Orange County observer. [volume] (Hillsborough, N.C.) 1880-1918, 1905-03-23
KN NORTH Carolina LAWS '
Birdseye View of the Work Done By
Recent Legislature
MANY LAWS OF A PUBLIC NATURE
Acts and Captions of Acts That Were
Passed by the Recent Session Of the
General Assembly.
Raleigh Morning Post.

Raleigh Morning Post.
In any birds eye view Of the leg
islation enacted by the general as
sembly Of 1905 about five acts loom up
over all the rest as centers of general
interest. They are the bond settlement,
the new divorce law, the Ward bill, the
Revisal of The. Code, and the bucket
shop bill
These and ali other measures effect
ing the whole state are treated briefly
below, summaries being given, where
the bills are lengthy and in such cases
as the revenue and machinery act, the
school law or the revisal only the
changes are noted.
The local acts chartering railroad
companies. banks, incorporating towns
and establishing graded schools are
classified
THE BOND SETTLEMENT.
A special legislative committee, COM
posed OF Senators A. C. ZOllicoffer Of
Vance, A. NJ Scales Of Guilford and
Representative Walter Murphy of Row
an, J. R. Gordon Of GuilfOrd and ]. B.
Coffield of Martin, in conference with
the governor and council of state re-
garding the best settlement of the Schaf-
fer bonds and the South Dakota judg-
ment made the following recommended
ton to the general assembly:
Gentlemen: The committee to whom
was referred the matter of the South
Dakota judgment and the Schaffer
bonds, to the end that they might care
fully consider the same and make
some recommendation to the general
assembly, do now respectfully make the
following report:
list. That the governor of the State,
with the approval of the council Of
State, be directed to settle the South
Dakota Judgment in the manner deem
cd by them best to protect the States
interest.
"2nd. After careful consideration Of
the bonded Indebtedness known as the
Schatfer Brothers bonds, being 242
oonds of the par value of $1,000 each,
with interest on the same for twenty
nine years, and after consultation with
the attorneys Of said bondh olders, the
committee unanimously agreed to rec
ommend the following:
aoIhe State is to pay the bondholders
s09z per bond, which is less than par
value, and amounts to $215,S64. This
Is S444,216 less than the principal and
interest of the 242 bonds, $179 1876 less
man the first proposition suggested by
.ae Dondholders to the governor, $685.
LOO less than the first written PROPOSE
.lon made by the bondh olders printed
Ill the newspaper as a letter to the
sso'ernor, and S26,136 Jess than the ul-
umatum that they offered at the first
omoeetlng Of this committee. The $215,-
oo4 recommended by the committee,
alo accepted by the bondholders, is
oased Though 1ess) on the settlement
VI 1919, allowing Is cents on the dollar
t, anu interest for twenty-four years,
M! Mitn interest on the deferred coupons,
sa1s m1s being in strict accord with the
s1ttlement of 1879 and the Democratic
Platform.
=, we believe this settlement is both
nr Ounest and just, and we therefore rec
ooa4 omihehd that the general assembly ac-
''pI ~ ana approve it,"
LUIS report was unanimously adopted
o ~ poth branches, and bill passed in
ro1, 1I,0luance Herewith, which being a
iHi'.call it, measure, required six days fol-
I is1o enactment and necessitated the leg
Ma.are M"na remaining in session until
avaiuay, March 9Th, although the term
'Np,red on Saturday.
~ ne ti DILL after stating the conditions
cow sue settlement agreed upon by the
ot tean,ittee, ea1l the payment by the State
hv Yt1lo's64 for the 242 bonds now held
erno ule schaffer Brothers and the gov.
mon. UI TO settle the South Dakota judg.
vidne against the State for $27, 400. pro-
uren tof an issue by the State treas
amo, VI bonds of North Carolina to the
eunnt eemount Of s25o,oo to meet the above
Expenditures, the bonds to bear upor
uSip, seir face the express purpose fo1
winch they were issued and drawinz
n.p per cent interest dating from Jan
Janyy,.l Jry, 1905, to be paid semi-annually OF
January lst and july 1st The bond:
'e to be Of denominations of $500 o.