The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-08
The Financ,nl Policy.

O letter to the Charleston Courier from
its columbia correspondent, and copied
into our columns yesterday. It gives
the result Of On interview with Gov.
Moses. He holds out no prospect Of n
elimination of taxes below the levy Of
| fifteen mills, already recommended by
tho Committee OF Ways and Means.
Onc. third of this. amount (iro mills) will
be necessary to provide for the enormous
deficiency of s75o,ooo. (Ry-.Ae.way,
the deficiency reported is moro than
$1,000. .000.) Besides this. he says that
largo number of outstanding pay GER
tificates and the printing bills must be
taken care of. These will be presented
at the counter Of the Treasurer, and
paid, as soon as he is in funds. We arc
not Informed that they are to undergo
any scrutiny to ascertain their justice
and validity. Just here is work for our
reforming and Conservative members
They should insist on thorough exami-
nation of all these cluims, and a stern re-
jeotion OF SUCH as are not based ON the
clearost right. OF couree many fraudu-
lent demands will he mado. Let no vigi-
lance be lacking to detect them, no want
of neryo uphesitatiugly to throw them
overheard.
The Governor proposes to secure the
good Offices Of committee of disinte
rested gentlemen, who shall confer with
the bond holders, ascertain the am cunt
of outstanding bonds, and propose to
the holders to surrender their bonds in
| exchange for new issue of bonds, at
rates corresponding to the prices they
paid for them. This is to be the inaexi-
BILE condition Of any provision TO pay
interest on them. None such will be
made until this or m equivalent arrange
ment is made in reference to the bonds.
This sounds pretty we'll. But the Go.
vernon proposes to recognize ns valid.
and provide in like manner for the inte-
rest upon. s6OOO.O0 OF fraudulent
bonds. The holders, he says, are limo
osl. Of fraud, and should not be maio 10
suffer for the wrong-doings of others.
No discrimination, therefore. will be
made against them, but all-the valid
and the fraalulent-will bs treated alike.
This is not 80 good. How do we know
that the holders are innocent of fraud
They may have been accessories to the
steps by which these conversion bonds
received new lease of life, instead Of
being extinguishel, when Others were
substituted for them. They may be
silent partners OF SCOTT. Parker and
Kimpton. II We exempt them from the
consequences Of their possible oom-
plicity with our State officials, or of their
indiscrotion and want of foresight, we
have to shoulder them ourselves. It is
simply a question whether they shall
lose, or the innocent people of South
Osrolinn pay set Of rascally thicying
claims. It is no repudiation Mt all to re-
iect them. There is abundant ground
for discrimination against them. If tie
commissioners to be selected for the ar
rangement OF the amount of bonded
debt be only true to the duty they un-
derteke, to their own integrity. to the
State aud it's suffering people, they will
summarily and ,ternIy reject this whole
class of claims.
If we can get tho holders of tho valid
bonds to reduce them to their coat to
them, as condition of moro certain
settlement and moro speedy arrange
ment for the interest, it will bs well 10
do it,. We arc poor and reduced enough
TO accept any little favor of the sort.
But don't bring in ander cover of this
arrangement anything fraudulent, upon
any prctext whatever. Don't let legti-
mate reduction on one class Of bonds be
balanc ccd by admission to legitimacy Of
a spurious set, backed by no reason save
that OF sentimental consideration for Tho
doubtful rights Of unknown holders.
Ii ever the maxim was true, it is trno and
applicable now: CHARITY begins Mt
home" Besides, it will be O positive
pleasure to disappoint tho schemes Of
iha Snntf IN,