Port Royal commercial and Beaufort County Republican. [volume] (Port Royal, S.C.) 1873-1874, 1874-02-12
OUR BONDED DEBT.
Views Of Ex.l'reasurer Parker.
From the Nashville Union.)

(From the Nashville Union.)
Our readers doubtless remember a communication
from Mr. Newell Of this city, to the Treasurer OF the
State of South Carolina with reference to the repu-
dated bond, of that State. Mr.. Newell has received
the following communication on that subject.
COLUMBIA, 5. C., Jan. %, 1S7I.-W. B. Newell.
Nashville, Tenn: am in receipt Of yours OF the
18th inst, aSkins me To explain "why the New York
Stock Exchange continues TO quote the rrpudiatcd
bonds el this state" have no means Of knowing
what views that body Cntcrains upon the suhj"ct
but venture the opinion that they regard the ac-
ton Of the Legislature Is of little importance
p:vsuinr you. are familiar with the act Of rcpuda-
ton 50 call ID IN which You refer, viz AN act 10
rcducc the volume of the public debt and 10 provide
lUr thv payment of the same" but possibly YOU are
not ana that you, i'll common with most people, are
misiulurnc upon the subject, ~ will, rs briefly rs
possible, state the ca~n n itStunds.
Scicn OF the act ;uI;hOrizcs the State Treasurer
10 receive the outstanding bonds and stocks and
paSt-duc coupons, enumeating the several classes,
and specifying the amounts and 10 issue in lieu
thereof ether bonds aud stocks at the re OF fifty
ems on the dollar. All tie o, landing Il c lud
bonds Of the State inclUdt this section except
portion OF the issue o March %, l'GJ le supposed
rcpudiat ii bUnds) and no mention whatever is
mad. Oi them.
Seton .. Which provides for the payment Of in-
tercst etc. has these Provided, further, that
no tax shall ever bc levied TO pay thet interest
principal oil aIy of the class Oi bonds mcntOn,d in
the hrSt SCI on, so long such bonds remain out
sanding ia .cIT pr sent FORM
Mark he language; as | said before, there is
mri.!ion O the bonds issued under the act Of March
-, (Which he ones Supposed 10 be rrpudatc,lJ
X, p tn rs which they in ed TO come within the
operation ui this funding and 5, aing act.
wv II Iu t. the language of ihr act that you
mas Sc Pre-, i,cly hpw the case stands After cnUn-
Grazing every DINER class OF bonds and stocks oi the
STATE and providing for thoir fnding, it adds The
bonds and stocks issued Under net Of March ~ 1so9
cdccmal le in lass for the PURPOSE Of cAc. ngc OF
any Of tie stocSs or IOsds above cnunI a:cd, "a d
facts being asccriainabc from the TrraSurSrs regis
try of bonds amounting Ia on: million h,c hund I'd
aud scYenty-Scven thOusani five hundred dolla,,
aud SHALL Inercupon in exchange for, aud n lieu ol
said bonds and stocks, surrendered issued 20 said
holders other bonds certificates Of stock they
may desire, equalin amount ~ fifty per centum Of
the face value Of the bonds certificates OF stocks
surrendered" You will observe that there was no act
OF repudatOn here none whatever. 1t was, at most,
only studied neglect the part Of the Legislature
TO provide in 70: tii.l and such, have ev
cry .ors u believe, the latent OF the franers
Of al, law No one unac uaiLted with the fact that
there we.1 ioa .. the stat unprOvided for in this