The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-05-24
DIsCUssING TIE DERT.

and GpproDriating essou4iY money to4pay
tie interesg on chs state bonded dsbthas
bsen feceiyfng vesy rm'and general
dfscusEton In the House Of Representa-
lives. ,On our afst page viii Be f6and
the opening of this discussion, snd we
append below the report OF other speeches
with the result arrived ct -. ........-..
Mr.. r. r. HemphiIl took the floor in
opposition to paying the debt, holding
that the debt was not . contract, because
of its ffaudr'. mt nature. The consoli-
dated bond, had been given value of
ifty cents on the dollar, when originally
they had no yaiae at oil. The other side
thlked about the honor of South Carolina,
while there was still before them the
mournfll spectacle, in which he had
taken part two Gays ago, viz: the election
of e earpet-bagger. He was in feyoT of
supporting the Administration, and
quoted from the Governors message
recommending q thorough investigation
of the debt. t'.'e = 1fi'A
Mr. Simpson asked if be had read the
proviso in the section. t.- .,,i "a
Mr.. Hempbill said he would come to
that in time; but was satisfied tha; the
Goyernn.'s meaning was to investigate
first and then provide for the payment
He went on TO show that the committee
had exhibited lack of intelligence in pro-
viding $500, 900, which was too much to
pay the interest.
Mr. Hood here explained that sec, ,0G0
was necessary TO meet the interest on the
bonds already funded, and the Il, iitional
900 was appropriated to meet the ad-
ditional debt that would probably be
funded in the meantime.
Mr.. Hemphill then tool the position
that s300,000 would not be enough to
meet the interest on the debt, and he was
in favor Of finding out how much the real
valid debt was before they blindly ap-
propriated an amount which might be
either too much or too little. q
DR.. w. G. Brown, of Anderson, then
took the floor in opposition to paying the
interest on the consolidated debt, arguing
that the debt should be inve..;sated be.
fore the APPROPRIATION rres made. ,
Mr. Conner said: At this late stage
of the debate On this bill I do not propose
to indict speech upon this patient but
wearied House. The question we are
discussing, however. Is of such momen-
tous Importance, fraught with so much
Of good or evil to the people of this State,
that / cannot permit the occasion to pass
without briefly giving the reasons that
influences the vote that shall cast I
in the outset confess to q prejudice
against the debt that has been heaped
upon us by the Republican party since It
came into power. They have wrung
from an impoverished people by taxation
!! such an enormous amount of money year
after year that there has never been any
need of borrowing money or issuing any
bonds. But they have piled up debt upon
debt, like Pelio1- upon Ossa, until they
stood amazed at the superstructure, and.
true to their nature, they began to destroy
it by repudiating part and scaling the
balance. Money enough has been raised
by taxation to have paid the current ex-
penses of the government, sustain and
build up the public institutions, finished
this grand old building, which has been
going to decay since they received it, and
paid off great part Of the public debt.
But there 10 nothing to show for this vast
outlay; no valuable consideration. The
range of discussion has been wide, but
siio ;.iss.:::s line cf argument nnrsned by the
friends Of the bill has been based upon
false premises-that the opposition near.
repudiatioE by striking out the fifth Sec
tion. This is diverting public attention
from the real point at issue, aud is in
tended to bring odiunh upon those who
oppt 70 the section as repudiationists. u
! CO.. I'd that reputation is not involved
in lis question ut all. To say that to
refu.e to pay claim that is neither
| legally nor morally binding is repudia-
| tion, is an absurdity. We propose 20 pay
| the real bona Jfds debt of tho State, and
| as an evidence we provide for the ap-
pointTnent of o commission TO ssgGeftafn
vhat,it tis, a1d we simply ask the cred
itors to wait until an eXamihatien 10 had
We have just commenced q new era, ON
grand old commonwealth has lust nrisen
from the dust, of corruption and fraud,
and Is putting on thehabllimentB Of hon.
esty and a9eferm. This hugahoo about the
treasury. being flooded with coupons pre-.
sented for taxes is. without force. The
holders OF these funded bonds, With few
| e1ceptiQns; pay no taxes They igould
have to sell their cofpogs. before thew
could reach the treasury and If we do moi
| provide for them few taxpayers would
ever aee them .e9holdSrs cannot cue
the Ssatss;a The StatA IS O asovereignty and
cannot be sued for debt, OF, under the &C;
of o Legislature. This funding scheme
which'is claimed to be q contract. upon
the part ofthe State; is oily an act Of the
Legislature, and does Eoss t;;;d sshss
quent Legislature. IF disposed to do GO
we can repeal it in three days. -,
But there is not Che difference between
the advocates Of this bill, end its opbo.
nentsas Would seem to be from the t5fe
and temper of the diseusaion.l .Iht rs
examine it. Neither party advocates - q
repudiation of any 6na jfde debt of the
State. Both partiel want O commission
rai2ed to 6na cut tie valid SleeG. lone
party, wants eleVy and appropriation o.
| $500, $50 to meet the interest Of the deb
before it Is ascertained what that debt is
| We want mo levy nS.' appropriation nnti
che whole debt has been thoroughly In.
3estigateas and the good aepatat6d from
tho bad. We are unwillingitorecognize
i either lnO7riiy Or legally, By tiiis appro.
priati0n any part of the debt until the
| eOmndssiOn mas ma6e TIne examination
and reported toiths next General Assem-
bly, We. DESIRE in the meantime, to pu
ourselves upon. tho REGARD that, by. re-
fusing 10 make Tie appropriation as tht
present aegsioAi vein ii6 sense mean ol
mplylrepuIiation Of thu banded a! 1s,o
the State; that the object and ,ppgpose o
the mGtfon TO strike ont the fffh ,seGt;or
are to secure tinle and kshes ipEobef rleanE
FOR the fall I'ihveafiG iGasiba of lie 6ilbjeet b
tho validity of thei ind 6hteineis With 4
Wow TO- provide for the ,psyment of;sl
much Of tho same as Is found to be valid
and 80 more. With this asstiranceei nr0i,
efiy made, L think every holder of III
hoRess claim Wonld t6i content % give N