The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-03-15


the adjustment herewith submitted.
AS they have been appointed to suggest o plan
for adjusting the bonded debt of the State they
have considered as part of the same subject
and as in very great measure inseperably con-
nected Herewith, the outstanding floating in
Iebtedness Of the State. The plan of settle
mcnt which had been adopted by former Leg
islature, and which has been accepted by the
majority of the bond creditors of the State, in
cluding Barring Brothers s. Co., proposed to the
holders of the State bonds, in payment of their
claims at the rate of ffty per cent. thereof. As
sSosl& g pas a tnl s65sl Ssssssns eoms
mittee have therefore inserted q clause provid-
ing for the settlement of the floating indebted
ness.
If these suggestions be adopted by the Demo
cratic party the whole debt of the State soon
be adjusted and settled, the unity and Ategrity
of the party will be preserved, and tke future
prosperity of the State be secured.
THOMAS b. JErER chairman.
The following proposition is fdbmitted q
basis of settlement of the Constellation Bonds
and Stocks, and of the Floating Indebtedness of
the State:
l. To levy for the current fiscal year q tax
sufficient to pay the coupons and interest orders
maturing on the Consolidation Bonds and Stocks
during the present fiscal year.
2. TO constitutea special court of three cir
cult judges, to be chosen by the General Assem-
bly, on the nomination of caucus, who shall
have jurisdiction to hear and determine case
or cases made up to test the validity of the
rious classes of bonds and stocks mentioned in
the report of the Bond Commission as .'not is
sued in accordance with law, and authorized to
be consolidated by the act of lS73," and also
Gas not issued in accordance with law" and fur
ther designated in Schedule of said report
with the right of appeal to the Supreme Courts
Of the State and United States; the propriey
of the appeal on the part of the State to depend
ouihe demand of the attorney general and the
assistant counsel or majority of them.
3. That the General Assembly shall employ
two assistant counsel to aid the attorney general
in the proceedings TO settle the validity of said
bonds and stocks.
4. That the encouragement with the consent
of the creditors, or SO many of them as may be
necessary, make up case cases to be tried
in said court, in which, if practicable, the State
may be defendant to test the validity of the
bon Is and stocks mentioned in said Schedule g.
bringing before the court the various classes of
vouchers which are said to impair the validity Of
said bonds and stocks.
3. That as to the osnpons and interest orders
on bonas-and stocks mentioned inrSohsauls 5 Of
said report, the same be paid those for the last
fiscal year out of the money now in the treasury
for that purpose, and those for the current tis-
cal year out Of the tax to be levied for that pur-
pose.
&. That as to coupons and interest orders OH any
Of the several classes of bonds and stocks men
toned in said Schedule 6, the same be paid out
of the taxes for the last and current fiscal years
respectively, whenever there shall be a final ad-
judication as to the validity of the said several
classes Of bonds and stocks in favor of the seii
bonds and stocks and agaiAsk the Etata
Z. That the said court shall meet in the City
of Columbia on the first Monday in May, with
power to ndjou from time to time until the
whole matter is disposed of.
fr,t lo,,l a.. Il, l..
under the net of 1873, known as the Consolida
ticn Act, in exchange for bonds stocks issued
since April 1868, until they are duly examined
by the authority of the General Assembly and
found valid.
o. That all of the uafundcd debts and liabfii-
tics of the State including herein the bills of the
Bank Of the State and 80 much of the funded
debt rs is known as the Little Bonanza, be set
tied after proper proof and examination at the
rate of fifty per cent, payable in coupon bonds
bearing interest ut the rate of six per cent per
nnnum, payable semi-annna!iy, the principal
payable within years in full satisfaction of
said demands except that advances made for
the support of the Lunatic Asylum and State
Penitentinry since the 1st of November 1875,
on which shall be paid the amount actually and
bona fde due, after proof and proper examine
tion thereof, the said payment to ..be made in
coupon bonds Of like character as those above
referred to- for the full amount allowed after
THos. b. JETER, A. p. BUTLER, 7. b. FRASER,
j. w. MAXWELL, On the part of Senate.
CHARLES ii. SIMoNToN, j. W. GRAY, ROBERT
II. IIEMrHILL, II. B. RmETT, d. f. BRADLEY, +.
a. CoNNoR, On the part Of House.
Mr.. Jeter explained the terms of the compro-
mise, and urged the caucus to adopt it without
opposition, rs he was satisfied that, by means of
it, even and exact justice would be done the
bondkolders and the State A pipa vocc vote
being taken, the compromise was adopted with
but only few dissenting voices. 1t was then
moved that the vote be made unanimous. There
was only one vote in the negative Thus it will
be seen that the compromise is "un fat accom-
ph,' and the voeupon the question in the House
on Thursday will be mere matter of form.
1t is significant fact that the price of gold,
rs quoted in Wall Street, New York, instead of
going up on the passage Of the Silver Bill, has
actually declined. What say the gold-bugs to
this result