Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1875-03-25
~ sea-s.s--
The Veto of the FLOATING Debt Bill.
PUBLIC DUTY IS MY ONLY MASTER

,H9,aR. B;.EZlioe, Speaker House ct
| SiR-I return herewith, without ap-
proYal, to the house of representatives, in
which it originated, an act entitled itts An
act I lSprovide fortbe settlement andre
delipton ofssceftain claims against the
State" S@
In refusing to approve this act it is
proper andTeccssary that | should state
certain facts connected with the history of
the act. When ! entered upon my pres
eDt office it was my purpose to oppose
any and all plans Tor the present settle
mcnt of any Of the various classes of
claims which constitute the So called float
ing Indebtedness, d, the. SLate, except,the
Gilis OF the Bank Of the State Tiis lat
ter class of claims having been iudicially
declared by the supreme court. of the
United States to constitute valid con-
tract with the State, capable of enforce
ment by the courts, and actually enforced
in the cases before that court, | regarded
it as dishonest and scandalous to delay
longer provide formeeting those obliga-
tions. This class.of claims was likewise
pressing by legal means upon the tate,
and seemed certain in the near future to
produce disaster unless timely provision
was made for their gradual payment.
With reference to all other classes OF
claims / was persuaded that the State
had the right. and that her condition,
justly warranted her in postponing settle
ment until she could recover in some de-
gree from the effects of long course OF
extravaganza and proaigacy in the cx-
pcnditure of public funds and the con-
tracing of public obligations-at least
until we should be able again to pay our
cnnent expenses during the yearin which
they arose. L was convinced that the,
people should not be taxed for the present
year TO an amount beyond The actual re-
quircments of the public service, conduct
ed oil TN honest and economical scale. My
efforts were, therefore, mainly directed 10
the work and duty Of stopping all un
necessary expenses, and restoring our gov
ernmcnt TO q cash basis in its transactions,
leaving the past unsettled claims against
the State TO await the better times which
the course indicated would surely hasten
Especially did l regard this as The only
admissible policy to be pursued towards
those classes soflndebtedness which are cov-
cred by the present act, because they We're
believed to be largely tainted with Illegal
ty ana frauds.
l was, however, strongly pressed TO
consent to some measure looking to the
adjustment of the last named classes O.
claims Finally, being convinced by my
own observation that some plan would be
a$opted, turned my attention and efforts
toward securing The ado Nfbn Of plan
which would afford the best protection
TO the State and he least burdensome to
the people. In modifying my policy in
this respect had the counsel and advice
Of the best men of 10th political parties,
who agreed with me that, under all the
circumstances, it was wise to endeavor to
secure the best possible measure.
Acting with these aims and views,
gave my consent 10 plan which en-
braced, first, the appointment by the gov
ernor OF Il commission of three with
power 10 audit all claims Of the classes re-
lerred to, rejecting in whole or in part any
claim presented upon any grounds salts
factory to them; second, the reduction Of
all claims thus approved by the commits
sion TO one-half Of their nominal value
and, third, the payment of the claims
when thus reduced in four equal annual
installments.
Persuaded, as l was, that these claims
were largely fraudulent, | regarded that
feature OF the measure which provided for
the appointment Of the commission as by
far the most vital onc Without a COM
mission whose charter and ability would |
make the examination of the claims 4
work Of searching vigilance and unques
tionable honesty, the measure would be
an strOcious and patent fraud. With a
proper commission the other features ol
the measure seemed to me to be reasona-
BILE.
Such measure was introduced in the
house of representatives., and was passed
by that house. In the senate, for reasons
which | have not seen explicitly stated,
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