The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-01-29

The Legislature and ahe Bond Scrip.
Nh EDrroR: We regret to sec the &C.
tlonsof the Henate ihIreferenoe 70 the
Aasievying a\tax OF three mills B re-
deem the revenue bond scrip. We, do
not propose to defend or justify tho pas.
sage Of the original BILL. There were
many grave objections to it, and. discard.
ing altogether tho cxtravagant denuncia-
tion, the violent and vain repetition of
ugly adjectives, such as fraudulent" I"
':o9rrupt.r and ''svindling,." which have
been freely used by way OF argument, wo
do not think that the Legislature showed
| much financial wisdom in their contract
with the Blue Ridge Railroad Company.
But the Act wus passed. Banks of credit
and character, trusting to tho pledge Of
the State, nnd its confirmation by the
decision of Judge Melton, huvu advanced
their money. The creditors of tho road
have, in hluny instances, been paid in
scrip, and settled their own debts with
these State obligations; and, if wo huva
not been misinformcd, some very prompt
and shrewd people have actually pai,.
taxes in these securities. It is ~ least
certain that the State has the Blue Ridge
bonds. upan which it's guarantee WAS en-
dorsed, safe in tho Treasury vaults and
cancelled. Wc canuot see tho honesty
of this legislation. unless it is accom-
panied by IL restoration Of tho bonds to
tho parties who have given them up in
exchange for scrip; for it must not be
forgotten that, even snpposipg tho guar
autee Of tho StAta to be worthless, The
bonds, without nny such guarantee, So.
cured as they were by mortgage Of the
property aud frnncbiscs of the road, had
value Of Lhcis own. Tho franchises in
Georgia wo understand to be of consid..
rabie money valnc
Now, these bonds The State has got
possession OF, hy issning it's scrip to the
bund-Eolders; aud 6upDosiny its guar
antco to bn invalid aud worthless, it has.
nevertheless. got what was worth some
thing Ill the hnnds of the bond d-hol,itrs
FOR the scrip which it is now tryim. to
make worthless. It is, we must confess,
u very shabby piece OF business. But
bad as this is. it is not tho worst feature
The Act which it is now sought to repeal,
utter it has tlecoycd the bonds into the
possession Of tho State, is actually OH its
trial before tho Supreme Court Of the
State For ten days this court WAS en-
gagged III hearing elaborate arguments by
eminent counsclupon this very question,
and all Interested arc waiting the do
cision. That decision must either affirm
or deny the constitutionality of the
original Act. II it is constitutional and
valid. nll this repeating legislation is
idle folly, which neither tho courts nor
the State officers can or will regard. II
it is not constitutional or valid. then
this legislation is idle surplusage; fer the
Act needs NO repeal which the court do.
cIares void; the decision kills it, But it
does look li!ls II very injudicinus and III
decorous Interference with tho functions
and duties OF tho court, to undertake
legislation just ut s"ch u moment. There
can bs hut enc meaning to snch legsu-
tion. Either it is an attempt to frigltcn
the Supreme Court from their propricty
by those who have tho reelection OF
Judges IN their power; or it is an nt-
tempt (not novel, we are ashamed to
say,) to frightcn thcse who are interested
IN the decision into an effort to suppress
this sudden burst Of virtuuas an.l pro-
htable indignation on tho part IF those,
many, if not most. ni whom SAW aud
aided tho passage of Tic crigina! Act
with very different feelings. But even
admitting that the Supreme Coart
should declare this A1! void. as contrary
to the Constitution Of tho United States
or of tho State, sill there stands the
fact, nnd!spntad and uniispu.able, that
tho State made II contract with the road,
which the roc,! has executed, by the de-
livery Of the bonds; and surely common
honesty requires that either the road hc
pat where 1t Was. or TINT tho State dis
charge it's part Of the obligation.
JUSTICE
| Court una State Deposits.
EDITOR PIlu%IX: I beg leave to 4 iss en-.