The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-02-20
WHO ARE THE RrPUD1AToRs ,

Cao Ouuiicctoh LtCUS uHu courier re-
allies the gravity of the charge made
by the INTELLIGENCER two weeks ago,
in which we asserted that the newspapers
which are continually harping on the
action Of the last Legislature in not re-
cogniSing the fraudulent portion of the
State debt, and are charging repudiation
when they know there is no such iuten-
ton on the part Of any approciablo por.
ton of the Democratic party, and il
order to shift the responsibility from its
guilty shoulders. the Ne,rs and Courier
devotes two columns to a mingled at
tempt to reason the question and to ex-
tenuate its position by bringing in the
Phosphate question again, to show that
the reputation idee is not confined alone
to the State debt. We shall examine
the principal positions assumed by the
NeOs and Courier, and then offer few
considerations which may, perhaps, be
worthy of the attention Of the bond.
holdors' organ. To begin with, the
Netos and Courier does not like the sug-
| gestion that it would not injure us any
more to repudiate the fraudulent portion
Of our State debt than it did Georgia to
repudiate the fraudulent So 100000 which
the Radicals attempted TO fasten on her
in the shape Of railroad guarantees, and
says:
There Is no analogy between the posi-
af al
lima. The debt which was repudiated by
Georgia mad not been recognized, in any
way, by the property holders Of the State
important difference, it was not the re-
suit of compromise (subsequcnt to
| population Of clearly fraudulent debit
| whereby the amount Of the debt ae-
knowledged by the State was reduced
one-half, with the single purpose Of
forming q new debt which should he un-
guestionably valid and binding upon the
| State. To mako her conduct similar to
that Of South Carolina, the State Of
| Georgia must reduce the capital Of her
present debt one-half, Issue new bonds
with the coupons receivable for taxes,
| and then refuse to recognize these new
bonds, and subject them to investigation
OH account Of Irregularities, real or i'm
| aginary, in thoir issue, which Irregular
| ties were known to exist Mt tho time Of
the reduction Of the volume Of tho debt.
Evon this would not make the eases
equal. Georgia must go further still, and
after creating special tribunal to deter
| mine The issues between the State and
the creditors, give notice through the
press, and by tho mouth Of members of
the Legislature, that she will not recog-
nize tho decision of her own chosen tri-
bunsl if the decision be adverse. This
| is sufficient, we trust, to make it clear
| that South Carolina cannot bolster her.
self up by citing Georgia as an example
Of bad faith unattended by evil consc-
| quences. 1t is not necessary TO notice
specially the high price at which Georgia
bonds now sell. There iB no talk Of re-
pudiating those bonds, and it is quite
| possible that the price of security shall
be high, when general credit is low.
The debt which is fraudulent in this
| State has not been recognized by tho
| property holders Of South Carolina. The
Consolidation Act ia accepted by all ns a
finality, but the party who seek to pro
mote the peoples interest insist that the
fraud shall be eliminated from that set
tlemens. The facts Of the case are
briefly, that the Radical party flooded
the country with bonds, which were in
the main purchased By speculators who
were intimate with the ring, for merely
nominal prices. After they had issued
these bonds, they realized that the State
could never pay the burden imposed upor
her, and in order to increase tho valuo O
their fraudulent claims, they (the Radi
cals) ropudiated one-half of tho honest
and of the fraudulent debt, by which
means they expected to increase the value
of their fraudulent claims. Tho ac
which accomplished this is known as tho
Consolidation Act" Tho fraudulent
portion of the debt was created by the
Radicals, and the Radicals under Moses
administration passed this Consolidation
Act in 1878. It's provisions were execu'
ted by Cardozo rs Treasurer, and !logt
as Comptroller General. The Legisla
ture which passed the act was repeatedly
bribed, and tho officers who executed il
have been convicted of official crimes, OF
now have indictments pending agains
them. It is, therefore, reasonable tha
honcs: people shonld not choose 70 h:
bound by the action OF such parties
without investigating it. The Consolida
ton Act is no moro binding upon tht
people of the State, either in law o. il
equity, than the original acts creating
the fraudulent debts are, for they art
both made by the same parties. The
fact that the Consolidation Act repudia
ted one-half of the honest debt is M
reason that we should pay one-half o
that which Is fraudulent. There ha
been, to o certain extent, notice that ,
portion of the opponents Of the fraudu
lent bonds do not intend to pay them
lot the Courts decide the question as they
s.ay, for the Courts nre bound to give n
much credit to an set passed by the Rad
icals as one passed by the Democrats
and hencs cannot go as fully into th,
equities Of all the parties as the Legisla
ture coNld. Those who assume this posi-
ton do so not to avoid just debt, but t,
prevent paying a. debt which is known Il
be fraudulent, and which the forms o
law might enablo Court which desires
to do so to decide in favor OF. No sacl
action as this has, however, been taken