The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1876-02-17
From the Grcenville News.
The Railroad Bonds.

of your paper that the question re-
garding the liability of the Railroad
bonds is undergoing discussion. In-
asmuch as the subject involves ques-
tions of very great importance to
the public l propose to make few
observations upon it. Your CORES
pondent "Taxpayer" strenpously urg.
ee tho Importance of our own citizens
becoming the holders of the bonds.
BE considers it safe and iudicious
Investment for tho two following
reasons, viz: the legality of the secu-
rity and the ability of the people to
pay it. There can be no doubt as to
the second reason he assigns, as an
inducement to invest in the bonds.
Itis certainly very strong one, and
if the securities be legal, it is of
course in all other respects perfectly
good. But Taxpayer" seems to
take for granted the first and most
important question that should weigh
in determining upon the safety of
the investment. He assumes that
the security ie perfectly legal, and it
is upon this point that / would res
pectfully dissent. After having
given the subject full and thorough
consideration, l am constrained to
pronounce the security, so far as it
regards the liability of a certain class
of taxpayers, as wholly and entirely
illegal. And in undertaking to es-
tablish my position upon this ques.
ton, | would say at the outset, that |
do not propose to discuss it from a
constitutional standpoint, because in
view of all the surrounding circum-
stances, and the governing principles
of law to which the question must
necessarily give rise, am fully sa-
tisfied that the position, have taken,
can be sustained without the aid Of
any constitutional provision. 1t rests
upon the broad principles of justice
itself. The right Of government to
levy taxes for tho purpose of advanc-
Ing the wealth of private corporations
cannot survive the test of judicial
scrutiny. When we pause to cons
template the true theory of governs
ment, we cannot fail to be solemnly
Impressed with the fact, that this
power, with which it is vested, to
impose taxes upon the property of
the citizens, grows out of an estab-
lished and we'll defined principle,
pointing out the great and ultimate
object, for which it was originally
designed, the obligation of the citizen
to respect this right, is manifest, for
without it the government would be
nothing more than falacy, a mere
nominal thing, utterly incapable of
acting for the ends and purposes Of
its creation. Society would be left
unprotected, and mankind blindly
degenerate into q state of anarchy,
discord and confusion. Government
being SO absolutely essential to the
well being Of societies, is the strong
est and the weightiest argument that
could be advanced vindicating it's
right to sustain itself by means of
taxation, but whilst this is true, there
is another question presenting itself
for consideration, that gives us a
deeper and broader insight into the
subject, and demonstrates more fully
the truth of that principle, that gove
ernment was intended to protect the
citizen against any unlawful invasion
of his rights. 1t cannot exercise it's
high prerogati7e without pure re-
gard for those rights. The very fact
that tits vested with this power being
so strikingly illustrative of the true
object of government, goes far to-
wards proving that it can only be
exercised ior it's own ends and pur-
poses. Therefore, we cannot escape
k1o onno;otiop tbak oo, okto..a 4 =.