Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1872-08-01
The Blue Ridge Revenue Bond Scrip
Declared Illegal.

Declared Illegal.
The question of the Blue Ridge fraud !
has been made and decided. The issue
has been adiudged to be illegal. TheState
originally agreed to endorse. the bonds OF
this Road to the amount of four millions
Of dollars. the bonds to be sold at not less
than par, and to be used alone in the con-
struction and completion of the Road. The
State was willing to lend its faith and
credit for the honest completion of the
Road. if the bonds could be used to effect
this end without sacrifice. But, according
to the times, the stock of the Road soon
passed into the hands Of Ring, and their
first effort was the appropriation of these
bonds and their issueswthout security and
guarantee. At this very time the State
was burdened with an overwhelming, debt
every dav increasing, and for winch no
account has vet been, rendered, nor are
there any evidences for what purpose used
There was in existence corrupt heglsla-
ture, who in the main regarded both the
people and their property as legitimate
spoils for private benefit and se!f7aggrah7,
dizement Under the po eEt influences 9f
the hour the Legislature was approached.
All the restrictions upon the loan were
removed. Every safeguard was swept
awav. There was no security as to the
price at which the bonds should be sold,
or that the moneys should be used for the
completion of the Road 1t. was a bold
attempt to seize 81 100000 OF the bonds
of the State, without accountability. lhls
was the practical result Of the whole move
ment. At this junctuve the Taxpayers
Convention of South Carolina met. IN
May, 1871, the Committee appointed for
this purpose reported: "That upona care
ful examination Of the Act of the Legs
lature, We can reach but one conclusion :;
That, for some reasons unknown to your
Committees the Legislature has, without
consideration, relnquished to private m
dividuals the States lien upon the Blue
Ridge Rail Road ana the entire properties
of the other Companies Such dealings
by Trustees with the property or fu2ds' OF
their cestui q,si trust. can Only be the re,
suit OF fraud, are unauthorized BY law and
axe void
Your committee need not dwell upon
the poverty of the State and herutter ma
bilitv to enrich private individuals or cor
porations bv such munifcent gifts :. or up.
on .he fact that,legislators. however gen
erous they may be, are not auth99rlZed tc
devote public funds to the use and beneht
Of their friends or patrons.
They therefore suggested rs q remedy,
that steps be tskeh By due process, OF
law. to prevent the consummatlon OF this
fraud upon the property holders Of the
State"
As was stated by Mr.. F. F. Marley, o.
Darlington, on this subject. " 4 heglsla-
ture. composed chiefly of our former slaves
has been bribed-to do what? To give
the privilege bv law Of plunderins the
property-holders of the State, now almost
BANKRUPT " reason of the burden CT taxa
tion, under which they labor"
The taxpayers OF the State IN Conven-
ton assembled, expressly affirmed the m
validity Of this issue, and to this extent
that they were not binding upon those
upon whom at last the burdens OF the
Government fall. There the matter rested
until March, 1872. 1t was supposed thai
the issue was at an end, and that at any
rate to this extent The. people of the State
were free from an illegal debt. But II
that year, the "Ri9g," emboldened, sue
ceeded, against the protest and votes of
minority, in obtainingfroi the Legislature
an Act, exchanging for these bonds, nevel
legally issued, Revenue Bond Scrip, tc
be printed and signed by Mr.. Niles Il
Parker, as Treasurer OF the State, and pay
able to bearer, which scrip should be re,
ceived in payment "of taxes and all Other
dues to the State, except the sneclal tax
levied to pay interest on the public debt :,
Thie latter was the bait 70 cover up and
extinguish the fraud Not only Eerc the
faith and finds of the State ostensibly
pledged for its redemption, but an annual
tax Of three mills on the dollar levied, II
addition to all other taxes, on the assessed
value of ail taxable property m the States
The amount to be issued was one million
eight hundred thousand dollars. For this
the State received no consideration. 1t
vas, therefore, clear gift Of this amount
10 those who controlled the Ring:
II was an attempt to take this large
sum Of money out IF the pockets Of the
people with the high hand, and to add
this to the enormous debt Of twenty mill.
ions, created in the main by corruptand
reckless administration. 80,
The question as 10 its validity has at
last been reached: The decision of Judge
Willard of the Supreme. Court has been
rendered. This declares the act under
which the Revenue Bond Scrip wa+, issufl
Unconstitutional and void. The ground
upon which the decision rests is that it 's
in violation OF the provision Of the United
States Constitution, that no State shall
"e,nit bills Of credit" We were III hopes
The case would have hecn.. ip5 ie. which
would have gone 10 the very root oi tho
matter, and exposed 70 the whole wor!d
the mode by whic,l the Act. was passed.
and in which the greater part Ct the pur-
ported public deb. has been created. Ii
IS satisfaction to know however. thai
the Sl,SQo.O00 Of tlis issue protested
agains5 BY the .t4X-paycrs LAS been .aa-
Judged illegal. Wetrust this IS only ,he
beginning Of the cnds- Charleston Go'.r1er.
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