CONCLUSION. A. D. 1881. In the financial prostration consequent upon the late war, a large debt was due from North Carolina to creditors who held the bonds of the State. That portion of these bonds which had been issued before the war was considered an honorable burden, that should be discharged by such payment as might be fixed by agreement between the State and the bondholders. 2. In this way a compromise was effected, and new bonds have been issued, which embrace a large portion of what was honestly due from the State to her creditors. For those which were made in defiance of the terms of the Constitution, and appropriated almost entirely by dishonest officials, no provision has been made, and doubtless, will never be. 3. When, in 1876, the great quadrennial contest for the Presidency of the Union again recurred; it was rightly considered one of the most momentous crises that had yet occurred in American history. The great issue was as to the continuance of State governments. The recent habits of General Grant in his dealing with Southern Commonwealths had virtually ignored their separate existence. In the strange and unprecedented action of Congress that resulted in the seating of Governor Hayes as President, the Federal troops were withdrawn, and the people of the States left to administer their own affairs, and State governments were recognized. 4. Ex-Governor Vance was this year elected over Judge Thomas Settle to the Chief-Magistracy, as has already been stated. General M. W. Ransom and ex-Judge A. S. Merrimon were sent to the United States Senate, in the place of John Pool and General J. C. Abbott. Through the efforts of our Congressmen, many needed appropriations by Congress have been secured to North Carolina, and their result is specially noticeable in the great improvement of the ship channels of the Cape Fear and other rivers. 5. Upon the election of Governor Vance to the United States Senate, February 8th, 1879, he was succeeded by Lieutenant- Governor T. J. Jarvis. The latter had served as a captain in the Eighth North Carolina Regiment in the late war, and subsequently, as Speaker of the House of Representatives. Chief- Justice Pearson died in 1878, on his way to attend the session of the Supreme Court at Raleigh. W. N. H. Smith was appointed by Governor Vance as Chief-Justice in the place of Judge Pearson. At the next election by the people, Judge Smith, with John H. Dillard and Thomas S. Ashe as Associate Justices, was elected without opposition. Judge Dillard having resigned in 1881, Judge Thomas Ruffin was appointed his successor.