The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-29
: ed peculiarly sensitive and stringent by rarl.

ed peculiarly sensitive and stringent by varl.
ous causes. ~
The debt statement made at fhe meeting of
the Taxpayers Convention In May last, and
that fufniehc6 by me to the Congressional
committee In September, were correct. to the
best OF my knowledge, at those dates. NV in.
formation as TO the sale OF bonds was then
necessarily limited to the amount reported BY
the financial agent and treasurer.
amount of conversion bonds, issued as above
stated, were signed by me for the express pure
pose of withdrawing from the market and
canceling an equal amount OF those i-sued
and hypothecated under the acts for relief OF
the treasury, the payment Of the Interest on
the public debt, and for5he laud commission
They were signed about the time the Taxpay-
ers' Convention assembled. subsequently, the
financial agent represented that the rapid de-
cline in the value of our State securities dis
abled him from getting control OF the bonds
deposited as collaterals, and to relieve which
these conversion bonds were signed at that
date.
ton Board Of Trade, In reference to the pro-
posed sterling fund loan, warning capitalists
abroad against It's negotiation, and declaring
that, If negotiated, it should never be paid,
had q most disastrous effect upon our securi-
ties, and thereby compelled q large and rapid
increase In the volume Of our bonded debt.
At the time the sterling fund bill was enacted,
deemed Its policy wise one, and 1t was en-.
dorsed as good financial measure by many
leading fnanciers both in this State and In
New York. It's design was to replace our
securities, already issued, with O uniform
class of bonds, many Of such securities not
being good delivery at the Stock Exchange In
New York. This loan was calculated to com.
mend itselfto capitalists, for, while 1t changed
Al-o lnt,t oIxyoy, ,tac tIyoo
guarded with the irrepealable restriction that
It's proceeds should be s'ereluSiDely used In e1.
change for, or in payment Of, the existing public
debt Of the State"
Its very terms thus show how unwarranted
was the action of the convention IN stigma
tizing it as an intended increase of the bond
ed debt of the State. In view of all the facts
iu the premises, the sterling loan, thus dis.
credited In advance, was not put upon the
market.
The gentlemen who guided the action of the
convention on questions Of finance, expressed,
as further objection to the loan, their want
OF confidence In the financial agent In New
York. In evidence OF the real purpose, and
the wantonness of these Systematic attacks
uponthe State credit. would mention that
thereupon proposed that they should designate
the syndics, or agents for the negotiation Of
the loan, both In London and New York /
further proposed, with the unanimous consent
of the financial board, to guard holders under
this loan from loss, through any possible sub.
'sequent action of the General Assembly In re-
gard to 1t. by entering into such stipgations
on behalf Of the State with the syndics charged
with negotiating the loan, that no Iuture Leg
islature could divert Its proceeds without at
tempting to s.impair the obligation Of con-
tracts.n thereby giving the courts of the
United States jurisdiction, should question
ofthe kind ever arise; involving the, rights OF
the bondholders and The faith of Che State.
Iinstanced to them, IN this connection, the
decision in the case Of Minnesota, where, un-
der similar stipulation, the. rights Of the
bondholders were enforced by the Federal
| Courts, on er post fdct0 grounds, even against
provision Ia the constitution OF that State
adopted subsequent to the creation OF its debt.
Nothing, however, could change their prede-
termiued purpose. Had they and their allies
displayed the same diligence In cooperating
| with the financial board for the negotiation of
the sterling loan that they have shown In their
efforts to discredit the securities Of the State,
our entire bonded debt would not now exceed
ten millions Of dollars, and the State would
| have been saved near three millions necessa-
rIy sacrificed in the negotiation Of its depfeci-
ated bonds.
For them now to complain of our immense
bonded debt and high taxation, and to claim
commiseralion for these direct and Inevitable
consequences Of their own acts, is to Initiate
| the criminal who, iaying murdered MS pa
rents, plead orphanage In mitigation OF SEN
tence. ssses Z q a q q -
and fearlessly await that just Judgment which
always springs from the sober second though,
of the people.
The depreciation In our bonds, therefore
springs from causes purely artifcial, and In theil
nature temporary. The State can and will re-
deem all her obligations, to the last cent
might. with propriety, end this branch OF my
i message here, but deem 1t both proper and
timely to show who these men are that AFRO
gantly and falsely assume to represent abroad
the wealth ofthe State, and the sentiment o.
the people Of South Carolina. They are q rem
nant OF the class who ruled this State Wher
the many toiled and suffered for the benefit O
4 the few, and Its government subserved tht
largest good ofthe smallest number: Assert
ing and exercising o prescriptlye right to gov
ern wrong, In times past they made the labor
i Ing masses; without regard to race, their pack
horses, to bear the burdens of q government
that conferred Its benefits only upon limited
and select cass of It's people. They are essen
TALLY non-producers, and DO not contribute
five per cent. to the thirty millions value o
the annual exported products OF the state
Claiming to represent large amount of capt
tai; their names are chiefly found upon the ar
rear list, when found at all In the tax books
and nearly all of them have long since volun
arily recorded themselves upon the roll q
bankrupts. Their pretence that they are the
guardians of the honor and credit OF South
Carolina would be supremely ridiculous, II u
were not 30 supremely shameless.
Their present cry Of "repudatton' Is nol
surprising, Reputation Is their CHRONIC dis
ease. When they were 10 power In 1852 tney
repudiated all their debts due loyal men, boil
private and public, and have themselves been
repudiated by the people of South Carolina
upon the blood and muscle and sineWs OF
| whose hard.handed laborers these privileged
few 60 long fattened. Processing to be the
champions of good government, when tney
were In power, instead of effecting an elnlt
able distribution of the taxes over all classes
| of property, they created numerous raliWsy
and other corporations, exemptlng tnem. !rom
| ain taxation forever. These corporations,
although owning millions of property through
| out the State, pay not one dollar OF taxes Into
| its treasury, and even successfully claim, In
\ the courts, exemption from all municipal tax
alton 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 oil houses, untaxed and untaxable; which
they buy and cell on speculation.
Remembering the general private suffering
that they have caused, aud lhe great pubic
burdens that they have aided to create oy
| their reasonable acts. it would better become
| these self-styled representatives OF South
| Carolina to walk more humbly, and to chow