The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-02-20
WHO ARE THE REpUD1AToRs :

1u6 SutrleStOu NctUS uWu OOuftI lC-
alizes the gravity of the charge made
by tho INTELLIGENoER two weeks ago,
in which we asserted that the newspapers
which arc continually harping on the
action of the last Legislature in not re-
cognizing the fraudulent portion of the
State debt, and are charging reputation
when they know there is no such inten-
ton on the part of any appreciable por-
ton of the Democratic party, and in
order to shift the responsibility from its
guilty shoulders, the Mssos and Courier
deyotes 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 idea is not confined alone
to the State debt. We shall examine
the principal positions assumed by the
Mers and Courier, and then offer few
considerations which may, perhaps, be
worthy Of the attention of the bond
holders organ. To begin with, the
Ne,rs 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 s., 100000 which
the Radicals attempted to fasten on her
in the shape OF railroad guarantees, and
says:
There is no analogy between the posi-
ton of Georgia and that of South Caro-
lima. The debt which was repudiated by
Georgia had not been recognized, in any
way, by the property-holders of the State
or the Democratic party, and, the most
important difference, it was not the re-
suit of compromise subsequent to q
reputation of clearly fraudulent debit
whereby the amount of the debt ae.
knowledgsd by the State was reduced
one-half, with the single purpose OF
forming new debt which should be un-
questionably valid and binding upon the
State. To make 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
on account of irregularities, real or i'm
aginary, in their issue, which irregulari-
ties we're known to exist at the time OF
the ereduction of the volume of the debt.
Even this would not make the eases
equal. Georgia must 90 further still, and
after creating,a special tribunal 70 deter
mine the issues between the State and
the creditors, give notice through the
press, and by the mouth Of members of
the Legislature, that she will not recog,
nize the decision of her own chosen tri-
bunal 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 conse-
quences. 1t is not necessary to notice
specially the high price at which Georgia
bonds now sell. There is 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 the
property-holders of South Carolina. The
Consolidation Act is accepted by all as a
inality, but che party who seek to pro
mote the peoples interest insist that the
fraud shall be eliminated from that set
tlement. The facts of the case are
briefly, that the Radical party flooded
the country with bonds, which were ir
the main purchased by spectators 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 the value o.
their fraudulent claims, they (the Radi
cals) repudiated onc-half of the homes
and of the fraudulent debt, by which
means they expected to incresset the value
of their fraudulent claims. The &C
which accomplished this is known as the
"Consoidation Act" The fraudulen
portion of the debt was created by the
Radicals, and the Radicals under Moses
administration passed this Consolidation
Act in 1878. Ita provisions were execu
ted by Cardozo as Treasurer, and Hogt
as Comptroller General. The Legisla'
ture which passed the act was repeatedly
bribed, and the officers who executed il
have been convicted of official crimes, OF
now have indictments pending against
them. 1t is, therefore, reasonable thai
honest people should not choose to be
bound by the action of such parties
without investigatingi it. The Consolida'
ton Act is no moro binding upon the
people of the State, either in law or in
equity, than the original acts creating
the fraudulent debts are, for they are
both made by the same parties. The
fact that the Consolidation Act repudia'
ted one-half of the honest debt is nc
reason that we should pay one-half o.
that which Is fraudulent. There has
been, to certain extent, notice that
portion of the opponents of the fraudu'
lent bonds do not intend to pay them
let the Courts decide the question as they
may, for the Courts are bound to give a:
much credit to an act passed by the Rad
icals as one passed by the Democrats
and hence cannot go as fully into the
equities of all the parties as the Legisla
ture could. Those who assume this posi-
ton do so not to avoid a just debt, but tt
prevent paying q. debt which is known t.
be fraudulent, and which the forms o.
law might enable Court which desired
L. !. 80 - loo;Jo ~, f,uor of No quct