1868 North Carolina railroad bonds scandal

The 1868-1869 North Carolina railroad bonds scandal took place in North Carolina after Milton S. Littlefield and George W. Swepson defrauded North Carolina of $4 million by issuing fraudulent bonds for a railroad project.[1]

Notable Persons

Summary

In the state of North Carolina during the Reconstruction era of the United States, railroad bonds were often issued by Republican legislators. Littlefield, who bought into the bonds, soon defrauded the state of North Carolina, causing a scandal between him and Swepson, described by some as being "rascals".[1]

Littlefield and Swepson were indicted, but never convicted.[1]

Impact

The scandal most likely hurt the government of North Carolina more than any other party. The state's railroad development from the bonds issued stagnated until the year 1880.[1]

gollark: I can't even really send off eggs to people with slots, because the ones I have blocking me right now are incubated... yay.
gollark: Yes, variations happen, but really who cares, those are statistical anomalies.
gollark: ... golds?
gollark: Usually.
gollark: At least, 1 in 3 or 4 or whatever are prizes.

References
  1. Caswell County Historical Association - Railroad Scandal
  2. "The Case Of Milton S. Littlefield". The New York Times. July 29, 1879. Retrieved 2010-12-20. The Governor of North Carolina in 1878 made a requisition upon Gov. Drew, of Florida, for the surrender of Milton S. Littlefield, which was complied with, and the warrant for his surrender issued.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.