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 considA
Grafton was fully known to us At the time the
debt was contracted? To apply il to individu-
als-for it is to be hoped that we will not force
our mother State to take position in the courts
and before the country which we would shrink
from as dishonorabc i'm an individual-suppose
my brother should forge n note Of 500 upon
me, and upon presentation l should pronounce
il forgery, but took it up and gave in exchange
therefor my own note for S5O would it be hon
orable i'm me to plead the original forgery an
excuse for not paying the note? And yet our
Legislature proposes to plead fraud in the orgi-
nal bonds for which the consolidate cd bonds were
issued, when that fraud was known to them at
the time that the issue was made and her Oh-
cals we're ordered to receive them, This sure
ly would be n fraud committed by us. Follow
| ing out tho line of argument going TO show
necessity in December, 1873, for compromise,
it was further necessity to make these bonds d
legally binding contract Ell nfurceabe in the courts,
for the States faith and credit were very low,
If il be possible for State to make such con-
tract it is possible that this is made, for tho
| effect was to give them currency through the
| power to enforce payment in the courts, and ius
| dependent of the Legislature. The first section
validates all the irregular and fraudulent bondsr
| if any valuation be effectual for it orders
| them to be received and new bonds issued there.
| for. If fraud is pcrmcating that the Legisla-
l.
f6yQ s&19 Leg Stature cannot, and If thfs
| Legislature 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 the commission If not validated
in 1878, and the possibility of errors in schedule
5, with the right of the Legislature TO 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 i'Hpart compliance
|. with thcterms OF the act the purchaser is bound
to 'ok no further. Otherwise they could not sell
in Chicago or New York or London only in CO.
| lnmba and Lexington and Sumter. lie 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 II few remarks about the demand of the
| people. The people were like their representa-
tives first ideas upon every subject crude.
| The true test is, not what do the people now
| think, but what will they justify upon mature
dclberation, AMI if the people demand what is
wrong in itself the Legislature should not listen.
Had the Legislature in 1867 listened to the voice
Of the majority of the people, they would have
passed an act repudialng every debt in Soul,
Carolina, so that everybody would start fresh
and even But it was wrong, just now re-
fusal to stand by the consolidation act would he
wrong and the Legislature did not heed. To-
day the people will say she did right.
The strongest argument that we have read in
favor Of throwing out 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 "thc fraudulent dol
lars, which were worth nothing and without con-
sidcration, were made worth fifty cents the
good dollars, which every consideration of hon
or and political wisdom required us to pay in
| full, were scalcl to the time of fifty cents"