The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-04-08

an Act, approved March 13, 1872,
validating near six million of dol
lars of bonds which had been lille.
gally issued. It has since been dis
covered and proven that the passage
Of this Act was secured by bribery.
1t appeared at the time of my elec-
ton that the bonded debt Of the State
amounted to nearly sixteen millions
ofdollars, with large contingent liza.
bility on account of endorsements of
obligations of railroads, and also a
large floating Indebtedness, amount
ing to several millions. In the mean
time the taxpayers of the State had
met in Convention and publicly and
solemnly warned capitalists against
the further purchase Of the bonds of
the State. To have undertaken the
payment of the entire amount Of this
indebtedness, or the interest thereon,
would have grievously oppressed the
people, destroyed all prosperity and
ended in depopulation or repudia-
ton of the entire debt. Hence, to
carry out my pledges, I devoted
much time to this most important
subject. My first effort was "a Bill
see House Journal 1928, page
323,] authorizing Financial Board
and declaring their powers and du-
ties" This measure contemplated a
Board composed of men in whom the
taxpayers would have confidence
that such Board should take charge
of the bond question and thoroughly
investigate and sift every transac'
ton connected Herewith. It also
provided for the repeal Of the Ac1
creating the already existing Finan.
cial Board, and that the new Board
should report to the General Assem-
bly, the results arrived at. This Bill
however, failed to become a law.
On January 28th, 1873, [House
Journal, page 324,] ] I introduced "a
Bill to provide for the registration
of the bonds, stocks and coupons Of
this State, and to investigate the
financial condition of the State
This Bill provided for mixed Com
mission, the taxpayers being repre-
sented thereon. The scope of the
Bill required the investigation Of al
bond transactions, and required thai
all bonds, stocks and coupons should
be submitted for inspection within
given day; the unquestioned or valid
bonds, stock and coupons to be
stamped as valid, and all illegal Of
irregular bonds, stock and coupon.
to be stamped as invalid-the Com
mission to report the results Of thei1
labor to the General Assembly
This Bill passed the House and wa
sent to the Senate, February 18th
1878, being the ONLY Bill out Of thu
large number presented upon tina
subject which was acted upon b!
the House. In the Senate, the bone
ring, apprehending danger, rallied
and, feeling and knowing that man!
millions of dollars in bonds had beel
fraudulently and irregularly issued
and would be so declared, managed
by their usual means, to defeat th
Bill. This occurred at the close o
that session, and no further actiol
could be then taken. A Bill, how
ever, passed the Senate and House
for which I voted, forbidding th
Comptroller General from levyinI
any tax unless expressly thereafte
authorized to do so by statute, whicl
would have prevented the levyiui
and collecting of any tax for tn
payment of interest on the bonds o
the revenue bond scrip. But a
this, of course, did not suit the bon'
ring and Blue Ridge scrip ring, th
Bill was stolen or purposely mislai'
for the purpose of preventing it
presentation to the Governor 70
approval. After the adjournmen
of the General Assembly, Morton
Bliss & Co., who held a large mum
ber of the bonds of the State, ap
piled to the Supreme Court and oh
tained mamdam,s ordering tn
Comptroller General to levy a ia!
for the payment of interest on Ger
tain bonds they sued on. Thos
bonds were only five in number, ant
amounted in value to only FIVE thou
sand dollars; but the principle es
tablished by the decision Of th'
Supreme Court covered the who'll
bonded debt of the State, on all O.
which there was due at least twt
years. interest, and on some Of then
great deal more. This, with othe
taxes, would have caused widespread
ruin, if not confscation. Governor
Moses called an extra session Of th'
General Assembly to meet the emer
gency. A new copy of the stolel
or mislaid Bill was made and rati
fed by the General Assembly, anc
approved by Governor Moses on tht
second day of the session. In thi
way the bond ring and Blue Ridge
scrip ring were foiled and the people
protected from their rapacity for
time.