The news and herald. (Winnsboro, S.C.) 1877-1900, 1878-12-31
An Unanswerable Argument.

An Unanswerable Argument.
Judge Hudson's dissenting opinion
on the validity Of the consolidation
bonds Is unanswcrable. Differing
from Judges Aldrich and Thomson,
he argues the question in its fullest
scope and decides it on its merits.
Judge Hudson plainly intilhates the
absurdity Of electing three judges and
spending thousands Of dollars to
decide only one Of the several qucs-
tions affecting the validity Of the
debt; and very properly maintains
that the people are only interested in
deciding the final question-whcther
from any cause, the bonds are invalid.
1t will be remembered that Judges
Thomson and Aldrich decided that
the court had been appointed merely
to decide whether the original bonds
were valid, without inquiriug whether
any existing invalidity was cured by
subsequent act Of the State; and after
deciding that the original issue was
illegal, they gave small comfort to the
repudiationists, by intimating that ON
the general issue the Supreme Court
might make the State pay them after
all. Such a decision satisfied nobody,
and was not woIth one-tenth the
money aud time expended on securing
it. But Judge Hudson does not
dodge the issue. However unpleas-
ant the task may be, he tells the people
that all irregularities and deficiencies
have been cured, and that the debt
is fastened on the State as securely
as was the Old Man of the Sea on tho
back of Sinbad. The opinion is very
voluminous, but the gist of it is about
as follows: The Radical investigating
committee in 1872 made Il report
showing practically the same frauds
that were subsequently uncarthed by
the bond commission Of 1878. In
1872 the Legislature passed the
validating act, which ra;ilied all the
acts of the financial board. Still
l@ter, the Legislature, by It's settle
ment with Kimpton, recognized the
debt. Again, its validity was cstab-
lished in the Morton Bliss case, and
still later, Cardozo was tried for
illegal consolidation and acquitted.
Then, too, the consolidation act itself
declared that the bonds were a con-
tract between the State and the
creditors. Judge Hudson then shows
that the Constitution Of 1868, under
which wo now live, made the acts Of
the Legislature and of the State officials
acts Of the State herself.
a long list Of decisions is then cited
to show that tho State cannot re-
pudiate the acts Of her officials,
against bona tide holders Of claims.
Judge Hudson also holds that the
consolidation act is just as sacred as
any other settlement made by the
present Legislature, and furthermore
that 1t is compromise by which tho
State got rid of two-thirds of her
debt. In conclusion he says these
bonds are "valid obligations of the
State, and their payment she cannot
avoid on any recognized principles OF
law. She may escape through re-
pudiation, but the law will lend her
no helping hand in this last desperate
resort"
This opinion, covering tho whole
ground, foreshadows the decision of
the Supreme Court. 1t is better to
submit at once. The equities are
with the people, but the law is against
them. Moreover, if the State stands
on the ground Of high honor sho will,
while rcpudiating Radical bonds, be
obliged to pay the ante tc-Rcconstruction
debt dollar for dollar, or about
S9,o00,O00 against 100000 undor
the present settlement. Don't let us
stir the muddy waters any more.