The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-01-31
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The Anderson RssolstiOns.
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aentauses OF the County il the Senate
and House Of Representatives I'LL high
positions with credit and success. ,Gana.
toe Cochran Is Chairman OF the famous
Committee on Peblic Ffaeds. Mr.. Eimy,.
son is Chairman Of the Committee oi
Ways and Means. Mr.. Orr is Chairman
of the Committee on Priyilsges aud
Elections. Anderson County, therefore,
has come quickly to the front In State
affairs, and the wishes Of the Anderson
Democracy will always carry. weight, and
their opinions will have careful consi6e.
ration. Otherwise, It would be unuecea.
aary to take more than passiug notice OF
the resolutions adopted Fast week by The
Executive Committee of the County.
These resolutions, are % follows:s III
"ResolveC, That this Executive Com
mittee hereby expresses its opinion that
the Senators and Representatives in tie
General Assembly should closely scru-
tiniGe the State debt, With q viow 10 ee.
lecting the valid and honest portion OF
it from that which was created in fraud,
and which was squandered by officials
known to be corrupt. q. ?
"Resotced, Tha! we favor the reDudia.
ten of all Of the debt which was created
in fraud, and of ali the bonds which
were sacrificed at nominal prices; and
further, that we favor the reputation OF
ell bonds. the proceeds of which were
squandered by Republican officials, inas.
much ca their character as public plnu-
derers was notorious, and those dealing
with them did SO at their own risk.
"Rcsoived, That we favor the payment
of the valid portion of the debt, for
which the State received q valid couside.
ration, according to the rate of compost.
ton agreed upon between the creditors
oS The State under the Consolidation
Act" 1855 "a li,e .i.,s s.s \, !
The debt has been closely ecrutinized
by the Bond Commission, and the report
of the Commission will be closely scru-
tinized by the General Assembly. It 20
reasonable to expect that the manner la
which the debt Of the State was created,
under Scott and Moses, and tbs way in
which the proceeds of the bonds were
squandered, will be moro clearly and
satisfactorily explained than Ia any OF
the preceding reports on the Same sub
ject.. Nor will this exposition be without
practical value, for 1t will indicate what
officers were engaged in unlawful acts,
and are Liable TO punishment for their
misconduct. 8 It is o different matter
when 1t 10 proposed 10 repudiate all
bonds "the proceeda of which were
squandered by Republican ofiicials,n .
inasmuch as'the disposition made of the
proceeds did not, and could not, eject
the character of the bonds. nThia Ia too
evident to need explanations. @
The debt created in fraud and which
remained fraudulent has been 'repudia.
ted, Wig: the Conversion bonds, 10 the
amount of So; ;2e6 600. Theye gess .==az-
ularities of different kinds and degrees
In the issue and hypothecation OF other
bonds; but these Irregularities were re.
moved by the Validating Act Of 1872.
Such an Act could not remedy any do.
feet, in any bond, arising from failure,
on the part of the Iegislasure or the
State officers, TO comply with the require.
ments Of the Constitution; but It Could
and did, as decided by the Supreme
Court, in the case of Norton. Bliss g.
Co., waive, On the part of the State, any
objections that the State else might have
raised on the score Of O failure TO com.
ply With the terms Of the Acts under
which the bonds were issued. 4Whafevsr
was within the power Of the Legislature
when the original Acts we're passed was
within It's power when the Validatirs
Act was passed. And, excepting always
the Conversion, bonds, the b0flds.sssia
stocks validated by the, Act. of 1872 are
the bonds fnnda5le under the Consolida.
ton Act.
II Is true that the holders of unflnded
bonds hiay not be able to HSe the State,
although the Acts under which the bonds
were issued contain provision for the
levy of tax for the payment Of inter-
cat. The hoiderR of Consolidation bonds
occupy % different position. They caa
take proceedings TO compel q compliance
with the terms of tho contract between
the State and the holders Of such bonds,
which contract includes both tbs levy toi
an ANNUAL tax OF 2 mills for interest and
the -eceivability of the coupons for taxes.
The Staat.e could nat plead thet there were
irregularities of illegslitias in the issue, O:
disposition, of the bonds for which The
CONSOLIDATION bonds had been issued
inasmuch rs blythe Validating AHt She
State =~;ss::ssSSa That, right, as against sueh
bonds, freed them from taint, and MADE
them, in the words of the Act illegal and
valid bonds ofSthe State Of South Caro-,
lima, for the payment Of ,syhinh tie faith
credit and funds of, the State have been
and are hereby, pledged" This Act Il
overlooked by the Anderson Committee
The Committee declare themselves II
favor OF the payment of the valid portion
cf the debt. "forWhich the 6jtste receiySf
q valid consideystiop,n 4 according 70, th'
composition under Che Cons,,.ii iG 8 ss:Sis All
| We cannot conceive this to mean tha
the Anderson Den. ,~isi &C &C ss: sSis:
.diate any bond lawfully Issued, undo
tho Consolidation Act, in exchange 70
bonds fundabls by that Act. This Wo1lt
involve Fepudiation of the action o
the Democratic members of the Gerefa
Assembly who voted for the Consolida
ton Act. Il awould Twelve y gEapndia
ition of the State Executive; Commits
OF the, Democratic party, .Wb3 declarel
/ the adjustment under the Ccasolidatioi
Act .fnaI," aud pledged the Democrats
party of the whole State "to abide by it..
4ndit would involve Eepudiation o
the action OF the House of Representa-
tiyes, including tho niemheFb from an
derson, in reitefating on December 2C
1876, their Hpledge1 to pay the inserea
on the bonded indebtedness, OF the, ,Stai
" sse: 51. :s= e. L. in n'a &c .SsS.S. a1
son Democracy will not set the exafnpl
of repndiating the pledges of7the Deiid
cratic party, in the nios6 formal mannf
made and declared, at o .tinle whom g. !;
Of sppreme consequence to maintain th
solidarity of the party and disconrag
dlssenSioii. What Debidcrae can, wif
decen4y,be held up to public ecoRnfC
declining to be bound by the xulesIc
nominations of the party, when the part
itself gives him encouragement, and SCI
i;;;;;s: .hs .!.se example of ranndiating nledgi