The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-04-29
COLUMBIA, s. c..
Wednesday Morning. Aprils29, 1874.
Monsieur Tonson Com. Ag.in.

o~A0suoy mVIu1u8s APIus0os Aot4'
Monsieur Tonson Com. again.
We do not suppose it likely that our
correspondent. "W. 8. b." and our.
*esaves.' can be brought by any argumen-
tation on either side to agree upon the
sobject Of the conversion bonds. Nor
.is either likely to affect the opinions of
'ske parties, whether they be people of a
State or holders of bonds, which the
either represents The question has
'caen practically set at rest in this State
'syshe Act of the Legislature. passed at
'she last session, describing these bonds
as fraudulent aud issued without au-
thority of law" They may have been
'.ssrod, as our correspondent maintains,
by authority, agreement'or approval OF
certain officials, but the difference may
Be immense between what is done by
competent authority and what is done
'or approved by mon acting outside of
Shat authority. Herein, we suspect,
Lies the gist OF the whole matter. It
will remain for those who choose. or
:hink they will find it to their ady,n-
cage, to test the validity OF bonds which
occupy this peculiar position. We do
act therefore. think that any further
discussion between the holders or q
holder of these bonds and party like
',ourselvss. who represent the public of
South Carolina, who have been swim
died by them, as, perhaps, the holders
f.asye been. too, will lead to any useful
: resu..- We can't agree. We think that
shsState is not legally or morally bound
90 Fay theC,. because she never autho-
riSed their issue. ''W. S. b." thinks
that, -eVen if fraudulent, they ought to
"oe recognized. because a portion of
them came into his hands "innocentIy. :"
1t will take something stronger than
newspaper discussion to bridge that dif.
ference of opinion.
As>-we are disposed. however, to be
courteous, and wish to be fair to onr
correspondent, we admit his communi-
~cesicn to our columns. He is mistaken
IN attribnting to us any unfavorable
opinion as to his wilful completely ii
''sny dishonest or doubtful transactions.
st as not fair inference from anything
That we have said. In maintaining that
2Erties who buy bonds not issued to the
class OF persons, or upon the conditions
70 <-hioh they are limited by the Act of
=.ee Legislature, which is the sole au-
-nority for their issue. are responsible
tor The fraud. because "they ure cogni.
-ant OF it and parties to it," we added,
as e reason for so saying. that "they
must know upon what grounds and au-
thority the bonds which they buy were
Issued" This was their duty, as bust.
aesS men, regarding their own interests;
It wes their duty in moral poiut Of
rev to the State, in whose securities
saey proposed to invest. 1t is not ne
:e5sary, however, for us to take for
granted, us we did not, that they failed
~ this double duty from any immoral
considerations. If they deal III fraud,
TitE opportunities Of knowing that it is
such, they are technically parties to it
s1n. 4hey may, nevertheless, have been
za some way deceived, or taken in, and
n so far. be innocent. Our correspond.
cut IN this letter repeats general points
made in The previous one. and WHICH we
Sa;'E: ETa have sufficiently refuted. Our
comments upon the new positions he
hss taken. We hold over until to.mor
S0w.
LIE NEXT GOVERNOR The Columbia
correspondent OF the Augusta Consttu-