The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-07-04
THE STATE BONDS.

many persons In tnle state were only
satisfied with this creation of the Bond
Court as n means Of settling the State
debt because they believed IL TO be the
only method Of disposing of the vcxed
question to the entire harmony of the
Democratic party Il @as. referred te
this Court, consisting Of Judges Aldrich,
Thomson and Hudson, and at their
hands full justice would no doubt have
been done between the State and her
creditors, after full and patient hearing
Of ell the testimony and points on each
side. Under tho decision of this Court,
the people Of the State would have been
bound, and no doubt would have paid
the valid portion Of the debt as ascer-
tanned by them without murmur. The
proceedings of this Court, however, have
been interpclatod by proceeding on the
part Of some of the Charleston bond
holders, who have instituted and tried
case before Jaase Mackoy 10 conpel the
Treasurer of that County TO receive the
coupons on their bonds for taxcs. The
decision will be rendered in @ few days,
land from Judge Mackcy's pronounced
views upon this subject, 1t will no doubt
be favorable to the bondholders. The
case ought to 20 on up to the Supreme
Court, but in that event the decision
:sc.ia =.is &c equally osTttaiu 70 DO favorable
to the bondholders, as Chief Justice
Willard and Associate Justice Haskell
are known to entertain the same views
MS Judge Msckey on this question.
This action on the part of these bond.
holders Is unfortunate and unpatrio.:G,
In that 1t virtually refuses TO submit the
Justice or legality of their Sonds to tho
impartial tribunal formed by ~ compro-
mise Of both parties to try this very class
of cases. NOT only do they refuse to
submit the question to this Court, ba.
they seek decision from Judge whose
views were known TO be favorable to
them before their case was instituted.
This action will, we fear, retard the set
tiement of the public debt, for it will
bring the whole question up before the
next Legislature, whose duty it will be
TO ward off from the State treasury the
hungry holders of fraudulent bonds, who
have bought them at nominal figures, and
are now seeking to exact from the State
the payment Of obligations which were
never legally contracted hy the State.
The voters Of South Carolina ought to
make this question in the next election
Tor Senators and Representatives, and
send only men who are willing to see
that justice is done to the State and her
debtors ESQ. Ifths holders of bonds
classed az doubtful by the recent bond
commission attempt I, compel payment
of their bords by the use Of coupons to
pay tax0s ii can be prevented to the
amount Of half the value of the coupons
by changing the time for collecting the
taxes from the Fall to January. The
stipulation on the coupons requires that
% be good in the payment of taxes they
shall only be used In Re year in which
they fall due, and as one half fall due
in July, If the taxes are collected before
that date they nsnnes be used 8. ell.
The State would thus have the matter
out of the Evszohh of the Courts To that
extent, and IL necessary might even go
to such extent as oget the whole amount
ont Of the reach of tho Courts. The
Efforts of the bOndhcldera to enfar.s
their donbtfal bonds should be vigorous
iyreSlstol, and nothing should bo paid
until the sRond Court decides tho cases.
II It b prevented from deciding them at
all, then the next Legislature ahould 500
that the honest debt Of the State shall
bepaid, aud that the ftaudulept portion
OF It shall DO eliminated. We are will
ingto abide the decision Of the Bcud
<rlSz--aa a--1 20 II. ~ - - ssz.s z.4-..
', ,Sssv 40 sstSv 5isVfFSSaI ~ Erss1O
the matter, then the Legislature should
hook alter it.