The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-05-20


The Blue Ridge RAILROAD bond case
was opened yesterday. but at shs request
OF Judge Melton, thosS argument was
postponed tilsto-days The following
is an abstract from the stenogtaphio mi
nutes Of the Clerk Of the Senate. on the
discussion of the bill proposing the en-
dorsement Of the State upon the bonds
of the Greenville and Columbia Railroad
Company, at the regular session of the
Legislature, in 1869. the Senate hav-
ing under consideration the veto of his
E1cellenoy the Governor. Hon. D. T..
Corbin, Chairman of the Judiciary Com
mittee of the Senate, after q lengthy
discussion upon the impolicy of the en-
dorsement, said:
Lost but not least in this discussion, I
earnestly invite. the attention of the Se-
nate to the Constitution recently adopted
by the State, and which we have oil So
iemnly sworn to support. In my judg-
ment, it prohibits the Legislature from
endorsing the bonds of any railroad
company. Tho seventh Section of Arti-
Gle TX is as follows: "For the purpose of
defraying extraordinary expenses. the
State may contract public debts; but
euch debts shall he authorized by law for
some single object to be distinctly speci-
fed therein, and no such law shall take
effect until it shall have been passed by
vote Of two thirds of the members OF
each branch of tho General Assembly,
to be recorded by yeas and nays on the
journals of each House, respectively,
and every such law shall levy tax, an
nually. to pay the annual interest on
such debt"
The tenth Section of the same Article
recites, that mo scrip, certificate, or
other evidence of State Indebtedness,
shall be issued, except for the redemp-
tion OF stock, bonds, or other evidences
OF indebtedness, previously issued, or
for such debts as are expressly authorized
in this Constitution.
The fourteenth Section provides that
"Any debt contracted by the State shall
be by loans on State bonds, of amounts
not less than fifty dollars each, on inte-
rest, payable within twenty years after
the final passage of the law authorizing
such debt"
A correct registry of all such bonds
was TO be kept by the Treasurer in nu-
merical order, so as always to exhibit the
number and amount unpaid, aud to
whom severally made payable.
These three sections, in my Judgment.
restrict the State rs to the purposes and
manner of contracting debts. The pur-
poses are, first, ''To defray extraordi-
nary expenditures" second, "for the re-
demption of stock. bonds or other evi-
dences of Indebtedness previously
Issued;" or third, "for such debts as are
expressly authorized in this constitu-
tion." The manner is ''by loan on State
bonds, of amounts not less than $50,
each on interest payable within twenty
years after the final passage of the law
authorizing such debt"
1t must be understood that the pur-
poses and manner for which, and by
which, State indebtedness is created.
must all unite in each and every case.
l ask, If this be true, and it is but the
simple direct language of the constitu-
ton, how can liability be increased by
the State, by 90 endorsement Of the
bonds OF railroad or any other COM
pany? Certainly it cannot be said that
this is an issue of State bonds, and it
cannot be said to be an extraordinary
expenditure of the State, because the
State spends nothing. 1t cannot be said
10 DC loan upon State bonds, because
the State borrows nothing. Hence, I
insist, that neither in matter nor manner,
shape or form, is there any compliance
with the terms of the constitution, by
which responsibility is increased by the
State
But I see around me disposition to
pass this bill. feel that what 1 am
saying falls powerless upon the ears of
the Senate. and that this bill will be
passed. But have felt it my duty, as q
Senator upon this floor, to lift my voice
of warning. of protest and Of entreaty
against the policy of this bill, and
against the constitutionality of it. I
shall vote against it and leave to pos
terlty to Judge who of us is right.
PATRIoTIcALLY SAID-The Anderson
InteRigemcer, referring to a remark of ours
that we could not appreciate the wisdom