The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-11-26

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Tho Firo Loan Bonds Again.
In perusing your paper o! this morn
ing, it,was q source of qualification to
learn that some one had sufficient remain
ing respect for the State to bring forward
the consideration OF the fire'loan bonds.
and the anomalous situation in which
they have been placed. The honor OF
the country. and common justice, have
long demanded their settlement; and the
judicial officers in whose hands they
were placed have shown criminal neglect
in not having, ere this, filed their OPT
MON. The case was said to have been
decided in March last, and July was ap.
pointed for delivering an opinion. vet
has eight months passed since the deoi-
sion, and four since the decision was to
have been published, and nothing Has
been heard from them. It is well that
the subject OF those bonds have now
been 5rought before the community, snd
1t is hoped that some valid reason will be
given, Tor the great neglect of the law
requiring adiudioations to be made
~>>A~ - -"'ShAa VIC 6lAtH Quy6s 4Q0
transaction is not creditable to the Judi.
oiary. and the condnct to the bond.
holders anything bat honorable to the
rulers of the once proud State of South
Carolina. Those bonds are the repre-
sentatives Of money loaned to the State
OF South Carolina and by the LegisIa.
ture to the citizens. It was borrowed
during season of great distress. when
half OF Charleston was homeless and
without food; and neither the LeQisla-
ture nor the people knew where it was to
be obtained. The funds advanced on
those bonds purchased food and raiment
and house shelter to it's desolated oiti.
zens. and would ask if such are the se.
curities we should endeavor to get rid
OFF On what conditions were those
bonds issued? By the authority Of the
State OF South Carolina they were struck
of and sent to England for sale, the
State pledging its character for their re.
demption; but, as in default of payment,
the State could not be legally enforced,
the moneyed men required an additional
security, aud the Bank of the State oi
South Carolina guaranteed the bonds,
controlled the paying of the interest,
and finally was bound to pay them up
when due. Still further, the assets OF
the bank were set aside and pledged.
They thus gave the bond-holders mort
gage on the honor OF the State as we'll as
n lien on the property Of the bank. But,
not satisfied with that, the Legislature
gave them O lien on the assets of The
bank; the very specific assets which are
now claimed by third party, and which
is the subject of the suit now under con.
sideration.
This suit is before the Supreme Court.
on appeal against decision of Judge
Carpenter, whose views accorded not
with the opinions of the bond holders,
nor OF the legal learning Of the State.
Ii my memory serves me true, being
deeply interested in the condition of the
people, Col. Moses, at that time mem.
Der OF the Legislature, Tor Senator,
advocated the issuing of the bonds as q
relief to the people. and assisted in car.
rylng it through. He subsequently,
joined in getting Gen. McDuffie to nego.
tiate the sale in London. The addi.
tlonal guaranty of the bank being there
considered necessary, he assisted in OBJ.
tanning it; and subsequently obviated q
difficulty. by joining in devotipg the
specific assets of the bank for the nav.
ment of those specific bonds. Such
being then and now the condition OF
those bonds, they were considered mar.
ketable, and all parties in Europe were
willing TO extend the time; which was
80 done. They fell dne in 1868, and
were continued until January, 1870
About that time, came the deep speoula.
ton on the broken banks, and the idea
that, with the power outside and the
pressure in, that the bill-holders-those
who had speculated on them-could be
substituted for the bond-holders. and
the effort was made to effect it. The
one having no claim but that of the
ordinary purchaser of the bills of 9
broken bank; the other having the pledge
OF the State and lien on the assets
. III fact, the very assets now composing
the bank property.
united in making the debt and securing
it by mortgage. and who now has to adj
Indicate it. and the community anxious
! ly await his decision. especially as some
rumors are afioat not very creditable &c
, the learning of the Chief Justice or the
termination of the judicial fate of The
unfortunate bonds.
, 1t is hoped that the subject now begur
will continue until it is finally arranged
ONE OF THE PEOPLE.
A SMALL WAR-Brother PHOENIX ap6
Scott's organ in Columbia ere running 6
little tilt at each other just now. Take
our advice. PHOENIX, and let Carpenter
alone. He is q meap, miserable sort oi
q fellow, not worth the notice of q gen