The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1878-07-03

should be restricted by law, and I there
fore advocate it. But as to the bonds, my
objective point was to prevent any action
by the Legislature that what action they
might take against the bonds would not
be final, that the question would so into
the Courts, and as it was purely a legal
question, itwould be better for the credit
of the State that we should consent to
submit it to the courts, than to attempt to
reject the bonds, and then be compelled
by tho courts to recognize them. Instead
of adopting the consolidation act which !
did not wish to do, VIC gain this advan-
tage by putting the question before the
court, that all the consolidated bonds not
funded according to the terms of the act
will be rejected, and W. do nothing that
has the appearance Of reputation. Ac-
cording to my understanding of public
securities whenevcraState puts its bonds
upon the market tho purchaser has only
to inguire-are these bonds authorized by
an act Of the Legislature, arc they issued
according to the terms Of that act-arc
they signed by the Governor, Treasurer,
&c. ? and if so he is not required to invcs-
tigate them further. Otherwise there
would be no purchasers.
If the recognized officers of q State are
amind to publish lies to the world Oh the
face Of their bonds Il purchaser will not
be compelled to suffer therefor. This
was our condition in 1873. The republi-
CANS had run up the debt to such an enor-
nous amount, that they saw the credit Of
the State was gone unless they could re-
duce it. They therefore proposed the
famous consolidation act. The dcbt was
then in round numbers SIG, DOC, 600. This
act repudiatcd six millions out and out,
and scaled the balance, good and bad, tC
fifty cents on the dollar. This brought II
down to five millions not counting the
interest, SO that the debt is actually less.
by more than a million of dollars thar
the old democratic debt. The democratic
members Of the Legislature, at that time
supported the act, and one OF them, one
of the best men in the State, and now Z
Senator, said to me that he thought if he
had evcr been OF service to the State
| when a member Of tho radical LeSisla'
tUre, it was when he voted for that act
This consolidation act is u contract and Is
of the nature Of Il compromise, and tt
make it moro binding the coupons or i'll
terest notes are made receivable for taxes
and while you cannot sure a State you cal
compel its officers to do their duty undel
the law. If the Treasurer refuses to re
SClNC l}CSC Gov 1lOpS IVA No-NS'j sA
court upon application will issue Il man
damuS compelling him to do so, as ha:
already been done. Since u adjourn
ment / have read in the papers that a par
allel case came up before the Supreme
Court of Virginia and it sustained TIT
claimants. l have been charged with be-
ing largely instrumental in bringin!
about the compromise that was effected
I acknowledge it and am willing to stant
or fall upon it. I did exert myself to in
duce the legislature to tax no action blu
simply to refer it to Il special court. !
expressed this view first to Col. Clancy
one of the State cOunSclorS who said l
was the very thing and urged me to 90 t.
| Gov. Hampton and express them to him
that he thought he wonld approve it. :
told him that I could not do it because
had already been charged that the mem
bers were continually running to Gov
Hampton to get opinions, not having any
of their own. He then urged me upoI
the ground that it was a public duty, bu
1 declined. 1t was known that Gov
Hampton was committed to the consoli
dation settlement for he authorized Mr.
Shand, of Union, to say in his speech tina
Senator Robertson wrote to him durln!
the campaign Of &c to know his views o
this debt settlement, and he replied tina
he considered it q final settlement of tina
question, and he proposed to stand by it
Many of us thought that it was extreme
ly important not to antagonize him, ant
to keep the question o Of the comm!
campaign by referring it to the judicia
tribunal.
Now, fellow-citizens, I have only to 81,
that I have cndcav6rcd faithfully ant
fearlcssly to discharge my duty to IN,
constituents and to the State, and if l hav
erred it is an error Of Judgment alone.
thank you for your very courteous at
tention and though I could say IL grea
deal moro I will not further trespass upol
your patience. l regret the necessity 0
saying this much, but l feel it due t.
myself to make this explanation.