The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-06
: Gaxpes.Bas Bonds.

We have from time to time warned
whom it might concern that any invest
ment In carpet-bag bonds was very
hazardous venture; but, 80 far, It ap-
pears that there has always been some
one ready to advance on every issue put
forth in the name of the several South
ern States by those neutrality-suspicious.
therein assuming to be and acting as
Governors, Legislatures, and 80 on.
Much OF this acceptance BY moneyed
men of the certificates of Indebtedness
put forth by the pretended State autho-
thorities of the South has been due to
the conviction that it was useless for the
citizens of these States to protest against
the reconstructed regime; that it wos
fastened down upon them, and no al. -
native was left them but submission to its
operations. SO far as the present goes,
this is undoubtedly correct hypothesis:
to all existing appearance the new regime
is potent in its sway over the people
upon them, by Federal bayonets, it has
been imposed; but, while such is the
present aspect of affairs, the truth is that
this violent and fraudulent scheme of re-
construction has no real strength beyond
that hold which the radical party has on
power. AS every election shows, this
hold is growing weaker and weaker; and
80 evident is this tendency that there are
few observant men in the republic who do
moot feel that, with ordinary prudence
and energy, the Democratic party is
certainly destined to triumph in 1872
With such triumph, there will be but
question, and that the fullest possible
exemplifcation of the great principle of
local self-government.
The withdrawal of f1a Fadoro1 orn,,,
of oppression now quartered in the
South, and the remission Of the scalawag
and carpet-bag fraternities to such mea-
sure OF strength rs they may possess
within themselves, will 80 far commit
the domestic regulation Of the South to
the citizens of the South, that those rot
ten, hulls now styled State Governments,
willat once speedily, utterly, and peace
ably disappear. On their disappearance,
and with the erection in their stead of
genuine governments, one of the first
questions will be as to what is to be done
In reference to the bonded Indebtedness.
Some little intimation of the probable
purpose of the South in this contingen-
cy, reaches us to the effect that q species
OF scaling process will be adopted; that
is, that 80 much of this indebtedness as
shall appear to have been contracted for
bona tsde purposes. will be legalized and
added to the genuine debt of the State
at par; SO much as shall be proven to
have gone to corrupt uses will be abso-
lutely disavowed. The application of
these principles principles at once just,
equitable, and in the highest sense legal,
will make sad work with the huge bond
ed Indebtedness now piling up by those
knaVes and filohers who assume to be the
State authorities of the South. Against
such scaling. it will be useless for the
holders of carpet-bag bonds to protest
Having trusted ON unauthorized agent,
knowing it to be unauthorized, with
what face can any of them combat the
principals refusal to acknowledge the
obligations. go momnie, they hold from
such agent?-Neao York World