The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-05-31
COLUMBIA CORRESPONDENTS.

3 3 -. IN EESs --css.s e.sa44.9s1 to-
5NyNLLIi5SseER OF lssy the Nsi,, npcEsI
She sisss ~ the Legislature ID yesf l.s:gy
anA sappasp pfiasing 2a7O. .00S0oisSss payg
interest on the consolidated 'bondod In
debtedness Of the State, SO clearly misap-
prehends the purpose and intents Of the
bills passed by the lower House of the
General Assembly, and also the reasons
which actuAted the members who favored
the appropriation, that VIC feel 1t ineum-
bent upon us TO disabtsss yoar mind IS
we'll % the; rinds of slieh of our roEstit-
uents - uasy have arrived af the same
eonclusious aByoaFself "a snas, .a.qRs
e You ob'st>eoi leaving tc q commission
of fiye sness to paas apon the validity Of
tho bonds, and claim that, no coupon
ehould be paid until the validity of'tiio
bonds should be 6mrly established. Nov
If yen will refer TO- the bill raisllg q COM
mission to investigate the validity of the
bonded indebtedness of the State, yoa
will 500 that the commission rs required
to inveatigate and report to the Legisla-
turc at its next session, and the LegisiE.
ture having their report will decide and
pass upon the validity of each of the
separate bonds, ahd will order interest
psid only on such az valid. We ven-
ture to say that there Is not ainsle
member who favars the appropriation
who deaires the payment of o single dol
lar before Investigation, and, what, is
more, every word uttered by them has
advocated such o coaTns, and such o
course only. In liz connection we will
give.the reasons for making. the appro-
priation at this time. The original
bonded indebtedness of the State was
82O, ,006, 900 Sc, $4,000 of xhich was
contracted by the State prior to the boz
ginning Of the war. The Radical party,
during tho session of as78-'74, pa, .sd an
act known as the "Consolidation Actn
The act specified what bonds should ho
consolidated, and the specification in
cluded tho entire debt known as the ante
6eiitsn' debt, amounting to sc, ,ls3, 900, and
certain class of bonds Issued sinca re-
construction, including the bonds Issued
during Cow Orr's Administrations, in all
amounting in round numbers to nearly
100000 more, or $l2,000,000 in all.
The rest Of the debt (bonded) was repu-
diated-this embraced thr conversion
bonds and the Blue Rio :, Railroad
script, together amounting TO $4,000, 900.
Then by the !, consolidation scheme
$4,000, 600 we're gotten rid of, which
made the entire amount yepndisted and
compromised ,S14,O00,0oO, leaving a
bonded Indebtedness still. due by, the
State Of 5000, 900, or $183, 900 less than
the -de5.. owed by the, State before the
war. Now with the consolidated debt we
alone have to- deal with $4,000, 900, and
this is the debt the interest of whicl,
s270, 600 is appropriated 70 pay, and TO
investigate which Q commission is ra;seed.
| IF this. debt is to be Investigated, the
question will naturally, arise, why levy o
tax to pay It until the Investigation is
made 2 The answer is plain and simple.
By the consolidation, oct itself the
State csgresd III The . specified bond;
holders would submit to, 70 scaling Of
their bonds at the rate Of, two old bonGa
for one new, oae, the State, would pledge
itself 20, ioyy q tax Of two mills anpus,ly
to pay the interest, and, as a further
security, pledged the State to receive the
interest in the shape ofeoppons, for. the
tazes for State purposes, Upon this
nledge Of the State the contract was en-
tered Into, and the bonds were conseli-
dated. Now, 6 no State has right;t
pass an act impairirg the obligations of a
contract, We are poSerless to prevent
County Treasurers from receiving these
coupons when offered for taxes, and there
need be but little, If any, expense In
Cured by those Offering coupons, for as
the coupons bear upoa their face all the
evidences of their genuine cness necessary
so decisioli ii tt.hsiir favor, one test ittsiso
in o judicial circuit would cover all other
esses fi3 That the people ere teoP pstriot;c
Co. ,tb6 :shem is not TO bs relied on ~ any
manner Of meanS' Not more than one
third Of the people showed their patriot
ism by contributing to the Hampton tax,
end If che other two.thirds w6nid Hot aid
the governments in It's direst extremity,
would it be expecting too much of them
Nhen taxes GeFe legally levied that they
would pay their taxea In coupons which
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