Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-11-13
Legislative Proceedings.

Legislative Proceedings.
On Tuesday, the 4th. in the Senate,
Whittemore introduced a bill "relating
to certain bonds OF the State of South
Carolina illegally issued" There is a
fair-sounding preamble to the bill as
follows:
Whereas, tho debt of the State of South
Carolina has been in violation OF law
largely increased; and, whereas, certain
bonds of the State have been
ILLEGALLY ISSUED,
and by tho assumed authority OF the
financial board OF tho State lsypothecateu
for loans, and forfeited Tor the non pay,
ment of said loans ut maturity; and
whereas the General Assembly has been
convened in extra session for the con-
si,ieration and adjustment OF the entlre
debt of the State. therefore be 1t enacted,
Gc. ~.
Section l OF the bill provides that !. ali
that Dartof the bonded det, OF the State
OF Snuth C,,roIii.a which, Us has been al
legged. was iiypothecatetl FOR security Tor
Ioans hv the order OF The financial board,
md forfeited and sold because of the
rnst1rity of said loans, the amount OF
,yoich has never been ascertained-the
State did not redeem the said bonds
known as conversion bonds, which were
authorized by an act OF the General AS
sembly, entitled an net for the conversion
of State securities, approved March 80,
1869, but which were not issued IN &C
eordance with the provisions OF SAID act
in exchange for other outstanding bonds
or stocks Or the State, and Of which no
record of exchange can be found in the
Office of the State treasurer, amounting
in the aggregate to S., ,H65 900, be anu the
same is herein declared to be In eXls-
tencc
WITHOUT WARRANT OF LAW,
and no provision shall be made by the
General Assembly of this State for the
payment of the principal or Interest OF
any portion of tile said bonds, until the
holders thereof shall have eStablSheo
the validity of said bonds and the obliga-
tions of the State Hereunder.
In reference to this bill of Whittemore'
the Columbi correspondent of the INe~s
q: Courier says:
But mono of the members and none
of the outside influential leaders of the
party appear to have any practical or !,
weli-diCested views as to what should
ba done about the debt, and there seems
70 he but
a MEAGRE PROSPECT
IF any action being taken whlch WIZ
materially relieve the State from her
financial embarraSsments or tighten at
ali the present burdensome rate OF taxa
ton. II they can in any way circumvent
the mandamus of the court, and prevent
tha levy of tax to pay the interest upon
the bonds, as they believe they have al
ready done by the act deprivlng the
comptroller of the power to order the
rate Of the levy, they will probably stop
them and leave the debt in Statue qtto.
This would, of course, keep the taxes
within tho present limits, but they have
So many jobs on hand in the way OF
claims for outstanding and unfunded OBJ
legations, that the probabilities are that
the rate of taxation will be increased
largely, even though no provision what.
ever should be made for the payment OF
interest on the bonds"
A resolution was adopted, unanimous
ly, requesting the Governor to send in
Immediately for confirmation all appoint
ments made since the last session. A
good deal of bad blood was manifested
against the Governor on account OF his
appointments
The following bills were ratified: A
bill to Incorporate the Pleasant Hill Bap-
tist Church, of Edgefeld. A bill to in
corporate the Reform Apollo Society, OF
Charleston. A joint resolution to confer
certain powers ON Mrs. 8. M. Mcbride.
A bill to renew and amend tho charter OF
the Home Insurance Company, of Char
lesion. A bill to charter Kirby's Cross
roads, in Marion County, and bill to
incorporate certain Presbyterian church
es in Sumter County. A bill to recharter
White Hall Ferry in Beaufort County,
was passed to third reading.
In the House, the calendar was defer
red, and nothing worth mention was done
in the way of regular business, the House
soon going into acommittee of the whole
on the decision of the Supreme Court
concerning the bills of the Bank of the
State. The greatest confusion and con-
sternation was manifested by the leaders
of the party. Speeches were made by
Hurley, Bowloy, Boston and others.
They all predict the utter ruin of the
State and disruption of the Republican
party unless something can be done to
contravene the decision. They say there
are probably two or three millions OF
the bills out, and that the government
cannot possibly be run if they are made
receivable for taxes.
Sperry, colored, of Georgetown, intro
duced resolution that joint committee
be appointed to investigate the matter,
and find ont just how many of the bills
Of the State were out; for, in his judg-
ment, unless something of that sort be
done there was no telling how many of
the bills might not be issued now, after
the decision had. been published.
J. D. Boston, colored, Of Newberry,
saw no good in the resolution of Sperry,
The question with him was not so much
the number of the bills out, but what
was to be done to save the party, even
though only million dollars of the bills
were on the market. He was overpow
cred with dependency when he reflect
ed upon the dangers of the situation.
Here, says he, we have already floating
debt, bonded debt and high rate of
taxation, which would tax the skill of
the ablest financiers to grapple with, and
here comes the Supreme Court of the ma
ton and kills the last hope of the Repub-
lican party. He felt that the decision
was dagger's thrust at the Republican
party, and did not believe that it would
ever have been rendered but for the fact
that the colored people had entire con-
troll of the State, and their enemies want
ed to put them down.
Paris Simkins, colored, of Edgeield,
Artson, OF Charleston, and others also
spoke pretty much in the same tone.
rtsonintroduceda resolution that they
regard the decision as direct blow at
the state Government, and that the levy
Of all taxes be suspended for the next
wear, and the treasurer be authorized to
issue certificates of indebtness to carry
ON the various institutions.