Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-22
SOUTH CAROLINA.
The State Debt-What the Radicals
Propose TO Do with It-PrOpOr.
tiOnal Sealing.

From the Charleston Is. c. Courier.l
COLUMBIA, September I5.-The lead
ing topic Of conversation among the pol
iticians connected with the State gov
eminent, or attached to "the party,n is
the matter of the State debt, and how il
is to be adjusted. From present indica-
uOns it seems that there is likely to be a
three-cOrnered fight upon the question.
First, there is the bond ring, doing busi-
ness at present under the firm name OF
Morton, Bliss & Co. OF this ring Car
doZO and HOge are reported to be active
members. The purpose Of the ring is to
bull the particular bonds which they
have bought up, and which are the five
several classes embraced in the suit of
Morton, Bliss q Co., amounting in all to
something over three million dollars.
The presumed course Of the ring
will be 10 prevent any hostile action
whatever on the part OF the legislature,
50 that they may proceed without inter
ference or delay in having a tax levied
solely to pay the interest upon the bonds
held by them according TO the recent
decision Of the supreme court. 1t is said
that the ring is friendly to any effort
which looks to the overthrow Of the
conversion bonds upon the ground that
the more the debt is reduced in other
directions the greater will be the en-
hancement Of the value of the bonds
owned by them. 1t is believed, too,
that, having as il were, secured the
vantage ground for their bonds the ring
will stoutly oppose any attempt at a
general scaling Of the debt, which would
throw their bonds in hOdge-podge with
all the Others, and thus cause them to
lose whatever peculiar advantage they
now enjoy. The bond ring will thus
form a distinct party in the strug-
gle which must inevitably be made
over the settlement of the debt.
The second party will be the holders of
the blue ridge scrip and of unsettled
claims Of doubtful character, and Of va
riOus kinds against the State, headed by
the willy and notorious DR.. Neagle.
This crew Of ''ne'eT do weels" are anx-
iOus that q hOdge-p0dge Of the debt, with
a view to a general reduction, should be
made; provided, however, always that
their now worthless scrip, bogus war
rants upon the treasury, fraudulent GER
tifiCates, etc, shall be put in along with
the rest and "biled down. pro rata. 1t
is the only chance left for the holders Of
bAlA AAh WIN MBAh AAhC
beavers to insure the success Of their
scheme. Then We have an active party
Of which Attorney General Melton and,
perhaps, Governor Moses may be re-
garded ss the leaders. These have two
fold object in view; TO satisfy the de-
msnds of the people, by reducing the
debt in some equitable way, and al
the same time to avoid an Investigation
into the conversion and other illegal
bonds and prevent their utter repudis-
ton. They favor the scheme of pro-
portional scaling of the present bonded
debt, so as TO reduce il to about eight
million dollars. They are thus diamet-
rically opposed, Ostensibly at least, to
the bond ring, nor can they afford open
ly 10 favor the plan Of the scrip holders,
for they know that even the acknowl-
edgement of the conversion bonds,
though IN a submissive way, say at
twenty-eight cents, would be unpalata-
BILE to the people, and that the scrip
would not 60 down at all. This is what
may be termed the administration par
ty; the objective point of which is the
next elections. Between these con-
tending factions it is expected that
most spirited and interesting warfare
will be kept up from the time the extra
session commences, the twenty-first OF
October to November 18th, when the
must announce the rate OF
taxation for the next fiscal year.