The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-06-14
The state and its Debt.

of the present that at least the honor
and the obligations of our civil COM
munities and people should be pre-
served inviolate., Any attempt at re-
pudiation aims a fatal blow at the
very sources of public virtue and
progress. There could be no greater
disaster for the future, than for the
people at large, to refnse payment of
the very debts contracted by their
assent and under their authority.
This would at once open up the way
for the most extensive demoraliza-
tion. The act of the commonwealth,
whether State or municipal, is but at
last the reflex Of the sentiments of
the individuals who compose the
body polite. The refusal to pay, or
to provide for the redemption of a
debt legally incurred, by the General
Assembly, is o sure and speedy pre-
cursor of the reputation of all private
contracts. The evils thus resulting
are apparent. ~
The debt both of the State of South
Carolina and of the city of Charles
ton, should be redeemed. To this
the faith Of every citizen is pledged;
otherwise how could there be the
slightest confidence for the future.
Who would trust, or place reliance in
o State or city which ignored its own
bonds, or contracts, any more than
he would rely upon the legal respon-
sibility of an insolvent, or we'll known
bankrupt. 1''1f
One of the first great duties in
commencing life for the future, is to
be true to the legal and moral pro-
misses of the past. For instance.
what State could borrow tomorrow
any money on its bonds for internal
improvements or any other essential
purposes, which should inaugurate
its career by either the actual repu-
diation, or the willful and designed
neglect of providing for the payment
and redemption of those already in
Cured? The answer to this question
is not only patent, but contains,
even upon grounds of policy, at once
the whole and irrefutable argument.
The debt of this State, as contract
ed before the late civil war, and as
taken from the report of the Comp
troller- General to the Legislature in
1866, is entirely within control. This
consisted as follows: Three per cent.
stock, $3S, ,SS6.60; six per cent. stock,
1888, fire loan,) 1913, 1895; six per
cent. stock, 1856, (new capitol, J
$3.50, 900; six per cent. stock, 1857,
(new capitol,) $500, 900; six per cent.
stock, 1858, (new capitol,) $40O, 900;
six per cent. stock, 1859, (new capi-
toll S4OO, 900; five per cent. bonds,
1888, fire loan.) S49l, 444.51: six per
cent. bonds, 1858 and 1855. NEW
capitol,) S500,00O; six per cent.
bonds, 1854, blue Ridge Railroad. J
81, 600, 900; six per cent bonds, 1859,
(Blue Ridge Railroad,) $31O, 900; six
per cent. bonds, 1860, $239, 200;
total, "a, 240, ,640.46.
1t will thus be seen that the entire
debt of the State, prior to 1861, was
but 81. 24O, 64O.46 But against the
fire loan debts the State holds assets
arising out of the rebuilding of
Charleston, and this, witch the pledge
of the assets of the Bank Of the
State, will probably prove about suf-
ficient to cover the debt. Deducting,
therefore, this amount, 1902, 6O3. SIS,
it would leave So, 43S, 036. 6O-1OO as
the apparent Indebtedness of the
State. But it is also to be remem
bered that the State is large stock
holder in the North eastern, the
South Carolina and other railroad
companies of the State, and which
stand in a great measure in lieu of and
as representing their indebtedness to
the eXten. of the stock thus held.
The debt, therefore, is but q small
one. This will be the more appa-
rent, when we remember that the
ante-war debt Of the State of Vir-
ginia amounts to about $45, 100000
The resumption of the regular pay
ment of the interest due on the
plighted faith of this Commonwealth
should command the prompt atten-
ton of The authorities. TO it we
have pledged the resources of the
State, and this obligation should be
honorably redeemed. The city and
State faith should be scrupulously
kept. We should, at least, preserve
our honor untarnished.
r Charleston Courier.