Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1877-07-12
tbe ripbt of citizenship under it. I know very

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we'll that it is said that these bonds were is.
sued by corruptionists, and the proceeds OF
them stolen by plunderers. But look here
again, said the holder of South Carolina bonds
to the Sun reporter: Here is bond of the
city of New York, issued during the reign of
the Tweed ring corruptionists, under the sig
nature of Richard B. Connolly, the proceeds
of which were stolen by Tweed and his fellow
plunderers, yet the government of the city OF
New York does not on that account perpe-
trate the infamy of repudiating this bond, or
do me, its possessor, the wrong OF holding me
responsible for the crimes Of its authorized
rulers. It honors these bonds and regularly
pays the interest on them. It is maxim OF
law that the principal is responsible for the
acts of his authorized agent, and this is pre-.
en,inently true in the realm of credit and f.
nance. When man or State dishonors his
or its penuniary pledges under any pretext,
beware of any further promises from the same
source. Millions of dollars worth of these
South Carolina, bonds for which the State
drew the money from this city and from small
investors here, have been repudiated. Cover
nor Hampton and his Legislature cannot is.
sue any bonds that have higher technical
legality than these South Carolina bonds now
in your hand, and l know not how soon his
pledges may be repudiated by his successor,
as he himself has repudiated the pledges OF
his predecessors.
But were not these bonds gobbled up by a
ring of Wall street spectators asked the
Sun reporter!
must tell you, my young friend, what a
terrible wrong to many men is involved IN
the suggestion of your question why, sir, the
veteran and accomplished author and editor,
Charles F. Briggs, who died but few days
ago in this city, had put the proceeds of half
a century of industry and economy into these
repudiated South Carolina bonds, and when
they we're dishonored the veteran was plunged
into financial ruin; and worse still, he left his
widow and orphans without that fortune which
it had been his pride to accumulate. Ask
the unfortunate Charles 81. Webb, and the
broken down Mr.. Blank, whom you yourself
know, if it is fair to class them among the
spectators who have grown rich on the bonds
of South Carolina. Look at myself, i'll able
to stand the loss I have suffered by that State.
Scores of men of limited means put their
money into these bonds, when the State offer
ed them in this market, and many Of them
have been utterly ruined as consequence of
trusting in its good faith they are absolutely
worthless, although 1 believe they have been
quoted within few months at one or two per
cent. on the dollar. Why, only to-day, when
dead beat came to me to procurea loan of
the wherewithal to purchase his dinner, l gave
him his choice between twenty-five cents,
which was all the change had in my pocket,
and one of these 81 900 bonds. He took the
twenty-five cents, saying it was worth sack
full of such bonds Now, sir, when South
Carolinians come into this market again to
borrow money on the faith, credit and honor
of their State, I can but shake these bonds in
their face, as proof of what faith and credit
are worth to some very pretentious citizens,
not of African descent. The Sun reporter
had, by this time, heard enough about the
grievances of the unhappy holders of the
conversion bonds of South Carolina.