The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1877-05-24
Editorial Correspondence.

Dear EiSerstlnel: The appropriation
and tax bills havo boon made special
orders from day 10 day until disposed
of, and are being considered each day.
The amount sought, to bo appropria-
ted by the bill was about correctly
stated in my last lotter. There is con-
siderable opposition to the 9Th soc.
which appropriatcs 100000 to pay
the interest on the public dobt. The
argument Of those who oppose the ap-
preparation is, that thero is very grave
doubts rs to the legality of many of
the bonds held against tho State and
that not cent Of interest should bo
paid until all tho bonds are examined
and closely scrutnized by commits
sion appointed for that purpose. Thoy
ignore tho fact that the funding act
expressly provides that the coupons
shall be receivable for taxes and there
is no way to prevent their tender, ox-
cept by repeal Of tho act, in which
event the whole Of the debt, including
tho six millions Of conversion bonds,
rcpudiatod by tho Radicals, will
bo re-opened for adjustment, and un>
der the present act tho dobt is scaled
fifty per cent, and whom converted
will be reduced to fvo or Elk millions,
about what it was boforo the war.
The Democratic party was pledged to
this settlement of tho debt by their
platform III tho last campaign, and
which, in my opinion, is as fair an adj
justment as will ever be obtained, un-
loss we repudiate the whole amount.
Unless an appropriation is mado to
meet the interest, the State Treasury
will be flooded with coupons and bills
Of the bank of the State, and the
wheels of tho Government, when it is
just about to be put in motion, will be
completely stopped, and largo def
eiency will be to provide for next year
which will require Tax as great OF
greater than has been imposed by for
mer Radical administrations. This
too, just whom the party will 60 bo-
fore the people to render an account
Of it's stewardship, and the people
perhaps, in as bad q condition to
meet it as they are at this time. There
is no way of ovading the first obliga~
tion of the State except by square out
repudiaton. 1t Is absolutely necessary
to establish the present government
on o firm basis and to give it credit
abroad there must be provisions made
to meet its obligations promptly. But
the people are poor and unable to pay
their taxos, say many. This is un-
doniably true in many Instances, bnt
the longer the evil day is put off the
more they will have to pay at one
time, when it comes, and it will thon
perhaps be as hard for them to oxtrl-
cato themselves from tho meshee
thrown around them by Radical cor
ruption and prodigacy as it seems to
be now. But it is not proposed to
pay any of the interest until the bonds
are all examined and their validity
passed upon by a commission to be
raised by q joint resolution now pend
ing in the House for that purpose
the money is to bo collected, kept in
the Treasury until the bonds arc all
examined, and then the interest on
those found to bo valid only, is to be
paid. If this course is pursued the
Oondholders say they will not tender
their coupons for taxes, but will sub
nit their bonds to the commission for
scrutiny. But if this provision is not
made, then they will tendor their cou-
pons, flood tho Treasury with them
and stop tho wheels Of the govern
ment. So conceive it to be not a
matter OF choice with the Legislature,
but matter of necessity, to provide
for tho interest on the debt. The
State has been left in doplolable
condition by the thieves who have
just vacated. Her credit has boon
completely destroyed; debts upon top
of debts have been piled up and it
will take time and patience to find
the end Of the thread by which the
.>.,oLIo-a -, 1.