The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1908-03-16

spective loans, at the first meet.
ing Of our board after the money
from the sale of the bonds was
received.
The reason one of the notes
was made for six months is, the
company contracting for the
bouds had repuaiated their con
tract and the validity ofthe bonds
was being tested in the courts
The bond company had, accord
ing to advice furnished US, for
feited one thousand dollars plac-
ed with US as a guarantee of
good faith in their bid. Messrs.
Mclean s. Mclean, attorneys
for the purchasers of these bonds,
made demand or US for this
money, and stated thatthey would
have to bring suit for the same
ia case we did not return it.
We refused to surrender it and
it seemed to US as if the matter
would be further tied up in the
courts and that we would be
compelled to advertise the bonds
for sale again, Which We did.
Hence it seemed wise to borrow
this money for longer. period
than it became necessary to use
it, AS stated above, every dol
lar of this money has been re-
paid to the sinking fund with in
terest from the time the loan
was made.
We think the people will ap-
prove our action in the premises.
Manifestly it was for the benefit
of the public at large and the on
ly practical thing to do under
the circumstances. Theonly re-
quiremenb of law as to the max
ing of loans of the funds belong
ing to the sinking fund is that
. the loans must be safe and
must bear interest. We
= were advised by competent
) counsel before taking any action
that it was perfectly legal for us
: to borrow money from the sink
f ing fund, provided a proper note
was executed therefor and pro
| Vided interest was paid. This
, was done. We are responsible
, for our action in this matter
: both to the courts and to our
people.
7 All the foregoing facts coulc
: easily have been ascertained by
r application to any member ofo IL
b board, to our attorney, 10 the reg
lister of deeds or anyone else ia
: miliar with the facts. Indeed
} the records OF the board and O.
; the treasurer show these facts
| themselves.
/ We note also that tue board O.
+ audit and finance says that the
: statement made by the commis
: sioners that our report was
! shown 10 Mr.. S. A Edmund sev
eral days before it was mad'
: pubic, or anyone else allowed
= to see it, is absolutely and un
5 qualified untrue"
: We have NO desire to go int
9 this matter again, but as j
e seems our veracity is questioned
n it becomes necessary to stat
G the facts in our possession a
= can be shown by abundant ev
J dence. The report was not file
e with the register Of deeds a
It provided by law until Tuesday
0 Decem Der Gath, 1907. 1t can b
is shown by abundant evidenC
l. (;ndeed, we do not think it will
10 denied by the party himsel
n that the report was read by Ca
It S. A, Edmund just as stated
ID our original reply, behind close
ID doors, at night, several days b
of fore it wS.s made public and file
Is as required by law. 1t can
10 shown by such evidence that
is was read to him by the attorne
IL Tor the board Of audit and finan
r on Friday night, Decem Der got
of We are also advised, so far as j
at being filed for publication wi
IN The RObesonian is concerne
an that there is no provision of |;
IT. providing tor its being filed Wi
he The Robesoaian, and that even
n it were given to the editor befC
er. being made public that this,
ry itself, was a violation of law up
aid the part of the board of au
he and finance. But however tt
wn may be, we understand that t
ne report was not given to the edi'
ion of The Robesonian until Sat