The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-04-30
COLUMBIA. 8. G.
Thursday Morning. Aplil5so. 1s74,
A Bona-noid.r's EIaa.

Ihe language OF Qur 1nnH-hoicscS
correspondent, in the letter published
yesterday, expresses confidence in the
claims known - conversion bonds. he
is consistens'in- she design to make them
good. il possible. having. in previous
communication. avowed his unwilling.
ness to abandon the sinking ship. Al
the same time. he professed unacquaint.
auce with any movement, either in New
York or South Carolina, to bring them
on the stage again. to be maintained as
valid security. The dawningso of such
movement here, which we disoelne q
month ago, begin now to appear in a
clearer light. They may be seen through
loop. left in the Act passed by the
last Legislature, to reduce the volume OF
the public debt, which ostensibly de-
votes these bonds to death. They may
be read in the statements OF Cardozo be.
fore the Judiciary Committee of Con-
gress, that the question of tho validity
of the 100000 repudiatcd by the Le-
gislature would have 10 be decided by
the courts, and he thought that they
would not sustain the Act OF tho Legis-
lature in deciding that they are illegal.
They appear in the language of CORES
pondents writing from Oolumb and in
the prospective nomination of Chamber
lain as the "ring" candidate. The Ian
guago of w. 8. B. himself now indi.
Gates his consciousness that he has allies
here. whose power will soon be exerted
in behalf of this class of bondholders.
The attempt will be mAde to insert the
legality OF these bonds as plank in the
Radical ring platform, upon which can
didatee for Office in this State at the
next election will be expected to stand.
This is the sort of reform which the
ring will present to the country. They
anticipate that the Radical voters will
take it, because half Of them know no
better, the other half mean no better.
and as for the Conservatives, they think
that they can't help themselves; bnt
they had better net be sure Of TINT.
Our correspondent takes exception to
our view of the Limitation, fixed in the
Act itself, ''for the conversion of State
securities," upon the Treasurer, as to
the persons to whom and the conditions
upon which he was authorized to issue
conversion bonds. But his sole reason
is. that the Financial Board entertained
different opinion, and the Attorney
General (Chamberlaiu) decided that the
bonds could be used as collateral secu.
rity for loans made to the State. His
ground for objeoting to oar assumption
that parties who touched the bonds did
so with the risk OF handling what was
fraudulent. is similar one, resting
merely upon the diotum of the e1ecu-
tive officers of the State, then in office,
who said land say no,o that the bonds
are valid" In another place he says:
1--WE had the evidence and the assurance
OF the Governor, the Treasurer, the
Secretary OF State and the Attorney.
General. all high State officials, bankers
and your own State Agent, (Kimpton.)
who paid interest upon them, vouohiug
for their authenticity. Very good. You
have the favorable opinion of these
mon, but We contend that they are not
worth baubee. il in conflict with the
Act OF the Legislature, which constituted
The sole warrant, and contained the
sole directions nnder which the Trea-
sarer could act. unless we have purely
personal government here, and not
government Of law. OF course, the ACT
&c s1ejcSs 20 Interpretation, and inge-
nuity and interested purpose might
possibly extract q meaning from it,
different from what plain common
sense view would authorize. It seeems
to us 80 plain, that no one would be
justified in plaoing the construction
upon it now claimed to be Just. It's
letter and spirit were so manifestly VIC.
lated and wrenched by the proceedings OF
the Treasurer, the Financial Board and
the Financial Agent, in putting ont, au-
thOriZtnR and eircnlatin0 nau bond,