The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1874-10-29

the State, and that the people had re-
ceived little or no benefit from the issue of
large class of bonds, issued since recon-
struction, also the fact that the debt created
before the war was at a time when the
State was in prosperous condition, and
since then millions of dollars worth OF
property had been swept from the people
by the result: of the war, it was deemed
advisable to offer compromise to the legal
bond holders, by giving them new bonds
for the outstanding legal bonds and stock
at forty cents on the dollar in the same
bill we repudiated the fraudulent CONVEX
sion bonds, the fall of which amounted to
five million nine hundred and sixty-fve
thousand dollars, (s5, 964, ,O00.) Including
interest, they amounted to six million
seven hundred and twenty thousand
seven hundred and eighty dollars, (S6, ,727,-
1907 The bill passed the house in this
form, went to the senate, and was amen
ded by inserting fifty cents. on the dollar
instead of forty; the house agreed to the
amendment which reduced the valid debt,
amounting to about $ll ,542, ,672.22,
(eleven million five hundred and forty-two
thunsand six hundred and seventy-two dol
lars and twenty cents, ito the compara-
lively small amount Of five million seven
hundred and seventy-one thousand three
hundred, and thirty six dollars and eleven
cents, (S5, III, ,336.l1.) This one measure
saved to the State the enormous sum OF
$l2, 499, 1l6. II, twelve million four hum
dred and ninety-nine thousand one hun
drcd and sixteen dollars and eleven
cents. assisted in the preparation OF
this bill, advocated it in the committee,
in the house, and rendered all the assls-
tance in my power to pass it. The most
mcharitablc must admit that the pledge
in reference to the bonded debt is fully re-
deemed. r
will now call your attention to the
manner in which the bond ring came Sc
near gaining their point. After defeating
my bill in the senate. which provided for
an investigation, and that no interest
should be levied-or collected, until an in
vestigation had taken place, they (thc bond
ring), through Morton Bliss 4 Co., OF Wall
street, New York, went into the courts
and obtained writ of n1dnClanauS to
compel the comptroller-gene to levy
tax to pay the interest on the bonded
debt, which interest at that time amounted
to 81, 42S, ,S42.S7, 1.-TWO million four hun
dred and eighteen thousand eight hun
dred and forty-two dollars and eighty.
seven cents,) which, to have paid, would
have required levy of two per cent. on
every dollar of taxable property in the
State, and simply meant confiscation or
revolution. Before the time expired for
the comptroller to make the levy, the
general assembly was convened in extra
session to divisc some plan to prevent so
great calamity being foistcd Oh the pco-
plc. After mature dclibcration, the gen
cral assembly repealed the law, giving the
comptroller general power to levy tax,
thereby defeating the bond ring from rob-
bing the people, [ advocated this plan
and bill, and used what influence | had
to pass it. AS your representative, L
could do no more.
2.-EDUCATION
promised to advocate such legislation
as would secure the establishment Of
thorough and efficient system of public
instruction. [ endcavored to discharge
my duty as one of the committee on
education, and as a member of the house.
The constitution provides that the general
assembly shall appropriate Il sufficient
amount for the maintenance of the Uni
versity; this has been done, and many
young men, both white and colorcd, are
now reaping the benefit of it. Anact has
also been passed which provides that at
least one student from each county shall