The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-11
Paying in Coin.

The bill to provide for the payment In
coin of the interest and principal OF the
State debt was dead and is alive. A mo
tior was made in the House on Thursday
to strike out the enacting clause OF the
bill, and was carried, in spite of the sQuirm-
inc and clustering Of the hangers-on OF the
Ring, and had the members OF the lower
House held aloof from the practical ar
ruments which make the Senate the will
ing tool of Scott, Kimpton, Corbin d Co.,
the bond-jobbers would have been disap-
pointed for once, and have failed in one of
their schemes for robbing the people OF the
State.
As we have already explained, the State
of South Carolina does no injustice to her
creditors in paying her debts in the legal
currency Of the United States. What the
United States gives to the National credi-
tor, South Carolina gives to her creditors.
This is all that is asked There has been
no word of omplaint-except from the mon
who did not lend coin to the State, who did
not expect to obtain coin in payment for
their loan, but who did buy up State bonds
and stocks at twenty and thirty cents on
the dollar and now claim dollar for dollar in
gold. No one denies that the prominent
State officials bought up at starvation prices
the bills of the Bank of the State. A list Of
the amounts so bought up and he'd by
State and Federal officials has been pub
lished, and the truth OF its statement was
not denied. When the bills were in the
right hands law was passed authorizing
their conversion into State bonds at par.
In this way State bonds worth sixty-hve
cents on the dollar we're obtained in eX-
change for bank bills costing ten or fifteen
cents on the dollar. Fifteen thousand dol
ia1.S was about the price OF one hundred
thousand dollars in bills of the Bank OF the
State, and the some amount OF State bonds,
obtained in exchange, could have been
sold for at least strty:tire thousand dollars.
Every fifteen dollars 30 invested would have
put sixty-fve dollars into the pockets OF the
fortunate speculator. This however, is not
enough. The men who have received one
hundred dollars in State bonds for every
fifteen dollars invested in bills of the Bank
of the State now ask that the bonds be paid
in coin-that they receive one hundred DOL
lars in gold for what cost them JiJSC'e' cents
in currency No wonder that the bulk OF
the members OF the House Of Representa-
tives, who are not in the Ring, would not
bear this crowning inlclion; no wonder
that the cow which has been MIXED so
often kicked over the bucket at last.
But the virtuous Indignation of the House
did not last long Yesterday the vote by
which the enactin" clause OF the bill wills
stricken ont WIS rcconsiderod and after a
long debate, tae bill passed its second read
ing. Only the formal third reading and the
concurrence of the Senate now stand be-
tween South Carolina and the payment in
coin OF the intereSt on her debt. The House
had the power to kill this monstrous JOB;
but has only dealt it grievous wound. For a
moment the members stood firm. The rea-
son Of their backsiding is suggested in tho
letter OF our Columbia correspondent
Well South Carolina is about to resume
specie payments. The interest of all our
debt, except that created for Statehouse
purposes, is to be liquidated in coin. And
it may, perchance, be so liquidated until
better men take the place Of the stock-job-
bers OF the present General Assembly, when,
unless gold be at par, the bill to resume
specie payments will be speedily repealed.
Nor must it be forgotten that the present
General Assembly can itself repeal the law
| next week, or next month, ii the memberS so
desire.