The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-14
COLUM:BIAyS. G.
Sunday Morning. March "A, 1875.

hU ~xV90u OA tR0 htI0En0Yoa9R0t0y0
Advice to Troasurer Cardozo.
In his report to the Legislature, the
Attorney. General, in connection with
remarks upon the case of the State er
relations Morton. Bliss & Co. rs. 8. L.
Hoge. makes some referepce to the
facts, as reported to him last June by
Senator Dunn, which, it was claimed,
invalidated considerable portion of
the bonds embraced in this suit and
included in the terms of the consolida-
ton Act. He says, "several matters of
objection were presented, which, under
other. circumstances. would have de-
manded serious consideration-the chief
OF which was the allegation that these
bonds were hypotheoated or sold after
the time limited by the several Acts
under which they were issued" The
Attorney-Gene came to the conolu-
sion. after consultation soiM tho STATE
Treasurer, to decline to take tho pro-
posed action. The grounds we're, that
it might operate to impede or hinder
the successful accomplishment OF the
funding scheme. This it would do,
first. by impairiug confidence in the
settlement; and. secondly. supposing
it to be fs.Spsned. by afofding to the
holders of the fraudulent and repudi-
ated bonds the opportunity to include
their claims. and thus increase the
debt almost indefinitely.
We.hsvs iteaisised some words of
the l4nkpsge uSsd BY, thu Attorney
General, III order thaf it's pnrport NAV
be moro particularly marked and
weighed. + Ssemsto, us 10 mean that
the nk.ssrs tfsobjestion presented by
the committee were serious in his
view. bat that. after consulting the
Treasurer. -tAeg,vere .over-roled, az of
less importance than the injury which
the funding Act would probably re-
ceive. if they were entertained. As he
further on says. ':.to stale the argument
more plainly. without accuracy as to
figures, tho proceeding would at best di-
minish the amount OF debt by less than
81. 900. 900. on the one hand; and would
probably. on the other hand. increase
the debt by more than SO. 900, 900.
We have right todnfer from this re-
port that the Attorney. General chose
to look not at the distinctive character
OF the bonds, whose legality was
called in question by the investigating
committee. but the supposed ill effect
and danger of refusing to fund them.
He etruok the, balance OF loss which
the State might inour il funding
them. with the probable loss and in
jury which would result to the funding
scheme. IL they we're rejected aud dis
allowed altogether. He thought the
former the less Of the two. He coun.
seled, thetefofs I'd 8 matter Of policy,
and as protection against harm to
the cherished soheme of funding the
public debt. that the funding OF bonds.
which the committee has reported az
not binding obligation of the State,
should go on. These were "the oir-
cumstances," which induced him to
look away from the ''several matters
of objection, which. under other oir.
oumstahces. f" as he says, "would have
demanded serious consideration. t"
Governor Chamberlain. in his recent
publication, refers to the Attorney
General as having expressly defended
and advised the funding OF these
bonds. But as we have shown, he
did it upon grounds other than the
VALIDITY and legality of the bonds.
The Treasurer was told to fund them,
not because they were good and I'M.
doubled claims against the State, but
becasRos refusal to do 80 would cause
troublasAnd hurt the STATES credit.
This being mere matter OF opinion,
was not safe ground upon which the
Treasurer could stand, as the event has
shown.
The POSTAL CHANGE. has been
stated that postaee on third class mail
able matter had 6ssn CHANGED from
Ona Cank nm kuo ono~a. -