Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1892-11-03
FACTS VS., FALsEHooDs.
DR.. BatesGives a Clear statment
of the States Position.

DIR. BatesGives a Clear statmen1
of the States Position.
Editor Register: l dislike tc
appear in print and I regret the
agitation of the State debt by the
press at this time, but inasmuch
as what I said during the campaign
in regard to the States credit and
debt seems to have been misunder.
stood and isnow being misrepresen,
ted by a number of newspapers in
the State, I have decided to
presenta a simple explanation.
Ibid not utter word in the
campaign until the meeting here
in Columbia, I then deemed it
my duty to publicly rebuke the
press and Governor Sheppard, as
the leader of the opposition in the
State, for dragging the States
credit into politics. I answered
the charge they made that the
present administration had injured
the credit of the State by declaring
that the real injury to the credit
of the State was done:
First. by the Republicans by
their issue Of unconstitutional
bonds in 1868 and by their
consolidation Act of 1883, which
settled the bonded debt of the
State at so cents on the dollar
the first Act of repudiation ever
attempted in South Carolina.
Second. By our own. people in
1S79-S0 sanctioning the re-
pudiation of so per cent. of the
valid debt of the State by the
Republicans in 1873, and again
opening up the consol debt after
the settlement under the Act of
1873 had been accepted by the
holders, only for purpose of
eliminating some fraudulent bonds
and not for the purpose of
revalidating the "ante bellum"
fire loan and other bonds held by
our friends abroad. This was made
apparent by the difficulty the State
experienced in refunding the de-
feiency bonds in 1888. I have it
upon good authority that these
English capitalists, long time
friends and creditors of the State,
made oyertures to take the entire
debt 4 per cent if our people
would not sanction the reputation
of 1871 believe if our foreign
creditors had been treated diferen-
tly we could to day place our bonds
in Londen at 8 or 81 per cent.
I was in New York in January
last, and was confronted then by
the obstacle of the repudiated
fraudulent bonds. My public re-
marks were made in July and I
had season to anticipate what was
coming, but the holders of these
did not expect, and certainly did
not require, any encouragement
from me. I am man enough to say
it would be better~for the State
if they could be gotten out of the
way, and have observation and
experience enough to know that
there il no longer any practical
way of retiring them. The time is
past-it should have been done
when the consol debt was settled
in 1S79-SO.
Capitalists in New York who
conversed with me made no objec-
ton whatever to the proposed new
bonds on account of want of
confidence in the present State
government, but cheiefy on ac-
count of the action Of the State in
1873 and in 1879-s0, and the pres
ence of South Carolina repudiated
bonds on the market. They were
themselves convinced that the
bonds were absolutely good aud
desirable, but they appreciated
the difficulty of convincing the
investing public.
I feel confident, from many
personal assurances, the business
men of the State endorse my views,
and I respectfully ask the editors
to examine my speech in the
Cotton Plant of July 18th, and
the pamphlet on the credit of the
State I have for distribution, if
they intend further criticism of