The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-03-08
The Bond Question.
MR.. STANDS SPEECH.

visions Of the Act passed by the Radical Legs
hiure in 1873, commonly known as the consolI-
daton Act, which required all State B9nds-
old and new-to be funded at fifty cents on the
dollar, is getting quite excited in the Legislature.
The Act then passed was called can Act to re-
duce the volume of the public debt" and en-
braccd all outstanding bonds Under that Act
nearly the whole of the Bondholders funded
the bonds in their possession, and accepted
consolidation bonds for half their amount. -
At the last session of the Legislature Commits
sion was created to investigate the bonded debt
of the State, and that commission reported to
the present session that number of fraudulent
or unlawful bonds had been funded, and left it
for tho legislature to decide whether, after the
State debt had been reduced so cents OH the
dollar, it should be further reduced by refusing
to pay the funded bonds tainted with fraud.
We confess our ignorance upon the matter
until q full discussion the whole subject, by
the members of legislature, brought all the
points before us bu, were strongly incliisd'
to believe that il would not be reputation to
refuse to pay bonds issued in fraud, sold to in
nocent purchasers, even with the great Seal of
the State upon them, and afterwards funded by
those purchasers at one-La,f their original face
value
The political plea is raised, that the Radi.
ca, Legislatures and officials who perpetratcd
those frauds were not the true representa-
tivcs of the Tax payers of the State; but that
plea cannot be allowed. They nevertheless oc-
cupicd the relation of lawful agents of the State
and the State was bound for all their contracts
as strongly rs business firm is bound for the
contracts of its recognized Agent or Agents. In
either case, if the Agents make bad contracts in
tho name anl under the seal of the parties for
whom they act, those contracts are good in law
and morals against the latter, and refusal to pay
them is reputation.
NO true Suutn-Garolnian will~ucsIte to see
the fair name of his dear old abused State dis
honored by the stain Of reputation, in any
form. Our agcnts-for such, most assurcdly
the Radical Legislature and officials wcre--vile
and trcacherous rs they aced-uscd the grca:
seal of the State of South Carolina under which
to practice most infamous and oppressive
frauds upon the people who alone could pay
the taxes, but cannot believe now that the
honest taxpayers have control of the State gov
ernment, they will disgrace the State by dishon-
oring her siguct--thc great seal. We look upon
it in two lights, viz; a debt Of honornnd a debt
which the State is icyaliy bound to pay. In or
der that our readers may more reality under
stand the matter, append the following sy-
nopsis of vc"y able speech delivered before
The legislature, by their Representative, II. w.
Shand, Esq:
Mr.. Shand, of Union, followed Mr.. IIcmphill
IN a mastery speech in favor Of the consolida-
ton act. After II short introduction to the sub
ject. Mr.. Shand proceeded by rcctiug numcr-
Gus facts and statistics 10 show that il would
save the State several millions Of dollars by adj
herring t, the settlement effected by the consoli-
dation act lie said this compromise was made
to prevent the State from going into voluntary
bankruptcy. lie said he held that State could
go into banruptcy then went on to explain why
the creditors of the State had consented to make
such IL compromise rs would ensure them fifty
cents on each dollar Of the bonds which they
held obligations against the State. So long
as II man is solvent he pays all undisputed debts,
but when man is insolvcnt il is then that he
has tn make compromises with his creditors. 1t
is only in this way that he can regain his sol
vcncy. Mr.. Shand read resolutions which were
adopted at public meeting nj Union in 1869,
i'll which the people of that county declared to
the world that it was their determination not to
pay any debts made by the Radical State gov
crnmeut. lie commented on these resolutions
at great length. | am informed, hc said, that
very large proportion of the bonds which come
under the provisions Of the consolidation act are
held by people in South Carolina.
Mr.. Colt here interrupted him by saying that
he did think such was really the fact.
Mr. Shan sai,. he had been so Informed. lie
continued by saying that The members who had
spoken The opposite side had failed to occupy
debatablc grounds. 1t is no use for gentlemen
to get up here and tell us about the frauds which
were committed during the days of Radical mis-
rule. No one will dcny these, but we are bound
by the consolidation Act just the same rs if there
was an honest govcrnIent in the State ut that
time.
AT this junction, Mr.. Pope asked leave of Mr..
Shand TO be allowed to make n motion to take
recess.
Mr.. Shand consented and the motion was put
and agreed to.
SATURDAY, March 3.
Mr.. Shand said that when he closed yesterday.
he was showing how perfectly well our people
knew of all the frauds recalled to mind in the
report of the bond commission. Knowing these
frauds the Legislature hal directed her officials
to receive those irregular bonds and issue in cx-
change therefor consolidation bonds at the rate
of fifty cents on the dollar. And the question
nt issue is, whether the consolidation bonds un
Il tbcsc cr 81 hind us in honnr nd