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

Very Hard Cnsn'
With States, as with individuals, high
commercial credit is hard to obtain ang
easy to lose The first essential, OF course,
is the undoubted ability to fulfil every con-
tract or obligation; but this ability, however
great, weighs little in the public mind un-
less it is accompanied by the conviction that
the debtor has thQ will and the determina-
ton 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 peo-
pie were forced by their conquerors to repu-
diate their war debt. There is still lin
gerinc suspicion that the individual States
would, if they could, so step further and
cast of the remaining load which the Fede-
raj Government graciously permits them to
bear. And where millions of debt have
been heaped up by the knavery and extrav-
agance 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
inc burden for the sake Of on abstract prin-
ciple?
Considerations like these, and not the
smallness Of the debt of South Carolina
have caused our State bonds and stocks to
sell at low prices. Besides, money is in ac-
tive demand, and the bonds OF the United
States can be bought at rates which give
the purchaser handsome income from his
investment. This is why the securities OF q
State, like South Carolina, controlled by
thieving demagogues and ignorant negroes,
cannot and will not be forced up to the
neigLborhood OF par. And this little EN-
barrassment 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 it does not sur
prise or grieve the acute business man or
the permanent investor.
We can pay our debt, as it stands. The
question is whether one year more OF Radi-
cal rule will not so largely swell the total
that the people will, at the first opportunity,
shuttle off the weight OF care and repudlate
every dollar of debt contracted after the war.
Under these circumstances, Scott, Kimp-
ton & Co. are not likely to make much by
their last desperate endeavor to speculate in
South Carolina securities. Their proposal
to pay the interest and principal of the debt
in specie may become law, but what then ?
It will at once impose upon the people an
extra tax equal to the premium on the spe-
Gle paid out by the State; and for this extra
tax there will be no compensation. The
profits will 90 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 legal tender for 'all debts public
s'and private, is what South Carolina gives
to her creditors. We did not make the law;
and when the 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
de5t be paid-a debt contracted for the
OF cause in which our peo-
pic embarked fortune life and honor-an
attentive ear and willing heart would have
met tie proposal, and the 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 at high price the bonds which they
received for bank bills bought for song
or which they laid up ere the public knew
that the financial hook would be baitcd
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
tie bill to pay the debt in specie, they will
have their labor for their pains. They will
opprass still moro our people; they will
hasten the day of their doom; but they will
not be able to run up the price OF the bonds
"fifteen per cent. in few weeks" The
stone will roll down hill despite the heaving
and s:raining of the Radical Sisyphus.
Every merchant or financier does see or will
see that the whole scheme is job and
swindle. Beyond this there is the certainty
that the law of specie payments will as
suredly be repealed as soon as property
holders and honest men have majority in
tie 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
cnt value for South Carolina bonds, for the
sake Of receiving a twelvemonth'S interest,
ut six pec cent. in specie, Instead ofin green
backs? 1t seems 10 us that this would be
q losing speculation, and the Wall street
brokers can see as far into financial mill
stone as either Klmpton or Scott
-e<-<e~e
Mr.. THOMAS W. HOLLOWAY, of Ncw5crry,
who was lately the victim Of an incendiary
Gre, has addressed to Governor Scott, on his
own behalf and on that of some Of his neigh
bors, who have suffered likewise, respectful
praying that reward be Of
rered for the arrest of the guilty parties. But
the sufferers happened to be white, so OUR
barn-burning Governor degns no reply.