The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-02-21

the war. Fraudulent bonds By
The Thousand for all kinds Of wildcat
schemes were issued. and these West
'ern North Carolina railroad bonds.
while honestly issued and secured.
were placed at that time on the market.
mo one caring what they brought il
only the money could be obtained. and
thus sold. were purchased below par.
and paid for in deprecated currency.
In 1873. after the state had been wrcs-
tied from the hands OF incompetency
and the spoil holders. a conservative
business commission OF financieTs
was appointed TO try and adjust the
Indebtedness. and after care
full considering all the circumstance:
under which the bonds were issued,
and h amounts actually paid Tor
them In b market. grouped and class
sided these bonds. The Western North
Carolina railroad bonds were placed In
the twenty-five cent. class. advertise
|ment was then made. stating what we
could and would do. The states cred
|itors holding these bonds, knowing now
crippled We were from the war, and
the worse period of reconstTuc-
ton all kindly came in and accepted
our Offer save Schafer and BTothe.s
and a few others who together held two
hundred n ffty-two bonds.
AS able practfcing lawyers, you gem
|tlemen known, that when an insolvenI
debtor offers to pay his creditors so
|pluch in fu'' settlement of his debts,
and they accept, there is a distinct or
Implied agreement that they do 70. pro-
.vided he pays all alike. and it would
not be considered good faith for a debt
or TO pay hen and hen give others
a much larger amount. IND If the
majority accept, and a few decline to
come IN, but wait until the debtor pc
< ,ornes solvent, the courts are not swift
30 give him preference over those who
helped he debtor in his poverty, but
allows every possible equality thai it
ca1i, in his favor. So should it be with
q state. North Carolina at the time
of this settlement was poor and needy,
it's stock that secured these bonds al
most worthless. A great majority of
our creditors holding these bonds aided
US, and now that we are again solvent,
the court should be and will be in my
Judgment. very slow to recognize such
1 scheme as is now said to be on foot
% allow an individual through a SOW
:reisn state to collect these bonds. We
ali to Go what is just and right in
l..e premises and to make these bond
holders a fair offer. Let us offer them
twenty-five cents On the dollar, this
oeirg the amount it was ascertained
they actually paid and which other
'reditDrs received. q I'D to this add in
terest at six per cent per annum to
late. To do this shows the world that
We are willing to pay, and to deal with
.hese creditors as We did with all the
"est, giving them every cent they actu-
'fv paid in good money, with III,
nl1lated interest added.
Il ask you gentlemen to fnd cat from
he Senators and Representatives OF
south Dakota, if these reports we hear
are true. that there is a scheme such
% I have above referred to, and if you
ind it is true. then I will ask you to
confer with cur able representatives in
rhe House, to the end that such d
scheme TO injure a sister state can be
exposed and properly condemned. Ans
werfng the argument that the friends Of
these b~on'iholders are making, that we
IRE n .alk of country, a we
II IlCt pay oil lIOliCSl ucUt, IL StCIIlS ~
having now come forward and
offered to paw yer cent. that in justice
and good conscience we ought to pay,
no one can find fault with Jul attempt
honorable treatment of these credI-
To these bondnolders. I have
already said, and now repeat through
yon, that I want this debt settled at
This term, aid I vii, urge tne Legisla-
TO pass suci, laws as will pay what
is right, but l. after this offer, they still,
to treat with us and meet us in
TO effect the honest adjustment
Of the whole matter, then in the courts
and elsewhere, with every mea in
my power, IN the name of the state,
will / resist this inequitable collection
Of these bonds, II I feel sure that
when the court sees our attitude of
fairness, and willingness to pay what
is just and right, 1t will sustain us in
preventing a judgment,or at least in re.
fusing to allow our stock to be sold to
pay a judgment thus obtained by collus-
ion between individuals and a sovereign
/ rely upon your hearty co-ope-
ration to aid us all you can in this im-
crisis"