The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-01
Very Hard Cash.

With States, rs with individuals, high
commercial credit is hard to obtain and
easy to lose. The first essential, OF course,
| is the undoubtcd ability to fulfil every con-
tract Or obligation; but This ability however
great, weighs little in tho public mind lln-
less il is accompanied by the conviction tl,al
the debtor has the will and the dctcrmina-
tion TO carry out in good faith the conditions
of his bargain. And in the case OF the
Southern States, there are other elements of
danger and uncertainty. The Southern pco-
| pie were forced by their conQuerors to rcpu-
| diatc their war debt. There is still IL lin
Scring suspicion That the indii, ,'ual States
would, if they could 80 IL step iurthcr and
cast oil the remaining Dad which the Fcde-
raj Government graciously permits them to
bear. And where millions Of debt have
been hcaped up by the knayery and extrav-
agancc Of negro governments what induce
ment have the people TO tax themselves TO
death in paying for what they have never re-
ceived? Why should they assume crush
ing burden for the sake of All abstract prin-
ciplc?
| Considerations like these, and not the
| smnllncss of tho debt of South Carolina,
have caused our State bonds and stocks to
sell ut low prices. Besides, money is in nc
tive demand, and the bonds Of the United
States can be bought ut rates which give
the purchaser handsome income from his
investment. This is why the securities of n
State, like South Carolina, controlled by
thicring dcmagogues and ignorant negroes,
cannot and will not be forced up to the
neishborhood of par. And this little en-
barrassmcnt is doubtless very dispiriting TO
the rascals who filled their pockets with
State bonds and now desire to dispose OF
them at large profit but 1t does not sur
prise or grevc the acute business man or
the permanent investor
| We can pay our debt, ms 1t stands The
question is whether one year more of Radi-
cal rule will not SO largely swell the total
that the people will, Mt the first opportunity,
shuttle of the weight of care and rcpudatc
every dollar ofdcbt contracted after the war.
Under these circumstances, Scott, Kimp-
ton & Co. are not likely to make much by
their last desperate cndcayor TO speculate in
South Carolina securities. Their proposal
10 pay the interest and principal OF the debt
i'll specie may become n law, but what then :?
1t will ut once impose upon tho people an
extra Tax equal to the premium on the spc-
Gle paid ont by the State; and for this extra
tax there will be no compensation. The
profits will so into the capacious pouch of
the Radical ring; the loss will fall on the
people. South Carolina is paying her debts
in the national currency. The money which
is made q legal tender for 'all debts, public
''and private, is what South Carolina gives
to her creditors. we did not make the law :;
and when tho State pays in currency the
interest and principal OF her obligations,
she does all that can be, and is, expected OF
her, either on legal or on moral grounds
Had the Governor advised that the war
debt be pnid-a debt contracted for the
I advancement OF cause in which our peo-
pic embarked fortune, life and honor-an
attentive car and willing heart would have
| met the proposal, and tho whole subject
would have been considered with kindly
| and generous care. AS it is, we know that
the sole object of Scott and his party is TO
sell ut Il high price the bonds which they
received for bank bills bought for song,
or which they laid up ere the public knew
that tho financial hook would be baited
with golden dollars. There is not shadow
OF reason, or of justice, In what the Radical
ring propose to do; and even if they pass
the bill 10 pay the debt in specie, they will
have their labor for their pains. They will
oppress still more our people; they will
hasten the day OF their doom; but they will
not be able to run up the price of the bonds
"fifteea per cent in few weeks" The
stone will roll down hill despite the heavipg
and straining of the Radical Ssyphus
Every merchant or financicr does see or will
see that the whole scheme is o job and a
swindle. Beyond this there is the certainty
that the law Of specie payments will u.s.
suredly be repealed as soon as property
holders and honest men have n majority in
the councils Of the State. This majority
we shall have in less than year. Will the
shrewd brokers OF New York be willing to
pay fifteen per cent. more than their pres
ent value for South Carolina bonds, for the
sake OF receiving twevcmonth's interest,
at six per cent. in specie, instead of in greon-
backs? 1t seems TO US that this would be
Il losing speculation, and the Wall street
brokers Gun see as far into financial mill
stone as either Kimpton or Scott.
! Mr.. THOMAS w. HOLLOWAY, OF Newbcrry,
who was lately The victim of on incendIary
fire, has addressed to Governor Scott, on bis
own behalf and OH TINT Of some OF his neigh
bors, who have suffered likewise, a respectful
communication, praying that q reward be of.
fcred for tho arrest Of the guilty parties. But
tho sufferers happened to be white, so our
barn-burning Governor deigns no reply.