The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-03-08


to evade debt because its consideration was
fraudulent, when the character Of that consid.
Grafton was fully known to us At the time the
debt was contracted? To apply il to individu-
als-for il is to be hoped that we will not force
our mother State to take position ia the courts
and before the country which we would shrink
from as dishonorable in On individual-suppose
my brother should forge note of 500 upon
me, and upon presentation should pronounce
II a forgery, but took it up and gave in exchange
therefor my own note for $50, would il be hoa-
orable in me to plead the original forgery as an
excuse for not paying the notef And yet our
Legislature proposes to plead fraud in the origi-
nal bonds for which the consolidate cd bonds were
issued, when that fraud wos known to them al
the time that the issue was made and her off,
cials were ordered to receive them, This sure-
ly would be fraud committed by us. Follow
ing out the line Of argument, going to show q
necessity in December, 1873, for o compromise,
it was further necessity to make these bonds
legally binding contract en- urceable in the courts,
for the States faith and credit wore very low,
If il be possible for State to make such com
tract, it is possible that this is SO made for the
effect was to give them currency through the
power to enforce payment in the courts, and ius
dependent Of the Legislature. The first section
valdates oil the irregular and fraudulent bonds,
| II any valuation can be effectual for IL orders
them to be received and new bonds issued there,
for II fraud is SO pcrmeating that the Legisla-
) ~ ~ lE{afs cannot, sud n this
LegisMu1se cannot, then the value which tho
public will put upon the bonds named in schedule
| will depend upon the public confidence in the
| accuracy Of tho commission. If not validated
in 1873, and the possibility of errors in schedule
s, with the right of the Legislature 10 disregard
| valuations, will affect the market value of tho
whole lot. After paying high compliment to
| the commission and their work, he said they
were still mortals, and might err,
AS the Supreme Court Of the United States
| say the bonds on their face inpart compliance
WIN theterms OF the act, the purchaser is bound
to l,ok no further Otherwise they could not sell
| IN chicago or New York or London, only in CO.
lnmoia and Lexington and Sumter. He said he
| did not intend 10 cover the whole ground he
only meant to enforce certain views of his own,
not yet fully presented, and he would conclude
with few remarks about the demand of the
people. The people were like their representa-
tives hrst ideas upon every subject are crude.
| The true test Is, not what do the people now
| think, but what will they justify upon mature
de.,Sera.!9a ,Aaaif the people demand what is
wrong in itself the Legislature should not listen
Had tho Legislature in 1867 listened to the voice
OF the majority Of the people, they would have
passed IN act repudating every debt in South
| Carolina, 80 that everybody would start fresh
ana even. But 1t was wrong, just as now re-
| tusal to stand by the consolidation act would he
wrong. and tho Legislature did not heed. To-
day the people will say she did right.
The strongest argument that we have read in
favor Of throwing ost those bonds funded un-
der the Act Of 1878, supposed to be tainted with
fraud, is that the consolidation Act was based
upon reputation, for by it "the fraudulent dol
lars, which were worth nothing and without con-
sidcration, were made worth ffty cents tn Q
good dollars, which every consideration of hon =
| or and political wisdom required us 10 nav in
full, were scaled to the time of fifty cents"