
wedge for the re-opening of the leglS-
lation of 1879 which compromised and
adjusted the State debt.
State Treasurer Lacy says that there
are now outstanding $134,0Oo of bonds
(not 100000 of bonds as incorrectly
printed yesterday issued by the State
for the payment of which everything
on the A. & N. c. r. r., including
franchises, etc. is pledged in the terms
of the bonds. These bonds were sign
Daniel w. Courts Treasurer. and bear
date of January /. 1857. one
bond of the value of one thousand
dollars has been exchanged since MI
Lacy became State Treasurer Ii the
holders of the bonds of the Western
North Carolina railroad, to the pay
ment of which stock in the North
settlement of 1879, why may not the
holders of the State bonds, to which
all the property of the A. & Y. G. X.
r. is pledged, also have Judgment
ordering the sale of the A. & N. c. r.
r., TO satisfy the $4,000 of bonds
and accumulated interest of forty
years?
There is but one safe course for the
State to pursue in all these matters.
1t is to refuse to reopen the question
settled in 1879. No ADLER or honester
men ever lived than those who ad-
justed, compromised and settled the
State debt that year. They had lived
through Reconstruction days they
knew what the State had actually OBJ
tanned, they knew what it honestly
owed and after conferences with
many bankers, brokers and other hold
ers of the securities of the State they
utterly repudiated the Special Tax
bonds and made a schedule of what
was deemed fair should be paid upon
all other State indebtedness. The
whole world applauded the action of
the North Carolina General Assem-
bly,. Nearly every creditor of the
State rejoiced that North Carolina had
assumed it's just obligations, and were
glad to secure new good bonds upon
the terms proposed by the State for
the worthless stuff they held. Debtor
and creditor alike felt that just
agreement has been reached and that
the State had maintained it's honor.
Almost twenty-five years passed
with universal acquiescence. Nearly
all the bonds. except a few Western
North Carolina and few Atlantic &
North Carolina Railroad bonds. were
redeemed at the price fixed by law.
Interest has regularly been paid and
everybody, except the few, have re-
garded the whole matter as finally and
forever settled. In an evil day in 1896
the State fell into the hands of un-
worthy and corrupt men. They learned
officially of these outstanding bonds
They learned that they were held by
interests that had a selfish purpose in
wishing the North Carolina railroad
cold. The holders of the unredeemed
A. & n c. r. r. bonds also had ar
interest in holding on to their bonds
These officials, upon going out of of.
fee, made connection with certain
folks ssHIGHER up brought the
South Dakota suit. They expect t.
compel the State to pay them big
sum. The State will pay "the pount
of flesh denominated in the bond bu
will not permit the gang ito shed on
drop of Christian blood"
Having gotten the w. N. c. r. r
bonds in shape to grab Il big sum /
the railroad crowd can control TIN
next General Assembly, the sam
sHIGHER UP" crowd is now ready t
get into a position to compel the pay
ment of the $134, 900 of A. & N. c. r
R. bonds. with fifty years accumulate
interest. The first step is to take tn