The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-11-14
COLUMBIA, S. G.
Friday Morning, November IA. 1873.

Reduce the Debt and Reduce tho Taxes.
"a bill to reduce the volume OF the
public debt, and provide for the pay
ment OF the same, is now on its passage
in the House of Representatives. On
Wednesday evening there was some dis.
oussion on the Rrst section, which, after
enumerating the several classes OF bonds
and certificates Of stock, which consti-
tute. what is known as the bonded debt
OF tho State, enaots that the Treasurer
shall issue to the holders, in lieu of them
when surrendered. other bonds or certi-
foates of stock, equal in amount to forty
per centum of the face value Of the
stocks and certificates 30 surrendered. /.
In the second section it is provided. that
the Treasurer shall, in like manner. is-
sue bonds or certificates OF stock in ex-
change for coupons or interest orders,
which shall have accrued and ba due on
January 1, 1874. as the interest on tho
bonds, at the same rate OF forty per con.
tum of their face value. In the discus
sion, very little opposition was made to
these sections. It came from Mr.. Hur-
ley, who expressed hope that somo
discrimination in favor Of the valid debt
OF the State would be made; and from
Mr.. Joe Crews, upon the ground that
the State cannot afford to pay as much
as forty cents on the dollar on bonds
which are worth in the market not more
than an average of fifteen. Mr.. Meeize
offered an amendment to the first sec
ton, that the bonds known as the con-
version bonds, and amounting to $5,-
965, 900, having been issued without au-
thority of law, be declared absolutely
null and void; provided, that no tax
shal! be levied to Peg the interest on
any other bonds or stocks than those
herein enumerated, and hereinbefore
provided for. The section. with tho
amendment, passed the House by very
decisive vote. It is provided further on
in the bill, that the new bonds and GER
sificates shall bear six per cent interest.
payable annually, and shall be redeema-
BILE in eighteen years.. and that tax of
three mills on the dollar, Of each dol
lars worth of taxable property of the
State, in addition to all other taxes,
shall be annually levied, collected, and
paid in to exsinguish them.
In the reduction of the debt thus pre-
posed and adopted, in the reputation
and rejection of the conversion bonds,
in the promise which is held out in the
bill that the taxes will not be exorbitant-
to solution of our greatest trouble.
which, while We cannot say it is tho best
and fairest, or statesmanlike, is, in
measure, satisfactory. A proper dis.
elimination between the GLASSES of the
bonds, recognition Of the higher value
which somn possess over others, the old
over the more recent and more doubtful,
wns hardly to be expected. To attempt
It would have required elaborate re-
search; aud to hAve made it would have
been tantamount to branding the Re-
puOhCuA kInAtJ "a GtAO ob0t0 WAth Aaoo-
tionable dealings. The declaration that
the conversion bonds have no authority
OF law, and are absolutely null and void,
and will never be paid, direct censure
Of officials, but only impliedly against
the party, goes as far as it could venture
in that direction. Dangers are thicken.
ing over their heads. the admitted fail
ures and abuses of Republican admins
trations of the State are gradually, but
surely, undermining the foundations of
their power. In the stress to which
they are subjected, in the vast Difficult
ties which beset their patti, they could
not safely inflict any more blows upon
their organization of suicidal charac.
ter. Let us be thankful, then, for what
they have done, or promise moro fully
to do. Whatever were the motives
which actuated them-and We have no
doubt that they were commendablo in
many instances, and We try to think ta-
vorably Of them in others-the result,
which it appears is likely to be reached,