The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-08-09
Tho Bond Debt Of the State.


We have been several times asked whether
some af our members Of the Legislature did not
vote for the payment Of fraudulent State bofds,
and we have reason to believe that some peliii-
cal aspirants, having more greed for Office than
correct information, arc endeavoring to excite
prejudice against some Of our worthy represen-
tauves, upon this question. The high characa
ter of those gentlemen should be sufficient
guarantee that such vote was cast by them
but we can safely say that no member Of tho
Legislature, from this County, voted for the
payment Of fraudulent bonds.
1t the question of the settlement of the State
debt, under the consolidation Act, should he
made nm issue of the campaign it would not be
difficult for those wlto advocated that settlement
to show, to the satisfaction of the people, that
it was the best settlement that coull- possibly be
made for the State.
Governor Hampton strehuously advocated it :
the Comptroller General, the State Treasurer,
the Secretary of State, the Attorney General, in
fact, all the State officers approved it also. They
are the persons entrusted by the people with
thI management Of the State finances; they are
thoroughly conwersant with the subject and en.
tirely devoted to the States interest. That the
people Of the State are in entire accord with
tiem upon this subect is abundsntly proved. by
the uHAhinods nomihation % tho eJntifOssSfa{o
ticket by the Convention last week.
No where in the Slate, so far rs we have been
informed, has this question been tempted to
DO brought into politics. All over the State the
people are satisfied with the settlement of the
question.
Demagogues, having nothing elso ut hand,
may, by indircction and by whsperings, endea-
vor to pull down an adversary upon this aues-
ton but this can only be accomplished by mis-
representation.
| When the people are correctly informed upon
the subject they will agree that the settlement
advocated by Gov. Hampton, viz: the settlement
under the consolidation Act, is the most ndvaa-
tagcous for the State, and is the one proper to
be made. It will be impossible. in the necessa.
rily short space Of q newspaper article, to fully
discuss the subject. We can only very briefly
give general idea Of the condition and amount
Of the debt and the settlement proposed.
In 1868, when Gov. Scott and the Republicans
took possession of the State government, tho
STATE debt was....... .............S7 ,262, ,23l 90
In 1871 the Radical administration
-'N"> -'~A~~e INV NSos w to,ool,OSf ID
An addition ef".............SS,58 $50 1876 35
In December, 1873, tho consolidation Act was
passed. 1t was voted for by oil the democrats
in the Senate and House. It proposed n settle
ment of the State debt ut the rate Of so cents
on tho dollar.
The debt Mt that time ewas........$l5, ,85l ,627 35
or this amount the Consolidation Act
repudiated, as fraudulent :. 596J000 90
Reducing the debt to be consolidated, 9,sss627 IS
The S5,965,OO0, repudiated as fraudulent,
are the bonds known as the Conversion bonds,
and are the only bonds which were clearly is-
sued without authority Of low.
| The debt, therefore, recognized by the coneol-
idation Act, and to be settled at so cents on the
dollar, amounted to S9,8s6,G27 85. To this
amount must be added some interest, SO that,
when consolidated, the debt will be MS stated
| below. ..t't,.
Most of the holders of the old democratic
bonds and also of tho new, accepted the tel ma
of the settlement, and it is well understood that
| all are willing to accept. '7
The settlement under the Constellation Act
began shortly after its passage and has proceeded
| thus far, so that, at the election Of Gov. Hamp-
| ton there had been retired under the Act, SO; =
| 793,5S0 90, for which the State had issued
Consolidation bonds, at the rate Of so cents on
the dollar, amounting to..........s4 ,396 200 90
still remaining unconsoli- ~ fltd
dated, $50. Ill. S2z0ib5i ia, ,.slt,!
Interest, 100000
/ a
3,20455l , :. - .
Consolidated at 5Oc...............$l, ,6O2, ,265 90
- ,-A...>-g y ~ 49,
Making the whole debt. ,99s, ,66S 90
| TO recapitulate, and for purposes of compnri-