The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-02-14

place OF order. No definite informa-
ton had been obtained as to what
these bonds brought. though they sold
far below par and were paid for in a
greatly deprecated currency. Two
hundred and forty two of the bonds
are held in control by Schafer Bros,
ten being alleged to have been given
by them 10 South Dakota. The total
amount of principle and interest on
the 2s2 II is about $3.50, $50. AS TO
THIS Dakota judgment there remains
only three courses to be pursued, first
TO compromise If possible on some
just and fair terms, second TO pay II
n third 10 let the crop be sold as or
oered by the court and the proceeds be
used TO satisfy the judgment. Unless
some action is taken by the Legislature,
the last course will be pursued as the
governor is powerless TO act unless the
Legislature directs what shall be done.
is best to be done as 10 the bonds
now held by Schafer Bros. This IS a
most serious question and one which
the Legislature should not too hastily
decide. Attorneys for Schafer Bros.
nave been here n have a several
informal interviews with the governo>
AS2 IAc POSSIBILITY OF q settle
ment with the governor. 1t was suy-
sested that they see their clients and
get the lowest amount they would con-
slder- They did this, but refused to
submit a proposition unless the gov
ernor would "a before hand what REG
ommendation he would make. which Of
course he declined to do. Then coun-
sci sald they were authorized to accept
for the 242 bonds 1902, 500. This was
not a proposition, but the governor
wrote the attorneys that if they had
any formal offer to make he would
transmit it to the Legislature with
such recommendation as he though
proper. Another letter from the at
torneyS suggested that the governor
ask the Legislature to appoint a
commission to confer with them to
make an adjustment. The governor
therefore transmitted the letters from
the bondholders and then states his
views, saying: These bonds are
honest. not belonging to the fraudulent
tax bond class, and as stated before
were issued by patriotic men trying 10
build up and better the state. Howev-
or they were sold in the market after
the state had passed into the hands of
incompetent men, below par, and were
IL for in deprecated currency, thus
making the actual amount paid for
them no more than a fourth of their
true value. We in the past made an
honest effort to settle these bonds, but
the holders refused to accept our price.
AS long as these bonds remain in the
hands of Schafer Bros, we cannot DE
molested, for an individual cannot sue
a sovereign state, and Schafer Bros.
Will therefore W. to find some state
willing to purchase their bonds before
we can be interferred with by any
more suits. In my opinion, considering
the difficulties in the way of collecting
the judgments obtained on these bonds,
and further on account Of the odiuin
attaching to any state purchasing
Claims against another state for the
purpose of instituting suits to collect
the same, no state will give any con-
siderable mou to these bonds. i
therefore cannot and will not recom-
mend to your Honorable body that we
accept the offer of 1902, 500 made to us
in full satisfaction Of these bonds, be-
cause i think it is too much, more than
the bondholders ought to expect to re-
alize from their sale. If the bond
holders will meet US in a fair settle
ment, and will lake what is just and
right in satisfaction and surrender OF
these bonds, l would earnestly recon-
mend that the matter be adjusted at
his session Of the Legislature. If the
bond holders still refuse to make any
offer less than 1902, 500, 1 strongly rec~
ommend to take no further action, but
To loo xn rfhnr, f0 rnSnrt fn a emit m
court, directing the council of state to
resist the collection of the same "a.
every way that is just and right. This
being such an important matter, hasty
OF imprudent action should not be
taken, but with all the facts thoroughly
considered, we should take such pro-
ceedings as will be alike, honorable to
the state and at the same time protect
our tax payers as much as possible.
THE DIVORCE BILL.
Representative McNinch who is
vigorously fighting for a radical re-
form Of the divorce laws ays "
will win notwithstanding the judici-
airy committees adverse report on
our bill, and besides the committee is
now pretty evenly divided. Two
weeks s my Dill was VOteO GOWN IL
to II. but this week the substitute Of
the committee was adopted by
only one vote, II to 10, so we gained
ground and this is the sign of a more
decided growth of sentiment for re-
form among the members generally
Two years ago reform was defeated
by practically united opposition of
the lawyers, but now nearly half of
US lawyers are standing for reform,
hence the vote of the laymen Will de-
termine the fate of the movement. |
believe the legislature will stand by
the home and will heed the petitions
of over 40, 900 of very best peo.
pie. representing every phase OF re-
ligious belief and 1 do not believe
they will turn a deaf ear to the de-
mands of the press of North Carolina.