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

portion OF 1t Is valid and what Taudulent.
They propose to leave the settlement of
this question to commission of Eve, to
be hereafter provided for, whose act re-
cognizing or rejecting any bond shall be
final. This is a very Objectionable plan,
for no FIVE men should be entrusted
with so much power. The people sent
their Senators and Representatives to-
Columbia 10 look after such matters as
these and we do not expect them to dele
gate such power to three men absolutely.
The commission should be raised as Gov
ernor Hampton suggested in his message,
giving them power to investigate the
subject Of our indebtedness and report to
the next meeting of the General Assem-
bly,. Not one dollar Of interest should
be paid On the bonded debt of the State
until such course has been pursued.
To say that this would be repudiation or
dishonorable to the State is sheer nom
sense. For the State to appoint this
commission, and pledge payment to the
honest portion of the debt would be
acceptable to every honest bond-holder,
and We should not care for the clamor of
the spectators who have knowingly
dealt in the fraudulent portion of this
debt. We have as high regard for the
honor and credit of, South Carolina as
any man, and would not for one instant
approve any scheme to bring about re;
pudiaton or the semblance Of it; but the
talk about repudiation is entirely without
foundation in the present discussion.
The question is do we owe the present
debt? If the General Assembly is will
ing to acknowledge it as valid and bind
ing,. then they should arrange to pay it
promptly, but unless they are willing to
say to their constituents that the whole
debt is valid and needs no examinations,
they should carry out the Governors
suggestion and investigate it carefully
before paying any part oft Because
man wishes to find out what are the valid
claims against him is no evidence of q. de-
sire to shirk their payment. 1t is the
same with State. We have to admin
lister upon the actings and doings of the
Republican party in South Carolina, and
we should get in all the claims and scruti.
nize them carefully before we commit
ourselves to their payment. 49,,
The talk about locking the wheels of
government by the taxes being paid in
coupons is equally as visionary. In the
first place, the bonds are in the hands of
few men, and most of them pay no
taxes in South Carolina. Hence, the
amount that would be rendered by actual
bondholders would be very small. To
put these coupons into the hands Of the
masses for the payment of taxes, they
would have to be sold for less than their
face value, and the people of our State
would derive the benefit from them, even
if it were practical to use:t them. Thus; Q
coupon for ten dollars would probably be
sold for eight dollars, and the purchaser
would obtain the benefit of the discount,
thus saving the discount, whatever it is,
to the taxpayers, and not rushing the
whole amount out of the State into the
pockets Of few bond-holders. If the
treasury is in danger Of flooding from
coupons, we prefer that some of our
people should derive at least a portion Of
the benefit. But we have no fears ofany
such. result. The people who voluntarily
paid their taxes to support the Hampton
government would not trouble the treasu-
~ with coupons. %. ~ = 'i': - ,lH.l3 81,
Another point which is left out Of con-
sideration by the advocates Of this appro.
priation! is the fact that the holders Of
these bonds cannot sue the State. Their
only mode of procedure is by placing the
coupons in the hands of individuals, and
these individuals must littigate the re-
ception Of these coupons for themselves.
IF q, Mandamus is issued by the Circuit
Court to compel treasurer to receive
theicoupons,6or taxes. an appeal may be
.,1-;..,F....stg,o c1nr,or,a Co,,rt ard tbrs
prevents decision until after the inyesti-
CATION. Another point about the danger
obligation, is that the people will not
generally engage in the course necessary
to food the treasury with coupons, for
nan who pays twenty, or thirty dollars
tax cannot afford to buy these coupons,
and then employ counsel tolitigate their
reception for his taxes.
Again, we do not understand how it is
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