The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-12-17
Pahlio Meeting.
Co1uMp1A, December 18. Ia,

tuo cltI1eus OF OOlumOl1 0ppOse0 to tho
issue OF 100000 oitys bonds, was held
this day. at Caroline Hall. Dr., John
Fisher was called to the Chair, and w.
O. Swafiaeld faaaeaiefi4o act as Score.
tary:
Edwin j. Scott, Esq., stated the object
OF the meeting, and also offered the fol-
lowing protest against the issue OF city
bonds and the cotton OF the City Ooun.
Gil in reference to the City. Hall and new
markets. t5
Whereas bill is before the Legisla.
ture, authorizing the City Council Of Co.
lun,bia" TO issue $500, 600 in eight per
cent. bonds,
Be il Resoloed, That the following pro-
test against the passage Of said bill be
signed by the Chairman and Secretary
OF this meeting, and placed In the hands
OF the Senator and one Of the Represen-
tatives of this County, for presentation
to the Legislature.
|. The issue OF these bonds is unnecessa-
~ for sany legitimate purpose. So far
as they are proposed to be used In retir.
ing the present issue of about 1926, COO.
nothing can be, gained by exchanging
eight per cents. for those bearing six or
seven; or by selling the former and buy
ing up the latter The holders OF the
last named would not be bound to ex-
change; and the former, owing to their
increased amount. and other jciroum-
stances, would probably not sell for more
than the present price of the others.
The credit OF corporations, like that
OF individuals, depends upon their repu-
tation for honesty and prudence, and
upon their ability to pay and promptness
In meeting engagements.' A man may
be perfectly responsible for certain
sum. but not good for twice the amount.
And while our city government has not
been very punotual in meeting their in
terest, when it was some &2O, 600 per an
nnm. capitalists may we'll doubt their
ability to pay S64. 600.
The secret issue of $3.50, 900 in new
bonds. If legalized, will certainly reduce
the value OF all their bonds on the mnr-
ket. as it would encourage them to re-.
peat the operation. perhaps to IL greater
Neagle, in making his loan tof SIC, 900
to the oity, took them as coilaterals at
thirty cents on, the dollar, showing his
estimate of their Value. 49,
The experience of the State proves
the great difficulties of providing suffi-
cient safeguards against the improper
use OF public bonds and public funds
If such conduct be made punishable by
hne and imprisonment, the offenders.
having the money, eau generally find
means to evade the law and escape pu-
nlshment. Let these bonds once be ia.
sued, and the city will certainly have to
redeem them. or repudiate the debt for
want OF means. Their issue will most
assnrediy lead to extravaganza and COR
ruption. Give the present Council the
control OF this amount, and in all proba.
blllty 1t will be wasted, or worse. in less
than two years. To justify this appre.
henslon, we must advert to facts that are
beyond dispute. This Council agreed
to pay Sl3S. 600 for the building of a
City Hall, at the instance of their chair
man OF the Committee on Finance, who
said, not more than week before. that
Its cost would not exceed $75, 600; and
when, further, two competent and disin-
terested builders have certified that the
proper and reasonable contract price.
according to the plans and specifications.
is $78. 900. .
We ask the Legislature, in all serious.
ness, to save us from the same inAiotion
with which the State is now cursed. No
city in the Union suffered more by the
war than Columbia, and none has la.
bored more diligently and manfully to
retrieve its losses. All good, public
spirited citizens are trying to induce
capitalists from other sections to assist
In rebuilding our waste places and re.
sSorlng, to some extent, our prosperity.
But, as If, to prevent this, the Clty
council. without q shadow of right or
authority, issues bonds, binding our
property and interests. for public works
tdat are uncalled-for, and arc projected
IN fraud and extravagance. Upder their
charter, their duties are few and simple;
put II they can DO PuTveTted to the
building OF stores, Offices and opera
nouses' to rent, why not to buying
goods. or doing mechanical work for sale?
And thus the taxes paid by our people
may be used to ruin their business, for,
with SoOO. 600 in bonds, their competi-
ton would be irresistible. And if they
may 40 so, every incorporated city, town
ana village can follow the precedent.
But, however this may be, we are in no
condition to incur Indebtedness or taxa
ton. With S64, 900 interest, in addition
70 the proper and ordinary expenses of
the clty. the COST of living and doing
business here, will put US at disadvan-
tago Win other towns and cities. The
meronants, mechanics and landlords
must charge more for goods. labor and
rents, which will fall on their customers.
All olasses-rich and poor, white and
coiored-must pay higher prices for
what they buy; while none will be pro-
nted but the members Of the Council
and their favorites. Under the pressure
OF this calamity. city property must de-
cline LII value at the very time when it
pays q dearer rate OF taxation. No
6eavier or moro fatal blow could be
dealt ~ our future prosperity We will
oneerfuIly pay any rate of taxation that
may Dc necessary to carry on the State
ahh city governments. All we ask ia