The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1877-05-23
Shall We Pay Interest Oh The
Public Debt ?
WHAT REPRESENTATIVES CONNER
AND Ho0bSHAVE TO SAY ON
THE SUBJECT.

AND HO0DHAVE TO SAY ON
THE SUBJECT.
Shots from Different Standpolnts.
MI. Hood resumed his argument on tho
bill TO raise supplies, and said he regret
ted the papers represented him a. saying
the ante-war debt of the State was only
500, 600. He had not stated what it was.
The $400, 600 meant was the amount of
past due interest remaining %unfunded
when Governor Orr's administration
ceased. 1t and the bonds issued in 1868,
to retire tho bills receivable, together
interest on the ante beltum debt must be
added to the ante bellum debt before you
can see it's volume. We cannot afford to
entertain the idea of reputation. All
governments must have the moral, ply
steal and financial support of its citizens.
These are the three main pillars that sup
port it. The patriots strong right arm is
raised in vain if the others do not come
to its aid. We need credit not only
amongst our own citizens, but amongst
our neighbors. How can we gain and
preserve it without we show an honest
intention to fairly meet our honest obli-
cations? The opposition to this section
Of the bill under consideration looks to
reputation. You may shape it as you
please; you may modify, qualify and ex-
PLAIN as you car, and still the true intent
Of the opponents of this section is repu-
diation, plain Or disguised. My friend
from Chester read the resolution to this
House that was adopted by the Demo-
cratic Executive Committee on the 18th of
October last. The platform of our party
left the subject of the public debt in
doubt. We called IN all parties, colors
and races to support the reform move
ment. In answer to inquiries on this
subject, the Democratic Executive Com
mittee pledged US to the debt Us settled
by the consolidation act of March q, 1873.
I do not consent to pledge myself to one
thing to-day and break it tomorrow.
Nobody objected then. That was the
time for objection. Not having made,
We cannot recede now. We propose that
the commission shall examine the debt,
and having examined and certified its va
lidity, to pay the interest.
We intend to retrcnch-with all my
heart I will retrench. But let US do it
with judgment. In return from the OK
treme under which we have suffered, we
must not 60 the other, and deceive our
people with the belief that the govern
ment can move successfully without
money. You know, sir, that we are
passing over claims at this session that
merit attention, and must have it at the
fall session. Is it wise now to postpone
the interest, and have to pay double the
same next year? Will the citizens of the
State not be justly disappointed if we
levy a tax contemplated by the opposi-
ton this year, and then be forced TO in
crease it by four or five mills next year?
We pay it this year in three installments.
A thing unheard of in our State. How
can any nan predict that we can pay
twice rs much next year as this? Can
you afford to enter on the canvass OF
next year with broken faith and a bur-
der. Of tax as heavy as it was last year ?
I confess, sir, l cannot look forward to
success. I have serious doubts whether
the opposition to this section is based on
an intelligent comprehension of the char
acter of our debt, and the position in
which a departure from our pledge will
place us. The coupons of the consOlida-
ted bonds are receivable for taxes, and
will flood the tar collectors, and you
can't keep them out. The debt rs con-
solidated now is 24,396, 200. When COM
pleted, it will be $8, lS3, 759. The cou-
pons OH the funded part will force them
selves on you; then, you are not only
defeated, but your government choked in
its infancy. Why a We not provide
for light installments next year, as we
have this year? am aware there may
be but little sympathy for spectators
that hold large amounts Of these bonds.
But many of them are held by our own
people. Day before yesterday, encourage
ed by the appearance Oft this section OF
the bill, to my knowledge, Sll5,O O Of the
old, venerable debt of the State asked to
be funded at the treasury office, and thus
be reduced one-half under the consolida-
ton act. / do not know the owners Of
all this security, but I do happen to
know that three poor widows owned o
part of it. These are the natives of our
own State. There are hundreds of such.
Shall their claims be disregarded? My
opinion is that the funding should pro.
coed, the tax DO levied, the commission
be put to work, and as the bonds, one by
one, arc examined and found to be cor
rectly out, the interest paid. Thus, we
fulfill u pledge, sustain our credit, up
ilOlO In hullllitISlI2 lLlOll, tlu hCCp OuI-
selves on a basis that is safe and sound.
Mr.. Conner said At this late stage Of
the debate on this bill I do not propose to
int1ict a speech upon this patient but
wearied House. The question we are
discussing, however, Is Of such moment
GUS 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
influence the vote that I shall cast. I in
tho outset confess to a prejudice against
the debt that has been heaped upon us by
the Republican party since 1t came into
power. They have wrung from IN i'm
poverished people by taxation such an
enormous amount Of money year after
year that there has mover 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 supcrstructure, and, truc
to their nature, they began to destroy ii
by repudiating a part and stealing 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 a 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 of argument pursued by
the friends Of the bill has been based upon
false premises-that the opposition meant
reputation by striking out the fifth Sec
ton. This is diverting public attention
from the real point at issue, and is intend
ed to bring odium upon those who OPP
pose the section as repudiationists. I
contend that reputation is not involved
in this question at all. To say that to re-
fuse to pay a claim that is neither legally
nor morally binding Ia reputation, is an
absurdity. We propose to pay the real
bona fde debt of the State, and as an evil
dence we provide for the appointment of
a commission to ascertain what it Is, and
We simply ask the creditors to wait until
ar examination is had. We have just
commenced a new era, our grand old
commonwealth has just arisen from tho
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