The news and herald. (Winnsboro, S.C.) 1877-1900, 1878-08-06

ton, I obeycl the instructions of my
constituents, unI voted for IL truo
and tried straightout Democrat.
OF course I obcyed the caucus, and
voted for Judge Machey in the cleo
ton itself This is my answer to
the first charge.
The second charge is that
VOTED AGAINST INVESTIGATION
of the public debt. 10 this I say,
that T voted for the freest
and fullest Investigation, and
committee sat for months
engaged in this laborious task.
Their report is q monument
of patience, labor ana ability. Bat
when the report contained little
more than u confirmation of what
was known before, then [ believed
that the State WAS bound in honor,
in law and in interest, to abide by the
settlement already made. As to
: the honor Of the State, the lax
p syors Convention Of 1871 report
cd as the just debt the same
liabilities as wore embraced in the
! Consolidation scheme, AMI they
pledged tho honor of the State to
pay them. Still later, in the strl,r-
gle of 1876, when it was deemed
necessary to enlist all tho possible
elemcnts on the side Of tho good
people Of the State, tho State EN-
ecutlve Committee pledged tho
party t. abide 10y the Constellation
! Act. and who kn ,ws but that this
pic,lGc tn. ned the wAvo.ing balance
in ., r iavor 1t would have been
btIl injustice to repuIiate this
! pledge, for it would be but u re-
pu>llatlon of the gentlemen them
selves to whose patriotic devotion
much Of the success of our cause
MAS due. a5ili later, While South
Carolina was in the ti;rocs OF a
new birth, and all the world stood
on tip5Je to witness the drama
enactlnS in Colunl5ll, tho Wallace
House, that boly OF patriots,
denied access to their Hall, ana
without the co~operltion of Il
Senate, passed a resolution stand
ing by the settlement Of the debt
as it then existed knowing these
things, [, rs member OF tne D :r.y
for whom these solcnn pied ,,es
were made, felt that I could not
stUltify myself by refusing to be
bound by them. Morcoyer, when,
as lawyer, | know that no act
could be passed. implirin5 the
validity of contract, and thlt
these Consolidation bonds contained
a clause declaring them to be a
contract, and providing for the
levy of tax to pay tho interest,
lett that it WIS useless, otnur
conscientious omitted, to cont nd
against the inevitable, when bond
holders could enforce their claims
in the courts. AS a question OF
policy, l will say that the valid
dnte-Reconstruction debt, with
interest, amounted on tho 1st of
january, 1873, to S7,262,231, while
the Consolid ,tion Act, sealing all
debts one. half, saddled debt OF
onl y S5,09S,500, being O. gain Of
over 81, 100000 to the State for q
! settlement. These reasons innu-
enced my action. I am happy to
say, however, that a compromise
was reached by which the whole
matter has been referred to tho
courts for a:ju lication. THIS is
my answer OH this point.
THE UsURY LAW.
Again. l am ccnsurcd for oDpos-
ing the usury lazy. On this point
would sly that on my side are
arrayed every great master of
political economy since the days Of
Adam Smith. This should ut least
be some ci.nse to suspend censure.
have not time to enter into n
thorough discussion of the subject,
but will say th.tt money, like every
other species of property, is y com
modify, and has its own price. If
| have Il horse worth a hundred
dollars and you have hundred
dollars in money, [ see no justice
in allowing mo to charge fifty
dollars for the use OF my horse
while you are restricted to scyon
dollars for the use Of your money.
AS matter of relief to the borrow
er, this usury law is complete
failure. 1t only of'ers temptations
to violate the law. It's effect is to
opprcss the poor. Executors and
guardi lbs md trusLurH nra re-