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

'' s',S t'ay n,ent os the 5ald tpterest 70 the
exiting 6isbmses' 'ef the tpublios debt auf .te.uo
no, other pdfpie dea,ysd IA apaplx NJ IN. ,bis lbal.
an ance last fall % the purchase Of bpSds. ~,
I obiected stating lhat. That would 3.
diversion niofst'e fund. ass the phrasss tsfter
he'paymens of the said interest n meant all
the interest that wohld be dueS ,laitar ldit ali the
bonds we'e exchanged that could. be- - ,sx-
changed for. If any other construction. Hsre
put upon these words, the funding law would
be utterly destroyed, inasmuci, as the ia,srsst
Oh the old bonds to january Il. 1910 onlv
were authorized to be funded, and / vonld
have 10 money on hand to pay the interest
July l, 1874, on the consolidation, bonds. and
there would then be no iuducement, to make
the exchange The board was yerv much
disappointed at this CONSTRUCTION, but the In
terest fund was not diverted. r~Ai
AS TO THE FUNDS FOR THE PAYMENT or .Mrxp-
Z. The Inquiry upon this point which theoon.
misteee was authorized to make is, awhetf3er
the funds for the payment Of interest raised
under the said act have been Kept separate rate
and apart from oil other funds, az provided ssr
In the said act and as otherwise provided by
law. .Y.v,. b I..,.a.tf. sl... ,lfs. ..iiT !s,4ii
The conclusions of the committee ddDon; ;this
point are presented in their. report With t erest
emphasis aud confidence They declared tbat
"these funds have not been kept sspara Ia ana
apart from all other funds; as was reuuissd bS
law" take issue with the COMMITTEES rppscuul rpscuul
this conclusion, and assert, with eaanuai ehirS,
phasis and confidence, that have meyer i:ft for
one moment or in one instance violated ,apE
law in my management. of any fund ioe 100
State. Nj 4s,si ,..t,.i
The committee are very Iiberaf nj NM
statements, unsupported by proof Or aEEpSuas aEpSuass,
ments but there is q plentiful lsck OF, aclly
reasoning or principles Of law as would hettes ],
have become report which bears. the, eispas
ture OF at least one gentleman who nav h
regarded as qualified by his ability add nd
iessioa to discuss the questions involved, q II
do not propose to follow The example, df the +.
committee; on the contrary. l intend 70 shov
that from some causes-whether malice. ieno-
1ance' or inadvertence is now imma,erial-
they have now arraigned me before ths 6SS;b.
lie upon false and uufonnded charrs IN, ~.
specs to the matter now under colaidsrsaiou.
Ihe committee content themselves, With IN 1ass
medrd announcements, that my conduct II q {
hagrant violation Of the law :" thst my COZ. coe.
struction of the law is "ss monstfous as 81 :
violation ITSELF" that my, reasoning Ii - : !.
bold assertion" and my, action Us ,..to dsrsse
the contract made by the State with ihe
holders Of the bonds" It may be .beoormdihavv in !
and competent for this very learned comuamrifs J
tee to announce conclusions without dsienins is,. |
to point out any grounds for such conclusion.
but shall claim no such privilege, and shaii
feel 1t incumbent. upon me 10 ses forth thu
grounds upon which I confidently claim that
my conduct has been at all points and ums. u, "
in strict accordance with law. s;.a
The first provision Of law which bears me- i
the present question is found in the ninth -
tion of the supply act of December IA, 1879
(acts Of 1894, page s1eg aud ID * IN tHSss
words: "That the proceeds frgm he taxse
levied in the first seven sections of this ac4
shall be kept by the state tresssSre- AZ
and apart from each other and from other n.,h :.
lie funds and shall be applied to the. pusposss
Tor which they are respectively leyied, ~
The same section re-appears in the sunny
act of March IA, 1874 facts 1854 .pasa
$780, : -
The next provision of law that bears q
this question is found in the seventh sect;ns, !
of the tact to reduce volume 0. pubiid debt n
&C.. passed December %, 1873 facts Of ls1s.
"A, page 62ll which provides 'that the fanSaa
so created shall be kept separate and apart
from all other funds, and shall be applied.
first to payment of the annually accruinS In
terest upon the bonds and certificates Of stock
herein authorized; second, the surplus 1 rs- !. !
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 81.
tinguIshment of the public debt, and to no !.
other purpose" sHer
These are the provisions of law which rsg:.
ulate my duty in the premises, and the siua.,'
pie question is, what do they require Of me ID
treasurer? What is meant by the words
separate and apart from other fnnds," and
"shall be applied to no other purpose r.
There are two rules of construction which
are applicable to the construction of statutes
the one, which may be called the lisJral apd
the other, which NAV be called the |enaonn15s