The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-29


The State has assets Of the nominal
value Of $2,754. $50, which may one day
produce $l0O, 900 or $4,000; so that We
have practically to meet the interest on,
and provide for the. payment Of, nearly
$1,000, 900. As security for this debt We
have real and personal property to the
amount Of $2oe, ,00O, 900; property which is
increasing in value every day and win be
worth half ss much again as soon. ss The
Radical snake isscotehed or killed outright.
This u an smpls margin, and makes i seem
uarsesenahls that the six per cent: bonds
Of the State should sell at Is, st which rate
they win pay Il per cent. on the invest
msnt. Arrangements have been made, We
believe, for the payment Of the interest due
Observation-Disclosures. -i.'''..'t "m
continue 70 30 paid, not By new loans, but
by the proceeds ofy taxation.
Ono Of two considerations must then be
the cause Of the wsat Of confidence in our
State securities. The capitalist either
doubts the good faith Of our people or fears
that our Rsdieal government Will pie up
che debt 80 high as 10 bankrupt the State.
In regard to the frst of these sonsidsra-
tiops, il may be said unequivooally that
there viii bs no population Of the State
debt Of South Carolina. We were forced
yths sword Of the enemy to repudiste
the war debt Of the stste; thing which
the people still regard With feeling Of
wounded pride; but no power, short Of An
Invading army can compel the State to
slough OF the debt which she now owes.
In regard to the eonstitdtiOnslity Of the act
Of Assembly authorizing the issus Of bonds
in exchange for the bills Of the Bank Of the
State, thsrs is wide difference Of opinion;
but business sense and commercial scumen
will prevent any attempt to repudiste even
these bonds, because, to taint part Of the
debt is to cast suspicion ON the whole. In
getting rid Of 81, 900. 900 We should impair
the value Of Sc, ,0O0. 900. and make it i'm
possible to obtain . loan at reasonable rates,
whatever our necessities. We, therefore,
take il for granted that every dollar Of the
present State debt will be promptly and
faithfully paid-not BY the Radicals, but
by the anti. Radical party, which will, be-
fore two years are over, control and govern
the State.
The second onsideration-that the Rad
icals will run up debt 30 large that it can
not be psid-is far moro grave. They have
but one object and that is to make money
and make It quickly; nor will any one doubt
~ the whole party would willingly runup
our debt to sac. 600, il by so doing
they could feather their own foul nests.
But public plundering on large scale is
the privilege Of the few who sit in high
places. Tie crowds who ope their mouths
and CRY have naught but the crumbs and
scraps. They are jealous and noisy, and will
oppose sny scheme for largely increasing
the State debt, unless they may have finger
in the pie. Whether the State debt, then,
is to be enlarged, depends on the willing
ness Of the arch piokpockets to share the
plunder with the mob. We believe that
the head men can make as much as they
desire without doing this. They will take
the trimmings and pickings Of railroad bills
and appropriation bills. This may and
should satisfy their appetite, and as there
is still some power in public opinion the
General Assembly may be persuaded to
come to full stop and let the debt alone.
1t is clear enough, then, that our State
debt is well secur sd, and just as clear that
our State securities will not command their
full price as long as the Radicals rule the
State. Every man who owns State seouri-
ties, or who pays taxes, is interested in the
downfall Of South Carolina Radicslism.
How much is he interested? The amount
Of his interest is the difference between Is
and 95 as the selling price Of the State six
per cents, and between sne-half Of one per
cent. or one-third Of one per cent. and
three. foarths Of one per cent as the yearly
tax upon his property.