The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-06-11
COLUMBIA. S. G.
"Wednesday Morning, June IL. 1873.
The Bond Question.

The Bond Question.
We print in another column the re-
joinder of Comptroller General Hoge to
the reply of Messrs. Morton, Bliss g.
Co., in the n1dnddnaus case, before the
Supreme Court. It reiterates substan-
TALLY the positions taken in the return,
which we noticed at the time OF publica-
tion, with approval OF them as sound.
acute and conclusive. The contestants
having taken their ground, and enun-
ciated respectively their demand and re-
fusal. the battle will begin in earnest in
the argument OF counsel tomorrow
morning. It will be we'll to day to no.
tice and recognize one or two new posi-
tions taken by the Attorney-General in
this paper. He fatty denies the allega-
tions OF the REALTORS as to correct regis
try OF the bonds of the State. He main.
tains that such correct registry, which
will exhibit their number and amount,
hasnot been kept at the State Treasury.
He charges that the registry does not
exhibit the number and amount of the
bonds which were redeemed by the sub
stitution of other boads, known as "con-
version bonds" nor Of the number and
amount Of such redeemed bonds as were
afterwards reissuel and are outstanding.
This is certainly worry grave charge,
and, If sustained, must forever damn
tho las. administration, even in the eyes
OF its own deiuded followers. If the
registry is incorrect, it did not occur
from accident. There must have been
design and method in it. and fraud will
be found at the bottom. When this
Justification OF the record has been
shown, aa we believe it can be, we hope
that the Union Herald and other Radica
sheets will not have the hardihood any
longer, in the face OF such disclosure,
to laud the glory and virtue. the excel
lence and honesty. Of party and Of
men who bring forth such fruits when
entrusted with power.
In this rejoinder. We and it maintained
that the power Of the 'Validating Act, -
80 far from making previous Act. which
WAS not passed by the constitutional ma
jority. valid and binding, is itself uncon-
stitutionul and void, in the respect that
it operates to contract public debt in
seeking to make valid bonds which were
otherwise invalid. A poor dependence,
truly! The Comptroller further main.
tains, that discrimination is neoessar y
between the lawful and tho unlawful
bonds, and that only by judicial inquiry
can he ascertain what bonds are en-
braced in the unlawful issue. Were be
required to levy tax at all, it would be
to require him to levy it for the whole
alleged debt, to pay the interest on the
unlawful as we'll 81 the lawful bonds.
We think that the Attorney General
warns more towards the opinion that
the court should itself settle the ques.
ton OF the debt. We hope that it will
not be slurred over now, and left to the
Legislature to wrangle over all next
winter, making confusion worse con.
founded. and disgusting and protracted
job of it. We look to the Attorney Gen
eral and the counsel on the part of the
State and people, to 80 pace the ques-
ton before the court as to reach deci-
sion on this vital point. And to The
court we look with some hope to lop Of
that 81, 100000 spurious and fraudulent
debt, and virtually to expose the rascality
which has been burrowing and working
in the dark for several years, to the pre-
'judice Of tho interests, tho honor, the
character and doccncy OF the State.
ANOTHER STATE Observation-Disclosures
illustration Of the beauties of carpet
baggery, which President Grant is trying
to fasten on the people of Louisiana by
the bayonet, comes from North Caro-
lima. The State is on the verge of bank.
ruptcy, in consequence OF the robberies
by the Legislature during the recon-
atru0tiop ara Tho 1nf,t 90 ear col Att