The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1878-03-13
The Peril OF the Hour.

Despite occasional outbursts Of spleen, the
debt question, as Il whole has been debated,
on both sides, with much clearncSS and abili-
ty. Has 1t been brought home, however, to
the attention of the members that the rcjec-
ton of amy part of the consolidation debt
will do the State Infinitely more harm than 1t
can possibly do the bond holdcrs:
The consolidation Act Is not Il Democratic
measure. 1t was strenuouslyssOppoScd by this
paper, because of the gross injustice of plac-
Ing The Old debt Of the State. for which the
State received dollar for dollar In gold, on n
footing with i New debt, for which the state
had not received more than fifty or sixty
cents on the dollar. The Democratic Senators
however, voted for the Act, so did nearly all
the Democrats III the House. This may not
DC held to fix the responsibility Of the tax.
, payers. What docs establish their moral and
political responsibility is. the acquicSccnce OF
the whole people in the $cttlclncnt0r adjust
mcnt, undcr the Consolidation Act, and the
specific pledge of the Wallace House The
ancr that the settlement would not be dis
turbcd. With perfect honesty, the supporters
of the report of the Bond Commission insist
that it is not reputation to refuse to pay Il
with 10Y is the fact, more than the name.
Ii the General Assembly can satisfy the capi-
tllists and merchants OF the country that the
rcopcninS OF the consolidation Act Is not re-
pudiatiOn. the %reopcning will have no Ill el-
feet as impalring the credit of the people.
But the merchants and capitalists can not be
so satisfied. They regard IT as an act Of rcpll,
dintion to reject any bond issued under the
Consolidation Act, and they will be governed
by their opinion. not ours: the world viii
judge South Carolina by its own laws, notify
our Joint Resolutions
The rcopcning of the Consolidation settle
mcnt will injurc the credit of every citizen OF
South Carolina, because II will be held that
they who %rcpudiatc public debts Will, upon
the first opportunity, rcpudiate private debts:
South Carolina has not money cnoIsh of
her wi to support her people for more II "a
two-thirds of the year. What will become OF
us, If every transaction must he upon u cash
basis? The small farmers, lnborerS and me-
chanics will be the first to feel the disastrous
change. They must c1nigrate, or StarVe. Is
his an exugeratiOn? Let every man In the
General Assembly ask himself this question
"1Iow can | and my constituents carry on
"our operations, even this year, II we cannot
'prOcure any article that we are not ready to
pay cash lOr?" The sudden repeal of the
Lien law caused distress enough. and that
distress will be aggravated an handrcd 1old
by what the persons who furnish South caro-
lima with goods and supplies Will regard All
act OF dishonesty!
Georgia ]rcpudiatcd q part of her debt, but
for that debt the taxpayers had never dcclnr.
cd themselves responsible, and to the pay.
! mcnt Of that debt the Democratic party had
never been pledged by its own representa-.
tivcS. There never was II State that had more
reason, under the forms of law, for rcpudl:l-
ton than Mississippi had; and we have the
assurance Of Senator Lamar that mississippi
feels the ill-cffcctS of her action to this day,
and that even the Southern Canfcdcrncy was
placed at serious disadvantage, In her deal
Ing with France and England, because the
President was the representative Of Il rcnudl'
ating State. Why pursue this further!
They who have eyes to see, and ears to hear
must realize the force Of such considerations
as these! The political and financial future
of South Carolina is trembling in the balance
This State. more than any other State, wants
nluncy, needs credit. Without foreign capt.
tai the State can, perhaps, drag along, but the
State cannot, and will not, realize the pros
perity which was promised her, and is within
| her grasp. 1t needs only Il rigid fidelity t
our obligations to give South Carolina Il com
! munding position. Capital will flow into tho
State, and every citizen will share in the adj
! vantage ola new andluSticr industrial life. ust
as every citizen would shrink and fail II tho
State were Joined 10 the body OF this death
! which the world calls rcpudiation.-NerS ana
Courier.