Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1878-02-14
The BONDED Debt.

The long looked for report Of the Bond
Commission was presented to the Legislature
last Thursday. The commission report that
oil the consolidation bonds. coupons and GER
tiicates of stock produced before them had
been issued in proper form, except bond No.
442 for $500, and certificates Of stock No. 800
for $25250, which were imperfect. The
number and denominations of the bonds, &c.,
are then given. The commission did not
determine upon their validity at the time of
their production, this being reserved to the
action of the General Assembly by the terms
of the Supply Bill Of June 9th, 1877. The
commission then divided, one part to attend
to the further registration ofsuch bonds, &C.,, as
might bo thereafter produced, and the remain.
der of tho commission addressing themselves
to the making of thorough investigation of
the following and Kindred matters particularly
mentioned in the second section of the joint
| resolution providing for their election:
First. Tho entire amount decentralization
bonds and certificates Of stock that had been
issued under the aot to reduce tho volume of
the public debt and provide for tho payment
| of the same.
Second. Whether there is in the State
Troasurer's office. on file as vouchers, cam
ceiled bonds, coupons and certificates of stock.
issued in accordance with law and authorized
to be consolidated by tho oct above recited, to
the amount required by the said act.
On these subjects the commission report:
l. They have completely and thoroughly
examined oil the books in tho treasury showing
the issue Of consolidation bonds and certif,
Gates Of stock.
2. They have completely ard thoroughly
examined oil the vouchers in the treasury in
exchange for and in lieu Of which the oonsol.
da.:on bonds AID certificates Of stock were
issued
The commission reports tho entire amount
of consolidation bonds and certificates of
stock issued and now outstanding to be 81 1906.
2oO.4l, and the vouchers on file for which
these bonds were issued at so cents on the
dollar amount to $s,792,779. being IN exces.
Of vouchers of over 100000. OF these
vouchers thcy find that $4.793,633 were
Issued in accordance with law and authorized
to be consolidated under the act, while tho
remaining s3.9o9,l46 in the Judgment of the
commission were not issued in accordance
with law and authorized to be consolidated
under tho not. The commission then proceed
to state at length and seriatim the grounds on
| which they adjudge parts Of those SO, ,999, 146
| of vouchers to be not authorized to be consoli.
dated.
Tho report is too longthy for our columns
and would bo difficult to understand without
tho schedules which arc appended to tho
report and which havo not been printed
Tho conclusion Of tho commission is that the
entire vouchers and certificates of stock. Co..
which were issued in accordance with Inv
and authorized to bs consolidated under the
act of 1873, as entirely valid, and free from
faint, aggregates $l,577 1886 62, the remainder
aggregating S2,Sl8,454.79, is either invalid or
affected partly by invalid vouchers.
The Legislature has ordered 900 copies Of
tho report to DO printed and has assigned q
future day for its consideration.
We can form no opinion Of tho nrobah,e
action Of that body, as the press, tho people
and doubtless tho Legislature arc div;dod
in opinion. Many hold that the people Of
the State accepted the consolidation aet and
that the party in the last campaign pledged
themselves to stand by the settlement Of the
public debt as provided for by the act of 1873.
we both agree and disagree with this asser-
tion. We hold that tho people and tho party
d'd approve OF the settlement Of the public
debt under that act, but we deny that this
4 approval meant or was intended TO mean
that the people or the party in this approval
proposed or agreed to be bound to pay any
obligation Of the State. though consolidated
which was fraudulent, or which was mol
issuedin atsiet conformity to law. Upon d
cnrsory glance over the report We are O,