The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1920-11-26
ELIZABETH CITY BONDS
ARE GIVEN A BLACK-EYE
Solemn Obligations Repudiated Just When City
Talks of Issuing Half Million in Bonds
And The Man Who Could Have
Saved The Situation Didn't

Two thousand dollar Elizabeth
City Graded School Bonds held
by an Ohio bank and due Oct l,
1920 have been returned to the
holders unpaid and the coupons
on more than $4,000 of the same
bonds have also been returned
unpaid, giving Elizabeth City and
Elizabeth City school bonds a.
b1ackeye among bond buyers.
There is an unwritten law in the
world of finance that the princi-
pal and interest on bonds must
be paid when due and bond buy
ers have no patience with al
no respect for a municipality thaf
violates this law.
The Savings Bank & Trust Co.
of Elizabeth City acts as treasur-
er for the Board of Graded
School Trustees. E. F. Aydlett,
president of the school board is
vice-president of the Savings
Bank & Trust Co. Mr. Aydlett's
Endorsement on a note. Or the in
dorsement Of any of Mr.. Ay-
d1ett's friends would have spar
ed Elizabeth City the odium Of
this reputation of sacred OBJ
legation at a time when Eliza
beth City purposes to go before
the country with another issue
of bonds to sell. If Mr.. Aydlett
wanted to make Elizabeth City
school bonds drug on the mar
ket, one can understand why he
as chairman of the Board of
Graded School, Trustees permit
ed the bonds due Oct l, 1920 to
go unpaid The fact that these
bonds were sent back adds
weight to the charges made by
this newspaper that some one
on that school board is trying
to kill the proposed new, bond is
sue.
1t is explained at the Savings
Bank & Trust Co. that the bonds
were not paid because tn
schools didn't have a sufficient
sum in the treasury to cover the
amount. That is not unusual in
this community where niggardly
management has always contriv-
ed to provide too little money to
run the school. 1t is usual for
for the school treasury to be at
low ebb at this season of the year
when the tax collector has only
begun his work and has not be-
gun to turn new funds into the
treasury. All this was to have
been anticipated and a properly
directed School Board with a
chairman heartily interested in
the success of the schools and
the credit of the city could have
easily negotiated a loan to have
taken care of those bonds.
This newspaper is reliably in
formed that either of the banks
in this city would have arranged
a loan to have taken care Of those
bonds if Mr.. Aydlett had asked
them to do, so. But he made no
move except to insist that the
bonds be returned unpaid. And
no one knew better than MIR. Ay-
dlett that the return of those
bonds might be expected to in
lure the credit Of the city and
make it so much harder, for the
city to sell school bonds in flu
ture.
This newspaper is aware of
the fact that it is considered
high treason in some circles to
say anything at all in criticism
of the immaculate Mr.. Aydlett-
No act or motive of his must
ever be questioned. But this
newspaper is determined to expose every
move to block the new school bond is
sue. The future of the children of this
city depends upon the immediate and
thoro rebuilding of our public school
system This newspaper ; intends to
fearlessly stand by this school bond is
sue and to expose its enemies regard
less of whom it offends. Not even
cry for Burke Culpepper to come over
and help them viii deter this newspaper
from doing what it believes to be its