The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-02-14

| hCsiolaGuLO vi uPOt-uhC ooihO ouOlCSUy vi
relating expressly to the same point en-
joined for the same reason. 1t is to be
inferred that code of statutes relating
to one subject was governed by one spirit
and policy, and was intended to be con-
strued harmonious in its several parts
and provisions. 1t is, therefore, an es-
tablished rule of law that all acts pari
materia are to be taken together as if
they were one law, and they are directed
to be compared in the construction of
statutes, because they are considered as
framed upon one system and having one
object in view"
The ordinance, in the judgment ofthe COM
mission, being of paramount authority, they
regard the issue of bonds under the acts afore-
said, known as Land Commission bonds as
having been issued contrary to the provisions
of theordinance as well as the acts aforesaid,
and, therefore, without authorityrof law.
AS TO BILLS RECEIVABLE BONDS.
The act to authorize loan to redeem the
obligations known Us the bills receivable Of
the State ofSouth Carolina authorized the
Governor to borrow on coupon bonds, loan
not exceeding S500,000 or as much thereof
as he might deem necessary, to redeem the
bills receivable.
The whole amount of billsreceivable issued
and outstanding was SS00,000.. AS the
bonds issued under the act were;all sold ut 10
cents on the dollar it required the issue of
not exceeding S429, 900 of them to produce
the amount necessary to redeem the bills re-
ceivable. The actual issue of bonds was
| $500, 900, being S71, 900 more than was ne
cessary; and the commission are of opinion
that these S71 900 ofbonds was issued in ex-
cess ofwhat the act authorized. Inasniuch,
however, as the commission are unable to
designate the numbers OF the bonds issued
in excess, they have placed the whole amount
of bills receivable bonds which were in all
other respects fundable among the valid
vouchers.
AS TO REGISTRATION.
The commission deem it their duty to call
the special attention of your honorable bod
les to the fact, ascertained at the outset of
this investigation, that the following bonds,
to wit: For redemption bills receivable,
$50O,000; payment interest public debt
S2,000,000; relief of treasury, Sl,000,000;
Land Commission act 1869, 5000, 600; Land
Commission act 1870, $500,000, were put
upon the market in disregard Of section IA,
article 8, of the constitution, which requires
that "a correct registry of all such bonds
shall be kept by the Treasurer in numerical
order, so as always to exhibit the number
and amount unpaid, and to whom severaliy
made payable" r 80 q.
That registry of these bonds was never
made is shown by the evidence of N. G.
Parker, former Treasurer, and j. L. Little,
his chief clerk, which evidence is append
ed. hereto and made part of this report.
What effect this want of compliance with
plain constitutional requirement would have
upon the validity of the bonds referred to,
the commission submit for decision to your
honorable bodies. !. It would seem, however,
that the trainers CT the constitution required
this registration to be kept, not only as a
record by the examination of which the
outstanding obligations of the State could
be, readily ascertained, but also that those
dealing with the agents Of the State or in
State securities might, by reference to the
record, protect themselves from the irapo-
sition Of bonds improperly. put upon the
| market. This view seems to be supported
by the decision of the Supreme Court in the
case of Morton, Bliss & Co. vs. Comptroller
| General. The effect of departure from
the requirements of section Il, article Q, of
the constitution, does not appear to have
been raised; and was not, therefore, decided
by the court. In speaking, however, of this
section, Associate Justice Willard, who de-
blivered the opinion of the court, said:
"This section determines both the evidence
that shall entitle the public creditor. and
that which shall guide the executive officers
in all duties pertaining. to such indebted
ness. The creditor must hold bond of
| certain character and number, and the exec
utive officers must test the validity OF such
evidence OF debt by the official registry re-
quired by the constitution" Morton, Bliss
& Co. vs.. Comptroller General Richard
son, New Series, p. 456.
ID In this connection the commission re-
spectfully call the attention of your honor
able bodies to an act, entitled "An: act re-
lating to the bonds of the State of South
Carolina" approved March 13, 1872, and
known as the validating act." The pur-
pose of this act was to waive certain irreg-
ularitics, and to put at rest. doubts which.
Had arisen whether said issues were in strict
conformity to the provisions of the said
several acts under which they were respec-
lively issued" In the preamble to this act
the classes of bonds concerning which
doubts had arisen were enumerated; and
among them were all the classes above men
toned as not having been registered in ac-
cordance with the constitutional require
ments. The Sd section of this act provides
as follows:
"That each and all of the bonds named
in the said annual report of the Treasurer
of this State for the fiscal year ending with
October 81, 1871, be and the same are here
by, declared to be legal and valid bonds Of
the State of South Carolina, for the pay
ment of which the faith, credit and funds Of
the State have been, and are hereby pledged;
Provided, That no bonds be included which
are not registered in the Treasury at the
time of the passage Of this act, as provided
for by section IA, article 8, of the constitu-
ton relative to finance and taxation"
By this provision Of the validating act,
the above mentioned classes of bonds are
expressly excluded from the benefits, if any,
there to be derived from that act.
The commission invite the attention Of
your honorable bodies to the fact, that the
following consolidation bonds and certif-
Gates of stock, to- wit: Bonds Nos. S529!to
1915 for $1,000 each, $4,000; Nos. 1905
to 1915 for $500 each, $500; certificate
of stock No. So, $500; certificate of stock
No. 9SS, $3.50; certificate Of stock No. No.
959, S2O25O; certificate af stock No. 900,
S495; certificate Of stock No. 991, S237.50;
certificate of stock No. 992, $50; certificate
of stock No. 993, S235; certificate of stock
No. 9s4, $50; certificate of stock No. 995,
SIS; certificate of stock No. 996, $500
certificate of stock No. 997, S135; exchange
and transfer certificates of stock No. sSS,
$S5; exchange and transfer certificate of
stock No. sS4, SIS, exchange and transfer
certificate of stock No. 1856, $40; exchange
iand transfer certificate of stock No. 1856,
-S235, were issuedby T. l.. Cardozo as State
Treasurer, the same being signed by D. II.
Chamberlain as Governor, and countersign-
ed by Thomas c. Dunn as Comptroller
General, after the terms of all those officials
had expired.
As there are proper number of vouchers
r. r