The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-02


e1ting"'sbment of the public debt, aud to no
no other purpose, desired to apply. this bal.
ance last fall to The purchase Of bopds.
objected, stating that that would be a
diversion OF tho fund, as the phrase, LATER
the paymen; Of tho said interest,"" meant all
the interest that would be due after ali the
bonds were exchanged that could be ex-
cnangedi tor, IT any other construction were
put upon these words, tue funding law would
be utterly destroyed, inasmuch as the interest
OH tho Oil bonds to January ], 1874, only
were authorized to bo funded and I would
have 10 money on hand to pay tue interest
July l, 1874, on the consolidation bonds. and
there would thcu be no inducement to make
the xchange. The board was very much
disappointed at this construction, but the in
tcrest fund was not diverted
AS TO THE FUNDS FOR THE PAYMENT OF INTER.
EST.
z. The inquiry upon this point which the COM
mltteee was authorized to make is "whether
tho funds for the payment of interest raised
under the said act have been kept separate
aud apart from all other funds, as provided for
| i'll the 5aic act, aud as otherwise provided nv
| law. i.s,
Tho conclusions Of the committee upon this
point are presented in their report with great
emphasis aud confidence. They declared that
'these iunds have not been kept separate aud
apart from oil other funds, as was required by
| law" ] take issue with the committee upon
this conclusion, and I assert with equal en-
pliasis and confidence, that have never for
one moment or in one instance violated any
law in my management Of any fund Of the
| State. ~. -s.t.t
The committee are very liberal in bold
statements, unsupported by proof or argu-
ments but there is plentiful lack of such ,
reasoning or principles Of law as would better
have become report which bears the sigma
tnre OF at least one gentleman who NAV be
regarded as qualified by his ability and pro-
| fessioh to discuss the questions involved. T
DO not propose to follow the example of the
committees; OH the contrary, 1 intend to SHOW
that from some causes-whether malice, igno-
lance, or inadvertence is now immaterial-
they have now arraigned me before the pub-
lie upon false and uufounded charge in re-
spcct to the matter now under consideration
lhe committee content themselves with er N.
me'ra announcements that my conduc. is q
"dagrant violation Of the law" that my con-
struction of the law is "as monstrous as the
violation ITSELF" that my reasoning ia n
bold assertion" and my action is ITO dsride
the contract made by the State with the
holders OF the bonds" It may be becoming
and competent for this very learned commit
tee to announce conclusions without deignine
to point out any grounds for such conclusions
but shall claim no such privilege, and shall
ieel 1t incumbent upon me TO set forth tho
grounds upon which I confidently claim that
my conduct has been at all points and time.
in strict accordance with law.
The first provision Of law which bears unon
the present question is found in the ninth sec.
ton OF the supply act of December %, 1873
(acts Of 1894, page 5l6), and is in thsse
words: 'That the proceeds from the tara.
levied in The first seven sections of this act
shall be kept by the state treasurer separste
and apart from each other and from other pub .
lie funds, and shall be applied to the purposes
Tor which they are respectively levied and
none other"
The same section re-appears in the supplv
act Of March IA, 1874 (acts 1894 pare
659).
The next provision of law that bears On
this question is found in the seventh section
OF tho "act to reduce volume Of. public debt ~
&C., passed December %, 1873 facts of 1879
a. page 52D, which provides "that the funds
so created shall be kept separate and apart
from oil other funds, and shall be applied,
first, to payment of the annually accruine in
tercst upon the bonds and certificates OF stock
herein authorized; second the surplus re.
naming in the treasury after the payment OF
the said interest shall be applied on or before
the first day Of July of each year to the OK.
tinsushment of the public debt, and to no
other purpose"
These are the provisions of law which reg.
nlate my duty in the premises and the sim.
pie question is what do they require OF me as
treasurer? What is meant by the words
separate and apart from other funds" and
''shall be applied to 10 other purposc7"
There are two rules of construction which
are applicable to the construction of Statutes
the one, which may be called the literal, and
the other, which muy DO called the reasonable.