The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-08-09
Tho Bond Debt Of the State,

We have been several times asked whether
some Of our members of the Legislature did not
vote for the payment of fraudulent State bonds,
and we have reason to believe that some peliii-
cal aspirants, having more greed for Office than
correct Information, are endeavoripg to excite
prejudice against some of our worthy represen-
tatives upon this question. The high charac-
ter of those gentlemen should be q sufficient
guarantee that no such vote was cast by themj
but we can safely say that member of the
Legislature, from this County, voted for the
payment of fraudulent bonds
If the question of the settlement of the State
debt, under the consolidation Act, should he
made an issue of the campaign it would not be
difficult for those WHO advocated that settlement
to shew, to the satisfaction of the people, that
it was the best settlement that coull possibly be
made for the State.
Governor Hampton strenuousy advocated it ;
the Comptroller General, the State Treasurer,
the Secretary Of State, the Attorney General in
fact, all the State officers approved it also. They
arc the persons entrusted by the people with
til. management of the State finances; they are
thoroughly conversant with the subject and en4
tirely devoted to the States interest. That the
people of the State are in entire accord with
them upon this subject is abundantly proved by
the unanimous Nomination OF TING eentifc State
ticket by the Convention last week.
No where in the Slate, so far rs we have been
informed, has this question been attempted to
be brought into politics. All over the State the
people are satisfied with the settlement of the
question.
Demagogues, having nothing else at hand,
I, ;,,,l,
vor to pull down an adversary upon this qucs-
ton but this can only be accomplished by mis-
representation.
When the people correctly informed upon
the subject they will agree that the settlement
advocated by Gov. Hampton. viz: the settlement
under the consolidation Act, is the most advap-
tagcous for the State, and is the proper to
be made. 1t will be impossible in the neccssa.
rily short space of newspaper article, to fully
| discuss the subject. We can only very briefly
give general idea Of the condition and amount
| of the debt and the settlement proposed.
| In 1868, when Gov. Scott and the Republicans
took possession of the State government, tho
State debt ,262. .23l 90
| In 1871 the Radical administration
| had Increased til, debt TO 1851 627 35
|
In December, 1878, the consolidation Act was
passed. 1t voted for hy all the democrats
in the Senate and House. 1t proposed settle
mcnt of the State debt at the rate of 80 cents
OH the dollar.
| The debt ut that time was.......Sl5, ,S5l ,G27 SO
| Of this amount the Consolidation Act
rcpuliatc,l, rs fraudulent . 5oi5oOo 90
Reducing the debt to be consolidated, 9sS6G27 81
Tho l;n, ,ol .l,,lo
arc the bonds known as the Conversion bonds,
and are the only bonds which were clearly IL
sued without authority of law
| The debt, therefore, recognized by the coneol-
idation Act and to be settled at 80 cents on the
dollar, amounted to S9,SSG, ,G27 So. To this
amount must be added some interest, So that,
when consolidated, the debt will be rs stated
| below
| Most Of the holders Of the old democratic
bon Is and also of the new, accepted the terms
of the settlement, and it is well understood that
all are willing to accept.
The settlement under the Consolidation Act
| began sh rty after its passage and has proceeded
| thus far, that, at the election OF Gov IIamp-
ton there had been retired, under the Act So
| 793,5S0 90, for which the State had issued
| Consolidation bonds, at the rate of 80 cents on
| the dollar, amounting to........... 800 900 90
| Stn remaining unconsoli-
,'.'eu S,oi33l
Interest, 100000
3,2ol,55I
Consolidated ut 50c..............Sl,G 600 2G5 90
Making the whole debt t............S5,g sos, ,5G5 90
10 recapitu!ate, and purposes of compari-
son:
,s ,ll
'"" =! '"c i''n''aIS 10 1881 G27 81
As H'''l'" by Consolidation Act 590S,5GI 90
Nothing further WAS doue by the legislature
with the dcOt, cXccp: to establish q Court to
pass upon the validity of the bonds. This was