The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-11-29

~ sCVnMhoo, tneEeDy G1Vang t00 Courts
OF the United States jurisdiction, should
. question Of the kind ever, arise, inyoly,
Ing the rights Of the bond.holders and
the faith Of the State. I instaneed, to
them, in this connection, the decision in
the case OF : Minnesota. where. under a
similar stipulation, the rights of the
bond-holders were enforced by the Fede.
raj Courts, on er post fdcto grounds, even
against provision in the Constitution
OF that State, adopted subsequent to the
creation OF its debt. Nothing, however.
could change their predetermined pnr.
pose. Had they and their, allies dis
played the same diligence. in oo,operat.
ing. with the Financial Board for the me-
gotiation OF the sterling loan that they
have shown in their efforts to disoredit
the securities OF the State, our entire
bonded debt would not now exceed
$4,000, 900, and the state would have
been saved near $3, 600, 600, necessarily
sacrificed III the negotiation of it's de-
preciated bonds. For them now to com
plain OF our immense bonded debt and.
high taxation, and to claim commisera-
tion for these direct and inevitable con-
sequences OF their own cots, is to initiate
the criminal who, having murdered his
parents, plead orphanage in mitigation
OF sentence. On this question of re-
sponsibility between them and the State
administration, I invoke, and fearlessly
await, that just Judgment which always
springs from the sober second thought
OF the people. The depreciation in our
bonds, therefore. springs from causes
purely artificial, aud in their nature
Temporary. The State can, and will re-
deem, ali her obligations, to the last
GENT. might, with propriety, end this
branch Of my message here, but deem
it both proper and timely to show who
these men are that arrogantly and
falsely assume to represent abroad the
wealth OF the State. and the sentiment
OF the people of South Carolina. They
are remnant OF the GLASS who ruled
this State when the many toiled and
suffered for the benefit of the few, and
its Government, srbserved the largest
good Of the smallest number. Asserting
and exercising prescrip.;ye right &c
govern wrong, in times past, they made
the laboring masses. without regard to
race, their pack-horses, to bear the
burdens of q Government that conferred
it's benefits only upon limited and select
class OF its people. They are, essentially
non-producers, and do not contribute
FIVE per cent to the $50. coo, coo value of
the annual exported products of the
state. Claiming to represent large
amount OF capital, their names are
chiefly found upon the arrear list. when
found at all in the tas books, and nearly
all OF them have long since voluntarily
recorded themselves upon the roll OF
bankrupts. Their pretence that they
are the guardians of tho honor and
credit OF South Carolina, would be su-
premely ridiculous, if it were not 80 su.
premely Shameless a.:r. I,
Their present cry of "repudiationh is
not surprising. Reputation is their
chronic disease. When they were in
power in 1862, they repudiated all their
debts due loyal men, both private and
public. and have themselves been repu-
dated by the people of South Carolina,
upon the blood. and muscle, and sinews
OF whose hard-handed laborers these
privileged few 80 long fattened. Pro-
Tossing to be the champions of good 60
vernment, when they were in power, in
stead OF effecting an equitable distribu.
tlon OF the taxes over all GLASSES of pro-
perty, they created numerous railway
and other corporations, exempting them
from all taxation forever. These oorpo-
rations. although owning millions of pro-
perty throughout the State, nav not one
dollar OF taxes into its treasury, and
even successfully claim, in the courts.
exemption from all municipal taxation
for the residences, and pleasure carriages
and horses Of their officers in our towns
and cities, where, in nearly every street.
these wealthy beneficiAries of the State
own long rows of houses, untaxed and
untaxable, which they buy and sell on
speculation.
Remembering the general private .suf-
tering that they have caused, and the
great public burdens that they nave
s,ded to create by their reasonable acts,
1t would better become these self-styled
representatives of South Carolina to
Walk more humbly, and to show CRATE
ful appreciation of the generous mag
nanlinity that they have received at the
hsnds of the National and State Govern
ments, by honestly endeavoring, in some
measure, to repair the ruin that they have
made. As these persons have been
pleased to except from their proposed
scheme OF ''rcpudiation" the "old
bonds" OF the State, it may be we'll to
INFORM them that should the evil day
ever come for South Carolina to pro.
claim her perfdy or insolvency, BY repu-
dlatlng any part OF her valid debt. she
vii! not first dishonor that class of her
obligations in the benefits arising from
the creation OF which the largest number
OF her people have shared. On such q
financial doome. lay the last would surely
not be the frat.
ln dismissing this branch OF my mes.
sage, l would observe that the local COM
6lnaIion against our finances was simply
M Kln1ism applied to the State credit.
and naturally had. upon the exchangeable
vaiue OF our securities, the same de-
PRESSING effect which that infamous sys-
OF tho State.
Ihn FINANCIAL AGENT OF THE STATE,
When the present State Govarnn,on+