The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-09-29

Cochran, early In this mouth, indi.
GATED several substantial reforms os in
dispensable In his party. It would
have been we'll if they had been made
the shibboleth in The county conyen.
tions which chose delegates to the
nominating convention. With such q
test 'tcrnly applied, many men who
figured in that body onght never to
have been elected to it. The views OF
Mr.. Cochran DO him credit. and vindi-
cate the record which lie has made as
O legislator seeking to overthrow
abuses by the interpositjon of legal
barriers. We have referred on several
occasions to his agency in procuring
the passage of such laws as the law to
levy specific tax. to regulate tue num-
Der of attacbees. public printing and
the disbursement Of public funds. We
are pleased to eos that he proposes to
go on in the same course. In tho address
referrod to, he advocates such consti-
tutional modification of our present
system OF taxation as will operate Il re-
duction of taxes. Inasmuch rs tue
impoverished condition of the people,
the high rate of taxation and want of
public credit prevent oil State MD 10
railroads and public improvements. he
recommends, further, the use of con-
vict labor for such purposes. He thinks
the high rate of money can be brought
down By a return to 7 per cent. as the
legal rate OF interest, and the revival
of tho usury laws. All the foreign
capital. he says, introduced here has
been by moneyed men of New York
and few Eastern cities, through the
agencies Of banks and brokers, who
have lent money to the citizens at IL,
10 and 20 per cent, dividing the profit
between aad z per cent tue legal
rate Of interest North-aud the extor.
tionate rate of interest here. The ef-
feet of the high interest charged for
money has been to chill aud
check Investments in railroads aad
manufactures, and to inoreuse
the cost to the farmers, who are
compelled to plan. on credit, thirty.
three to fifty per cent. over cash
prices for their supplies. He might
have gone further and shown that the
money power has sustained tho abuses
and corruptions of the State Govern
ment, by Investing in its bonds and
certificates and dabhling in its jobs.
The evil OF dear money is apparent
enough; the remedy proposed is not.
80 plain. But we pass on to notice
an important concession which Mr..
Cochran advises the Radical 60.
vernInent to make. After six years
experience, during which time the
Republican party has had almost
exclusive control of the nffairs of the
State, he is convinced that sit is essen
hol to the peace. prosperity and A1ppi.
ness of The people IF Me STATE. that lie
tdr,pnyi'lg interest should be more fuUy
represented, irrespective OF party; not
only permitted bit required to take their
propOrtionats share in the Offices and
responsibilities Of the government of
the State" Skipping over his views
upon the militia, the retention of the
school, fund in the respective Coun-
ties, the restriction of the sessions of
the General Assembly to forty days,
the abolition of the contingent fund,
and other points Of considerable inte.
rest. upon which they seem to be gene
rally just and quito advanced, when
we consider the standpoint of the
writer. We come upon another signiR-
cant sign of things to come. II is
found in the following language: "As
intelligent suffrage secures and protects
the rights OF the people, under re-
publican form of government, and the
State having. by liberal school fund,
furnished the means Of education. 7
shall favor and advocate On amend.
ment OF the Constitution providing
for a qualified suffrage, from and after
the year 1880, OF all male citizens who
become twenty.one years of age after
that time"