The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1873-07-24
The Taxpayers vs.. VS.. the Fraudulent Debt.

The Taxpayers VS.. the Fraudulent Debt.
1t is a. subject Of sincere congratulation to
the taxpayers, and indeed to every honest, in
dustrious and well meaning citizen of the
State, that at last, we have been enabled to
institute legal proceedings to test the validity,
or rather pronounce the invalidity, of the
dishonest and unscrupulous officials have at
| What the exact amount of the illegal debt is,
no one, as vet, precisely knows, but we believe
| it will cover every single bond which has been
issued since. reconstruction, and which aggre-
gate something between eleven and twelve
millions of dollars. 20. s.F.'s..1 -
| At the time of the, Inauguration of the car
pet-bag dynasty in. 1868, the entire public debt,
accumulated through nearly century Of the
States existence, was but fraction over a.
100000. Every dollar of it had been incurred
in the furtherance of some, laudable public
enterprise, from which the State must receive
ample return for her expenditure From 1863
to 1871, in scarcely three years time, we find
our $4,000, 600 of debt swollen to SIG, 100000,
and not foot of railroad or canal, not single
public building, unless Parker's Haul may be
SO designated; nor anything else in this broad
land to show for it, except the sudden wealth
of the rascally officials who manipulated the
bonds, or as they term it, developed the re-
sources of the State" All this was done, too,
while the property of the people of the State
was being taxed to meet the current expenses
of this alien government at rate from tacetve
to thirteen hundred per cent, higher than was
ever heard of before in South Carolina.
The property holders of the State have re.
ceiyed nothing for the bonds which were is
sued in the face of their unanimous protest,
and are therefore under no moral obligation to
pay them. The bonds are furthermore illegal
and fraudulent, and the property-holders are
them. :. IF they constitute q debt at all, it is a
debt not of the State but of Scott, Parker,
Chamberlain and Kimpton, or Of such Of them,
and of such OTTER officials, as received the
benefit of the proceeds of their sale. Let the
bond-holders look to the parties from whom
they bought, for the return of their money.
It will be seen that the taxpayers counsel
have directed their assault in the present suit
solely against that class of the bonds known
as Conversion Bonds. They comprise all of
what may be called the palpably fraudulent
debt, and reach in amount, according to the
Treasurers report of October 81, 1871, the
enormous figure of S7,191,70O. The annual
interest upon them is upwards of S4O0, 900. : If
the State can be relieved of this great burden
it will be glory enough for one day.
But the taxpayers counsel do not propose to
stop even at that point. IF they succeed, as
we have every reason to expect now that they
will, in relieving the taxpayers of these Con-
version bonds, other suits will be commenced
to determine the legality of every one of the
other classes of bonds Of questionable consti-
tutionality; those known as the Land Com
mission. bonds, the bonds for the relief of the
Treasury, for funding the bills of the Bank of
the State, the bills receivable, and the interest
on the public debt.
The taxpayers Of thhe State will doubtless
watch the progress of the case with much in
terest; but If they earnestly desire its success
they should do something more than "wish it
we'll" There has been but beggarly and ut
terly inadequate sum of money contributed so
far to defray the expenses Of the suit. The
case is one in which every property-holder of
the State holds stake; and every one should
contribute to it according to his means. This
is matter of vital importance, and should
receive. immediate attention and be promptly
acted upon.
Cannot one or more public spirited gentle
men in each town or village undertake the
work of raising subscription fund in their
locality7. Means must be furnished to carry
on the suit, and the great work should not be
left to a few citizens, however patriotic and
liberal those may be. It would be shameful
to allow two orethree citizens to put themselves
to serious inconvenience insupporting public
undertaking Of this character, the burden of
which would be felt by none if distributed
among q reasonable number Charleston Ne.os
and Gurier. ,ss%. -