The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-25
C2JLTTMVsRTAI 3.
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Saturday Morning October 2t. 1878.
the Orl.I. In oar state Affairs.


is most important. The occasion OF its
assembling is extraordinary, and can
onlysbes folly appreciated by men of
serious minds. When detriment threat
ems the State, it 10 every ones business
to seek to avert it. Minor differences
should disappear before great public
danger. The condition of affairs is GER
tainly critical. The debt of the State is
large and OF uncertain amount. The
treasury is empty, the public officers
unpaid, pubic institutions langaishing
and going down. The fountains of in
telligence and morality are closed and
sealed. The decision Of the Supreme
Court in reference 10 q large part of the
funded debt, makes case in connection
with other embsrrassments. the financial
distress and the loss of credit. which de-
mands immediate. earnest and conscien-
tious consideration. It will not do to
postpone it any longer. The difficulties
must be met now. The purpose of the
extra session. the task laid out for it to
discharge. is one which we approve.
The settlement of the question of the
public debt ought to be made, and that
promptly.
We agree with Mr.. Orittenden fur
ther, in the opinion that the Governors
message shows labor and research, that
ita tabular statements and ita history of
the debt are valuable. We do not
accept either Of them as conclusive
upon the subjects they treat, but they
are suggestive and entitled to attention.
The recommendation tEat portion of
stha debt admittedly illegal and unwar-
>ranted should be recognized, is the one
With which We find the most fault. It's
argument in favor of imposing higher
tax is sophistical, unwisa and untimely.
2 The examples adduced from other States
are not fairly stated. But, passing by
these differences. and protesting against
the tone Of the message in it's reflections
on the landed GLASS and the old popula-
tion, we are free to state that its aim OF
compromise with creditors and reduc.
ton Of debt is one in the right direc-
ton. We are ready, without dwelling
,pointedly on tho past miadeeds of
officials. to asaist, and encourage any
!. honest and feasible means which will re-
>lieve the State and people of the present
embarrassmsnts. Except in the parti-
cularS to which we have taken e1cep.
tioD. We think the scheme OF scaling the
public debt . good. one. It is, even
when relieved OF the company Of the
conversion bonds, too heavy to pay. It
hangs like mill.stone about the necks
of the people. It destroys oil hope. it
kills confidence, it cuts down all energy.
It is painfully oppressive. It makes the
sturdy citizen turn his eyes to other
fields whore his industry and efforts will
be disembarrassed and meet with sure,
and larger Remuneration.
1.-THE Legislature will address itself
heartily to the task Of ourtailing the ao-
tual bonded debt in the way the Co.
vernon advises. with the consent and
approval OF the creditors, it will do o
good and necessary thing. It will fail
to comprehend the true interests of the
State. or to show any regard for its old
character, if it makes no discrimination
in the classes of the bonds. It will full
far short OF any just appreciation OF the
difficulties OF the situation, and make
no real step towards their solution, il it
Listens to the counsel to raise the taxes.
We want, first, that the actual debt
shall be ascertained. and the fraudulent
disallowed; secondly, that the legally
contracted debt shall be promptly pro-
vided for, and satisfactory arrangements
made with the creditors by which it
shall be reduced, and the interest on it
regularly paid; and, thirdly. that taxes
shall be levied atriotly ad ualorem. and
be kept within reasonable bounds by
just assessments and by rigid curtail-
ment OF the expenses OF the Govern
ment. We might add, as necessary and
important in thia orisia that mora an.