The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-07-04
THE STATE BONDS.

go !
.satis6sd.with the creation of the Bond
Court as means Of settling the State
debt because they believed it to be the
only method of disposing of the vexed
question to the entire harmony of the
Democratic party. It wase referred to
this Court, consisting of Judges Aldrich,
Thomson and Hudson, and at their
hands, full Justice would no doubt have
been done between the State and her
creditors, after a full and patient hearing
Of all the testimony and points on each
side. Under the decision of this Court,
the people of the State would have been
bound, and nc. doubt would have paid
1.-The valid portion Of the debt as ascer-
|. tanned by them without aFmurmur: The
proceedings of this Court, however, have
.besn inferpolated by proceeding on the
part Of some of the Charleston bond
holders, who have instituted and tried a
case before Judge Mackey to compel the
Treasurer OF that County to receive the
coupons on their bonds for taxes. The
decision will be rendered in few days,
.and from Judge Mackey's pronounced
views upon tins subject, it will no doubt
be favorable to the bondholders. The
case ought to go on up to the Supreme
Court, but in that event the decision
would be equally certain to be favorable
to thu bondholders, as Chief Justice
Willard and Associate Justice Haskell
are known to entertain the same views
as.J Judge Mackey on this question.
This action on the part of these bond
holders is unfortunate and unpatriotie,
In that it virtually refuses to submit the
justice or legality Of their bonds to the
impartial tribunal formed by compro-
mise of both parties to try this very class
of cases. Not only do they refuse to
submit the question to this Court, but
they seek q. .decision from Judge whose
views were known. to be. favorable to
them before their case was instituted.
This action will, We fear, retard the set
tlement of the public debt, for it will
bring tho whole question up before the
next Legislature, whose duty it will be
to ward off from the State treasury the
hungry holders of fraudulent bonds, who
have bought them at nominal figures, and
are now seeking 10 exact from the State
the payment of obligations which were
never legally contracted by the State:
The voters of South Carolina ought to
make this a question in the next election
for Senator'S and Representatives, and
send only men who are willing to see
that justice is done to the State and her
debtors also. Ifthe holders of bonds
classed as doubtful by the recent bond
commission attempt to- compel payment
Of their bonds by the use of coupons to
pay taxes, it can be prevented to the
amount of half the value of the coupons
by changing the time for collecting the
taxes from the Fall to January. The
stipulation on the coupons requires that
to be good in the payment of taxes they
shall only be used in Ae year in which
they fall due, and as one half fall due
in July, if the taxes are collected before
that date they cannot be used at all.
The State would thus have the matter
out of the reach of the Courts to that
extent, and If necessary might even go
to such extent as toget the whole amount
out of the reach of the Courts. The
efforts of the bondholders to enforce
their doubtful bonds should be vigorous
" resisted, and nothing should be paid
until the Bond Court decides the cases.
If it is prevented from deciding them at
all, then the next Legislature should see
that the honest debt of the State shall
be paid, and that the frsuduIent portion
of it shall be eliminated. We are will
ing to abide the decision of the Bond
Court, but if it is not allowed to settle
the matter, then the Legislature should
look after il.