The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-03-29
THE CITY COUNCIL.

We are sure that the citizens OF Charleston are
41ispos,d to make all fair allowance for the dif-
cultes under which the City Council labors IN the
administration Of its afairs, We all know that tne
city has suffered more in her material interests
than perhaps any other Southern city, and that
the depression Of the energies OF our people has
been deeper and more lasting than is felt else
where throughout the South. It is not worth
while to inquire into the Of this. But 1t Is
yery certain that the action Of the City Council in
refusing to pay the interest Of their stocks and
bonds accruing on the 1st April will only make
matters worse.
It1nay be true that the six per cent Scrip which
they propose to issue will be redeemed, and that it's
receivability in payment of city taxes will give it
some positive yalue. But that scrip is precisely OF
the same kind of value with the bills receivable
issued by the State There can be no doubt that
these bills Hl be redeemed as soon as State taxes
are paid up, and that whoever holds them will 1e-
ceiye full value for them. But this hos not Ere
vented and will not prevent their large, although
it may be in a strictly financial sense, unreason-
able depreciation. People, especially the large
majority OF those whose incomes are dependent
upon the prompt payment of interest on pubhe
securities, want money not having distant Dut
final certainty Of value, but money which to-day
will buy it's full value of bread and meat, board and
clothing.
No human ingenuity can prevent speculation In
paper of this sort and the profits Of the speculation
must come out OF the narrow incomes OF those
who are obliged to make daily use OF their scant
means
We think, therefore, that the City Council were
bound to use every means that could be devised to
meet the payment Of this interest. The affairs OF
the city can scarcely be in worse condition than
those Of most branches of business in the city.
The people, who are, by their industry, to raise
The taxes necessary to redeem this scrip, are ex-
pected and obliged to borrow moDey at heavy In
terest to conduct the business operations which
are to support the City Government, and the Ci'y
Council must show some Of the boldness and
energy which is necessary for the individual.
We do not believe it impossible for Charleston
to negotiate a loan necessary for the maintenance
of her credit The interest may be large, but
scarcely larger than the loss in the depreciation OF
the scrip The great difference being that the bur-
den of large interest would be borne by oil the
citizens equally taxed while the depreciation would
only be borne by the unfortunate who are obliged
to use the scrip for the purposes OF daily Life
We think it not at all improbable that the Coun-
Gil finds it difficult if not impossible, to balance it's
expenditures and it's receipts, and we do not pro-
pose at present to cevil at the expenditures. But
there is not man who is endeavoring to reinstate
his fortunes who must not have some confidence
in his own energy and some faith in his future
and who must not at such time give the prefer
ence to boldness over caution.
''Creep bofore you walk" is very good proverb
tor children who learning to walk butt scarce
| " suits grown men; and when man who cnn walk
finds himself in position from which it requires
all his activity and all his speed to cxtricate him
SELF he had better use all his effort, even if ho has
| to rest his muscles after the strain.
1t does seem to us that when public opinion-f
the Legislature bo fair exponent of it--has re-
fused all relief to private debtors, and has author
lied the sacrifice OF the whole real property OF the
State, rather than allow shadow Of doubt to DO
cast upon the credit Of the State, great corpora
tion like the city OF Charleston should have had ut
| it's Council Board both intelligence and nerve
enough to meet such responsibility.