1868 North Carolina railroad bonds scandal
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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
- Milton S. Littlefield, "Prince of the Carpetbaggers" [2]
- George W. Swepson
- Calvin Littlefield
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]
References
- ^ a b c d Caswell County Historical Association - Railroad Scandal
- ^ "The Case Of Milton S. Littlefield". 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.
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