Port Royal commercial and Beaufort County Republican. [volume] (Port Royal, S.C.) 1873-1874, 1874-03-05

those TO whom may hereafter be committed the des-
TIMES OF our State In the present condition OF affairs
there is no more probability that the Interest will be
than upon those which are surrendered Any con-
cesson at this time upon the part OF the bondholdes
will only invoke fresh demands for further compro-
mise. Compromise this year, and what guarantee
have you that you will not be called upon next year
to compromise again.
II the proposed compromise Is made this year, all
parties accepting it it will only reduce the debt four
and half millions Of dollars, leaving II with the
conversion bonds outstanding, nearly eleven mil.
lion assuming that the conversion bonds are valid
debt and Of this have no doubt The debt then re-
naming Sl1,0o0,OO0. Is 1t at all improbable that
another compruIIse woald be asked? But you may
rply that those who have compromised would not
he asked ~ do so again, and that none but those
holding the conversion bonds will be asked 70 do 80.
1t may be so but they will not do so then The debt
being reduced to eleven millions Of dollars, will be
regarded as perfectly manageable Therefore the old
bondholder will get but half Of his debt, while the
condition Of affairs. will not pursue this part OF
| the subject any further. hope wholesome public
sentiment will be aroused, so powerful as to deter
even this legislature If not any succeeding one, ON
perPetrating any further outrage as this upon the
taxpayers OF the State, or upon her creditors. You
will observe that my faith in the validity of these
conversion Londs e1dfds and immo eIble. have
never for moment entertained any other opinion
Of them. Doubts were entertained by some parties
at mc ana therefore, the Legislature in the wiz
olSi and 1872 quieted and set at rest those doubts
by the enactment OF law, known as the "Validat-
ing Act" II declared the issue had been made In
conformity TO the true intent Of the meaning Of the
law which authorized the Governor TO borrow money;
and that all acts performed by the Governor Treas
urer and Secretary OF State (now State Treasurer in
the execution o. those bonds were legal and binding
And II Is worthy Of note here that the majority OF
the members OF that Legislature who voted for that
act were members OF the preceding legislature and
voted for the several acts which authorized the Gov
ernor to borrow money. And 1t Is equally worthy OF
note that the majority Of the members Of the present
Legislature, who voted for this scaling, repudiaing
measure, excluding the conversion bonds, were
members OF the last Legislature, and voted for the
validating act This unfods tale Of Legislative egen.
demain, which think will be hard TO match II the
holders Of th old bonds Of the State or the new ones
included In the provisions Of the funding act see fl
with the full knowledge OF all the facts relating there
to, to fund them at fifty cents on the dollar, rely.
| ing upon the integrity Of this Generally Assem-.
bly,, or upon any law which they have passed, or up
on any law which they may pass TO secure the inter
est thereon, they scarcely deserve pity. Your will
pardon me for writing at such great length l have
purposeiy exceeded the limits Of ordinary corrcspon
dence with view TO publicity. / regard II as o.
great importance that the public mind should bt
truthfully enlightened as TO the true condition o.
affairs as they now exist in our State.
truSt the facts herein presented, II widely circu
lated will do much towards creating q public senti
mcnt, that will eventually crush out the fraud ant
corruption which in the past appears to have
, taken entire control Of the Legislative branch o
the State government.
/ am very truly yours,
NnEs G. PARKER,
Late State Treasurer Of South Carolina.