The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1892-11-03

!itical economy; John Nj. Tyler, pro-
fessor OF biology; Ephraim l.. Wood
professors of Amherst College who
have signed an appeal urging their
fellow citizens to give Mr.. Cleveland
their hearty support.
Gov. Tillman Not to Blanc.
AUGUSTA, GA, Oct. 26.-Recently
the Chronicle published the following,
which Is an extract from a private let
ter:
The official presence in New York
for some days, with the declared pur-
pose Of negotiating for the refunding
Of the State debt, and the apparent
failure of these efforts, invite some in
quiry to this very important public
question. In referring to the public
obligations of South Carolina issue for
the Blue Ridge Road subscription, for
the new State Capitol, in those golden
days of old South Carolina, when the
lind & per cent. the lowest rate then
available. During the Hampton debt
settlement again we find per cent.
the iLtereSt rate
The very small relative debt of the
State 1850 caused the Brown bonds
to command a premium, and suggest
cd to the then State authorities the re-
funding Of the 100000 falling due in
1889 at IA lower rate than 6 per cent.
The wisest members of the finance
committee advocated per cent. for
thi, new loan, but Il majority adopted
the d y per cent. figures. Now with
what result? it was before the farm
ers' movement began; 1t was in a nor
nal condition of State affairs; it was
in easy financial times. The loan
dragged-it was not promptly taken.
ana 1T is notorious fact that but for
the active cooperation of banks and
bankers to save the State from failure
this small sum OF 100000 would
have not been placed.
There ls such thing as color blind
ness in finance, and this must have
been the condition, when in face Of
this plain warning $6,OOO,OO0 of debt
was sought to be refunded a. per
cent. but that IS just what has been
done.
The attempt to carry out this arbi-
tray law has substantially failed, and
failure ought to have been expected at
this very low rate. These are the
points or view from which to regard
the State debt.
FltSt. 1t Is largely Il home debt, that
Is, 1T is owned to the extent Of three
tourths by the people of South Caro-
lima, in trust estate Of all classes and
kinds, and has been the preference of
all small investors. Now then, these
owners OF four and half millions of
this debt held at home cannot afford to
lend the State the money at per cent.
when money all around is worth from
I per cent. to 10 per cent.
Second. When you 60 to the money
centres OF the country and offer Il 4 per
70
ton Into past debt matters, and from
Lombard and Wall Streets emerge bit,
ter complaints of injustice to former
holders or State securities, and unto
tunately there is truth in these com
plants.
Now, the Tillman Government is not
in any way responsible for these ante.
cedent conditions, or for the Il Der
cent" Retunding Act. Nothing they
can say or do Will alter many condi.
tions at home, or alter the awkward
fact for instance, that bonds now in
n. y. signed by Governer Hampton,
nave been repudiatcd, principal and In
terest, for fifteen years
Governor Tillman is not and cannot
be held responsible tor failure to DO an
impossible thing. When Georgia want
81 ~tQ fund .hsy Tenders, iahlt fLcAved
y 20
per cent. rate. South Carolina saws
Stand and deliver at per cent. 1t was
On unbusiness, like, a silly piece of leg
islatlon, and should have been recalled
in December, 1890.
Out in the markets of the world there
is homely adage: "The price of any
thing IS just exactly what twill
bring" You might as we'll lix the
price of cotton at ~ cents. as to arbi-
trarlly fix low rate OF interest on IA
state bond by q statute.
a committee to consist of the Gov.
ernor, Comptroller, Treasurer and two
citizens. to invite bids, should be crea.
ted by the Legislature, and by having
the rates of interest fixed as in the
length OF years the bonds have TO run.
Say, at per ctnt. forty years; ~ per
cent. thirty years; per cent. twenty
years; etc. You will invite capital to
take their choice and will assuredly
make an advantageous settlement.
Weayer weayes Yarn.
KNOXVILLE, Iowa, Oct. 2O.-Gen. J
H. Weaver the PpOnle'a Darty ooDd;