The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-12-23


and il will be found they demand high
rates of interest. This has been found to
be the case with us. Make, said he, our
bonds gold bearing and instead OF beng
worth, as they are today, 60, they will
soon reach 80. At the last session $780,
600 was appropriated to buy lands, and the
bonds pledged as collateral for 100000:
BE wanted all the poor men, white and
colored, to have homes; it makes them
independent. This is just what the oppo-
sition don't want, and they, of course, op-
pose anything tending to advance State
credit, whereby we may pledge as col!at-
eral or sell our bonds to buy lands. He
said the Democrats cried out against the
Act passed for the redemption of bills re-
ceivable. They also opposed the Act to
raise a loan to pay off interest on bonds.
They will oppose any measure passed by
this General Assembly tending to advance
the credit of the State. He said, pass
this Bill and money can be borrowed at
lower rate of interest, which certainly
would be benefit to the State. He would
like to know of the passage of financial
measure by any Legislative body that did
not benefit the capitalists as we'll as the
people in general. He said he would vote
for the Bill and was not afraid to face his
constituents.
Tomlinson reviewed the arguments ad-
vanced by the opponents of the Bill. He
announced himself in favor of the meas
ure. Ee asserted that two-thirds of the
State bonds were issued on gold basis,
and bondholders certainly had claim on
the State. He thought the increased tax
alton. resulting from purchase of gold to
nav interest, would be more than counter
balanced by the State being able to obtain
money at lower rate of interest. lie
deemed it q beneftto the State to advance
it's credit, thereby preventing the necessi-
ty of selling bonds in market at low
figure, and then taxing the people to sup
piiy the deficiency. He would correct the
assertion of the gentleman from Anderson,
(Moore,) that Massachusetts was the only
State that had paid interest in coin. He
said that in 1862 or '63 the Legislature of
New York passed an Act to pay the in
tercst in currency, and the Democratic
Governor, Horatio Seymour, Democratic
candidate for President,) bought gold at
200 per cent, paid the interest, and the
next Republican Legislature sanctioned
his action. He said, that at the present
time. Massachusetts securities sell higher
in London than United States securities,
because Democrats in Congress and out
of it talk of reputation, while no man In
Massachusetts has said reputation once.
AS being upon this subject, he read from
the Columbia Phenir an extract from the
Times" dated December the Sth.
He said he did not care whether bondhold-
ers made $5 or $500, ho was willing they
should do 80, as it would not inlure him
nor the State. He said that President
Grant had advised the Government not
to take hastv action to force specie pay
ments. through individuals in the country,
and he would correct the gentleman from
Anderson, (Moore,) who had stated that
President Grant had cautioned Congress
against the action for resumption of spe
Gle payments. He said the United States
Government pays specie the same as this
Bill proposes. He referred to the argu-
ment about high taxation. He said we
are not responsible for it, for 100000 of
interest had to be paid, contracted under
another regime. The press had always
been against his party, and said the debt
of the State would never be paid by what
they called the "intolligenco and wealth
of the State" The threat of reputation
has been held over our heads by the Gin
telligence" of the State. That is why
taxes are high. Did they buy bonds, he
would ask, and did they attempt to en-
courage others to do So. lie said when
the present State Government came into
power in addition to unpaid interest,
there was large debt of about $780, 900.
This General Assembly authorized the is
suing of s5OO,000 in bonds, to redeem
Bills Receivable. If these bonds could
have been sold for par, we would have
had them off our hands long ago, and 30
with the bonds issued to pay tho interest
ON the State debt; and because mon of
intelligence, wealth and influence in this
State said they would repudiate, we could
rot then borrow the money in New
York, except ut an enormous rate OF
interest. He believed now that taxes
would be lower next year. Another thing
that prevented the financial agent from
readily obtaining loans was tho course of
the Charleston Daily Ne,os, Marion, Dar-
lington and other papers virtually arguing
against the collection Of taxes, and a
meeting was held in Columbia to this end,
and the great repudiator, B. +. Rice, tried
the same thing in Unionville on a small
scale. He pictured Ferritcr, of Sumter,
who advised the members "to demand
their per diem in gold" He knew exact.
ly where that came FROM that was "pla-
giarized" from the Charleston Daily Ne,5s
Of yesterday. In reply to Moore, of An
derson, he said that regarding the asser-
tior that during tho sitting oftho Consti-
tutional Convention strangers had bought