The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-03-15


Guiding Barring Brothers & Co., proposed to the
holders Of the State bonds, in payment Of their
cleins At the rate Of IT. per cent: thereof: As
shoufu % put % ~ fc0slu lZn9 COM
mittee have therefore inserted clause proyid-
ing for the settlement Of the floating indebted
ness. 80.
If these suggestions be adopted by the .D<mo-
cratic party the whole debt of the States soon
be adjusted and settled, the unity and tegrity
Of the party will be preserved, and IS future
prosperity Of the State be secured.
THOMAS B. JErER, chairman.
The following proposition is Admitted rs
basis of settlement of the Constellation Bonds
and Stocks, and of the Floating Indebtedness of
the State:
1. To levy for the current fiscal year tax
sufficient to pay the coppopf andinterest orders
maturing on the Consolidation Bonds and Stocks
during the present fiscal Year.
2. To constituteSa special court Of three cir
cult judges, to be chosen by the General Assem-
bly, on the nomination Of q caucus, who shall
have jurisdiction to hear and determine a case
or cases made up to test the validity of the va
rious classes of bonds and stocks mentioned in
the report of the Bond Commission as mot is.
sued in accordance with law, and authorized to
DO consolidated by the act of 1873" and also
"as not issued in accordance with law" and fur
ther designated in Schedule @ Of said report,
with the right of appeal to the Supreme Courts
of the State and United States; tho propriety
of the appeal on the part of the State to depend
ouAhe demand of the attorney general and the
assistant counsel or majority of them.
.. That the General Assembly shall employ
two assistant counsel to aid the attorney-general
in the proceedings to settle the validity Of said
bonds and stocks.
A. That the Encouragement with the consent
OF the creditors, or SO many of them as may be
necessary, make up case cases to be tried
in said court, in which, if practicable. the State
may be defendant, to test the validity of the
bon Is and stocks mentioned in said Schedule 6;
bringing before the court the various classes of
vouchers which are said to impair the validity of
said bonds and stocks.
b. That as to the o>npons and interest orders
on bonas~nd stOcks mentioned insSehainls s Of
said report, the same be paid those for the last
fiscal year out OF the money now in the treasury
for that purpose, and those for the current fis.
cal year out Of the tax to be levied for that pur-
pose.
q. That as to coupons and interest orders on any
of the several classes of bonds and stocks men
toned in said Schedule 6, the same be paid out
of the taxes for the last and current fiscal years
respectively, whenever there shall be final ad-
judication as to the validity of the said several
classes Of bonds and stocks in favor of the seiS.
bonds and stocks and sssiaas thu 6tate
T. That the said court shall meet in the City
of Columbia on the first Monday in May, with
power to adjourn from time to time until the
whole matter is disposed of.
g. That no further bonds or stocks be issued
under the act of 1873, known as the Consolida.
ticn Act, in exchange for bonds or stocks issued
since April 1868, until they are duly examined
by the authority Of the General Assembly and
found valid.
o. That all of the unfunded debts and liablli-
ties Of the State, including herein the bills of the
Bank Of the State and so much of the funded
debt rs is known as the Little Bonanza, be set
tied after proper proof and examination at the
rate OF hty per cent payable in coupon bonds
bearing interest at the rate of six per cent. per
annum, payable semi-annually, the principal
payable within - years in full satisfaction of
said demands except that advances made for
the support Of the Lnnatic Asylum and State
on which shall be paid the amount actually aud
bona tide due, after proof and proper examine
tion thereof, the said payment to ::be made in
coupon bonds Of like character as those above
referred to. for the full amount allowed after
such examination.
THos. B. JErER, A. P. BUrLER, T. B. FRASER,
j. w. MAXWELL, On the part Of Senate.
CHARLES H. SIMosTox, J. w. GRAY, ROBERT
Il. HEMPHILL, r. b. RHETT, D. F. BRADLEY, r.
A. CoNHoR, On the part Of House.
Mr.. Jeier explained the terms of the compro-
mise, and urged the caucus to adopt it without
opposition, as he was satisfied that by means Of
it, even and exact justice would be done the
bondholders and the State. A pipa poee vote
being taken; the compromise was adopted with
but only few dissenting voices. 1t was then
moved that the vote be made unanimous There
was only one vote In the negative. Thus Il will
be seen that the compromise is "un faa accom-
pA," and the vote upon the question In the House
on Thursday will be mere matter Of form.
1t Is o significant fact that the price Of gold,
rs quoted in Wall Street, New York, instead Of
going up on the passage Of the Silver Bill, has
actually declined. What say the gold.bugs to
this result