The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-06-06
COLUMBIA, s. G..
Friday Morning, June 6, 1873.
The Bond.hoider.' Reply.

|
ing the reply OF Morton, Bliss S; Co. to
tho return of Comptroller Hoge, pub
lished By US several days since. These
preliminary proceedings open the fire as
the line of skirmishers, before the main
columns meet. The heavy artillery will
not open until Tuesday next, when, after
the replication of the respondent has
been fled, the arguments OF counsel will
be heard. The reply is doubtless skill
fully drawn legal paper, and presents the
case Of the relators in iss best light. But
o great mistake runs through nearly the
whole OF it; at least, it so appears to IN.
professional and unsophisticated minds.
This is failure to recognize the soVe-
reign powers OF State, and the consi-
dering it as bound by law in like manner
with. dividusls or ordinary corporations.
The reply speaks, for instance, of express
contracts entered into by the State, and
advances the legal proposition that the
General Assembly cannot make the regis
tration Of the bonds condition prece.
dent to the payment OF interest, because,
forsooth, such act Of theirs would impair
the obligation of contracts, aud is, there
fore, unconstitutional. Indeed, the re-.
lators would place State in more de-
pendent and helpless condition than even
a private individual. II tho latter have
notes or obligations for the payment of
money out against him, and the demand
for payment bo made, he can, if be deny
the legality of the claim, at least force
his creditor to secure the judgment OF a
court Of competent Jurisdiction before
he is compelled to satisfy it. But this
right, OF which the humblest individual
in tho community may not be deprived,
the relators appear to deny to what was
once at least the sovereign State of South
Carolina. We presume that, as q propo-
sition of law. it will be classed among
the progressive If not moral ideas, SO
ably advanced and sustained By tho
Credit Nobilier party.
The next step to take. if consistency
be regarded. would be, inasmuch as the
State has repeatedly failed to pay the
interest upon her bon Ia for the las. two
years. and has evidently been secretly
making way with large amount'i pro-
perty, with q view to defraud her honest
creditors and enrich her own officers, to
throw South Carolina into bankruptcy,
have her assets applied to the payment
OF her debts, the $1,000. 1000 of spurious
and fraudulent claims included, and then
turn what is left Of her old carcass over
into the hands OF the live operators in
oar midst, that they may re-habilitate her
in conformity with all the latest i'm.
provements, and develop her natural re-
sources after the most artistic fashion and
to their fullest extent.
The reply to the seventh cause set
forth by the respondent, touches the
question OF the public debt very gingerly.
The relators are without information,
they say, 'as to the correctness OF the
allegation respecting the condition OF the
public debt" A very dark and delicate
question, indeed, and ono eminentiy
worthy Of being elucdated. Since tie
time Mr.. Chamberlain, one Of the coun.
sci for tho REALTORS, went "a coloneling"
in the campaign Of 1870, it has grown
81. 100000 by his own admissions, if he
accept the statement OF the last Trea.
surer, that it is, or was year ego, over
ZIG. COO, 900. inasmuch as ne made it ont.
in speech at Chester. in 1870, to he
only little above 100000. Morton,
Bliss " Go. are entitled to their rights,
Whatever they are; the State, poor and
bedeviled, as it is, has its rights, and one
OF the most valued and important rights
OF the people is, that the true amount of
their indebtedness bo ascertcincd. We
do not pretend to say that it is, but we
sincerely hope that it may be found, en-
tirely within the functions OF tho court
definitely to settle this question. Tho
puzzle is perplexing how this moderate
debt, in 80 short time, became solarge,
with nothing in the world in the way of
Improvements or advancement to show
as the cause for it; md it is an enigma