The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-03-03
Every Voice For Omnibus
Bill.
Continued from Page one.)


attorneys for the bondholders and now
awaits your approval
Il therefore, as chief of the Execu-
tive Department, urge upon your Hon.
orable Body. to enact u law, allowing
tho Treasurer to issue bonds sufficient
70 pay off this amount. These bonds
can be sold at Il premium and Will
hear interest at only ( per cent per
amman. The SAP, 10000 worth OF
stock securing these bonds. nay
dividend of I per cent per annum. The
$3.50. 90 worth of bonds necessary
Ito pay off both the South Dakota
Judgment and the Schafer bondhold-
ers. would amount to 100000 a
yeaI. in interest. The dividends on
the stock amount 10 $30.940. 00.---So
Won see that the difference between
the interest and the dividends is 500
s400e a year, which difference will
pay off these new bonds in less than
twenty years.
I'm View Of the decision of the SUI
Dreine court just rendered. and the
temper Of the court as shown by that
decision, ANA the fact that the prin-
cipal and interest on the Schafer bonds
is $663. 0S0.00. and that we are settling
the same for $215,S 64.00.-thus saw
ing to the state in case the bonds
could be enforced. SAT-. 216.00, it
would be folly to run the risk of a
suit and judgment for $663.0S0.00 on
the Schafer- bondS-especially when
TO this would be added lawyers fees
ana cost of litigation.
This settlement was made on q
basis of : cents on the dollar. with
interest on the same. and is therefore
in strict accord with the instructions
that We have received from the DEM
ocratic platform. 1t is also an honest
and fair settlement of this contro-
versy. rejecting credit upon North
Carolina and should meet the hearty
approval aud support of ali good citi-
Zens who desire to do right. and at
the same time uphold the dignity of
the State.
The committee appointed by your
Honorable Body, though using all dis
patch possible. consistent with care
fui Investigation, could not make its
report or introduce the act to carry
its report into effect before last even
ing. Being . roll-call measure Ii
must be read on three separate days
in each House, this requiring the Leg
islature To remain in session at least
until March 9Th and 10 avoid any
question as TO the validity 0f the
bonds, thus enhancing their value on
the market, il would be wiser to re-
main until March 18th. The per diem
of members ceases March 4th 50 il
viii take both patriotism and person
al sacrifices To remain over but true
North Carolinians have never shirked
Il duty. and therefore with confidence,
l appeal to your State love, and ask
that you remain and properly ratify
the work OF your committee.
Again therefore. | earnestly urge
and recommend that the unanimous
report Of the committee be accepted
aud adopted by your Honorable Body,
and at once enacted into q law. To the
end that this dark cloud that has for
years been overhanging and casting 2
shadow over our beloved State. may
ut once ~ ewept ar
STANDARDIZATION DAY.
The Senate convened at $3.50 o'clock.
I.icut-Gov: Winston presiding. and
prayer was offered by Rev NcNeely
DuBosc, of st. Mary's School.
The message from tho Governor in
regard to the Dakota Judgment and
Schafer bonds was read.
The report OF the committee ap-
pointed TO investigate the SchafeT
bonds and South Dakota bond judg-
ment WAS submitted.
Mr. Duls moved that the report be
spread upon the minutes and the
thanks of the Senate be extended to
the Governor and council of State, and
the motion prevailed.
New Bills.
The following new bills We're intro
duoed
BY Watkins. To prevent hunting Oh
lanus of another without permission
in Randolph county. Calendar.
ny Webb. Resolution relative to
inviting the National Editorial Asso-