The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-07-31
COLUMBIA, S. G.
Thursday Morning, July 81. 1873.
"Pursuo the Ring.'

OGut6 CHuuOt any 1OuBtE Do Diiuheu OF
ignored. It is q matter in which every
person, high or low, is deeply concerned.
It touches the honor and comes homo 10
the business and bosoms of oil the. .cit;-
zUF of the State. It behooves us to
bring to it's study, as 10 that Of educa-
tion. spirit Of candor, as we'll as ex-
haustive analysis and thorough research.
In it, by universal admission, we have
the elimination of mismauagement ard
Improper tampering. A moderate debt
OF less than 81. .25o. 600. incurred in u
legitimate way, in the course of several
generations, before the war, and entirely
within control, has. in few years, dur
ing which no extraordinary expenses
we're necessary, been nearly quadrupled.
Not single Improvement can bo pointed
to as justifying any increase, and the
public institutions are all either dead or
in dying condition. Treasurer Cardozo
reports that the credit Of the State is
completely gone. No sales OF bonds are
now effected, and no demand now exists
for them, even at the low figures at
which they are quoted. a little less than
a year ago, the Treasurer came ont with
publication, in which he showed that
at least Sc. 900. 900 OF the conversion
bonds had been issued without authority
OF la~. This brought hornets nest
about his ears, and it appears that he
continues to be viewed with sinister
eye by certain hangers-on of the State
Government. He alleges that they en-
tertain ill-feeing towards him, because
he has stopped the thieving in the
Treasury"
Accepting his statements as correct,
we cannot but approve of the firmness
with which he stands to his guns. He
claims that the proceedings which have
been instituted by taxpayers to test the
validity OF these bonds, and to secure, if
possible, a decision of the court which
will throw them overheard Us spurious
and fraudulently issued. are based upon
the facts of his astounding disclosures.
It has been understood all along that
the Administration, of which Treasurer
Cardozo is O member, would sustnin and
vindicate in the courts the positions lie
has taken. It is committed to the policy
o: disallowing tho validity OF any bond
to which the shadow Of suspicion could
attach. This policy. if vigorously and
faithfully carried out, would attract the
favorable regards of the people O: the
State Of every shade OF political opinion.
All who are interested in an economical
aud honest government, ih low taxes aud
in the recovery Of the States credit from
the prostration in which it lies, would
make common cause with it, pro htnt9,
a. least I: is to be hoped that it will
not grow weak in the knees in the pur-
suit OF course to which it is urged by
every consideration Of improving it's
own standing before the country, and of
doing the State tardy but valuable ser.
vice. We confess to some misgivings in
perceiving what we cannot but regard as
change of tune in our neighbor, the
on.Hsrald, which claims to be, and is
the official paper Of the State and organ
of the State Administration.
The Herald has delivered soma telling
blows against the foul nest of spurious
bonds. It has not been sparing in gen.
eral terms OF denunciation of the of.
fcials who put them upon the market,
by sales and by hypothecating them for
loans. and allowing them to be forfeited.
It looks now as if the Herald shrinks
from the logical consequences of it's own
position. The Financial Board certainly
transcended their authority in seeking to
make these bonds an additional debt of
the State, instead Of exchanging them
for others. and then seeing to it that
those others were Cancelled. What was
this but fragrant breach of trust? Are
we simpletons enough to accept any
such proceeding as OF force sufficient 10
bind the people Of the State TO it's disas-
trous consequences? We cannot think
that the Herald would do the poor. people
OF its own party the outrageous injustice
OF maintaining that any such debt is