Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1878-01-24

70 sorutiniSe its obligations and TO refuse
payment Of every claim not legally regular
and validi II may be- said these bonds In
South Carolina were issued by authority of
the only known and recognized law.making
power and as such are legally valid, but
while this may be true. the holders Of these
bonds knew too we'll the opposition Of the tax
payers to their issues and saw too plainly
the corrupt practices Of those in authority to
have any just claim against the tax payers
except strictly legal one after thorough
scrutiny. In South Carolina the high valua-
tton of property for taxation and the heavy
rate of taxation levied for State and County
purposes were fully known by people in and
out Of the State. It was notice to the world
that the people of the State were annually
paying taxes sufficient to defray the expenses
OF the government, and that there was no
need that bonds should be issued and sold.
During every day in the week. during eyery
week in the month. during every month in
the year and during every year of tho ten
years of Radical rule. protests from the Oh.
pressed tax payers of South Carolina went
forth to tho world against the oppression, the
extravaganza and tho open corruption of q
government hateful to the people. subversive
OF their interests, and sustained only by the
presence and support Of Federal troops. The
purchasers and holders of these bonds knew
all these things, and in buying them only
sustained and upheld the orew who were
running the true interests of the State
Our readers will remember that in
1870 and II it was thought the govern
ment would break itself down by the weight
of it's own corruption, and it would not have
kept up but for the constant issue and sale Of
bonds at low figures. How far should tho tax.
payers of this or any other plundered Southern
State feel themselves bound to redeem obliga-
tions corrnptly issued, though formally legal,
when the purchasers and holders of these
bonds well knew all the facts attending their
issue, and in dealing in them virtually sano-
toned and sustained those thus porverting
their power to the ruin Of the helpless though
protesting people Of tho Sis..,o If repuaiation
would FrEe "jnsti6ableit would be under the
circumstances existing in South Carolina.
We do not believe it would materially affect
the credit or good name of either State while
tits we'll worth considering whether a prompt
and sweeping repudiation of obligations con-
tracted undor such circumstances would not
stand as salutary example in the future, that
States rs individuals would not pay obligations
contracted under tho forms of law, when those
buying up such obligations had notice that
their issue was not necessary to the govern
ment and was opposed by tho great body Of
taA payers. We oppose repudation in the
proper sense Of tho term, but is it Reputation
to refuse to pay bonds held by persons who
we'll know they were issued and sold for
corrupt purposes and not for any benefit to the
State or its people2 We do not know how far
the funding act has boon accepted by our
people and may be proper settlement of
this matter, but We feel sure that all the people
desire to have these bonds thoroughly probed
and to haye oil fraudulent claims, and bonds
without consideration eliminated. This is
justice to the State rather than Reputation.
We know some Of the bonds represent valid
claims against the State as those issued in
conversion of bills receivable, bills of the
Bank of the State and perhaps others. Those
and the ante war debt after being scaled to
fifty cents on the dollar should be paid, while
oil others should be rejected. It may be
claimed that the Democratic party pledged
itself not interfere with the bond debt as
settled under the building act. We could not
construe this to mean that fraudulent bonds
were to be paid, and we can't sec how any ono
could so construe it.