The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1873-07-17

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g
HoYT & CO., Proprietor
Z The; ;Tax PAYERS and tile Fraudulent Bonds.
The correspondent of the Charleston Nsses
nna cbursr furnishes the annexed information,
of ,she recent proceeding before Judge ,Carpen-.
ter. in. relation to the conversion bonds:
,. ,5s COLUMBIA, s. C, July 81
The complaint OF. the tax payers against q lne
fraudulent conversion bonds was 2 hied ?elorei sl
Judge Carpenter to-day. The following Is the
complaint:
The Attorney General, ex relatione =. y. !;
Lowndes and others, ant. the salo p,: y. =:
Lowndes and Others, vs.. Morton, 6lIssS@
Co. The Peoples National Bank, g. Q. Mltte,,
FlI. Cardoza Treasurer; S. l.. Hoge Comp
trolIer General, and the several County An.
ditors and County TTreasurerso Of the State OF
South Carolina.
SamuelW w. Melton, Attorney General Of the
State of South Carolina, upon the relation OF
I Charles e. Iowndes and others, plaintiffs, here
inafter named, and Charles z. 2LpWndes, Wm.
Ravenel, James R. Pringle, William Aiken,
Henry Gourdin, Edward Hope ohm .: t4reen,
T. Woodward, E. BIC. Cash, B. F.Crayton
and Alex. McBee, who sue on behalf of III them
selves and Others who may come N
and make themselves parties to this compliant
plaintiffs, complain and show: s u l.s :ssS 81
: /. That they, the said plaintiffs, are citizens
of the State of South Carolina, domiclled
therein. and are tie owners of real and person
al property. situate in said State, which is an
nnallyassessed for taxes, and is legally charge
able with the same.
d That by an act of the General Assembly
of the said State, entitled IAN ACT TO SProylae
for the conversion Of State securities, :, approved
March "a 1889, 1t is enacted that the. State
any person holding stock of the State TO take
the same and issue in lieu thereof coupon
bonds OF, the said State, signed by the Governor
and countersigned by the Treasurer OF the
State. bearing Six per cent. interest, the same
as said stock said interest to be paid semi-
annually, and the principal within twenty
wears. and both principal and interest to be
payable at the financial agencysof the State OF
South Carolina, in the City of New York;
8. Thatsin and by the said actfit was farther
enacted that THE State Treasurer is authorized
on the application of any person holding coa-
nom bends of the State OF. South Carolina TO
take up the same and issue IN lieu thereon
stock Of the said State, signedby the Governor
and oQuutersigned sby the Treasurer OF q, the
State, bearing the same rate of interest as she
bonds scfaken up, and both principal and m
terest to be payable at the financial agency of
the State Of South Carolina, in the City OF
New; York. .
4. THAT: By an act of the General Assembly
of said State entitled "An Act relating to the
bonds of the State of South Carolina, approx
ed March 18th, 1872, itis declared that where
as bonds and obligations of the State have been
issued to e large amount, in accordance, as was
supposed, by the officers issuing the same,
j, with the authority and provision OF certain
acts Of the General Assembly, including
(annong others an act to provide Tor the con-,
version of State securities, approved March 20,
sS69. which bonds are fully and particularly
stated and set forth in, report made by the
Treasurer of the State to- the General Assem-
bly. dated October 81, 1871; and whereas
doubts haze arisen whether said issues were
in strict conformity with the provisions OF the
said several acts, under which they WaSe re-
spectiyely issued thereupon it IS enacted that
the said bonds and obligations issued in behalf
of the State, as mentioned and set forth IN the
report of the Treasurer of the State, to the
General Assembly, dated October 81, 1871,
were duly and lawfully issued IN conformity
with the true interest and meaning OF the sald
several acts of Assembly, and the same are
declared to be legal and valid bonds of the
State of South Carolina, for the payment OF
which4he faith, credit and funds OF the State
have been and are thereby pledged.
5. That in andgby the said act it is further
enacted that an annual tax, in addition to all
& other taxes, shall be levied upon the property
of the State, sufficient to pay the interest on
the bonds named in or provided for by the saldi
act, until the principal of the said bonds shall
become due, such paymentto to be made IN Unit
: ed States currency only.
s.. That in and by the constitution OF the
State of South Carolina, the power of the
Geneal Assembly to contract public debts !. is
nary expenditures; and by the said constitu-
tion It is ordained that such debts shall be
authorized by law for;some single object to be
DISTINCTLY specified therein, and that no such
law shall take effect until it shall have been
!, nassed by, the vote of two-thirds of the menu
6ars Of each branch of the General Assembly,
to be recorded By yeas and nays on the journals
q of each house respectively. And the plaintiffs
aver that neither of the said acts of the Cen
I eral Assembly, above recited and approved re-
spectively March %, 1869, and March IL, 1879
were passed in conformity witllthe said pro-
visions Of the constitution, but on the contrary
are Ia ViOlAtlOH tneISoi, auu a.o unSunou.So7
tional and void, and that no valid obligation
of the State exists to pay any of the bond Of
stock issued under the pretended authority OF
the said acts of Assembly.
4. That the Treasurer of the State has, new
ertheless, issued bonds of the State under the
: pretended provisions of the said act entitled
an act TO provide for the conversion of State
securities to the amount Of 81, ,19l 200, and
that; the said bonds are set forth and included
. in the said report of the Treasurer, bearing
date October 80, 1S71, and that these bonds
are the same bonds which are mentioned in
the act of the General Assembly, entitled an
act relating to the bonds Of the State of South