Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1873-11-13
SOUTH CAROLINA LEGISLATURE.
TUESDAY, November 4


following is the substance Of the bill:
"Whereas, the debt of the State ofSouth Caroi-
has been in violation of law, largely increased;
and whereas, certain bonds of the State have been
illegally issued, and by the assumed authority OF
the financial board of the State hypothecated for
loans, and forfeited for the no-payment of said
loans at maturity and whereas the General As
sembly has been convened in extra session for
the consideration and adjustment of the entire
debt Of the State, therefore be it enacted, &c. Sec
ton of the bill provides that all that part ofthe
bonded debt ofthe State of South Carolina which,
as has been alleged, was hypothecated for securi-
ty for loans by the order of the financial board,
and forfeited and sold because of the maturity of
said loans-the amount of which has never been
ascertaned-the State did not redeem the said
bonds known as conversion bonds, which were
authorized by an act Of the General Assembly,
entitled act for the conversion of State securi-
ties, approved March 23d, 1869, but which were
not issued in accordance with the provisions Of
said act in exchange for other outstanding bonds
or stocks of the State, and of which no record Of
exchange can be found in the office Of the State
treasurer, amounting in the aggregate to $685.
OOO be and the same is herein declared to be in ex-
istence 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 the said bonds until the holders
thereofshal have established the validity of said
bonds and the obligations ofthe State there under"
The Columbia correspondent of the Charles
ton Ne,us and Courier, in regard to this mat
ter, says:
'This is another strike at the conversion bonds,
or the fraudulent portion Of them, and am con-
vinced that if the General Assembly can compass
the question at all and arrive at any definite de-
termination in regard to the settlement Of the
debt, that this class of securities will be entirely
ignored and repudiated. They will also if they
do anything, scale very heavily all the other
classes Of bonds"
The bill to make drunkenness in certain
public officers public ofense, was ordered to
be engrossed for third reading.
In THE HOUSE, majority Of the members
were present, and the time was used, before
the House was called to order, in discussing,
in groups, the situation of affairs, as viewed
under the recent decision of the United States
Supreme Court declaring that bills Of the
Bank of the State shall be received in the
payment of taxes.
Mr.. Minort introduced bill to provide for
the sale of lands purchased by the State, and
to make titles to actual settlers; also, offered
joint resolution proposing an amendment to
the constitution Of the State of South Carroll
ma. The amendment is to make all the State
officers elective for two years.
The House, on motion of Mr.. Crews, re.
solved itself into committee of the whole on
the bills of the Bank of the State, and the
mover was called to the chair. The following
telegraphic synopsis of the decision was read:
"WAsH1NGToN, Nov. 3.-The United States
Supreme Court to-day decided in the case.of the
State Of South Carolina &c rel. Wagner against
of the State, involving the question ofthe validity
of the issues Of the Bank of the State during the
war. The charter Of the bank, framed in 1872,
| provided that its issues should be receivable for
|
receive them, on the ground thatthey were issued
in aid of the rebellion, and were, therefore, no
tender. Thecourt below sustained the objection,
and thejudgment was for the treasurer. On for
mer argument OF the case in this court that judg-
ment was affirmed, but, upon reargument had
at this term there Is a change ofopinion, and the
judgment is now reversed-the same judge wri-
ting the opinion-the court holding that. as the
faith of the State was pledged for these bills, the
holders were entitled to rely upon that credit and
to its protection. The credit Of the State could not
be Withdrawn, without an open and clear declara-
ton to that effect, and such declaration was not
made until 1885, by the repeal of the charter,
which was too late to render the bills no tender in
the present case. One other case was decided by
the decision in this. Justice Hunt delivered the
opinion. Justice Bradley dissented."
A debate ensued, the following report of
which we copy from the Columbia correspon-
dence of the Charleston NeOs and Courier:
"Mr. Hurley said that if the decision meant
anything, it meant that the treasurer should be
compelled to receivein payment of the taxes lev
led by these bills ofthe Bank of the State,
and If this were so, the government must inevita-
bly, break down and the Republican party as
surely 60 to the wall. 1t was very difficult, he
admitted, to suggest any means of avoiding the
catastrophe, but he felt sure that some plan might
be devised if the General Assembly would act
with prudence and good judgment. In Tins
Judgment, however, the question. was one in
which the Republican party was chiefly concern
ed. If there were funeral it would be one of the
Republican party, and he did not propose to have
the Democrats come in and gloat over the ap-
preaching dissolution. He hoped, therefore, that
a strict party caucus would be held and there that
it would be determined what they should do to
be saved. There is no knowing, said Hurley,
how many Of the bills Of the Bank of the State
may be now outstanding; in all probability there
were at least 81 900 altogether including those
issued before and those during the war. The bill
holders, according to Hurley, have no rights
which the Republican party is bound to respect;
the life of the latter is in jeopardy and must he
saved at all hazards.
Bowley, colored, of Georgetown, who is the
chairman of the ways and means, had also some
thing to say. He felt that the State was in very
critical condition, and that it was necessary that
something be done, and that right early. 1t might
be true that the Supreme Court of the United
States was the supreme power of the land, and he
was law abiding man, but this was question
which affected the very heart and life blood of the
Republican party, and he was willing to take any
step, however extraordinary, to save the party.
He thinks the Democracy are at the bottom ofthe
whole matter, and would counsel universal repu-
diation ofall kinds Of debts of the State if thereby
they could escape the clutches OF the Democracy.
In his Judgment, the Supreme Court of the Uni
ted States is a humbug, and all institutions by
means of which the control of affairs is lodged in
the hands of few men, and the legislative body
deprived of all actual power, are contrary 70 the
must be some way for the representatives OF the
sovereign people to avoid the dictation ofa mere
court, and he was for seeking some mode of relief
however unheard of or unconstitutional it might
be. Why, said Bowley, if we levy tax of twen-
ty mills and realize as much as 81, 900 the bills
Of the bank must consume it ALL and our schools
will be stopped our convicts in the Penitentary
and lunatics in the Asylum turned loose upon the
community and we will have no courts orjudges
to administer the laws or enforce peace and order.
He was very indignant at the interference Of
courts with the action of the Legislature, and
thinks matters have come to pretty pass when
| the General Assembly can find nothing but in
functions on all sides from the courts to impede
its way.
Sperry, colored, of Georgetown, introduced
resolution that Joint committee be appointed to
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 be IS
sued 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 overpowered with
dependency when he reflected 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
fnanciers to grapple with, and here comes the su-
preme Court of the nation and kills the last hope
Of the Republican party. He felt that the decis-
ion was daggers thrust at the Republican party,
and did not believe that it would ever have been
rendered but for the fact that the coored people