The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1878-03-14
Settlement of the Bond Questi on

the members the Legislature. We are
gla1 to SEQ this, as the excitement
0verit was waxing warm, and it was
reriously apprehended by some, and
dovoutIy wished tor by the Republi-
Leans, that it would prove rock
Qpon which the Democrats would
split. The two factions were pretty
evenly divided, and it is hard to say
what would have been tho result if
The matter had been pressed TO vote.
Che entire Charleston delegation.
With a few other Democratic mem~
Oers, backed by all the Republican
nembers, were in favor of standing
by the Consolidation Act; whiIo
majority OF the Democratic mem bers
we're in favor of adopting the report
Of the Committee. The fight has been
'ierce, bitter and protracted, and we
are glad to see that IT has been dis
posed of. The following is the agree.
7Dent:
The committee appointed by the
caucus charged with the duty of con-
sidering, and if possible Of suggesting,
como plan whereby may be adjusted
.he differences of opinion between the
members of the Democratic party re>
"pecting the Funding Act and the re-
port OF the Bond Commission there
on, respectively report:
That they have conferred with each
other and have discussed various plans
of settlement, and that they have
finally agreed unanimously upon tho
adjustment herewith submitted.
AS they have been appointed to
cuggest plan for adjusting the bond>
I'd debt of the State they have consid.
ared as part of the same subject,
and as in very great measure in
seperably connected thcrewith, the
outstanding floating indebtedness Of
he State. The plan of settlement
which had been adopted by former
Legislature, and which has been ac .
copied by majority of the bond
creditors of the State, including Bar
ing Brothers & Co., proposed to tho
holders OF the State bonds, in pay
ment of their claims at tho rate of
~ity per cent. thereof. AS q matter
1T fair dealing all the State creditors
"hould be put on the same footing
The committee have therefore insert
ed u clause providing for the settle
ment of tho floating indebtedness.
,Af these suggestions bo adopted by
he Democratic party the whole debt
of the State will soon be adjusted and
settled, the unity and integrity of the
party will be preserved, and the future
cf the State bo secured.
.., THOMAS B. JETER, Chairman.
The following proposition is SUBJ
mltted as basis of settlement of the
Consolidation Bonds and Stocks and
OF the Floating Indebtedness of the
State. 80
l. To levy for the current fiscal
year tax sufficient to pay the cou>
pons and interest orders maturing on
The Consolidation Bonds and Stocks
during the present fiscal year.
2. TO constitute q special court of
three circuit judges to be chosen bv
the General Assembly on the nomi>
nation of a caucus, who shall have
jurisdiction to hear and determine n
case or cases made up to test the va.
hdity OF the various classes Of bonds
ana stocks mentioned in tho report of
tho Bond Commission as "not issued
IN accordance with law, and author.
lzed' TO be consolidated by tho not of
1885, and also "as not issued in ac
cordance with law" and further desies
mated in Schedule 6 of said renort
wuhtlheiright OF appeal to tho su.
preme courts of the State and Tnited
states, tho propriety OF the appeal on
the part. OF the State 10 depend on the
demand of the attorney, general and
the assistant counsel or a majority of
them.
3. That the General Assembly shoI,
two assistant counsel n o;d