The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-01
The Interest on tho State Bonds.

The official Ring in this State are per-
fectly well aware that their opportunities for
plunderlng the people will come to an eld
in October, and they are evidently anxious
to make the most of the time that remains
to them. Our advices from Columbia hint
pretty plainly that huge speculation oi
some kind is aioot, and an official letter OF
Governor Scott, printed in the New York
Eoeaing Post OF Monday last, would seem to
confirm the news that the Ring are once
more seeking to play the little game OF iast
and loose with the State credit which they
have found so pleasant and profitable in the
past. The first move in this game, we
take it, is the publication OF Governor Scos' .
letter. To reply to an inquiry ironl d Ne"
York bankipa, house, the Governors private
secretary writes:
sI am directed by his Excelleney, Cover
nor Robert K. Scott, to acknowledge the re-
ceipt of yours of 18th instant, and to state In
reply that the Legislature at its last session
failed 10 make any provision for the payment
of the interest on the bonds due In July. The
interest, therefore, cannot be paid until july
1873. The Governor deeply regrets this state
of affairs, but the fault is not his, it resting
with The Legislature altogether"
Now the Legislature, as everybody knows,
has sins enough OF its own to answer for
without being ssddled in this way with the
responsibility for the speculative trlckery OF
the Ring. Nobody knows better than Gov
ernor Scott that the Legislature dit snake
ssprovision for the payment OF the interest Oh
sthe bonds" Indeed, the whole drift OF the
State legislation last winter was to take
care OF the present and prospective interests
OF the bondholders, altogether regardless Of
the rights and wishes OF the taxpayers. The
validity OF tho whole OF the outstanding is-
sues OF bonds was confirmed by an Act
specially framed for the purpose; and so far
from negecting to appropriate funds for the
payment OF the interest, the General As
seably, instead OF making an appropriation,
which would necessarily have to encounter
the chances of renewal at each succeeding
session, made standing provision for the
collection and payment OF the interest,
which remains in force until all the bonds
are redeemed. The fourth section OF can
"Act relating to the Bonds Of the State OF
''Soulh Carolina" (approved March Ii,
1927 requires that 'tau annual tax. in ad-
edition to all other taxes, shall bn levied
,"upon the property Of the State sufficient to
sspay the interest on the bonds named or
.'provided for by this act until the principal
ssof said bonds shall become DUE" This Is
explicit enough. It is an ample provision
for the payment Of all interest on the debt
Now, the tax for the payment OF interest,
provided for in the law we have quoted,
must be levied by November Is and collect
ed by January Is. What authority, then,
has Governor Scott for saying that no in
terest can be paid until July, 1872 The
interest due in January and July, 1872, was
expected to be paid from the proceeds OF the
license low and of the sales OF delinquent
lands this month. II the money is not 30
applied, the blame must be laid somewhere
else than on the wooly heads Of our legis-
lators Long before e=the Let OF July next
ample funds will have been wrung from the
property holders OF South Carolina to meet
every just claim OF her creditors. We have
seen that no legal requirement is lacking
for the payment of such claims. II they be
not paid, Lett it be distinctly understood by
the public creditors that they have nobody
else To thank for the shameful delay than
this slippery Governor Scott and the corrupt
Ring OF which he is the central figure.