The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-12-12

over them to pay the heaVy burden OF
taxation which the payment of these
fraudulent bonds impose.
Sd. lie claimed that the theory of
those who seek to pay the consolidation
debt as it stands is based on an errone.
Gus position, for they say that the debt
is less now than before the war, and
therefore we ought to pay it for we gain
by it, but he did not think so. The fact
that the honest creditors of the State
have agreed to take fifty cents Oh the
dollar is no reason why we should pay
those who hold fraudulent claims fifty
cents on the dollar also. He favored
paying the honest portion of the con-
solidation debt, after eliminating the
fraud from the settlement, and contend
ed that this was all that either law or
equity would require the people to do.
He said that the people of the State were
unwilling TO do more than this, and that
if the proposition WAS submitted to them
more thar two-thirds would vote against
paying one cent of the fraudulent debt,
and that they would decide large por-
ton OF it to be fraudulent
4th. He urged the farmers, who repre-
sent the toiling thousands in this State,
not to be swayed from sustaining the in
terest of their constituents, although they
would hear the most learned and elo-
quent arguments from the gentlemen
who would follow hin. He did not
doubt the sincerity of those gentlemen,
but he knew By experience that attor-
neys generally believed that their clients
were right, and many of the learned at
torneys who would urge the payment of
the whole debt came here by the influ-
ence of bondholders, and having been
their attorneys it is natural that they
should feel that their clients are right
and their claims just. The people of
South Carolina, however, look to their
representatives not to be controlled by
eloquencc nor friendship nor admiration,
but by firm and stern resolution to do
what is right and protect the interests of
the people in opposition to unjust claim
ants. lie said the Legislature has a
double duty to perform in this matter
| The people look to it to free them OF
their unlawful bonds, and the holders of
valid bonds have the right to expect that
the Legislature will not deprecate their
obligations against the State by admit
ting fraudulent bonds in a large sum
upon an equality with theirs. The argu-
ment Of the bondholders that any inter-
ference in this matter will injure the
State is not we'll founded, for the State
has no credit now and never will have
any as long as we owe more money than
we can pay. If the consolidation debt
was all that the State owed it would not
make so much difference, but that is
about SC, 100000 of it; 81 100000 of the
scaled floating debt before the Commits
sioner of Claims; large amount Of in
debtedness on railroad guarantees; an
indefinite and apparently expanding
amount of bills of the Bank of the State,
and other liabilities amounting to from
twelve to fifteen million dollars, and the
State cannot pay this amount without
ruinous taxation. The credit of the
State will never be good as long as this
amount is outstanding, for financiers
know that the State cannot pay it. 1t is
Just like an individual-if he owes more
money than he can pay his credit is bad,
and a compromise of those debts will
give him a better credit than letting
them stand. The State had better throw
off what it does not owe, for then the
people will feel that they have fixed
sum of just debt to pay, and the agita-
ton will cease; but if it is attempted to
keep the whole sum over us it will be q
theme of discussion and discord for the
next half century. The best interests of
the bona fde bondholders and of the peo-
pie require that the settlement shall be
made on the basis of an elimination of
the fraud, for nothing else will satisfy
the people and the bondholders will
never be safe until the people are salts
fed.
5th. That the Legislature should not
be unduly influenced by the statements
that any man or set Of men favored pay
ing this debt, for the people did not send
their representatives to record the wishes
of any individual or individuals, but to
act as free thinkers and true representa-
tives He had no ccnsure for any per-
SON who differed from him, and was glad
that the administration occupied the po-
sition it does, for it refers the RESPONSE
bility of this settlement on the Legis
lature, which is the proper place for it to
rest.
In conclusion he urged the represcn-
tatives to stand firm to their views Of the
peoples interest, and take such posi-
tion on the question as would not only
give satisfaction now, but be looked back
to in future years as a true and patriotic
action. He said that, in his opinion, it
would be a great mistake to have the
Bond Court to settle this great question
on the testimony which was so incom-
plete, for if we allow the court to vail
date the fraudulent bonds they would
then have show of validity against the
Stare, which would make it reputation
to refuse to pay them. He reminded the
Legislature that the frauds were not
small, but that the bond commissions
report shows that in round numbers of
S5,013,000 of consolidated debt $685.
0GO are fraudulent. The people cannot
afford to present this as gratuity to
those who hold them, and many of whom
obtained them at nominal figures. He
favored repeating the act creating the
court, and then changing the time for
collecting taxes from the fall to the
spring of the year, which would get rid
OF one half of the coupons, as those fall
ing due in July would not be receivable
at all, and we could pay such of them as
were valid and free ourselves from the
others. He was opposed to rcpudiating
any just debt, but was in favor OF eradi-
eating every cent of fraud, and for these
reasons would vote against striking ont
the resolving clause and in favor Of pass
ing the repeating resolution.
At the conclusion Of this speech, Mr.
Haskell got the floor, and occupied
about one-half of his time in reference to
a speech which Gen. Gary had made in
the Senate. The following is the Regis
fcr'S account Of his speech:
Mr.. Haskell replied to Mr.. Murray, and
/ soid that he Objected tn the snirit in