The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-02-14
S. G.
"Wednesday Morning. February IA. '72


OuOeF tD1B OmlnOU6 neadln8 the ring
organ of Mondays date makes most
urgent appeal to the Legislature to put
the screws to our already overburdened
taxpayers. Under falseand ridiculous
plea OF making provisions to discharge
-'our just debts and obligations" it
would spur the Legislature on to impos-
ing further exactions upon the property
holders to meet the forged claims which
those whom the Union sustains have
palned off against the State.
Says this sapient political economist
of the Union: ''There is one thing GER
tain, and that is that the interest on the
public debt cannot be paid without first
making the necessary provisions to raise
the money to pay it with"
This is q most sage proposition, re-
markable alike for the profundity of the
idea. and the elegance with which it is
expressed. But there seems to us one
other equally important question to be
decided before these Unnecessary provi-
sions to raise funds to pay the interest
with" should be made. It might not bo
amiss to ascertain first what is necessary
TO be done before we set about to do it,
Common sense would suggest that. at
least, 'the amount of the public debt
should be discovered and fixed before
provisions are attempted to be made to
pay the interest. A Radical investigat-
Ing committee of the General Assembly
has figured it out at the sum of S26,
900, 900, and upwards. Our beloved Go
vernon makes more modest estimate OF
a fraction less than $12.000.000. While
Mr. Comptroller Neagle, whom we are
Inclined to believe has. for once, struck
in the neighbofhood of truth, says that
90 many bonds have been issued in such
mysterious modes that he is unable to
make any reliable or satisfactory state
ment OF the outstanding liabilities OF the
State. How could the Legislature take
any intelligent action il the premises,
even if the fabulous indebtedness had
been honestly contracted, when their in
formation as to the amount os thu debt
is 30 vague and indeterminate? Soott's
organ admits that the debt 'has been
largely increased" but excuses it on the
ground that it twas brought about by
reason OF the inability OF the Financial
Agent acting for this State to redeem his
collaterals pledged FOR loans" It makes
very little difference how or by what par
sicular member Of the Radical financial
ring the bonds were issued; the question
is what right had Scott & 90. to issue
them at all, and what has become Of the
money? That the laws under authority
of which the pledging or issuing of the
bonds is pretended to have been made
really conferred such power, was. to say
the least OF it, unknown to even the ma
jority Of the Republican members of the
General Assembly, and was, therefore,
plainly not the intention of the Acts at
the time of their passage.
Further, the labored secrecy with
which the Financial Board conducted
their transactions, and the many false
representations made, and the actual
denial of any increased issue of bonds,
until ct last, from the disclosures made
os Che American Bank Note Company,
the statements Of the Governor of South
Carolina were shown to be worthless, all
go to establish the fuct that the Finan-
oial Board itself was fully aware of the
illegality, to use the mildest term, OF
their proceedings. Besides this, the
Acts referred to-admitting, for tho sake
of argument, that they might be con.
strued into granting the authority
claimed by the Financial Board-are
unconstitutional, and, therefore, void.
We base this assertion upon the exposi.
tion of the Constitution delivered by
Robert X. Scott in his late special mes
sage to the General Assembly. wherein
he cites it es commanding that "the
General Assembly shall provide for an
annual tax sufficient to defray the esti-
mated expenses OF the State for each
year: and whenever it shall happen that