Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1911-11-24
BIG BUD EXPLAINS,

opinion ot the reasons why 1t was nec-
essary for Gov. Noel to call an extra
session Of the Legislature and try to
explain why this call session passed the
I measures they did. OF course most of
your readers who have the privilege Of
reading the daily papers understand this
question pretty thoroughly but there
are lot of my friends, your readers,
who do not enjoy this privilege. and |
feel it is my duty to try and make this
explanation. And then again, have
been charged by some with being incon-
sistent it the course that | pursued dur
ing the session. voting for the measures
Ibid, having voted for Gov. Vardaman
in the last primary. The Legislature
while in session in 1910 issued $500, 900
in bonds bearing A per cent interest to
be sold at not less than par value. The
Board of Commissioners to sell these
were composed of the Governor. Auditor
and Treasurer. These bonds were issued
in July, 1910, and the Governor was
given authority by the Board to sell the
y bonds He found he could not sell them
Without allowing the accured interest
.iom July up to the date they were
were purchased Most of them were sold
December and the Governor, after writ
ing to each member of the Legislature
asking whether they would sustain him
in selling these bonds and allowing the
! purchasers the unearned interest and
! receive affirmative answers from all
lbut two members, proceed to sell them
{this way
I The Treasurer objected to this, claimed
they were not selling at par, and the
l sale was invalid, and opposed paying
4 the unearned interest, amounting te
some $1O,5OO. The Supreme Court
4 sustained him in this, and the no ders
|1fof the bonds, at least the holders of a
" large proportion of them, said they die
not wish the bonds and wanted their
money back, and claimed that they un
Y Eiderstood they were to have the interest.
G Myers, brokers who dealt
} in bonds, had bought $l75, 900 of the
7 bonds and claimed they never had sole
the bonds. that the interest had been de-
aulted on, and they could not handle
! ississippi bonds with this : upon IN
Maid attached to it. Therefore they
WANTED t.eir money refunded. The
n 4overnor. to save the credit of the
u Nate, called the Legislature together
4 u extraordinary ,ssion to provide ways
md means and to make an appropriation
3the pay the dissatisfied bond holders.
WI Then there had been riot at Water
Us alley and McComb City, and he hae
llcaled ont the National Guard to pro-
\ tect the property of the railroads al
,hthese places, and there had to be ar
appropriation to pay the soldiers.
y When went down to this Legislature
H1went down determined to protect the
7oT nor of the State. | have alway:
BI e it my custom if wrote man ar
,lication and he paid me the money
lhen the policy came, if he was dissat
Med and said he had not understood
ne matter thoroughly, to always refunt
ae money and take up the policy
tthis has been my UNIVERSAL rule, ant
!, Nh glad to say this was so well estab
kShed that when my brother, Mr.. Van
BK. Cavett, went in the insurance busi
"a less with me, he made some statements
Rtb some parties about policies and some
Ygent said that it couldn' be done, tina
n he Company would not do that. and al
kgent of another Company standing
"A here, said II do not know about this
II It know the Cavetts will do wha
~ y say they will" So expect to d.
/ IN the state. exactly as | did in m.
III {m,private business. When we arrive'
~ /, Jackson, and the House was calle'
3ss, order, found that the Vardaman
@sBilbo m IN were very much opposed t.
R9nything at all that Gov. Noel ha'
ecommended, and tried to adjourn tn
kHouse, without taking any action what
Eeyer. took the stand at once that
6was there to preserve the honor Of tn
tate, pay the soldiers and do whateve
Twas right, regardless of who recon
I$mended it. That we were there not t
4ake any sides whatever and not to in
Investigate as to who was right or wronI
I'm the sale of the bonds. We wer
Yonfronted with the fact that the bond
Sholders were dissatisfied, and that tn
honor of Mississippi demanded that the
Ebe paid back their money and interes
on it from the time we had the money
I'VE could not pay the unearned interest
In this claim was perfectly consisten
sadleave it to the people of my county t
". in view of the above facts whethe
was OF not. Being Chairman of tn
Military Affairs. | had charge OF tn
bill, to appropriate money to pay tn
.oldiers. reported this bill at ohce
IA the tpdositidh tried h mn " y
! - 1.Lsnn Z ~ M if,.nliz "a ret,urt eLc.. an