The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-08-17

- what portion of the occupants Of South
Carolina does the credit OF the State belong2
Is it not vested in the citizen taxpayer, who
delegates power through the State Legisla-
tura2 And If 30, are We true to ourselves and
to those who must succeed us, when allow
ing what We regard as an illegal and igno-
rant assemblage, now in session, to approprl-
ate this credit for their own unlawful pur-
poses |? Does it not become our duty to no.
tify in advance the commercial world, that
should they undertake to negotiate or purchase
any of the State securities, issued under the
authority Of this so-called Legislature, they
do 80 at their own responsibility for the State,
when restored to her legitimate government,
will most assuredly repudiate them all. Such
notice s not only due to ourselves, but to those
parties who, relying upon the integrity OF the
State, may be induced to invest in them, and
this warning in advance may save both them
and the State from an embarrassing position;
for it is always painful to honorable men to
set aside the claims OF third parties who,
through innocence or ignorance, may have in
vested in these securities. So much is due the
citizen taxpayer, and nothing less to the bona
5sde State creditor; for with an empty trea-
sury, and with people 80 impoverished, it is
already matter Of doubt whether the just
obligations OF the State can be provided for:
aud should, through supineness or want Of
proper precaution, the State be forced to as
sumo additional obligations, it then becomes
4H,Ir oh
will We encounter the hazard of general repu-
diation,, q disgrace that I trust We may escape.
:. It may be said that the measure is unneces-
sary, for the State Legislature can at any
time exercise her discretion and repudiate in
par. or in whole as she may elect; but main
tsin that it is far more honorable, and far
more efficient, to pronounce her policy in ad-
vance. Which Of us, finding that an unau-
thorized and unscrhpulous person was using
our name for fraudulent purposes, would
not at once place the community upon
their guard or what bank, finding her
issue counterfeited, would remain passive?
And should the State permit her own ill.,
-tegrity to be invaded without adopting o
similar precaution? And may not the most
wholesome and salutary effects be anticipated
from manly announcement Of this purpose
Credit, We all know, is most sensitive, and
with your legitimate State bonds at fifty per
cent. discount, what would be found the value
of those fraudulently issued and repudiated in
advance Of their negotiaton2
To my mind it would be as difficult to hypo-
thecate them for money as it would be to ron
der the Confederate bonds available, and when
treating of State bonds would also embrace
State 'sreceivables." Cheered, as we are, by
the encouraging prospects Of an early return
to constitutional government, We may well say
in advance that this spurious issue will be
equally repudiated, and will not be received at
the Treasury of the State in payment of taxes.
With the announcement m'prepared to see
the ability to raise money taken from this un-
authorized, unlawful and revolutionary body,
and so discredited, and with an empty treasu-
ry we may anticipate their early adjournment.
Connected with the measure it may be prop
er to extend the principle to any other mode to
which they may resort for raising money. If
on real estate. by declaring that the Sherif7s
title shall prove invalid.
Charleston, July 81, 1867.