The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-01-09

views tllll inc constellation bonds issued
under the act of 1873 are valid or invalid,
in other respects would be gratuitous
The propositions on behalf of the bond
holders, stated above. have not been CON
sldcred with any purpose of their decis-
ion. The effect of the act of 1873, the
acts oi the State authorities. iiie vestiny
OF rights under acts of Assembly, though
afterwards opened for consideration, with
other questions in the interest of the
Dondholdcrs, the constitutional point
made IN the answers, want OF rcgistra-
tion and the like, on behalf of the deien-
dant, are ali questions about which no
opinion is expressed.
There is class Of cases, not many in
number, which have held the owners of
municipal bonds which were subject TO
exceptions entitled to certain payments.
These were instances where equitable
principles prevailing and the corpora
tons having received some value for
their securities negotiated, refunded to
'ne purchasers their money. The case
OF the County oi Armstrong vs.. Brnton
a. fenn. IL. so, and others therein re-
ferrcd to, are examples. A suggestion is
scarcely venturcd ii Il s,..;;:tment of the
bonded debt could be thus effected. Yet.
if practicable, it should satisfy any one
but spcculatlng bOndholder, and at the
same time not be unjust to the State.
1t is ordered, adiudged and dccreed :.
That the Cancelled bonds, coupons md
certificates of stock" called "vouchcrs." !"
i'll relation TO which conclusions have
been announced above in this opinion
were not issued in accordance with law
and authorized to be consolidated under
the act of 1873. And that the consoli.
dated bonds and certificates of stock cx-
changed for said vouchers" to the ex.
tent and so far as the said consolidated
bonds and certificates of stock rest upon
said vouchers for their validity, were
not binding obligations of the State of
South Caroline.
THos. THOMSON.
l concur i'll the result,
A. p. ALDnlcn.
December 10, 1878.
State of South Carolina, City Of Colum-
bia.-Court of Claims.-F. j. Pelzer
and others vs.. the State Of South Caro-
lina.-Opinion: Aldrich, Judge.
My regular duties in the Circuit will
prevent me, ut this time, from presenting
an extended opinion on the questions
submitted to US, by the joint resolution
creating the Court of Claims. concur
III the conclusions reached by Judge
Thomson, and although his reasoning is
perfectly satisfactory TO nc, 40 fir as it
goes, yet am disposed To go further and
hold that this whole legislation was SO
gross a fraud, on helpless people, that
1t will be the greatest injustice to force
the innocent taxpayer to pay the debts
thus contracted by an usurping govern
mcnt, without the warrant of c0nstitu-
tional authority, against which The tax
payers loudly and earnestly protested.
and which SO astoundcd the good faith u;
the commercial world that none but the
most reckless speculutors would engage
in the disrcputabe transaction to utterly
ruin plundered State PROSTATE in the
hands of her invaders.
The opinion Of Judge Hudson shows
great research, and is prepared with care
aud ability, supposing these usurpers had
the legal and constitutional right to i'm
pose these oppressive burdens, hut us that
lies at the very foundation OF the ques-
ton submitted, cannot acquiesce in it.
Reserving the right to file more ex-
tended opinion, / concur with Judge
Thomson. a. =. ALDRIcu
18th December, 1878.