The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-04-20

to any particular class intend.
ed. The relators allege In their petit
tion. "that on the surrender OF the
bonds, the State Treasurer did deliver
to the President Of the Blue Ridge Rail.
road Company, in South Cafolina, Urea.
aury certificates OF indebtedness fstyled
revenue bond sorip) to the amount Of
81, 796, 1928 53." What particular privi,,
lege can these relators claim, to hays
their scrip retired even before the end OF
the year. and before any opportunity has
been afforded to other holders on the
same footing with them to come in and
participate? These views apply TO the
Bobo case, made by the REALTORS as
against this respondents; entirely unnf.
fected by the Judgment of tue court al
ready referred to. declaring the scrip un-
constitutional, and, therefore, void.
Viewed, however. in connection with
that Judgment, how can the Comptrol-
ler.General, sworn officer of the State,
direct the levy of tax for the redemp.
ton of an obligation declared by court
OF competent Jurisdiction to b. illegal?
That the Treasurer, and lot the Comp.
troller, was the party to the cause, can
make no difference. The Judgment acted
upon the scrip, which was pronounced
wholly unauthorized. illegal, and with
out value for any purpose whatever, {"
and tho Treasurers were enjoined ''from
receiving it for taxes for any debt or OBJ
legation due the State. and from paying
it to and for any liability of the State )"
1t the scrip was illegal, it oan furnish
no consideration for any action, levy OF
taxes or Judgment of a court. (Story on
Const., SEQ. y But suppose tho Cons o..
General had ordered the levy Of
the tax for the purpose prayed by these
relators. While his act might have
caused great hardship md suffering to
the people. by exacting another in addi-
ton to the annual tax, and surely preju-
diced the monetary condition of the
Stale, as to these REALTORS, it would have
been but mere ceremony, without avail
OF benefit to them, for the State and
County Treasurers were all parties to the
proceeding which declared the scrip lilo
gal and void. In the face OF that juda.
ment. could the Treasurer have ven.
tured its redemption? WAS it not for
bidden, If not in express terms, by an
implication too plain and clear for re-.
sistance, or even doubt? Was it not to
be made through the money which was
to be raised by the levy? The writ is,
therefore, claimed, where, in the Ian.
guage of Mr.. Tapping. sit would be
vain and fruitless, and without any bene.
fetal effect"
But the respondent. not only insisting
on the cause heretofore noticed, submits
that the said Act is null md void, in
that it is repugnant to the Constitution
OF the United States, which orduins that
no State shall emit bills OF credit. or
make any thing but gold and silver coin
q tender in payment of debts" a care
fal consideration, induced by the large
pecuniary interests involved in the
question, together with the fact that pro.
visions. both of the State and United
States Constitutions. have been brought
into Its discussion, has satisfied rs, that
the Act, so far as it authorizes the ennis.
sion of revenue scrip. is in violation oi
the clause Of the Constitution OF the
United States, already referred to. The
argument which holds it valid as sub
sisting obligation, and repels the charac.
ter of bill Of credit, under which it is
classed by the respondent, seems to rest
upon the faot that it was not designed 20
circulate as money. The opinion OF
Mr. Justice Willard in the State, er rel.
Gary. rs. Parker, Treasurer, and DuPre.
ct a4,. County Treasurers, which was
brought to our notice ia the case before
US, land which will be reported with il, !
il so full and comprehensive on TIE
point, as to leave little space for addition
or enlargement. It is not because tho
paper circulates from hand to hand in q
community, like money, that it is to be
held bill OF credit, nor does the fact of
currency 80 constitute it. A State might
we'll make the coupons attached to it's
bonds receivable for taxes without sub.
iecting them to the disabilities of bills
of credit as used in the Constitution.
even although they might readily pass
In payment Of debts, or for the purchase
OF commodities. Tho design to create a
circulating medium would be wanting.
II, however, the intention TO create a
currency is apparent from the whole
scope OF the Act, the emission is O bill of
credit within the terms of the Constitu
ton. To the many indications in the
Act to show the intended design, which
have been pointed ont in the opinion of
Mr.. Justice Willard, it might be added
That the revenue bond scrip could mover
have boon intended or proposed Us
State security for Investment, because it
bore no interest, and it's value consisted
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