The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-12-14
LEGISLATIVE PROCEEDINGS.
Tho Big Fight on Prokibiton-The Gov
ernor's Resundment tScheme-TheyWant
Free Passes-Hsrd on the Railroads
Other Matters.
Correspondence The Herald and News

Correspondence The Herald and News
COLUMBIA, S. G., Dec. 12.-This has
been busy week in the General As
sembly-a week of real work and of
hard fighting for and against the most
important of the various sreformn
measures that have been introduced in
the House and Senate. and some of the
incidents OF each days's proceedings are
Of more than ordinary interest.
On Thursday, for instance, there was
quite breezy time when Col. John G..
Haskell excoriated these who had taken
advantage of his temporary absence
from the hall of the House to kill his
refundment resolution.
Mr.. Wolfe, of Orangeburg, moved to
Indefinitely postpone the resolution,
which provided that all State bonds
not met at maturity should be extended
for four years at the same rate of in
terest.
Mr.. Weston, on behalf of his collea-
que, Col. Haskell, protested against
such action being taken in his absence,
and stated that. he would return in q
few minutes.
The motion prevailed, however, and
was scliDched" on motion of Mr.. yell
dell, and the resolution was forever put
beyond the possibility of resurrection.
When Col. Haskell came into the
House he was pretty hot. He said it
was the grossest violation Of common
legislative deceney that he had ever.
known, and that it was deliberately
intended to prevent him from speaking;
but, said he, I give those who are
responsible for it fair notice that will
bring this resolution before this House,
and say ALL wish to say on it in spite
of any attempt they may make to de-
feat it, and I defy them to try it.
OF course every one is on the q1i vive
to know what is going to break loose
from e1e Colonel.
THE ADMINISTRATION PLAN OF RE-
FUNDMENT.
The Administration has come to the
front on this vitally important matter
with bill to provide for the redemp-
ton of the State bonds. On Friday it
was transmitted to the Legislature,
accompanied by message from the
Governor, in which he states that it
embodies his views and those of the
State Treasurer and the finance COM
mittees of the two Houses. He further
states in the message that it is not
possible to refund the debt at per
cent. and says that sin spite of the
errors of the past" the State will be
able to accomplish it at 4 IL per cent.
without the help of our own capital
lists if the General Assembly will pro-
vide sinking fund with which to be-
gin the gradual annual payment of the
debt and mortgage the phosphate beds
as collateral The Governor says that
the practical results of this scheme will
be:
j. That the interest charges to be
met annually will be $50. 900 less. But
this sum will not go to the -educ-
ton of taxes, but nearly all to the pay
ment of and reduction of the debt it
sell.
2. That this will, ip my judgment,
enable us in tweaty years to float a
8 or 81 bond, so that in the long run
the total amount saved the State will
be more than if we now placed forty
i've year per cent. bond.
The bill prescribes the manner Tissue
of bonds of the denomination ofS500 and
$1,000, which are to bear interest st 4
per cent, payable selni-annually, the
bonds and certificates of stock to be-
come payable at the end of forty years
from the 1st of January, 1898, the
State reserving the right 10 call in and
pay the whole or any part thereof af-
ter the expiration of twenty years
from the date Of issue, coupons and
Interest orders to be receivable for all
State taxes except school tax.
It is further provided that as Sc
curity for the reduction and payment
of the debt the phosphate royalty, to
the amount Of $37, 500 each half year,
shall be set aside as q asinking fund, and
the sinking fund commission is autho-
rized to buy at their discretion as
many of the 43 bonds as the fund will
warrant and cancel them.
The bill provides in detail for the ex-
change of old for new bonds, and for
the exemption of the bonds and stocks
from taxation.
The House committee met immedi-
ately after the bill had been referred
and decided to report favorably. No
more important subject conlronts the
General Assembly, and it is hoped that
all tissues" will be relegated to the
rear until the State deb: question has
received satisfactory solution and full
confidence in the credit of the State
has been restored.
1t is believed that the passage of the
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