The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-08-18
S. G.
Sunday Morning. August ls, 1872.
For President Of the United S.otes,
AORACE GREELEY. OF New York.
For Vice President
n. GNATZ BROWN. or nIIssourl.
Tho Remedy OF the bond oldors.


$6. 100000 of conversion bonds of the
State of South Carolina. and also 81, +.
600. 600 and upwards of other stocks and
bonds. comprising those issued under
the Acts Of December 20, 1856. amount
ing to S189, 1856 80, December ri, 1857.
amounting to $12l, ,O5l 81, December 81,
1858. amounting to 1902, 1000, and
others. all of which are illegal, aud rep.
resent no real obligations of the Slate.
Over u year ago, the Taxpayers of the
State. in convention. pledged themselves
for the redemption of the debt. as it then
stood between $3.000.O00 and SO. .OOO,-
600. They as aolemnly warned the pub
lie that they would not be bound for
any additional debt which might be
created by government in which they
had no representation, and upon whose
avaricious rapacity there was no check.
All the bonds mentioned above have
been issued since the meeting of the
convention in May, 1871. Upon this
SCORE alone, the property holders and
citizens of South Carolina are released
from all moral obligation to redeem or
to pay the interest upon the bonds,
amounting to something over 81, 900, 900.
which have been since issued. But,
umore than this. the bonds have been
sissned contrary to law. and in violation
of the Constitution. This instrument
l1reeoribes that every Act OF Assembly
creating debt against the State shall be
passed by vote Of two. thirds OF the
members of the General Assembly, and
that a roll of the ayes and nays shall be
entered upon the journals of both
Gedses. The ACT under which the con-
version bonds were created was not in
tended to increase the debt, and the
constitutional requirements we're, there
fore, not observed, and the conversi on
bonds, except so much OF them as was
used actually for conversion, are not
worth the paper on which they are
printed. But the bond holders are not
wholly without remedy. The Financial
Board, or the members thereof, are
surely responsible for the money which
they have received on false pretences.
They are worth, in the aggregate. pro-
badly 81 500. 600. all of which, with the ex-
csption of $3.50. 900 or 5000. 900. has been
sapidly, though honestly, accumulated by
them upon q salary of $4,000 or So, 900
in the last four years. The people OF
-'our beloved State" have a shrewd
notion that they have large interest in
this large amount OF money; but they are
willing to make over all their right, title
and interest in and to the said property.
comprising valuable real estate in this
State, Ohio and elsewhere, palatial
mansions. gilded breta, spanking teams,
diamonds aud other precious stones,
stocks, bonds. &C., to the said bond
holders, in order to make amends for the
swindle perpetrated upon them in the
oame OF the once respected State Of
South Carolina. The bond-holders
should bring their suits at once.
It has lately been disclosed, through
F. L. Cardozo, the colored Secretary of
State. that at least $7,O0O,OO0 of the
bonds issued by the present Fin anoial
Board are fraudulent and uncon stitu-
tional. The other members of the FL
nsucisl Board claim that in all their
transactions in the sale and hypotheca-
tion Of bonds, &,.. they have been 60
verned by the legal judgment OF the
Attorney General, Mr. Chamberlain.
What has the Attorney General to say
for himself? OF Scott and Parker it is
scarcely worth while to speak any longer,
outside of the courts. They are already
politically damned. and we hope soon to
herald that they are legally condemned.
With Mr.. Chamberlain the case is diff.
ferent. He still Yields considerable
power and influence in his party. Peo-
pie. strangely enough, do not seem dis
posed to load him with the same oppro.
bFium that attaches to his two financial
associates. Scott and Parker. We con-
feas To the weakneas oproaIvas Vok