The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-05-17
CoLUNRIA CORRESPONDENCE.
COLUMRIA. Nav Ia. 1871.

HHs .
Ono of the most serious questions now |
interesting the minds Of che members of
the Legislature is, what disposition shall |
be made Of the public debl, Being
member Of the Ways aud Means Com
mittee, have been forced to investigate
the entire financial condition Of the State, !,
and we have llabored day and night to
arrive at such conclusion as would be |
satisfactory exposition of the entire
subject, and to hasten the adjournment
Of the Assembly. We end that all the
bonds issued since 1880 down, 90 1GTS:3in
accordance with acts authorizing the |
same, Except such AZ have been declared
null and void,) were consolidated into
new bonds at the rate of,tWo old bonds |
for one new one. The other bonds NOT |
enumerated in this act, including tha
Blue Ridge scrip, were declared illegal
and void. The amount of bonds cons3i-
idated in accordance with this act so faFgl
amount to about, in round numbers, four
and half million dollars, and when ell
TINT arc authorized to be funded are
funded, the amount of the consolidated
debt will be SC, ,G00,GG0. The amount Of
the States ante-beli,ms bonded indebted
ness amounted to $6, 183, 600 hence it 10
seen that If the act authorizing the fund
ing Of the entire dobt has been strictly
ness of the State is q little leas than what!
the debt was before tho war. The amount
Of bonded indebtedness gotten rid of by
previous Radical es
about $14,000,00O, VIZ $500, 900 Conver.
sion bonds, nearly %, ,000, 600 B. r. r. r.
Scrip, and S6,000,000 by compromise In
the funding scheme. The policy Of the
Radical party, as it seems, vas to strain
| the credit OF The State 60 its utmost ex-
tent, and when its bonds would no longer
bring cash upon the market, they com!
promised and ronudiated the debt, and
then turned their attention to filling their
capacious pockets by means of direct
taxation. Our recent experience has
taught uS how necessary money is to sus-
tain and support our newly established
government; and while it has been our
policy to reduce taxation TO the very
lowest amount commensurate with the
necessities of the government, it is we'll
understood that when so rcIuced it Is
absolutely necessary that whatever taxes
are raised should go directly to the sup
port of the government. Right here
comes in our difficulties, and when ex-
planned you viii readily understand why
/ IL 40 SuC PuDt-C QCOt u1ubL uSCSS6dElly GIL
ter into the consideration Of this special
Legislature, and why it IL we are not able
to bring the session to close. There,
are three kinds Of debts staring us In the
faoo, |S;c!; :ie .:esss-y ...:!.
bankruptcy: .gt' ~ 81 5s<ssr5 on3
Frst. The bills of tie Bapk Of The
Stete, which the Supreme Court Of
tne United States has declared valid and
binding Upon the State, and also {reCeiva4
4 BILE for taxes. The Circuit Judges hate
I also ordered TreasnFeEp to receive aud
| receipt for them. etN 1iG2iIo Ifa1 hrt
! Secord. The Big and Little BeasnEa
4 claims, which have been by net Of che
Legislature declared 9! contract between
the holders and the State, and for the
4 payment of which, and arpartyo the
contract, the same ;Iiegisaaturo.i levied O
tax amountingt to abGfats q mills annually,
the same to continue for fouh'years; and
as part OF the same contTltH, taT6 fiaaTJing
of the tax was not LEFT to succeeding Log
islatures, but the tax was actually then;
and there levied, apdfit was made the
duty of the Auditors and TreasureTs to
collect it under heavy opsins and lpehal-
/ ties. To attempt to oiset this aside eifby
Legislative enactment would be dedided
by the Courts as o. violations of that aftis
Gle of the Constitution cf the United
i States prohibiting the passage of any
| LAM impairing the obligation of con-
trdctsf iIR fr.ioui tn.uti!siHu't tiifuR'
/ Third. The bonded, debt. The act
which created and authorized tue con-
solidatiGn of the, bonded indebtedness
was so framed as to be contract between
4 the bondholda.s and the State, and pro-
! vided in consideration Of tE5 bolders de-
| liyering up their old bonds and taking