The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-01-20
.'esse.s, .ss-s'
The correspondent of tho Charleston

OBSERVATION-DISCLOSURES q. .sss-:st
The correspondent of tho Charleston
Nesos says:
Apsw plan for the adinstnenkof the
difficulties connected with 1.-THE State debt
is to beg tried.a MI; Wesleysp 81 New
York, in3 behalE OF Sthe. Uhibns Trust
Company, and Col. =. D. Chiids, the
Presideft Of. the Carolina National Bank
of Columbia. bad q long interview, yes
terlay, with Gov. Scott. and submitted
the following propositions, with a view
to the arrangement Of the debt, and the
acceptance Of the financial agency of the
State by .the Union Trust Company: 70
rolina. BY, calling in. al the existing ,ee.isting
exchange for them, new bonds, at the
rate of fifty cents .on the dollar; the
Union Trust Company to guarantee the
fulfllment of the contract; the same
company to advance the money neoessa-
ry to redeem the bonds now hypotheoat-
ed, and to charge only legal interest
therefor; to settle the indebtedness of
the State to Financial Agent Kimpton,
and to advance the money for the pay
ment of the January interest. Gov.
SCOTT gives his assent to the scheme, and
Mr.. Wesley returned, this morning, to
New York, to draft the necessary legisla-
ton and perfect the details Of the ar
rapgement." o5
We have no idea that this scheme is
practicable; even were it right. We op-,
pose it in toto. We shall resist every
effort. come from what quarter it may,
TO snddIe upon the people Of this State
the fraud bonds. The. debt OF the State
of South Carolina the people ought to be-
willing to pay, and the honest debt Of
the State they are willing to pay. But
let the line of demarkation be drawn be-
tween the bonds good. bad and indiffer-
ent. The fraudulent claims that the
bond swindlers Of the ring are seeking to
fasteu upon the taxpayers, let them be
ignored. Above all things, we want this
bond question, considered and arranged
in the interest not Of bond holders only
but OF tie great mass OF the people who
ass mot bond holders. We, at least.
shall not be bottle-holder to the bond
holdersg We stand fairly and squarely
for the popular interests. ,
n The credit of the State, under the pre-
sent regime. Is dead. Our finances, are are
rotten to the core. The pyramid Of
fraud must fall. .Lss Us meet our just
obligations, and The first duty 6eore US
is TO ascertain whas Msse are. And yet,
emitting this. we,find our; Ansnoiers en-
gagged in sinkering. The effort is to sad.
die upon the poor Taxpayers of South
Carolina the frahdtlent S$er-issues. and
thus substantially to compound with
the bond swindlers.
II our finances are to die. We do not
forget that death precedes resurrection.
Nor do We forget that, in public mat
ters. the interests of the few must yield
to the good OF the many. But apart
from all this, the scheme proposed will
be found impracticahle. Who will sur
render the bonds2 The point, no,o, is to
pursue the ring. and not to comp ound ,oiAl
II.
But we are told that Scott agrees to
the plan. We expect he does He will
agree to anything to day, since he can
60 back upon it Tomorrow. We sug.
gest, further, that he does we'll to stand
forth the repudiator of his own bonds.
The question at issue between the bond
swindlers and the people Of South Caro-
lima must be settled frst in the courts.
After we have called the ring to account,
it will be time enough then to talk about
this adjustment. We invite the fnan.
oial tinkers to help ,ts, and not the ring. /.
AS for the Union Trust Company, we
advise it to go about its business Let
ns call SCOTT, Parker, Chamberlain and
Kimpton to account, and let the State
debt remain where it is at present.
This is the popular view. These are our
views.
The remarks made by us. on yester-
1nC IL, roforanoo I'm, oorfo;D fO,,o - n,oJ