The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-22
rne State Press and the State Finances

The State Press and the state FINANCE
12he discussion by the State press OF the
recent disclosures regarding the financial
condition OF the State hos, 30 far, led to
three general propositions: !. The repudi-
alton of every dollar OF Indebtedness, con-
tracted by the present administration, which
NAV be found to be tainted with fraud. 2.
The stoppage Of supplies, by withholding the
taxes until the last day allowed by law, or
for an indefinite period. 3. The taking OF
legal proceedings with the object OF bring
ing derelict officials to justice. I'VE pass by
the proposition Of the colered Radicals in
the State Legislature to repudiate the old
debt OF the State-a threat intended to de-
ter the white citizens from agreeing to the
reputation OF the Scott bonds.1 The policy
OF THE CHARLESTON News combines, We
think, the strongest features OF all three
propositions. Our counsel has been, and is:
l. To warn the public that the taxpayers OF
the State, whenever they come into power,
will refuse to recognize, or redeem, any 30
called obligations Of the State which shall
not be proved to have been legally contract
ed. Q. To withhold the State and county
taxes until the last day allowed by law
the 18th OF January next-with the view OF
inducing the publication OF an honest state
meut OF the public indebtness, and oil secur-
ing the Immediate passage OF measures OF
practical reform. 8. The institution OF prs
ceedings against any officials who may, upon
reasonable grounds, be deemed guilty OF
fraud. There is, it will be seen, an essential
difference between this policy and that which
is marked out by some OF our contempora-
ries. They take it for granted that enor-
nous frauds have been committed. We hold
that the Ring should explain away, if they
can, the damaging admissions contained in
their published card but, in spite o. that card,
and its s2s, $50, 900 ofprinted bonds, we hope
that things are not as bad as the New York
World represents. They urge that taxes be
withheld indefinitely. We desire that they
be withheld, only until substantial guaran-
tees are given against further fraud
amongst which guarantees We may name:
the publication OF full statement Of the
pubic Indebtedness OF all kinds, in such
shape that the taxpayers may, for them
selves, test Its correctness; the passage by
the General Assembly Of acts repeating the
two laws authorizing the raising OF money
for the payment OF interest and for the relief
of the treasury; also the passage OF acts
abolishing useless offices, reducing salaries,
and securing minority representation. They
cry, Repudiate! We say that the people
will pay every just debt, and that the refusal
to liouidate fraudulent claims is not Repudi.
alton. In word, The CHARLESTON NEWS
endeavors to persuade the people, at this
crisis, to act with calm deliberation. Loud
talking and empty threats will not serve our
purpose. The people cannot afford to be the
laughing-stocks Of the general public. And
what would be thought of the discretion and
wisdom flhis people, if they contented them
selves with protesting that they would repu-
date, when it is patent fact that the tax
payers are in the minority and cannot throw
of single dollar OF debt until they control
the popular vote OF the State? What will be
thought Of the swift believers in ar over-issue
of twenty or thirty millions OF dollars in State
bonds, il it should prove. as New York pa
per already hints, that the whole bonded deb
is only Sl2,OO0,0OO? The natural result
would be that the cry OF Wolff would lose it:
potency, and would fail to rally the scattered
shepherds when the long-looked for spoiel
should put in an appearance. Nor can We
forget that the May Convention, which spoke
with an authority Thic6"no single newspaper
can possess, affirmed and recognized, as
valid debt, issues OF bonds and stocks
amounting to s9.S65. 765, for the payment o
which 'the honor and funds of the State
were declared to be lawfully pledged. This
is starting-polnt, and we have the right t
require that all other issues shall be PROVED
l. Al -