The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-02-21
The PUBLIC DEBT. ],

The Legislature is ,It this time proba-i
ykly engaged in the discussion of the pub
lie debt Of South: Carolina, and Upon its
action depends the question as to whether
tie mass of fraudulent bonds issued by
Radical official thieves shall be paid by
Z the toiling masses of South Carolina, or
whether the debt shall be limited TO the
valid obligations of the State as hereto
! 'ffose compromised and settled. In this
great question We ind the daily press Of
/ the State standing by the settlement un-l.
der the Consolidation Act, regardless Of
lis frauds, while a few only of the week
" papers of Soutl, Carolina have raised
their voices against the wrong of paying
the fraudulent and swindling portion of
It. The Ne,rs and Courier has been the
boldest and ablest defender of settling
the debt as it now stands. The Columbia
Registsr also comes to the rescue, and
urges Che same settlement, and it is pos.
sible that sufficient influence may be
iR,ought to bear to effect this result; but
we desire to repeat the protest We have
heretofore made against such 3 course.
The Commission has shown.in its report
that the bonds exchanged fer detached
coupons were issued without authority Of
law, and without any consideration to.
the StateAor, in other, words, they were
clear steal-and hence, neither Justice
law nor liberality requires them to be.
paid, aud the people of South Carolina
are too poor to givagratuities to the per-.
sens who have robbed the State, or been;
sd unfortunate as TO trade with the rob.
bers. These bonds should be rejected,
The other classes of bonds reported
against by the Commission should stand
upon their merits. If the State received
any consideration it should return that
3 at the rate of settlement agreed on. But
The report of the Commission shows that
the Validating Act only recognized such
bonds as we're registered as provided by
law, and bonds reported against were not
SO registered. This registration was q.
public record, which any person buying
the bonds could have examined, and
when they failed to do so they purchased
at their own risk, and occupy the same
position which . man woul6aif he;pur-.
CHASED a piece OF land upon which there
was mortgage. The fact that person
purchased without knowing of the mort
gage would not-relieve him from having
hisland bound by5it. The record of the
mortgage was notice to the world that it
was outstanding. So of registration of
State bonds. iItwas the means by which
persons could ascertain whether a: bond
eas properly on the market or not. lift
was not registered a person would pur-
chase it at their own; risk. If anything
WIS due on it the State ought to pay it,
IF nothing had been received by the State
for # nothing ought to be paid for it.
But it is urged by the Register and
others that the debts not as large now
as it was under Governor Orr's admiris-
tration. This may be true, but because
the honest debt Of the State has been cut
down is no reason why q fraudulent debt
should be paid in its place. If any por-
ton Of the bonded debt, SIS it nov exists,
is q fraud, the people ought not to be
taxed to pay it. We hope the Lcgisla-
ture will make an honorable and just set
tlement of it, and that is all the people
ask. Letu pay cur just debts, but not
the frauds of Republican thieves. If the
Legislature makes the settlement on this
basis it will receive the plaudits of the
people, despite tne efforts of the holders
of fraudulent bonds or their friends.