The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-10-17
COlL[.IJMB.lAa.: | ]. !. s, 6.
Tuesday Morning; October 81, 1871,

g
Tho Now Bonds ISSUED BY tho CITY
0ouncil--Are they. .LeKal,--aow Issuedfl !
We. have already remarked that the
right to issue oity, or. State bonds is ona
OF the most important and delicate
ever entrusted 10 bodies having and
exercising legislative powers. Such
bonds bind the property Of the citi-
zen-suoh bonds imposeIa a debt upon
the Taxpayers. Such being the case. it
is obvious that no body, legislative or
municipal, should exercise the high
privilege Of bond issuance, unless for O
good purpose and under undoubted and
unquestionable authority. For body
to do otherwise, is to do public wrong
and to show itself reoreant to its trusts.
Let us now, first. briefly consider
whether the City Council had any right
to make the issue, on August FL last, of
$3.50, 900 seven pnr cent. city bonds; and,
secondly. let us review the circumstances
under which this issue was made. Hav-
ing determined to probe this matter to
the bottom, we have availed ourselves of
the recent compilation. made by the City
Attorney. of the statutes of the State re-
lating to the town and city Of Columbia.
We have also applied to other sources
for information in reference to the sub
ieot matter. It must primarily be
observed that the City Council cannot of
itself issue any bonds whatever. The
Legislature has to, be applied to:
1. In the year 1878, the town of Co
lumbia was authorized to borrow not
exceeding $25. 900. to be used ~ supply
ing The to,on eOith aOater. This matter has
long since been determined.
2. In l848, the town Of Columbia was
authorized to borrow money, by issuing
town stock sufficientto pay subscriptions to
Greenoiue and Columbia Railroad, and to
Charlotte and South. Carolina Railroad.
This matter has also been determined.
3. In 1864. the city OF Columbia was
authorized to borrow money, by Issuing
city stocks to. the amount OF $500. 600, if
80 much be necessary, to pay subscription
to tie Hamburg and Columbia Railroad,
and the debts ,,ohich may be due or may be-
come due. Now, it is obvious that under
this Act, the City Council could find no
authority to isaue city bonds to build
new market and City Hall building. It
is matter of fact, that for some cause or
other, this Act was never taken advan-
tage of-the whole matter having fallen
through; at least, so far as the railroad
was concerned. ,rs .,
4. We come, now, to the Act of 1855,
which authorized the city of Columbia
to borrow money, by issuing city bonds
or stocks to the amount of 800, 600, if
80 much be necessary, to construct nep
soater ,0oyks. and to furnish grounds for
The State Agricultural Society. It is plain
that under this ACT, the Council could
find no authority to issue $3.50. 900 seven
per cent. bonds to erect city improve
ments.
s. In the year 1866. the city was au-
thorized to borrow money by issuing
city bonds or stock to the amount of
$4,000, if 30 much be necessary, to pay
for completion Of sae,o ,o1ter soorhs, for i'm
prooing Taylor street, and for such other
improvements in the city as the Council may
make.
Under this Act, even assuming that
no bonds had before been issued on this
account. it is obvious that the City Coun-
oil, on August 81. 1871. had no right to
Issue $3.50, 900 seven per cent. bonds to
carry on public improvements in this
city.
6. In 1866, the city of Columbia was
authorized to issue oity bonds or stock,
to an amount not exceeding $3.50, 600,
for funding past d'te bonds and bonds
sohicA, may fall due. It is plain that,
under this Act. the City Council had no
right to proceed as they did proceed on
August 81, 1871.
We have thus recited the only Acts
under which the City Council could de-
rive any authority TO make the outrapa-