The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-03-14
TEE BONDED DEBT.

waa called 10 decide the result, but it was
known that among the Democratic men,
bcrs of the House the majority favored
the adoption Of the report, so it was
necessary fer those who opposed the re.
port, and favored the payment of the
consolidation debt just as it stands, to
secure the cooperation of the Repubii-
can votes % carry it. Hence, the advo-
Gates of paying tue so-called debt opposed
action by the caucus, and most Of them
withdrew. Mcssrs. Orr, Haskell and one
or two others remained and opposed any
action by the caucus. The DISCUSSION
was continued for several days, and two
compromise committees raised. The first
failed, and the second submitted the fol-
lowing report. which was adopted. and
will de the result Of the long debate on
the bond question:
The committee appointed by the caucus
charged with the duty Of considering, and
If possible Of suggesting, some plan
whereby may be adjusted the differences
Of opinion 5e:ween .iie members Of the
Democratic party respecting tho FUND
Ing Act and the report of the Bonu Com
mission thereon, respectfully report:
That they have conferred with each
other aud have discussed various plans of
settlement. and that they have finally
agreed unanimously upon the adjustment
herewith submitted.
AS they have been appointed TO sug-
gest plan for adjusting the bonded debt
Of the State they have considered as
part of the same subject, and as in very
great measure inseperably connected
there1ith, the outstanding floating in
debtedness Nof the State. The plan Of
settlement which had been adopted by
former Legislature, and which has been
accepted by the majority of the bond
creditors of the State, including Barring
Brothers & Co., proposedSto the holders
of the State bonds, In payment of their
claims at the rate Of fifty per cent. thereof.
AS matter Of fair dealing all the State
creditors should be put on the same foot.
ing. The committee have therefore inser-
ted clause providing for the settlement
of the floating Indebtedness.
If these suggestions be adopted b. tho
Democratic party the whole debt of the
State will snnn e $:;;;;;;:v::vvii and 5uttio,
the unity aud integrity Of the party will
be preserved, and the future of the State
DO secured.
THOMAS B. JErER, Chairman.
The following proposition is submitted
rs basis of settlement of the Consoli-
dation Bonds and Stocks and of the
Floating indebtedness of the State:
/. To levy for the current fisca! year o
terest orders maturing On the Consolida-
ton Bonds and Stocks during the present
fiscal year.
2.sTo constitute special court Of threa
circuit Judges 10 be chosen by the Gen.
eral Assembly on the nomination of O
caucus, who shall have jurisdiction to
hear and detcsmine case or cases made
up to test tho validity of the various elias.
ses of bonds and stocks mentioned in the
report OF the Bond Commission rs mot
Issued in accordance with law, and GU,
ti.0Fized 10 pe consolidated by the act of
1879" and also "as not issued Z, accor-
dance with law and fCrther designated
in Schedule 6 of said report, with the
right Of appeal to the Supreme Courts of
the State aud United States; the propri-
ETY. of the appeal or the part of the State
to depend ON thet -aand Of the attorney
general and the -aistant counsel or o
majority of them.
3, That the General Assembly shall
employ two assistant counsel to aid the
tosne,f-se:ee.sii general :a tt,6 proceedings TO
settle the validity Of said honda and
stockB.
4. That the Encouragement with the
consent of the creditors, or 30 many of
them as may be necessary. make M a
ease or cases to be tried in eaid court, ia
which, if practicable, the State may be
TO test the validity Of the
bonds and stocks mentioned in said
Schedule g.; bringing before the court
the various classes of vouchers which are
said to impair the validity of said bonds
and stocke. s
S b. That as to'the coupons and interest
orders on bonds and stocks mentioned In
Schedule of raid repc the Same be
paid those for the last fiscal yesr out of
The money now IN tho treasury for that
purpose, and those for the current fiscal
yesg Out of the tax TO ba levied for that
purpose.
s. That as Co coupons end interest or.
aers on any the several classes of bonds
and atoelra mentioned in sa:A Schedule s51lses,aio
the Hame be paid out of the taxes for
the laAt and current fiscal year. .sss>eH= /!
lively, whenever there shall be final
or to the validity of the
iaid several clasaes of bonds and stocks |
u Sfavor OF The. said bonds and stocks and |
against the State.
n. That the aaid conrs ehall meet i. tile
City of Columbia on tho fiFst Monday in |
Nay, With power &c a9' IN from time 20 |
lime, until tho whole matter Is disposed
u.
5 {. That "a Ass..her bonds or stocka be |!
ssued under the act of 1873, known as |
he Gonsol;datioh Act, iri exchange for
ponds or stocks Issued Hinco April, 1868,
Until they ara duly examined BY the eu-
hOrity Of the General Assembly and |
ound valid.
.. 4 InaI nj, OF tne unfuuded debit and I
liabilities Of the State iaeIudlnS herein |
he BILLS Of tho Bank OF the State and SO /
much os tie fun6ed debt as Is known "a,
he Little Bonanza, ba settled after |
yrupeF proof and examination &C the rate
Il fifty pen cent., payable ia coupon
,cnda bearing interest at tho rate of six
1er cent. per anRuFi, payable Bemi.annu.
lily, The pfincinaI payable yitls::. III
EeaFs in full satisfaction Of said demands;
except that advances made fof the snp.
Sort Of tho l:dnatic Asylum and State /
PssnIisenssaFIy since the ist of Ncyenber. L
6l nm :a al Il . 10 T,.iyf tiIe EnOnns
lntnaliy and bssle 5estis diue, aifcr proof |
Ind proper examination thereof, the said I
,ayraent 20 be made in coupon bonds OF
Ike charS Scter IS those above gefesreti Co.
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