The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-05-24
DISCUSSING THE DEBT.

and appropriating enough lmoneysto pay
the interest'on the State bonded debthas
been receiving a very warm and general
discussion in the House of Representa-
tives. Or our first page will be found
the opening of this discussion, and we
append below the report ofother speeches
with the result arrived at -.,.....-....-
Mr.. R. r. Hemphill took the floor in
opposition to paying the debt, holding
that the debt was not contract, because
of its fraudulent nature: The CONSOLE
dated bonds had been given value Of
fifty cents on the dollar, when originally
they had no value at all. The other side
talked about the honor of South Carolina,
while there was still before them the
mournful spectacle, in which he had
taken part two days ago, viz: the election
Iof carpet-bagger.r He was in favor of
supporting the Administration, and
quoted from the Governors message
recommending a thorough Investigation
of the debt. y I!}.'i ,! '''i-
MI. Simpson askedif he had read the
proviso in the section 70 a,..:;,i n
Mr.. Hemphill said he would come to
that in time; but was satisfied that the
Governors meaning was to investigate
first and then provide for the payment.
He went on to show that the committee
had exhibited q lack of intelligence in pro-
viding $500, 900, which was too much to
pay the interest. -
Mr.. Hood here explained that $3.50, 900
was necessary to meet the interest on the
bonds already funded, and the additional
$4,000 was appropriated to meet the ad-
ditional debt that would probably be
funded in the meantime.
Mr.. Hemphill then took the position
that 100000 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. -. g
DR.. w. G. Brown, of Anderson, then
took the floor in opposition to paying the
interest on the consolidated debt, arguing
thatthe debt should be investigated be-
fore the appropriation was made. hg.
Mr.. Conner said: At this late stage
of the debate on this bill lido not propose
to infict 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 I cannot permit the occasion to pass
without briefly giving the reasons that
influences the vote. that I shall cast: l
in the outset confess to a. prejudice
against the debt that has been heaped
upon us by the Republican party since i
came into power. They have wrung
from an impoverished people by taxation
such an enormous amount of money year
after year that there las never been any
need of borrowing money, or issuing any
bonds. But they have piled up debt upon
debt, like Pelion 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 receivedit and
paid off great part Of the public debt.
But there is nothing to show for this vast
outlay; no valuable consideration. The
range of discussion has been wide, but
the main line ofargument pursued by the
friends of Ethe,bill has been based upon
false premises-that the opposition meant
reputation by striking out the fifth sec
tion. This is diverting public attention
from the real point at issue, and is in
tended to bring odium upon those who
oppose the section as repudiationists.5! /
contend that reputation is notinyolved
in this question at all. To say that to
refuse to pay claim that is neither
legally nor.morally binding is repudia-
tion, is an absurdity. We propose to pay
the real bona Jfde debt of the State, and
as an evidence we provide for the ap.
pointment of commission TO ascertain
what,it lis, and we simply ask the cred.
itors to wait until an examination. is had
We have Just commenced q new, era, oul
grand old commonwealth has just arisen
from the; dust; Of corruption ard fraud
and isputting onithe'habllim of hon.
esty andfeform. r This bugaboo about the
treasury being flooded with coupons pre-
,,ented for taxes is without force. The
holders of these funded bonds, with few
exceptions; pay no taxes. They would
have to sell their coupons before they
could reach the treasury and if we do moi
provide for them few taxpayers would
ever see them. The holders cannot sue
the State. The State is sovereignty and
cannot, be sued for debt, or under the aci
of a Legislature. This funding scheme
which is claimed to be contract, upon
the part of the State, is only an act of the
Legislature, and does not bind subse
quent Legislature. If disposed to do So
we can repeal it in three days. .eB
But there is not the difference between
the advocates of this bill, and its oppo.
nents as would seem to be from the tone
and temper of the discussion. Let us
examine it. Neither party advocates the
Reputation of any bona fde debt of the
State. Both parties want commission
raised to find out the valid debt. One
party wants levy and appropriation Of
$500, 900 to meet the interest Of the debt
before it is ascertained what that debt is.
We want no levy nor appropriation until
the whole debt has been thoroughly In
vestigated and the good separated from
the bad. We are unwilling TO recognize,
either morally or legally, by this appro-
priatlo. any part Of the debt until the
commission has made the examination
and reported to the next General Assem-
bly,. We desire, in the meantime, to put
ourselves upon the record that, BY re-
fusing to make the appropriation at the
present session.. we in no sense mean OF
imply repudiation of the bonded debt ,oi
the State; that the object and purpose Of
the motion to strike out the fifth section
are to secure time and the proper means
for the full investigation Of the subject oi
the validity of the Indebtedness with q
view to provide for the payment of;so
much of the same as is found to be valid,
and no more. With this assurance prop!
orlv rnada T. think every holder of an