The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-05-21
THE BLUE RIDGE BONDS.
What Senator Corbin Said About State
Endorsements.

The Columbia Phoenix prints the following
abstract from the stenographic minutes of the
| clerk of the Senate, on the discussion Of the
bill proposing the endorsement Of the State
upon the bonds of the Greenvllle and Colum-
bia Railroad Company, at the regular session
| of the Legislature in ls6s-'6s, the Senate
having under consideration the veto of his
Excellency the Governor. Hon. D. T. Corbin,
chairmat1 Of the Judiciary Committee of the
Senate, after a lengthy discussion upon the
impollcy of the endorsement, said:
Last but not least in this discussion,
earnestly invite the attention Of the Senate to
the constitution recently adopted by the
State, and which we have all solemly sworn t o
Support. In my Judgment, it prohibits the
Legislature from endorsing the bonds: Of
any railroad company. The seventh sectio n
of Article TX is as follows: "For the purpose
of defraying extraordinary expenses, the
State may contract public debts; but such
debts snail be authorized by law for some
single object to be distinctly specified therein.
and no such law shall take effect until it shall
have beer, passed by vote Of tWo-thirds Of
the menfpers OF each branch of the General
Assembly, to be recorded by yeas and nays on
the Journals of each House, respectively, and
every such law shall levy tax, annually, to
nav the annual interest on such debt.
The tenth section OF the same article recltes
that ''No scrip, certificate, or other evidence
of State Indebtedness shall be Issued, except
evidences of indebtedness, previously Issued,
or for such debts as are expressly authorized
in this constitution"
The fourteenth secJion provides that ANY
debt contracted by the State shall be by loans
on State bonds, Of amounts not less than fifty
dollars each, on interest payable within twenty
years after the final passage of the law author
izing such debt"
A correct registry OF all such bonds was to be
kept by the treasurer in numerical order, so
as always to exhibit the number and amount
unpaid, and to whom seVerally made payable.
These three sections, In my judgment, re-
strict the State as to the purposes and manner
of contracting debts. The purposes are, first,
ITO detray extraordinary eXpenditures;"' Sc
cond, "for the redemption of stock, bonds or
other evidences Of Indebtedness previously
issued% or third, 'for such debts as are e1-
pressly authorized in this constitution" 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"
It must be understood that the purposes and
manner for which. and by Which, State indebt-
edness is created, must all unite IN each and
every case.
l ask, if this be true, and 1t is but the simple
direct language Of the constitution, how can 9
liability be Increased by the State, by an en-.
dorsement of the bonds Of railroad or any
other company Certainly it cannot be said
that this is an issue of State bonds, and 1t can
not be said to be an extraordinary expenditure
of the State, because the State spends nothing.
It cannot be said to be loan upon State bonds,
because the State borrows nothing. Hence,
insist that neither in matter nor manner shape
or form. is there any compliance with the
terms of the constitution, by which response
bility is increased by the State.
But see around me disposition to pass
this bill. teel that what ! 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 oft. shall vote
against it and leave to posterity, to judge who
OF us is right.