The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-01-31
The Anderson Resolutions.
From the Charleston Neus and Courier.

Anderson County did gallant service
in the last State election, and the repre-
sentatives of the County in the Senate
and House of Representatives fill high
positions with credit and success. .Sena-
tor Cochran is Chairman of the famous
Committee on Public FraAds. Mr.. Simp-
son is Chairman of the Committee of
Ways and Means. Mr.. Orr is Chairman
Of the Committee on Privileges and
Elections. Anderson County, therefore;
has come quickly to the front in State
affairs, and the wishes of the Anderson
Democracy will always weight, and
their opinions will have careful conside-
ration; Otherwise, it would be unneces-
sary to take more than passing notice Of
the resolutions adopted last week by the
Executive Committee of the County.
These resolutions are as fOllows:i 81 .
".Resozved, That this Executive Com
mittee hereby expresses its opinion that
the Senators and Representatives in the
General Assembly should closely scru-
tiniEe the State debt, with q view to se-
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.
"Resolved, That we favor the repudia-
ton of all of the debt which was created
in fraud, and of all, the bonds which
were sacrificed at nominal prices; and
further, that we favor the Reputation of
all bonds, the proceeds of which were
squandered by Republican officials, inas-
much as their character as public plum
derers was notorious, and those dealing
with them did so at their own risk.
"Resozued, That we favor the payment
of the valid portion of the. debt for
which the State received valid conside-
ration, according to the rate of compost:
tion agreed upon between the creditors
of the State under the Consolidation
Act" iis- ~ !assttar s-H se!3;
The debt has been closely scrutinized
by the Bond Commission, and the report
of the Commission will be closely scru-
tinized by the General Assembly. It is
reasonable to expect that the manner in
which the debt. of the State was created,
under Scott and Moses, and the way in
which the proceeds of the bonds were
squandered, will be more clearly and
satisfactorily explained than in 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. It is a different matter
when it is proposed TO- repudiate all
bonds "the proceeds of which we're
squandered BY Republican officials" !"
inasmuch as the disposition made Of the
proceeds. did not, and could not, affect
the character of the bonds. sEhis is too
evident to need explanation.
The debt created in fraud and which
remained fraudulent has been irepudia.
ted, viz: the Conversion bonds, TO- the
amount of Sc, ,965,00 There we're irreg:
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 de-.
feet. in any bond, arising from failure,
on the part of the Legislature OF 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 &
Co.. waive, on, the part of the, State, any.
objections that the State else might have
raised on the score Of q. failure to conn
ply with the terms of the Acts under
whichathe bonds we're issued. Whatever
was within the power Of the Legislature
when the original. Acts we're passed was
within its power when the Validating
Act vas passed. And, excepting always
the Conversion bonds, the bondsi,and
stocks validated by the. Act of ;l872 are
the bonds fundable under the Consolida-
ton Act. -.
Il is true that the holders of unfunded
bonds may not be able to,sue the State,
although the Acts under which the bonds
were issued contain q provision for the
levy Of tax for the payment Of inter-
est. The hoIderso Consolidation bonds
occupy "a different position. They can
take proceedings to compel q compliance
with the terms of the contract between
the State and the holders Of such bonds,
which contract includes both the levy of
an annual taxef mills for interest and
the receiyability of the coupons for taxes.
The State could not plead thai there were
irregularities or illegalities in the issue, or
disposition, Of the bonds for which the
Consolidation bonds had been issued,
inasmuch as by: the Validating Act the
State waived that right, as, against such
bonds, freed them from taint, and made
them, In the words of the Act, illegal and
valid bonds ofSths State Of South Caro-
lima, for the payment. Of (which the faith,
credit and funds of, the State have been,
and are hereby, pledged, This Act is
overlooked by the Anderson Committee,
The Committee declare themselves in
favor of the payment of the valid portion
of the debt. s.sfor.which the State received
a valid consideration, y according TO- the
composition. under the Consolidation Act
We cannot conceive this to mean that
the Anderson Democracy wish TO trepu.
.diate any bond lawfully issued, under
| the Consolidation Act, in exchange foi
bonds fundable by that Act. This would
involve a Reputation of the action q
the Democratic members of the General
Assembly who voted for the Consolida.
ton Act: 1t would involve q repudia.
],tion of the State Executive: COMMITTEES
of the Democratic party, who declared
the adjustment under the Consolidation
Act "fnal," and pledged the Democratic
party of the whole State "to abide by it..
And, it would involve repudiation o.
| the action OF the House of Representa-
tiyes, including the members from An
derson, in reiterating on December 20
1876, their "pledge" to pay the Interest
on the bonded Indebtedness Of the ,State
"as now provided by, law" The AndeT
son Democracy will not set the example
Of repudiating the pledges of the Demo
cratic party, in the most formal mannel
made and declared, at time when it j
of supreme consequence to maintain tn
solidarity of the party and discourag'
dissension. What Democrat can, will
decency. be held up to public scorn TO