The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-01-06


penses of government, but OF private enter
prises into which Councils have seen proper
to embark, and consisting Of contracts clearly
within the judicial power, 1t cannot be as.
sessed. 1t can only be enforced by judgment:
The State can use, or delegate. the political
power of taxation, but to political objects;
and the Judicial power, vested by the consti-
tutien in the courts, as we have said, the
Legislature could not vest In corporation, II
it had tried to do so. Though 1t may be called
tax, it is the enforcement Of legal right,
and, therefore, necessarily an adjudication.
That power you do not possess, and for that
conclusive reason you must admit 1t to be
questionable whether, rlghtfully, you can
make the assessments we are deprecating.
But YOU say you cannot take the RESPONSE
biity What! not take the responsibility Of
doing right not of forbearng to do an act
which must be trespass without power, II
you doubt the power But we must get the
Injunction to restrain you! And Is It your
peculiar privilege to do what wrongs you may,
until others shall have the actual power 70
protect them from it? But 1t has been the
practice of Councils 10 tax this debt upon us!
After the war, Councils did not. For years
they were restrained by the consideration that
1t was not expedient. Is 1t more expedient
noW?. Does 1t not depress interests-crush
enterprises Nor was the taxation resumed
until the military government; or then, until
tle members vi blat SOVtIuueuI uau Pooses
sion themselves of all the stock they could, at
thirty cents upon the dollar!
But the credit Of the city must be raised
that the fire loan bonds may sell, and the city
be built up! Is there one Of you so simple as
to suppose that Its credit can rise with such
q debt upon it-eQual now to near the market
value of its real property or that the city
will be built up, by other than lunatics, under
tax OF more than four per cent. upon the
cnat of their imOrOVpmpnts2 and that. too.
when real estate does not pay as much as four
per cent. upon its cost to those who own it
Gentlemen, there is no hope for the city, 10
consistence with the continued recognition and
enforcement of this debt as 1t now stands,
The city itself will not survive the payment OF
1t BY taxation, and the creditors will as surely
lose from our exhaustion as our resistance.
The very best for them will be an adjustment
that will give them good securities f'r an
Of the city.
That adjustment might be made. You might
get from the Legislature an amendment Of
your charter authorizing the issue OF slork, or
bonds in compromise. The citizens, believing
the present securities invalid, would yet, In
consideration of the question, and the merit,
TO some extent, of claims, would assent to such
arrangement; the creditors, rather than stake
their claims upon the law, would also be apt to
accept it. But the possibility Of any adjustment
depends upon the discontinuance OF assess
msnts by YOU to pay. Viii g the debt Is recog-
nized and paid, they will have no motive for
abatement or concession, but wnen remltted
TO what Is offered In compromise, or what may
be obtained at law, there is little qnestlon OF
their choice; and we submit, therefore, tnas
the request we make of you is consistent win
your interests as citizens, your duty as officers,
-N~ =" TAXPAYERS.