The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-22

PASSAGE OF RESOLUTION IN THE GENERAL
ASSEMBLY TO APPOINT COMMISSION FOR
THE PROPER ADJUSTMENT OF THE STATE
DEBT
tBY TELEGRAPH TO THE HERALD
CoLuMRIA, May q, 1871.
In the House to-day the joint resolution for the ap.
pontment OF q commission TO investigate the conso-
dated indebtedness other liabilities OF the state
passed after strong fight on the part of the repuda-
tionists
TIE RESOLUTIONS
The joint resolution recommending the appointment
OF the commission rectes by way OF preamble,
that IN view OF tho great uncertainty
that exists in the minds OF the tax paying
portion OF the people as TO the definite amount OF the
true and valid indebtedness OF the State the character
OF the obligations OF winch the Indebtedness has
grown and OF the equally unsatisfactory condition OF the
credit OF the State long any doubt suspicion
attaches to any claims held against her. and In order
10 give reasonable TO the honest creditor on
the one hand that the State intends faithfully meet
her obligations At as early date practicable. and
the other hand TO satisfy the taxpayer that the
General Assembly will have proceeded intelIigently in
whatever steps may DO taken ADJUST and provide for
tho public debt It ~ therefore resolved that IN accord
anco with the Governors Message the subject a
commission shall be appointed to CONSIST OF Que SEN
two members OF tho House, TO be appointed by tho
speaker and two citizens Of The State OF recognized
financial ability, 10 be appointed by the Governor.
me duties oil the commission are defined 10 be 10 in
vostigatc:--
First The entire amount OF consolidated bonds and
certificates OF stocks issued under the act to reduce
the volume oil the public debt and provide payment
OF the same approved December p, 1879, to
show the number tho SERIES letter dates OF issues
and redemption denomination rates OF interest, by
whom signed aud countcrsisned and 10 whom issued.
Sscond-Whcther there are In the State Treasurer's
OF stock Of the described and authorized be
consolidated by the act above rcciied to tho amount
required by said act
Wir,i--rhe commission is required to report
whether any such bonds certificates OF stock or
coupons have boon illegally otherwise improperly
issuei, ana TO report the same, with tho evidence
OF such Illegally.
Foarh--Ihe commission is authorized TO REQUIRE
tho holders Of such bonds and stock TO produce tho
same before tho commission in Columbia Those
found 10 be correct shall be registered certified
correct BY tho commission, and tho coupons and in
tcrest orders OF such only shall be registered and
certified MS valid shall be receivable for pay
able at the Treasury
The remaining features OF the resolution are to
make false swearing by or bciore tho committee pun
ishable PERJURY and to aui hor2e the Comptroller
and Treasurer Cooperate with the commission when
called upon IN do so; to authorize the commission
Sit during the recess oil tho General Assembly, aud TO
require II 10 investigate the amount and character OF
tho floating Indebtedness OF tho State and report there
on In detail.
The struggle between the repudiationists and those
fayoring early adjustment OF tho public debt was
first, tho composition OF the proposed commission
and the fact that the resolution stood gives tho
commission penary powers to decide tho validity or
nvalidily OF the debt Tho repudiationiss desr-
Gus, acr inGn9 that on appropriation had been made
for the payment OF the public debt, TO postpone
long possible It's disbursement, and hence fought
hard TO compel the commission to report TO the next
General Assembly, which should pass upon the matter;
lut as 10 the nrst instance they were badly Defeated
and as tho com mission will 60 to work as the
resolution passes the Senate, there is doubt the
bondhcders arc assured Off speedy settlement OF their
claims.