Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1878-03-14
From the News and Courier.
COMPROMISE ON THE BONDED DEBT.
COLUMBIA, March 9, 1878.


The Democratic caucus, consisting of men,
bers of the Legislature, was called together
at 4.3O, D. m. Senator Jeter, chairman of
the conference committee, at once arose and
presented the report and written compromise
which had been agreed to. Its as follows: :
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 members Of the Democratic party
respecting the funding act and the report OF
the Bond Commission thereon, respectfully
report:
That they have conferred with each other
and have discussed various plans Of settle
ment, and that they have finally agreed unan-
imously upon the adjustment herewith sub
mitted.
AS they have been appointed to suggest
plan for adjusting the bonded debt of the
State, they have considered, as part of the
same subject, and as in very great measure
inseparably connected Herewith, the out
standing floating Indebtedness of the State.
The plan of settlement which had been adopt
ed by former Legislature, and which has
been accepted by a majority of the bond
creditors of the State, including Barring Bros
d Co., proposed to the holders of the State
bonds, payment of their claims at the rate Of
fifty per cent. thereof AS a matter of fair
dealing, all the State creditors should be put
on the same footing. The committee have,
therefore, inserted clause providing for the
settlement of the floating Indebtedness.
r. IL ho ode tod hy tho
ocratic party. the whole debt of the State will
soon be adjusted and settled, the unity and
integrity of the party will be preserved, and
the future welfare of the State be secured.
THos. B. JETER, Chairman.
The following proposition is submitted as
a basis of settlement Of the consolidation
bonds and stocks and of the floating indebt.
ness of the State:
l. To levy, for the current fiscal year, a tax
sufficient to pay the coupons and interest or
ders maturing on the consolidation bonds and
stocks during the present fiscal year.
2. To constitute special court, consisting
of three Circuit Judges to be chosen by the
General Assembly on the nomination of a
caucus, who shall have jurisdiction to hear
and determine case or cases made up to test
the validity of the various classes of bonds
and stock mentioned in the report of the Bond
Commission, as mot issued in accordance with
law and authorized to be consolidated by the
act of 1873" and also "as not issued in &C.
cordance with the law and further designa.
ted in schedule of said report with the right
of appeal to the Supreme Courts of the State
and United States. The propriety of appeal
on the part of the State to depend on the de-
cision of the Attorney General and the asss-
tant counsel or majority of them.
3. That the General Assembly shall en-
ploy two assistant counsel to aid the Attorney
General in the proceedings to settle the valid
ity of said bonds and stocks.
4. That the Attorney General, with the con-
sent of the creditors, or so many of them as
may be necessary, make up case or cases to
be tried in said court, in which, if practica-
BILE, the State may be defendant, 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
impar the validity of said bonds and stocks.
5. That as to the coupons and interest or
ders on bonds and stocks mentioned in sched-
ule 5 of said report, the same to 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.