The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-09-12
rHE puSLYa DEBr;

Mn. EDlToR: OF all the public questions
likely to egitate tho public mind for the
next half dozen years, the question of the
public debt Il by far the most important 70
the people OF South Carolina. While ths
honor Of the State should be scdulously
guarded In the adjustment. it is equally i'm
portant that no fraudulent obligation should
be, through the medium OF legal technicaii.
ties, fastened upon an already over-burdened
people The Radical Legislature nnde.
Chamberlain proposed an adjustment OF
the public debt by repudinting fifty cents on
the dollar, and issuing new bonds drawing
six per cent. interest for the remainder.
This arrangement made by Radical Legis-
lature was received by the people with graf
ulation, not because 1t was all that justice
would require to be done. but because IL was
30 much better than we had any right TO
expect from Radical authority. II now
turns out, however. from an invest 4,ation
by public authority, that about two mil
lions Of this consolidated debt L. tainted
with more or leas Of fraud, and this COVE
rise to tho formation OF two parties In the
Legislature on tho debt question, one CON.
tending that we could not in good faith 90
behind the consolidated debt, and the other
with equal pertinacity contending tha, the
Democratic Legislature owed it as q fist
duty to the people to silt the fraudulent
from the valid portion Of the public debt,
and arrange only for the prompt liquida.
tion of the valid. The contest ran high,
and finally compromise was reached by
which the whole question was referred to
the Courts. all parties agreeing to abide their
decision. But the new Bond Court, organ-
lied by the Legislature for the express pur.
pose OF passing upon the validity and legal.
ity Of the whole question, Is likely 10 be
ignored by the bondholders through appeal
to the Supreme Court on the ground OF un-
constitut.onali:y. In that event, tho whole
question may come back to the representa-
tives OF the people, to haunt them with
difficulties and dangers on every uide. That
the voice OF the people Is almost unit for
the elimination of the fraudulent from the
valid debt before payment is mado, there
can be no doubt. And that there 10 more
or less of fraud connected with the whole
bonded debt originated by the Radical gov
ernment, there is just as lttlo doubt. But
still, notwithstanding ali those facts, the
courts may, under the shield Of legal tech.
nicalities, saddle the State with the whole
consolidated debt, fraudulent az we'll as
valid. Then add 70 this all the floating in.
debtedness, and the old State bank bills,
and we may reasonably presume that the
whole amount Of the indebtedness piled
upon the people OF the State will reach the
enormous sum OF eight millions of dollars.
This at six per cent. interest will necessitate
tho raising every year by taxation OF the
| enormous SUN Of four hundred and eighty
thousand dollnrs to pay the interest on the
public debt. This added to the annual ex-
penditure Of about 100000 dollars viii.
necessitate the raising OF on annual tax OF
nearly one million of dollars from the inn
poverished people Of the State. And this,
too, would DO the gloomy prospect for per-
haps the next century. Can any man be-
lieve, basing his calculations upon the pres.
! ent impoverished condition of the people.
that there can be any prosperity in store fol
! our State while this incubus rests upon the
tax-payers7 We trow not.
ls there any remedy? Certainly not in
repudation. The remedy would be worse
than the disease. After the amount of the
Consolidated debt nos been adjudicated bv
the courts, and the valid amount of the
floating indebtedness has been ascertained,
then let the State. through her constituted
authorities, honestly and frankly approach
Gil OF her creditors and make ar equitable
! and satisfactory adjustment, looking es well
to tho ability Of tho people Of the State as
justice to the creditoro. Frankly say, We
cannot pay all, but are willing to Pay what
We can. Great credit waa claimed by the
friends Of the consolidated debt on the
ground that by that adjustment the public
| Indebtedness was reduced 70 the amount OF
the ante-bellum debt, v,:. between five and
six millions Of dollars. Forgetting that the
analogy 10 utterly shorn of its strength bv
the fact thot now the taxable property OF
the people of the State only reaches about
one hundred and eighty millions of dollars,
s!! told, while at tho time of tho contraction
OF the antc-belluIn debt our taxable property
amounted to between five and six hundred
millions OF dollars. Looking then to the
present Impoverished condition III the ust,.
pie OF the State, and judging OF their ,bility
to pay from the rate Of taxation adopted az
the highest limit by other Staten similarly
situated, it does seem to the writer that in
no event should the whole indebtedness for
which the people are to he taxed to pay the
interest, be moro tb1n three milliono of
dollars. This would place the whcle public
debt within the control Of the people Of tho
State, 30 that in reasonable time every
cent OF the indebtedness Of the State can be
wiped ont, and then let provision be in
serted in our new constitution when adop.
ted, that no bonded debt shall ever again be
contracted by any succeedi.... Legislature.
Il II