The news and herald. (Winnsboro, S.C.) 1877-1900, 1878-01-01
The Public Debt,

oA'tt5 W Ilo puollc ueOC, DGc;tuSo Gna
whole question is involved in SO
much obscurity that the report by
tho investigating committee is
necessary for the predicntion of any
definite conclusion in the matter
But rs n diversity Of opinion has
arison, perhaps it may be well to
express what wc tako to be the
sentiment of most Of the people.
It is this /:
l. The honest debt Of the State
should be paid dollar for dollar.
2. The fraudulent debt of tho
State should be repudiatcd dollar
for dollar.
In the honest dobt we include tho
antc-reconstruction debit; and any
dobt subsequently incurred, tho
proceeds of which went to the bcnc>
fit Of the State and not into the
pockets of thieves. Conversely, by
tho term "lruudulcnt debt" wo
mean not only the conversion bonds
and Blue Ridge scrip, which rested
neither in law nor equity, but also
tho debt, regularly incurred by the
spurious Radical Legislature, and
yet the proceeds of which wero
fraudulcntly applied, so that the
State and tho masses derived no bcnc-
fit whatever thcrcfrom. In this
matter we differ from tho views of
1he Ncaos and Courier, which arc
thus expressed ::
In our Wow, every bond and cor-
tlticato of stock issued in conformity
with the provisions of the Consoli>
datlon Act is q binding and valid
obligation of the State. The object
OF tho Consolidation Act was to
make final adjustment, or settle.
mont, of the dobt then OUTSTANDING,
and it was so regarded until the un-
wise cry for readjustment was raised
last summon. AS final settlement,
the holders of State bonds and
stocks accepted tho Consolidation
Act and tho rcccivability Of the
coupons and interest certificates Of
the Consolidation debt for taxes,
and tho annual levy Of a tax for the
payment of interest, can be enforced
by proceedings in tho Courts. Apart
from this, tho Democratic party in
South Carolina has, again and again
assentcd to, or acquiesccd in, tho
settlement under the Consolidation
Act, and the Democratic candidates
could not have been elected in 1876
on a Republican platform, or on Il
platform with reputation plank
in it. Whatever irrcgularity thcro
was in the modo Of issuing tho
original bonds was, in our Wow,
condonod by tho Consolidation Act,
and ny the osscnt Of tho people 80
that Act. 1t is understood to be
tho purpose Of tho Commission to
report tho classcs Of original bonds
affected by irrogularity. and to leave
it to tho Legislature to say whether
such bonds shall be rejected. If
the Legislature determine to roiect
them, tho Consolidation bonds or
stocks representing any of the
bonds 80 branded or rejected can be
rejected, tho argument being that if
the original bond was fraudulent
tho faint Of fraud attaches to it in
its very change Of form. NVo do not
accept this conclusion, as either
necessary, legal or just.
ANY duplicate Consolidation
bonds or stocks now outstanding,
and any that have been forged, will
probably bo cast out. So far, We
have not heard Of one such bond
or certificate Of stock. The Con-
solidntion bonds and stocks funda-
bio under tho Consolidation Act,
and issued in strict conformity with
that Act, arc unqucstionubly valid
and binding.
Now, wo hold that in consider
ing tho public debt the Legislature
should resolve itself into u quusi
court of equity in behalf of the do
fraudod taxpayers and should not
suffer moro technical legality to
saddle a fraudulent burden on tho
people. Tho Consolidation Act can
no moro romOvo tho fo;nt of f,o,,I