Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1898-03-09

crued interest on the coupons to
the face value of such of them as
shall be past due, this interest to
be calculated from the maturity
of the coupons respectively" In
this you see that the bill COM
pounds the interest on the bonds,
suppose to regain the small
amount it afterwards agrees 10
take off. Continuing the biz re-
cites, "This aggregate" lthat is
of interest for six years past with
interest added on INTEREST," "and
the face value of the bonds shall
be adjusted b. setting apart as
many of the bonds SO held as at
their face value, not inclusive of
coupons maturing subsequent to
July let, 1898, shall be equal to
fifty per centum of the aggregate
amount of said coupons maturing
prior to July 1st, 1898, and inter-
est thereon, and such additional
per centum thereon as may be
necessary to pay the COSTS and fees
and changes as hereinafter pro-
vided." Notice in this that only
the coupons six years prioc to pre-
sentation and the principal of the
bonds are COMPROMISED, while in.
terest on interest and attorneys
fees, etc, are allowed under the act
as long as the conscience of the
court may pile on. The coupons
subsequent to July 1st, 1898, must
not be touched. How do our peo
pie like such a compromise? Then
our attorney is to be paid twenty
per cent of what be saves the peo-
pie. Oh, for a microscope to deter
mine the size of the pile he saves.
The compromise bill takes off with
one hand and piles on with two
hands. He is to get twenty per cent
of the fifty per cent of the prln-
ciple of the bonds and twenty per cent
of the fifty per cent of the
six years past due interest. If
you will add on his twenty per cent
and the interest on interest and the
fees, costs aid charges which the bill
allows we had better submit to the
Judgment of the court without ask
ing any compromise. If you will take
fifty per cent of the face of the
bonds, 100000, and add to this seven
per cent interest on 100000, and then
calculate the interest on each yearly
aggregate of coupons since due, and
take fifty per cent of this interest
and added interest, and to this add
the twenty per cent which the
attorney is to get for representing the
interests of the people(?) and you
will have a total of validated bonds
amounting to $s,977l4, being only
s22.S less than the original amount
of the issue of the bonds. Then if
the fees and costs and other charges,
etc., are added their aggregate will
amount to as much if not more than
the interest already accrued to date
since the issuance of the bonds, and
under the bill the coupons after 1888
are not touched. In other words the
compromise which onr people will be
called on to approve or disapprove
amounts to our gong to the holders OF
the bonds and saying. "We will pay
you your bonds dollar for dollar, in
terest, principal and all. We acknowl-
edge that you have gotten possession
of the bonds for nothing, and we have
received nothing for them, but we are
going to pay them dollar for dollar"
do not believe that our people will
ever advertise themselves as such
suckers. The snits on these bonds are
only on the coupons that are SIX years
mast due, and no other suits can be
brought until the bonds have become
due and payable, but this pretended
compromise acknowledges and fixes
the whole debt on the township at
once. The principal of the bonds
cannot be sued on for ten years yet,
and can then be fought and possibly
defeated.
The compromise under this bill
which is the only compromise offered
is no compromise. Our people will
not be deceived. They had better
give to some attorney half the amount
OF the bonds provided he will defeat
thei, payment. than be deceived into
accepting the compromise offered.
Better pay to some of our people the
whole amount Of the bonds than by
accepting such compromises pay
tribute to alien sharpers who have
come in and swindled our people. Vo-
tiers, let your motto be, millions for
defense, but not one cent for tribute
to sharpers and aliens who have seiz-
ed these bonds for nothing"
A n a