The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-01-08
WHAT is BEHIND THE RAID ON
THE TREASURY?


the Wilmington Messenger. copied from
the New York Telegram, d cooked
lup" interview between the Reporter
and Mr. Samuel Schafer. in whose
name the South Dakota suit bonds
! and like bonds are held. Several SEN
ators received d copy of the paper
containing the special pleading OF
Schafer. and those who know the
methods of "the Street" understood
that the publication was the opening
gun of the campaign that will soon
be made to secure the recognition OF
| these bonds by the North Carolina
Legislature and their payment out of
the State Treasury
In his interview Mr. Schafer is care
full not to say how much cash the
State of North Carolina received for
these bonds and is particularly care
full not to say that the bonds We're
not sold as prescribed by law. He
also goes out of his way to say he is
! in no way interested in the effort now
on foot to collect the repudiated
Southern States bonds. and makes a
plausible argument to convict the
Legislature of 1879 of not dealing
fairly with the holders of State bonds.
Yesterday. in a large envelope. with
! two two cent postage stamps. post
marked Wilmington, n. c., Jan. s. 130
| .. M" every Senator received a PAM
phlet containing the Interview of s
NJ. Schafer" on North Carolina Sec
ond Mortgage Bonds" It is designed
by placing that interview in the hands
| of Senators to make ready for the
campaign that will be shortly inaug-
urated to induce the Legislature TO
make provision for the payment of
all the bonds like those on which South
Dakota. by practising a fraud on the
jurisdiction of the court. maintained
a suit against the State of North Car
DINA. A little later on we shall find a
propaganda, calling itself the desire
to preserve the honor of the State,
maintained in Raleigh. to induce the
Legislature to overturn the 1879 settle
ment. We shall find so-called respect
| able men. with big fees from the Schaf-
promise settlement" The program has
been arranged. 1t will be carried out
according to the plans and specifica-
tons. and if the Legislature makes
the blunder to consider the offers that
are to be made, they will open Pan
dora's box of ills that viii give untold
trouble.
Some men foresaw the designs of
the Schafer crowd months ago. The
Democratic State Convention at its
session in Greensboro made the sue
cess of the Schafer crowd Impossible
when it unanimously adopted the fol-
lowing resolution:
after long and careful deIiberation
and conference with many of its cred
itors. the State of North Carolina adj
justed its debt upon = basis so fair
and honorable IS to win the approval
OF the financial world end to secure
| ratification by nearly every creditor.
Attempts h@ye been made to Pe-opeI.
the question settled at that time by
the States wisest and best men. The
| Democratic party of 1904 approves
forever oppose any and all attempts
from any quarter to set aside the set
tlement then made. 1t will abide the
mandates of the courts but it. will not
consent to re-ODen the settlement thai
was alike cPeditable to the State and
fair to the holders of its securities .
I Every Democratic official in North
Carolina is bound by this iron-clad in
struction, but that fact will not deter
the lawyers and lobbyists who hope
for big 'pickings" in case Schafer sue
ceeds. They will light down on the
Legislature like a flock of harpies,
and we shall hear terrible stories of
what will happen unless the PROPOSE
ton of the Schafer crowd is accept
ed. There is but one answer to make
to all who suggest re-opening the mat
ter, and that is: Read the Demo-
cratic State platform. That platform
forbids the payment of a dollar ex-
cept as deereed by the compromise
measure of 1879, or a Judgment of the
courts"
Why should the propaganda start
from Wilmington? Is it because that
is the home of Ex-Governor Russell.
the leading public conspirator against
the State whose interests he had sworn
to protect?