The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1875-04-01
Another Veto by the Governor.

watching the legislation of the recent session,
even though other duties had not demanded so
much of his time, and he has not failed to in
terpose the veto power whenever he deemed 1t
necessary for the public good The proceed
ings Of the last days session were marked with
another veto message, which shows careful at
tention to the details of legislation, striking
ly in contrast with his predecessors since re-
construction. He vetoed the act to declare the
true intent and meaning of the act to fund the
public debt. The main ground for the veto is
that the explanation sought to be made is not
in harmony with the present settlement OF the
public debt, which the Governor considers
himself bound to sustain, in accordance with
| his pledges. This measure proposed to make
the interest on State bonds and stocks funda-
BILE up to the time of consolidation, and the
funding act provides for paying the interest
from January 1st, 1874 to the date OF consoll-
dation. The Governor alleges that this change
would greatly retard the process OF funding,
which is now going on with such gratlfylng
rapidity. He regards the duty of adherlng to
the present settlement of the public debt as
paramount to every other consideration. In
order that clearer insight may be given OF
the Governors motives in vetolng this act, we
subioin portion of the message itself:
1t should be borne in mind always, in con-
sidering this subject, that those of our public
creditors who bought our bonds at from seventy
to one hundred cents on the dollar do not look
with favor upon a law which takes from them
one-half of their debt, and substitutes for the
other half security worth only from fifty to
sixty cents on the dollar.
It will never be possible for the State to re-
cover the confidence of such men, or Of the
public generally, until a long course of unde-
Waiting fidelity to our new promises shall con.
vince them that we are seeking, to the best of
our ability, to repair the grievous wrongs OF
which they are the victims.
fear there are some who feel that this sub
| iect of our public credit is remote and unlm-
portant in its relations to the interest of the
mass of our citizens. No mistake can be great
| er. There is not q man IN South carolina
whose pecuniary we'll being is not largely
bound up with the condition of our public
credit. Our vast natural advantages OF climate,
soil, water power, minerals are waiting for the
rich ali our people. That capital must come
from abroad Why does it tarry? No one
cause is so potent as the utter wreck which has
| been made of our public credit Men who have
surplus funds will allow them to lie idle rather
than invest them in State whose public cred
it is the sport of the Indifference or passion
which rules the hour. Public credit ls like
personal honor. It feels stain like wound.
It cannot be trifed with.
Therefore, while the consolidation" act was
originally measure with which had no con-
Germ, to-day it is the only method open to us
for recovering our public credit, and | must
stand by it at all times and in all its features,
and the same obligation rests upon every men,
Der of the General Assembly.
! am aware that it is argued in support OF
l IL. A. nf dn11h
connected with the "consolidation" act which
| ia true, perhaps that the view which have
presented of the intent of the act may, if car
ried out prevent any surplus fund from arising
with which to extinguish part of the public
debt. If this result we're certain it could not
change our duty to first pay all interest upon
the CONSOLIDATION" bonds and stock accruing
on and after the time specified in the act, name
! ly. July |, 1874 This is the first duty. If this
exhausts the whole fund, it will be result for
which we are not responsible, because it will
arise from faithful adherance to the terms and
meaning of the act itself.
But if there are real doubts to be settled up
on this point, the proper place for their settle
ment is in the courts. The construction of
statutes, the Interpretation of doubtful terms,
the settlement of conflicting interests arising
under legislative enactments,. are properly
judicial and not legislative functions. The
public creditor could not object to an appeal to
the courts, for he holds his rights under his
contracts with the constant and understood
reservation that the courts must, whenever
doubt arises, construe those contracts. The
State could rot object to such tribunal, for
she processes herself to be bound by the pledge
of her faith and honor, and she has clothed
her courts with the power to interpret her du-
ties and to fix her liabilities in all cases, which
are properly subjects for judicial cognizance.
There are some changes made by the present
act to which, of themselves, I should make no
objection, because they appear to promote the
general object for which the consolidation"
act was passed, and could not be regarded as
impairing the contract established by that act;
but all such changes become absolutely unim-
portant compared with the paramount duty and
interest of standing by that act in its integrity
and entirety, as a final and complete settlement
of our public debt If I could agree with the
declarations made in the first section of the
present act should still deprecate its passage,
| because the inevitable effect Of any change
whatever in the consolidation" act will be to
unsettle the returning confidence felt by our
creditors, and to seriously retard the compile
tion of the work of exchanging our public
debt, which is so essential to all our prosperity.
When, however, the present act goes so far as
to change the most essential feature of the
consolidation" act, I have no alternative. I,
at least must stand by my pledges and main
tain the settlement as made by the act OF De-
cember %, 1873. Very respectfully,
D. II. CHAMBERLAIN, Governor.
! ANDERSON EATRICAL COMPANY.
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