The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-03-14
THE BONDED DEBT.


After debating the question of adopt
ing the report of The Bond Commission
for several days, . caucus of the Demo
cratic members of the General Assembly
was called to decide the result, but it was
known that among the Democratic mem
bers of the House the majority favored
the adoption Of che report, so it was
necessary for those who opposed the re.
port, and favored, the payment of the
consolidation debt just as it stands, to
secure the cooperation Of the Repubh-
can votes to carry it. Hence, the adyo-
Gates of paying tue so-called debt opposed
action by the caucus, and most of them
Withdrew. Messrs. Orr, Haskell and one
or two others remained and opposed any
action by the caucus. The discussion
was continued for several days, and two
compromise committees raised. The first
failed, and,the second submitted the fol-
lowing report, which was adopted. and
will DE the result of che long debate on
the bond question:
The committee appointed by the caucus
charged with the duty of considering, and
if possible of suggesting, some plan
whereby may be adjusted the differences
of opinion between the members of the
Democratic party respecting the Fund
ing Act and the report of the Bond Com
mission thereon, respectfully report:
&. That they have conferred with each
other and have discussed various plans OF
settlement, and that they have finally
agreed unanimously upon the adjustment
herewith submitted.
AS they have been appointed tosug-
gest a plan for adjusting the bonded debt
of the State they have considered as
part of the same subject, aud as in 6 very
great measure inseperably connected
Herewith, the outstanding floating in-
debtedness Nof the State. The plan of
settlement which had been adopted by
q former Legislature, and which has been
accepted by the majority of the bond
creditors of the State, including Barring
Brothers & Co., proposed'to the holders
of, the State bonds, in payment OF their
claims at the rate of fifty per cent. thereof.
As matter of fair dealing all the State
creditors should be put on the same foot
ing. The committee have therefore inser-
ted clause providingfo for the settlement
of the floating Indebtedness:
If these suggestions be adopted oy the
Democratic party the whole de bt OF the
State will soon be adjusted and settled,
the unity and integrity of the party will
be preserved, and the future CT the State
be secured.
:. THOMAS B. JETER, Chairman.
The following proposition is submitted
as a basis of settlement of the Consoli-
dasion Bonds and Stocks and of the
Floating Indebtedness of the State:
/. To levy for the current fiscal year q
tax sufficient to pay the coupons and in
terest orders maturing on the Consolida-
tion Bonds and Stocks during the present
fiscal year.
2..To constitute a special court of three
circuit Judges to be chosen by the Gen
eral Assembly on the nomination of o
caucus, who shall have jurisdiction to
hear and determine case or cases made
up to test the validity of the various clas-
ses of bonds aud stocks mentioned in the
report of the Bond Commission as "not
issued in accordance with law, and au-
thorized to be consolidated by the act of
1873" and also 'as not issued in accor-
dance with law and further designated
in Schedule 6 of said report, with the
right of appeal to the Supreme Courts of
the State and United States; the propri-
ETY. of the appeal on the part Of the State
to depend on the demand of the attorney
general and the assistant counsel or
majority of them.
s. That the General Assembly shall
employ two assistant counsel to aid the
attorney-general in the proceedings 10
settle the validity of said bonds and
stocks.
4. That the encouragement with the
consenr of the creditors, or so many Of
them as may be necessary, make up a
case or cases to be tried in said court, in
which, if practicable, the State may be
to test the validity of the
bonds 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.
S. That as tothe coupons and interest
orders on bonds and stocks mentioned 10
Schedule 5. 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 fiscal
year out of the tax TO be levied for that
purpose.
6. That as to coupons and interest or
ders on any the several classes Of bonds
and stocks mentioned in said Schedule
6 the same be paid out of the taxes !or
the last and current fiscal years respec-
lively, whenever there shall be fral
adjudication as to the validity of the
said several classes of bonds. apd stocks
in, favor of the, said bonds and stocks and
against the State.
z. That the said court shall meet in the
City of Columbia on the first Monday IN
May, with power to adjourn from time 70
time, until the whole matter is disposed
of.