The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-12-12

lnnds To invest in State bonds or other
securities, would have to be sold from
over them to pay the heavy burden OF
taxation which the payment of these
fraudulent bonds impose.
-. ~. vin,rnc' tlnt the theory ,,i
those who seek to pay the consolidation
debt as 1t stands is based on An crronc.
Gus position, for they say that the debt
/. less now than before the ".,, ..i.;,
therefore we ought to pay it for VIC gai..
by IL, but he did not think So The tact
that the honest creditors Of tic State
nave agreed To talc ii,y cents Oh the
dollar IS no reason why we should pay
those who hold iraudulcn; claim, iiuy
cents on the dollar also. lie favored
paying the homes, portion Of the con.
solidation debt, after eliminating the
fraud from the settlement, and contend
ed that iii, was all that either Law or
equity would require Tie people To- do.
lie said that tile people of TIC STATE were
unwilling To do more Than this, ati.l tl:.t
if the proposition MAS submitted To then,
more than twn-!hird, would vote against
paving one cent Of TIE irau,lurn, debt.
and that they would decide !. large por.
ton Of i. To- he fraudulent.
ltl. He urged the farmers. who repre-
sent the t"iins thousands in this state.
not I" he sw;,.cd from su,,nining the in.
tcrc-t OF their constituents, although ,hcy
"ou!d hear the most learned and clo.
Iucnt arguments from the gentlemen
who would follow him He did no,
doubt the sincerity Of ti.osc gentlemen.
but he knew by experience that attor-
hcys generally believed that their clients
we're right, and many Of the learned at
t"rhrys who would urge the payment OF
the whole debt came here by The in!lu-
cncc OF bondhodcrs, and layin. been
ticir attorneys II IS natural that they
should feel that their clients are riylt
ana their claims just. The people of
south Carolina, however, look To- their
representatives, not to be controlled by
c'"Iucncc u friendship nor admiration.
but by Il firm aud stern resolution to do
what Is right and protect the interests of
the people in opposition to unjust claim.
ants. lie said the Legislature las "A
double duty to perform in lhi, matter.
HE people look To il to free them of
their unlawful bonds, and the holders of
valid bonds have the right To expect that
the Legislature will not dcprcciatc their
Obligations against the State bv admit
ting fraudulent bonds in large sum
upon an equality with theirs. The aryu-
mcnt of the bnndholIcrs that auv inter.
terence in this matter will njtlrc the
state is not well founded, for In" State
has no credit now and never will have
any rs long ~ we owe more money than
we can pay. If the consolidation debt
was all that the State owed it would not
make so much difference, but that is
about $6,ODo, 900 Of it; 81 200 900 of the
scaled floating debt before the Conmis-
sioncr of Claims; Il large amount Of in
dcbtedncss on railroad guarantees; an
indefinite and apparently expanding
amount OF bills of the Bank Of the State.
and other Liabilities amounting to from
twelve TO fifteen million dollars, and the
State cannot pay this amount without
ruiouS taxation. The credit Of the
State will never be good rs long ls this
amount IS outstanding, for financiers
know that the State cannot pay it. 1t is
jiiSt like an ini'ivii!iial-if lie owes more
money than he can pay his credit is bad
and compromise of those debts will
give him better credit than letting
them stand. The State had better throw
Off what it does no, owe, for then % the
people will feel that they have Il fixed
sum of just debt to pay, and the arita.
non will cease but il it is attempted to
keep the whole sum over us it will be a
theme of discussion and discord for the
next half century. The best interests of
the bona ftc bondholdcrs aud of the peo.
pie require that the settlement shall be
made on the basis of an elimination of
the fraud, for nothing else will satisfy
the people and the bondholders will
never be safe until the people are salts
fled.
9th. That the Legislature should not
be unduly influenced by the statements
that any man or set of men favored puv-
ing tins debt, for TIE people did not send
their representatives to record the wishes
oi any individual Or individuals, but to
act rs Tree thinkers and true representa-
tircs. lie had no cCnSure for nny per
son who differed from him, and wa, clad
that the administration occupied the 30
sition it does, for it refers the response
bility of this settlement on the i.cris.
atnrc, which is lie proper place for it to
rest.
In conclusion he urged the rcprcscn-
tAtiycS to stand firm To their views OF the
peoples interest, and take such a posi-
tlon on the question rs would not only
give satisfaction now, but be looked baei,
to IN future years rs Il true and patriotic
action. He said that, in his opinion, it
would be great mistake to have the
i'oii. C0uf. 70 settle tha great question
on the testimony which was so incom-
f:l"ie, for il We allow tie cour. TO vail
date the fraudulent bonds they would
then have show of validity against the
State, which would make it reputation
to refuse to pay them. He reminded the
Legislature that the frauds were not
small, but that the bond commissions
report shows that in round numbers of
S,0l3,O0O of consolidated debt S2,SlS,-
000 arc fraudulent. The people cannot
afford to present this as gratuitv to
those who hold them, and many of whom
obtained them ut nominal figures. He
favored repeating the act creating the
court, and then changing the time for
collecting taxes from the fall To the
spring OF the year, which would get rid
OF one half of the coupons, as those fall
ing due in July would not be receivable
at all, and we could pay such of them as
were valid and free ourselves from the
others. lie was opposed to rcpudiating
any just debt, but was in favor OF cradi-
eating every cent of fraud, and for these.
reasons would vote against striking out
the resolving clause and in favor of pass
ing the repeating resolution.
At the conclusion of this speech, Mr..
Haskell got the floor, and occupied
about one-ha!f of his time in reference to
a speech which Gen. Gary had made in
the Senate. The following is the Regis
fcr's account of his speech:
Mr.. Haskell replied to Mr.. Murray. and
said that ho objected to the spirit in