The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-02-20
The Ta.-Payer.' Convention.

THIRD DAY.
The convention met at 10 A. NJ, Pre-
eident Porter in the chair. Additional
delegates appeared and registered.
Col. Lathern rose to personal expla-
nation, in regard to the non political
character of the convention, denying
the allegations contained in the Union,
of yesterday. as to his connection with
the bonds, &c.
Col. Lathers asked permission to
make q personal explanation. He re-
marked that lie observed in respecta-
Die and conservative Republican journal
Of the city, this morning, that the edi-
tors had been misinfOrmsd as to the his.
tory OF the sterling loan bill, and had,
unwittingly, perhaps. done him injus-
tice, III connecting his name with that
measure. as follows: 1.-The sterling loan
bill, which Judge Porter. in his speech
on Monoay, said was among tne lniugs
defeated by the convention at its former
session, was passed through the ipfu-
ence Of cne Of the lending 3p;z;:s Of q: is
movement, Ool. Lathers. His voice,
before committees and with members,
didNmore TO secure its passage than any
thing else" In reply to this grave
charge, have only to repeat tue expla-
nation made In my speech to the Board
OF Trade in Charleston, which, with
the Chamber of Commerce., initiated
these conventions of tax payers in 1871 {:
"The sterling bill found, when L
reached Columbia, few weeks since,
already printed. and hearing it spoken
OF adversely, 1 examined it by the re-
guest OF gentleman representing some
New York bankers. I saw at once that
If the bill could be properly amended,
SO US to protect the Taxpayers against
further issues, and against an improper
disposition Of the funds derived from
the loans, and that all further issues Of
bonds by the Legislature should bs pro-
hlbited, unless the same should be au-
thorized by two-thirds vote of the
qualified voters of the State, and if q
commission, consisting of the Governor
OF the State, the President of the Sc
nate, and three distinguished bankers,
one each in Charleston, New York and
London. should be constituted a per-
.nanent body OF trustees to negotiate
ana disonrse the loun, receive and apply
the taxes contemplated by the bill, for
Interest and the sinking fund, that such
- S'AA "OoAo oO UuO 6htG6G uSGdI OICruLlOD
for the creditors and the people of the
State.
1.-The Governor expressed himself
gTa:ia:a ;;i:ii the pinu, aud requested
me to remain over another day in Co
lumbia, till he could get Il meeting of
the Finance Committees OF the Sennte
and the House, which I met in tho ex.
ecutive chamber, and after long in.
terview, thought those gentlemen
wcre disposed TO favor tho project in oil
its deteils. The Governor seconded the
plan in the most emphatic manner, as q
necessity to sustain tue States credit,
and restore confidence among the peo.
pie. Before closing the Interview. re-.
marked that il the then pending bill for
lending the credit OF tho State to the
Greenville Railroad pnssed the Legis-
latnre, that the sterling bill would be
worthless. rs it could not aud ought not
to be negotiated, becanse the State
credit would be utterly overthrown by
that class Of legislation. The Governor
replied that IL that bill passed lie would
veto it. as procured by fraud.
subsequently, the sterling bill passed
The Legislature. but the important 30.
carity OF permanent commission was
!eit out, and, therefore, regarded thie
OIL az utterly against the public inter.
est, securing neither the bondhoiders
nor Inc taxpayers against the frauds