The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-06-13
DENYING THE DEBT.
THE T4XPAYERS VERSUS THE
CITY,S CEEDIT0RS.

CITY,S CREDITORS.
Arguments against the Individual Liza
bility of Property-holders for the
Payment of City Stock.
The Charleston lawyer, who has been present.
ing, in print. the arguments on which the
pending movement in the courts against the
validity of great portion of the city debt as
against Individual property holders is based, is
outin the seventh, and, seemingly, the conclud-
ing letter of his series. Speaking of the debt,
he says:
Moved by consideration Of its mass, of our
diminished means, of tendencies to deteriora-
tion already apparent from enforcement OF the
interest, and the assurance that these tenden-
cies mast increase from enforcement OF the
to take the subject up and strip 1t firmly to ex-
animation, and, In doing that, have formed,
and have ventured to express the opinion that
beyond our means OF payment, It Is not and
never was charge on individual property.
That this is not grateful office, had rea-
son to expect. Men are reluctantly aroused
to unpleasant truth. De non dppdrenttbas, ct
sons are mschievous, however merltorious
the motive to Indulge them. Phe fact OF this
debt, with its consequences, Is upon us; in
telligently or MOTIVE must act,o suffer from 1t.
It Is rare that, looking fortune fairly In the
face, we may not mitigate its aspect, and l
have been encouraged to encounter, there
fore, what there may be of public feeling In
consideration of what believe to be the pub
Lie interest.
MUNICIPAL sPECULATIoNs.
But in,ure the credit Of the city. And is
that Objectionable Has 1t any use for credit
Can it not do all 1t has to do without? Charged
with the Streets the peace and order OF the
town-the funds for this may be taken by as
sessment. Has it the want Of more? Has it
any business with funds for speculation? ls
not its every step step to imposition. Its
every effort disaster; with power of limltless
Subscription, without the sense OF Individual
interest to guide them; elated by the con-
sciousness Of irresponsible power; intoxicated
by adulation Of interested parties to use It;
beset, set upon, instigated, the most per
sstently, to undertakings that nave the least
of merit, is 1t possible the reeling creatures
CONSTITUTING &c Council-spendins millions not
their ownNshould spend them wisely? Must
they, not of necessity, be directed TO improper
objects; must these not be prosecuted waste
fully and ineflciently? And If this be done at
the expense of citizens, who, If they have
made money, must know better how to use 1t,
Is there a prayer of earthly interest so proper
to the lips Of prudent men, as that the City
Government, to whom their fortunes shall
have been committed, should not have credit,
and that if 1t shall have the power, II shall be
without the opportunity to injure
IS MUNICIPAL CREDIT DESIRABLE?
And has the credit of this Council been other
than an unmXed calamity? Could madness
or blind chance have scattered millions to so
little purpose? Is there room to hope that
other Councils will be better, that such players
can retrieve game so lost already? Must not
still reckless lrrespOnslbility intensity The
ruin reckless irresponsibility has made, and
could have rendered greater service than
to injure, except to break utterly the credit of
the City Government. To the dn ) of d null
nicipal corporation power there is no necessi-
make soaif Sond or e B6f 6aff It has none It cannot
press authority to do so. This Il tie t6MhT6
law. What Is required for municipal purposes
NAV be taken by assessment What Is not so
REQUIRED Is not proper for municipal govern
ment. Matters of commercial speculation are
within the province of private corporations;
they can be better regulated by the corpora
tors: they lose the power to injure With the
confidence which conters it; and If, there
fore, it be true, Notwithstanding what have
said. that citizens are responsible for debts
contracted by this Council, it Is, at least, o
mitigation Of that evil to break its credit
down.
THE PLANS TO REARRASGE TIE DEBT.
But II Is said that credit Is necessary 10 re-
arrange and bear the city debt. I do not see
It, Council can do nothing with this debt but
to increase It. and If it be q charge it Is too
great already. 1t Is said that without this the
debt will be enforced as 1t falls due. Admit 1t,
but will that be worse than o larger annual
interest with C. larger debt In the background?
It Is said that If Council had credit 1t could
postpone the debt to better times. There Is
no credit upon which Council could postpone
the debt at par. There is no security other
than that consisting in the admission OF indi-
yidual liability that would enable the Council
to postpone it without rulnous addition to It's
volume. That security Council cannot give.
Doubted, Council cannot remove the doubt.
That can only be done by Intervention of clti-
zens themselves, and In the matter of rear
rangement, therefore, there Is occasion for no
snc6 tenderness of the credit OF the city as to
preclude discussion of the debt, and that dis
cussion is necessary to the organization and
intervention of this community, through which
only as the party really interested rearrange-
ment can be made.
IS DISCUSSION INJURIOUS?
It's further said, depress the fortunes Of
the town in letting light In upon Its condition.
This is o mistake Individual Instances Of bad
investments occur, but in general, capital Is
the first to feel q movement. 1t has an instinct
of insecurity. It is the nerve TO tell of the east
wind, not yet obvious to other senses, and it
were simplicity to hope from such an agency
10 mask our fortunes Who has fortune abroad
will not bring it here to share debt which
mnst take the half of it. Who has fortune here
will. but for peculiar and overmastering mo-
tiyes, not retain it. Obvious as our condition
is to ms. it Is still more obvious 10 those who
have such motive to observe 1t. The insuper-
able obstacle to progress in this city is in this
city debt, and | cannot Gepress Its interests,
therefore, by any discussion of that debt, to
show that 1t Is not q charge upon the business
and and the fortunes it so much depresses.
"REPuDIATIoN."
But it is said this is reputation. Admit it..
/ will not dispute of terms. 1t Is what 1t Is
tbn rosjStance of citizens to charges into which