The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-03-15
The Bond Fight.

Dir George w. Dargan, OF Darlington, opened
the dissqssion BY making an admirable argu-
ment in favor Of standing by the consolidation
act compromise. HIS speech, though one of the
shortest yet made on either side of the question,
was, nevertheless one of remarkable power, and
denoted on orator gifted with the rare art of
condensation. His remarks were in substance
rs follows; 's
If there ever has been question discussed in
the South Carolina Legislature which has drawn
out the honest conscientious opinions of mem
bers, tho one which we are now engaged in de-
batting is that question. Both sides seek the
same object--the good Of the State; both sup
ported by gentlemen of unquestionable integrity
and intelligence No imputati6n can be justly
made upon the motives or intelligence of either
party. Tho object sought is the good of the
State. Our people must be relieved from the
financial embarr. ssments. How is this to be
done! The supporters of the resolution Of MIR.
Hood say, by adopting the report Of the bond
commission as basis of settlement of the pub
lie debt. 1t is assured that the adoption Of this
report will bring relief to the people; that the
cause Of our financial depression is the payment
of heavy taxes. This conceive to be q fatal
and palpable error. 1t can be demonstrated that
if the State of South Carolina were this day re-
ieved from every dollar Of taxation, her people
would still be in a condition of great financial
difficulty and embarrassment. 1t can be demon
stratcd, on the other hand, that if relieved from
some Of her other burdens, even the debt of over
$l4,O0O,OO0 which some, in the exercise Of
brilliant imagination, have coDjured up, would
tea thatsn6 free'peopis Hss svs SsS6 f6Y5ed ov
taxation, although many free people have paid
higher taxes than South Carolina has ever paid
Now, what is the amount Of taxation by which
South Carolina is to be ruined? Assuming that
1t is II mills on the dollar-which is half mill
more than the highest estimate-and what would
1t amount to? One hundred and twenty dollars
annual tax on every $4,000 taxable property.
A man worth $1,000 can't pay $12O per an
mum without being ruined. The proposition is
simply preposterous. But South Carolina is to
be ruined not by paying twelve mills, which
covers oil expenses, but by paying three mills,
Che amount necessary.to pay the interest on the
public deot, viz: One-fourth of the amount of
her whole tax goes to payment Of interest on the
public debt. The owner Of $4,000, therefore,
will pay $50 toward the interest of the public
debt, tho owner of 200 will pay S3 the
owner of 500 will pay 80 cents, &c, and this
will bring ruin. Let the owner of $4,000
keep his $50 per annum for ten years, and he
will have, without interest, $500. If he doubles
his money; he has $500. The owner of 81 900
would in ten years, with the same luck, be $50
richer.-. yet this is the way South Carolina
IS to get rich. This is the result of standing by
the report of the commission. There must be
something wrong in the logic which leads to
such conclusion. What then, has been the
cause Of the financial embarrassment of South
Carolina? 1t is that we have made nothing
Our resources have not been developed. Our
energies, mental and physical have been fet-
tered and wasted. Our fields have not been
cultivated. Our streams have turned no mills
Our mines have been unworked. Our young
men have been out of employment. Is it sur
prising that we are poor? But why have all
these things been so? Because the condition of
things has been such as to destroy public faith
and private credit. Much has been said of the
wrongs committed against the State of South
Carolina during the last ten years, of :he mil
lions which have been stolen from her treasury;
but the greatest crime which has been commit
ted against her has been that of robbing her of
her good name. When she lost her good name
she became poor indeed. From that poverty
she suffers to-day. Restore that good name and
you restore credit capital will flow into the
State, our hopes and energies will revive, and
we will make this desert blossom as the rose.-
We have the opportunity to lift South Carolina
from her miserable condition this day. Let us
not loose it. 1t may never come again.
Now, do not intend To deny that the people
of South Carolina have felt the burden of taxa
tion. They have felt it very seriously. But
they have felt it because, light as the burden
has been in ITSELF it has been superadded TO the
burden of extrem' poverty. The tax layers
have been in the condition Of the came. in the
fable, which was so heavily loaded tina, single
straw placed upon his back broke it. This straw
of taxation has been q greivous burden to the
people of South Carolina. But rs the straw
alone would not have been felt by the camel, so
taxation alone would be no burden to u.s. Ifwe
would have relief, we must unload some Of our
real burdens-the heaviest Of which, in my
judgment, is a bad reputation.
THAT DEBT QUEsTIoN,-It seems to us that the
Legislature is spending great deal Of valuable
tame, very uselessy, in the discussion of the