The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-06-07

issued In violation Of the law and
the constitntipp, and they are therefore
fraudulent, null and void. e tstts iss9
We .hsye previously shown that on the
31st of October 1871, the debt that had
been added by the b Republican party
amounted to $1I ,412,368.S7. Il also APP
pears in che act OF December 20, 1873,
that So, ,965, 600 was frahdulent. In tdai.i
ton to shis amountiI have Just Attempted
to demonstrate that there was So ,S49, 900
additional bonded debt that was also
fraudulent, SO the aggregate fraudulent
debt amounts to Sc, ,GI4, 900; subtract this
from the S1I AIS, 1858 81, it will leave S2,-
09S, ,368.37.i This then 10 the true amount,
that shonld be funded or fundab!e under
the act Of December %, 1873, which at
90 cents on the dollar amounts TO $1,G49,-
1913 the amount that the State owea on
the indebtedness created by The Repdbli.
can party, and if to this you will add one
half of 81, ,4S8, ,958 SO, which is the amnuut
Of tho dnte 6g2um Gebt, IL will teavs $2.-'
219,a79.4o ;tif to this you will add lthe
amount of the Republican portion of the
public debt which is 81, ,049,f84.18, it will
give us the trio amount of the public
debt Of this State, which will be SO, 2eS,-
663. 81, the interest being omitted on both
amounts. New this is O fair aud legal;
statement of the public debt os this.
State made by applying the provisions of
acts of the General Assembly and the
constitution Of the State, to the facts that
are involved in the estimate of the pub
il:c debt. ira .Hf 81 .3s 'viaf
Again if you will take the figures Of
tina Republican party as set forth in the
report Of the case of Morton, Bliss & Co..
rs. 8. l.. Hoge, Cousp:rolief' General Of
the State. which fraudulent debt was
fixed at 81, ,191 ,7o8. If We add to this
$3,349, 600 1t will amount to SIC. .549, TOO,
If we subtract this amount from 81 ,4l2,-
368.37, it will leave $871, ,668.97. Ifyou
settle this at 80 cents In the dollar, ac.
cording to the act of 22d December, 1873,
it will be $435, ,S34,19, This, then, is the
true amount of the debt that we owe,
that was created by the Republican par
ty. IF to this v.a add the true amount
that we owe of the ante beilup, debt,
which is $2,2l9,479. iE gives the cor
rect amount OF the debt OF the state, 90
wit: 81, 2,665, ,3l3.67. The parties to whom
this debt is payable can readily be ascer!
tained BY reference to the registry kept
ticle 0, section IA, Of the constitution of
] The consolidated debt of the Stste ID
represented 6y those who do not desire
to look behind what has been done by
the Republican party as follows - Con-
solidated debt, 1886, ,290.44 not consol.
idated, 1885,, ,619.62. This when consol.
datel according 10 tho act OF zzd OF De-
.cember, 1873, would be 81, ,183, 1881. To
this If you will add the amount of past
due interest on the debt consolidated and
to be consolidated, which amounts to
1871 ,025.s4, it will give their statement
of 'ths public debt, to-wit; SO. .951 ,O76. .09.'
Now, if you will subtract what I have
ascertained to be- the public debt, to wit:
81, 2,665, ,3136T from the above amount os
sc, ,951 ,076.09, Is will leave d difference in
favor Of my statement of $4,285,762.42,
which will make d big difference with
the purses of the poor tax pagers Of this
State. 2 ~ i;:'P :,>fs4 afl !4it
will next review some of the areu.
ments advanced hv chose who are un.
willing to look behind the debt that the
act of 22d December, 1873, hes and will
establish, aud who are in favor of The
,ievying in the fifth section OF the biir Of
q tax sufficient to pay the interest due
Upon this debt. ~ LEta,i. }ess
+ Those who are not of the legal profes.
sion are under the erroneous Impression
that The State can be compelled to pay
the public debt by the ordinary process
of the law; but such is not the fact. 7He
State cannot be s,.sd. For breach of con-
tract on the part Of the Stste there is no
legal remedy; but there ;Sia remedy for
o breach of contract betty cen individuals.
The very essence Of the obligation is the
legal remedy for the enforcement of it.
The reason Of the difference is given in
the case of Morton, Bliss & Co. Us. s. L.
Hoge, Comptroller General, and is aa'
follows: That n suit pre.supposes the
submission of a controversy between two
or more to q third party, Independent of
both, and, therefore, capable Of dealing
with the question in o judicial spirit
with Judicial authority. When O sove-
reign State violates its contract, no such
appealed 20, for, the fact Of sovereignty
its existence" It is, then, clear that o.
State cannot for a violation of it's obliga-
tion become the subject of coerciye
process to compel It. to meet its lust IL
debtedness. The creditor must, then
rely solely upon the honor and moral
principle of. her citizens md the sound
policy of her statesmen. The. action Of
the General Assembly is, therefore, final
and absolute. If they refuse to levy d.
tax sufiicient 70 pay. the principal G I'M
.terest, there is no remedy TO compel
them TO dc, SO. !, Thoy aTo at once tho
Judges Of the law and facts, and from
their decision there is no appeal, except
| 10 The people, who are source OF all pow
er in q republican government. a :
The second afguh1eht that has been
relied unoa by those who favor the fifth
section Of the bill is that the Democratic
party, was pledged to abide by the
adjusfnlept Of the public debt BY the act OF
December %, 1878, .eonEpa!y called the
consolidating Act" and to establish
this, they quote, d resolution adopted by
the State Democratic Executive Commit
tee on the 4th Of October, 1876, which
reads as follows: - f's's' g -
Rcsoitcd, That the State debt having
been practically adjusted by the ,consoli-
dation act. of December %. 1873. and
most or the creditors having come In ufiy
der that act, we consider the adjustment
by it. -. ~ S. 4
. In my comments upon The action of
the members Of the State Democratic
Executive Committee, wish to say that
| j! know, them well, and some of them L
regard as my PERSONAL friends, and Be.
lieve them to be high.toned, honesti
patriotic and good citizens. i, therefore.
In advance, disslai4 anything Of 8 pdrss
/ spnsii icn Jgact ter An what T. am3 about 20
| say In Teieysnra to them as members Of
this comial Now Let IN look at the
y