The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22


81 Hdx,s, thai v,icll delay w:l, i,o
Saa VIII make tile accumulated debt
8 90 large that there will be ali tnllispos,tUn Ia
sto1ck that nap sictions will lcud TO final
sdf TO pay, Il earnestly hope tnt tl,is Will
%no b6 the case, but u feel It my duty to .s,,p.
sgest tile danger would be best lor; all pa r
10 look the difficult ties sqareiy ii, tile fnce.
q and make a full and tiuaf settlement. by con.
q ,veftiHg (All THO outstanding issues into con-
d s1lidated debk upon which,; the interest would
) S,he paid without failure. Z III my, opinion the
Z ctedi dit0rs would Sbs willing to accent such nm
Issue III. of tier claims, provided
s2t9o great a lossS allonld not be inflicted upon
3 them aud certa,i,ly, ,ih view Of the constit,l.
!, honal obllgations, as we'll as regards the
4 he1or and good name and the. material
Etnterasts of t)ie State, the General Assembly
: aho1id meet tRetn lialf way. *fs+ y
lien such dual ID Ajustment shall be made, it
: Will no dSI5t be pi;orted Gby, the good men
4 0f all parties, aud will be Yacquiesced in by
& the ohlcs III " ,s.a t IS .ssi4S rs I.
.s = :3sis; s s;is PLAN, Of ADtGsTMENT.
It iaa well esta6is sled principle OF political
! acot.ol,y tllat an Sindi having money to
I ttnyest Will nuke AN Yeaiment in that class
3of rities which oI1oeP the best guarantee
/ OF ysaiety -aecurit lies WI will not only pay a
4 premium upon the IN nlo9e5 Invested but which
4 change Of Investment is desired-in other
The value of n State security depends
y largely idEeE the sconflaance cf the purchaser
IN IN the. 1000 faith OF the State, but more
especially upon elle means which the State
4 places IN the hands Of every holder Of llor
h bonds 70 compel the, pnnctual payment Of
the interest as IT accrues, and Tho principal ut
J. ihe Stale y sovereign and cannot
safes aued 3ne When she enters into contrncl
WITH NM 1tn0tyt0nAI.S tHr p6
;directs .satJ 20 perform certain duties
Z Oh that Contract such individual
e can compqt the agents OF the State TO execute
y Qts tho State as expressed in such
z CODY ~ Z. - -
" iln three iourtlis Of the Stntes when
3 ever tue .tnencial Officers Sare authorized to
Sfeate debts Dts by the issue Of State obligations
tne,maei1nefy Tor the pnnct.'al payment of
ssIss ana p,icpa 3 Is provided as
WHO accepts such :obiigaliens In exchange for
;rthe moneys lie adyNnces, receives a remedy
wlllolly tie obligations themselves are tile
Esevtdefce Tor every neglect of duty in tho
premises on tho part Of s.tl,c ngents of the
:Statess Such an 4 obligation offers the best
s Investment that Gould possibly be made, inas
!nlcti as the holder thereof has II lien upon
the sentire property of the citizens OF tic
8 Stats: a sSasl. t}s53.s ~,
Ssst How is it, with the bonded debt oil tis
s Stale e II, ~. ! 3 3
ONr, ,debt maybe diyidod into three classes.
i IheSnSst CLASS includes all tiiose bonds, lori
4 glnaily Issued, OF the five clnsses enyimcral
: go ~ tMe qecision of the supreme Court upon
ene Moftonif Bliss and Company mandanus
CASE amounting 70 S3, 549i 600.
d Sftaie second class incllldes all those bonds
or lsf.ocks whose only guarantees for the pny.
3 ment: OF P'fnctpd! and interest is the good faiM
1Incc Ill
i bonds aud stocks, Except Blue Ridge bonds.)
the bonds for funding past duo interest and
principal aud funding bills Bank Of the State,
and amounts to S4,6l3, 603.35.
Iiie lthsrd class nre those Tor which mr. pro.
vtstoD has been made Tor the payment Of
Interest or principal " gudtuatae or ohter,oise,
and }liic!udes the Blue Ridge bonds, (tlle nb
sene u the garhntee in this instance bciDg
: nfonaniy an !nSeralght.l pnd the c4nysrsion
OK, Donos ssued directiy oy snie or hypolhccation
!. inlS III, ciass agsieRates $6, 96b. 600.
lnls me MS ;ory OF the character
81 o. OUT ponus.i Let US now enquire their pres
'l ent lt,nss.f', ,ulaIfst vai.le: i!.ile:
Htul W. { sanuary anu Ju'y oonds od aud
MSW, w Mc., ,e,, tne eht'te amount cx-
,cHpt Y1!o9S,vooo 9,;, Oh y priis ana Octooers are
4uotsu 4S.IF =. 5n!.eeh cents. inc latler being n
pottlon o. ttose recehey before the courts nre
9uS!ea 9usS ~ t"elty-tnrce .i cents.
a, .... % .,, ', ..o. t'lo arguments pre-
ylousty auvA.lcea' ttat lie Stato ~ unable to
pay Ing nHercst upon the debt as 1t stands,
nu .il; !. ~ 70 ue interest OF every hond-
nouol ..,at Tue uent ne lcuuceu III volume To-
y . Ieasonuole nn't' so that tue payment OF
in.sIess s,0 nay Ds resnmeo H. wien the hold
s els onSur oonus hnu s'ocks agree 70 surrender
I slo!l LOT new ana cohsoiidatca BOND or
ssock, .ho c'".e agrees as part ot tlic
:tnasr .onHass. Sot W.nch sucn, Doha or stock
~. .;se,. Won.u pe the ev'ue;ee) 10 provide Tor
g1o psyWeus . .. .na a,l.!.ai,y nccrng interest