The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-03-05
public printing for the same year
$215, 900. Take the past year: Legis!a-

9S1; public printing, 1881 ,945; total,
$623, ,285. That sum alone would have
gone very far toward paying the interest
upon the public debt; but that is not all.
A special session was called to meet near
the close of the fiscal year, and 1926. 600
was appropriated to pay for public print.
ing. and it was Immediately paid; also, o
portion, at least, of the legislative ex-
penees of last session. Ere this, the
entire amount has undoubtedly been
paid, amounting, in all probability, to
$3.50, 900 more, SO that the entire ex-
pensos Of the General Assembly and for
public printing, during the 6sst 'fourteep
months of the preseneStnfe administra-
tiCn, were upward Of $1,000. .00O-an
1'amount amply sufficient to have paid the
annual interest upon the entire public
debt, and have left sufficient sum to
have met ah economical expenditure for
legislative expenses and public printing.
You have, doubtless, learned enough
already to satisfy you why your interest
is not paid, aud why this monstrous
scaling and fuuding-in other words.
this reputation scheme-has been pro-
posed. You will observe that the re-
oeipts from the taxes in 1873 were some
S4OO, 600 in excess Of 1871 and 1872, and
$500. 900 more than they were in 1870.
It is expected that they will bo still fur
ther Increased this year by $780, 600
(they are now due and being collected.
True, the rate of taxation is not in.
creased, but tLs valuation has been
adroitly Increased, sn that the fraud
upon the people is slightly yelled. Not
withstanding this increase, not II dollar
of Interest is to be paid upon auy por-
ton of the debt, unless the holders of
certain portion of it, TO wit, the old
bonds, or the new bonds, other thnn
ths conversion bonds, consent to sur
render them and take in lieu thereof
other bonds ut fifty cents on the dollar.
Even then there is no guarantee that it
will be paid. Indeed, If the past is any
criterion to judge by. it surely will not
be paid. If 1t is not, it will not be- the
first time that money collected and ap-
propriated to pay it has been withheld
by the laTmaklng branch Of the Go
vernment and used for other purposes
Upward of Sl,700.00O was spent last
year by the present administration, and
not dollar was paid for interest upon
the public debt, and it is proposed to
spend upwards of 100000 this year.
It will, in my opinion, be folly, yea,
madness. for any one to surrender an
old bond, or new bond of the State
which this Infamous funding law con.
descends TO acknowledge as valid, und
graciOusly consents to nccopt aud take
III lieu thereof another bond. at fifty
cents on the dollar, with no stronger
guaranty that the interest will DO paid
than there is upon that which thcy nre
called npon to surrender, and cannot
believe that mapy will be so foolish us
to do SO. MY advice to every bond
holder in the land is to hold on to what
they have. aud walt for justice from
those to whom may hereafter be com.
mitted the destinics of onr State. In
the present condition of affairs there is
no more probability that the interest
will be paid upon the compromise
bonds, if any are issued, than upon
those which are surrendered. Any con-
cession Mt this time upon tho part of the
bond-holdcrs will only invoke fresh de.
mands for further compromise. Com.
promise this year, and what guaranty
have you that you will not be called
upon next yenr to compromise again?
:! SIC n~~.,c.o.a n,.s-c.r7ie., - o,at'a
this year, it will only reduce the deb.
about S4.500.000. leaving it: with the
conversion bonds, nearly $1,000, 900,
assuming that the conversion bonds are
u valid debt, and on this question I have
no doubt. Then, the debt remaining
at Sl1 100000. is it ut all improbable
that another compromise would be
nsked? But you may reply that those
who have compromised will not be asked
to compromise again, and that mono but
those holding the conversion bonds will
be asked to do 80. It may be SO, but
surely they will not compromise them.
The debt, being only Sl1, 900, 900, will
be regarded manageable. Therefore,
the old bond-holder will get but one
half Of his debt, and the holders of the
conversion bonds get tho whole. 1 will
not pursue this part OK the sabject any
further. I will only add in this con-
nection that hope wholesome public
opinion will be- aroused, so powerful as
to deter even our Legislature, or any
succeeding Legislature, from porpetrat-
ing any further outrage either upon the
taxpayers OF the State or upon her
creditors.
You will observe that my faith in the
validity of the conversion bonds is stead
fast and immovable. 1 have never en-.
tertained any other opinion of them,