Greene County herald. (Leakesville, Miss.) 1898-current, 1911-11-10

was luily discussed by Senator Franklin,
chairman Of the finance committee, and
at the conclusion of the sitting it was
decided to recomnit the measure for the
purpose of perfecting.
This is practically identical with the
Bird Or administration bill in the house.
Gov. Noel had intended to send message
to the legislature during the day, but
owing to the illness of his private sec
retary, w. j. Buck, was forced to let
the matter go over until another oppor-
tunity.
Among other things, the executive in
tended to submit all documents in his
possession bearing on the issuance of the
100000 Of 4 per cent bonds, in accord
ance with the Yewell resolution of Sat
urday.
With only bare quorum of the house
membership on hand, and realizing the
utter futility of attempting to pass any
measure carrying an appropriation, the
house was not in session more than fif-
teen minutes altogether during the after
noon. The only matter introduced was
resolution by Mr.. Coleman, of Yalo-
busha, reciting the establishment Of an.
armed camp at Water Valley, as he char
acterized it, in the face of protests, to
the humiliation of the citizens and Off
GERS of Yalobusha county. The resolution
provides that the governor be requested
to explain his action in placing these
guards at Water Valley over the protest
of the sheriff, together with all informa.
ton at his command. There was no
discussion and on motion of Mr.. Dorrah
the Coleman measure was referred to
the committee on military affairs, where
it possibly may lie buried.
A companion bill to the measure intro.
duced by Senator Franklin of the Thirty
first district, providing for the refunding
of the principal and interest on the $780,
900 bond issue, was introduced Tuesday
morning.
Senator Franklin sprang this surpris-
ing bit of news when the upper house
convened in the afternoon, and followed
closely upon his swaying the body to
Immediately take up and consider the
original bill
The report of the finance committee
on the Franklin bill, recommending that
the measure be held up because Of its
insufficency, buoyed up the opposition
and handful of braves were mustered
to combat the measure. Senator Hebron
led the opposition with Senator Harper
in line, but he was voted down and the
administration forces carried the Frank
lin motion.
sThis bill is one of the measures sug
gested to get Mississippi right before this
financial world" said Senator Franklin
in the opening remarks of his address
in defense Of the bill. "The bill is for
paying 100000 principal ON the bonds
on presentation of the bonds to the
treasurer, it does not provide for the
payment of interest. 1t protects Missis-
| sippi from loss. We have been called
here to act on this question and we had
been careful as possible to guard against
any odium that the bond transaction
may have caused"
Senator Potter, of Kinds, declared that
he was opposed to paying back the un-
earned interest because he believed it
unconstitutional in face of the supreme
court decision. He explained that he did
not believe Mississippi was legally or
morally obliged to pay back the money,
nevertheless he believed it good business
policy to say to the people who bought
the bonds, IF you have been misguided
or dcluded in the purchase of these bonds,
come back and get your money from
the treasurer"
| Senator Hebron spoke at some length
on the bill. He wanted to take stand
against the measure, explaining that he
did not believe Mississippi legally or
morally obligated to refund any part of
the 100000 to the holders of the bonds.
He said that every purchaser realized
at the time they took up the bonds that
the legislature authorized the sale only
at par, and called attention to the fact
that in December only $11O, 900 had been
paid into the treasury from the sale.
Il know a banker who offered to sell
these bonds at rs cents on the dollar ?
said Senator Hebron, whereas the leg
islature said they must be sold at par.
| These bondholders had consulted their
legal advisers, and they knew what they
were doing when they took up the bonds.
They have cost the state of Mississippi
| $4,000 already, and will cost 81 900 a
day as long as we stay here. Financiers
say that the supreme court decision
has not hurt the bonds, and have said
that Mississippi will become the laugh.
ing stock of the business world if the
holders of the bonds are refunded
Senator Franklin, in response to a
question from Senator Hebron, explained
that while the substitute bill did not
carry with it provision for an appro-
priation, a companion bill would be Of
fered, and promised to have the finance
committee meet at o'clock and report
on the bill.