The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1875-03-31

| WV Nha"oorlaln replies IN am
swer to the argument that, in soma
respects the funding aot is ambiguous
and should be interpreted, that the
proper interpreters of the .aw.a,e O the
Courts, and that both tho State aud
her creditors should abide by regular
judicial decisions.
There were certain features in the
vetoed bill to which Gov. Chamber.'
lain did not object, but they must
fall with the obnoxious features mvn-
toned above.
The veto was sustained. ..
We presume tho veto was wise,
1t appears to us however that the
! effect Of the vetoed act would have
been 10 accelerate tho funding. As
e>e law now stands. tic bond holder
knows that, at whatever time he NAV
exchange his bonds, all c'upons due
since July 1874 wi be cashcd upon
presentation. lie will therefore tako
his time in exchanging. But under
the proposed act tho interest accru-
ing from lst January 1874 to the
, time of funding would be inoorporat-
cd with, the principal aud would not
be paid within twenty years fron, the
date of the exchange. This, upon
mere cursory glance, for we have
had no time to consider the question
seriously, would appear to be OF ad-
vantage to the State in postponing
pay day to some future date. Aud
the ca editor to prevent this and in
order to realize as much c,sh as pos
sible from what has in many cases
proven to be desperately poor spec.
ulation, would losc no time in accept.
ing the compromise.
The Governor in his message how.
ever, draws an. cutncly different
conclusion from the same premises.
He says
"ln addition to the Fact of this
| chance, the influence of such ac arge
on the particular execution of the
"consolidation" act III, st be consid.
cred. [ cannot doubt that such
change will greatly retard, if not
wholly arrest, the process of tho ex
change now going farward with such
gratifying rapidity. As time passes
and the holders Of our unchanged
bonds and stocks perceive that no
interest is received on their bonds
while unchanged, and that there is
an accumulation Of interest on the
binds and stocks to which they
would be entitled under the "consoli
dation' act, it is manifest that
constantly increasing induce enent is
held out to them to exchange their
bonds and stocks. When the accu.
mutation of interest shall have
amounted to twelve or fifteen cents
on the dollar of the new bonds, the
most reluctant Of the holders of the
unchanged bonds will find himself
compelled by regard to his own ad-
vantage to make the exchange"
We feel some hcsitancy in running
tilt against the Governors keen logic,
but it appears to us that under the
funding act, the question of recei,i ing
cash is merely Il secondary question
of time, whereas, under the vetoed
act it would have been vital qucs.
tion Of cash or no cash. 10 clothe
the question in homely language,
when John Doc holds a note on
Richard Roe on which he can at any
time collect past due interest, he is
not half SO urgent for a settlement as
when he kn ows that all the interest
a'oruing ur to tho date Of settlemen
will be tied up in new twenty
years after.dato" instrument.
| The strongest groun for the veto
seems to be that the settlement of
the debt should in no way be distur b.
ed. However Objectionable it may
have heen at first, it is much better
than the miserable chaos in which it
found tho finances.
In conclusion, we hi gbly commend
the boldness of tho Governor in not
hesitating to iutcrposo his veto power
whenever he deemed that interposi.
tion necessary for the public welfare.
And at the close Of this first session
of the Legislature, We take pleasure
in saying to him. "Weil done,
good and faithful servant" Aud wo
arc tho more willing to say this be.
cause we hae gloomy forcbodings Of
tho results of his election. We find
in him, thus far, ore republican who
e, I'LL: l. /,