The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-05-12

Conservative people Of the State to obtain
| fair show Of influence in the making the
laws and levying the taxes, which alike con.
Germ the interests Of us oil.
The resolutions OF the Chamber 6t Com.
merce and the Board of Trade, 10 which
you have so patriotfcally responded, are
plain and simple They recognize the
practical value of the right Of representation,
and the protection of the rights OF property
against fraud and msrule. They allege gross
frauds on the part OF the Legislature and OF
many Of the. officials OF the State. Apart from
the universal criminal represen tation, the
quotations already cited being the honest ad-
missions and Indignant charges of his Ex-
cellency the Governor against his own party,
proves beyond question the truth OF these al
legations, and also his inability to save the
community from the preponderance Of cor
ruption in the Legislature, because the honest
and intelligent portion of his party are TOO
feeble in power to overcome the mass of ig-
norance and corruption which sways the
destinies Of the State. The action contem-
plated by these resolutions Is to give public
notice that the sterling bonds must not be
negotiated or regarded as binding on the pro-
perry and good faith Of the people OF the State,
and if argument and proofs of the wisdom
and honesty OF this measure were wanting, l
should propose only to adduce the two pro-
tests entered in the journals OF the two Houses
against the passage Of the bill authorizing the
loan, but which were disregarded by the ma
jorlty:
We the undersigned members Of the Senate,
protest against the passage OF a bill entitled "a
Dill to create debt OF the State OF South Carolina,
to be sno6n as the sterling funded debt, the
same, or the proceeds thereof, to he exclusively
used in exchange for or In payment Of the exist
Ing public debt OF the State or Suuth Carolina, for
the following reasons:
r. lst. Because to create any further debt at the
pres ent time Is unwise and unnecessary.
2d. Because the existing debt OF the State Is
unknown, and correct knowledge Of 1t cannot
be obtained.
Sd. Because it is admitted by the champions Of
this bill and its friends that Inc financial man.
agers named In Its text are not the proper persons
to be clothed with such Hscal trust.
ith. Because It will increase the burthen OF
taxation, now already oppressive, anu swell the
aggregate OF the interest on the existing and the
.sierling funded debt TO the amount vi Si,000000,
or at the rate OF six mills per dollar per annum
upon all the property OF the State OF South Caro-.
lima.
bth. Because the agent or agents who are to ne.
gotiate and manage the proceeds OF The sales OF
the $4,000 900 in sterling bonds for twenty years
to come are not required in any way to give secu.
rity OF any kind for the enormous trust connded
to them.
9Th. Because the question of such large In
dcbtedness viz: $4,000 900 In gold-the largest
ever at any one time IN the history OF the Legsla.
tnre Of the state Of South Carolina authorized
should have been submitted 10 the qualified
voters OF the Stale for their approval or reecton
before The General Assembly put 1t beyond theH
power TO control.
7tlI Because the credit OF the State must be i'm
paired as the column CT Indebtedness Is Increased.
s.h. Because the excessive taxation that Is TO
follow this new created debt will produce discon-
tent and dissatisfaction throughout the whole
state, and will inspire opposition to the govern.
ment, that will disrupt the peace and increase
the disorder now so threatening and deplored IN
our community.
SIgued1 B. F. WHlTTEMoRE,
+. E. DICKSON,
w. E. HoLcoMBE,
JOHN WILSON,
G. ". DuvALL
D. BtEN,E,