The herald and news. [volume] (Newberry S.C.) 1903-1937, 1913-09-12

sion, and, by unanimous vote, passed
several resolutions relative to the re-
funding of the State debt under the
act of 1912, the substance of which
was as follows: l. Ratifying the pub
lication of the notice by the treasurer
above mentioned 9 Auth aorizing the
comptroller general to receive pro-
posals, pursuant to published adver-
tisement or otherwise, for the pur-
chase Of the issue of bonds and stocks
which the commission was authorized
by the act of 1912 to issue. 8. That
the comptroller general report to the
commission all proposals received,
and that the commission sell the
bonds and stocks at the best price OBJ
tainable, not less than par fiat.
4. That, after the completion of said
sale, the treasurer call all redemp-
tion brown bonds (not alredy called
for redemption on July 1, 1913, but
if said sale should not have been
completed by that date, said call
should abide the further order Of the
commission 5. That the new issue of
bonds and stocks should be dated and
bear interest from January 1, 1913,
specifying the rate of interest, times
and places of payment thereof and
the date of maturity of the bonds and
stocks and the privilege of redemp-
ton, according to the terms of the
act."
'When the new officials were elect
ed in 1912, including the chairman of
the house and the chairman Of the
finance committee of the senate they
were made a party to this action ac-
cording to the decision.
Referees Findings.
After the returns had been filed
the case was referred to Halcott P.
Green, as special referee.
"Tae referee finds that the allega-
tions or suggestions contained in the
returns of his excellency, the COVER
nor, are unsustained, in so far as it is
therein alleged or suggested that there
was any irreguarity or fraud in con-
nection with the refunding of bonds
under the act of 1892, or any unfair
ness, impropriety, illegality or collu-
sion in connection with any under
standing or agreement on the part of
the former members of the commis-
sion, or any of them, with any per-
sons, firm or corporation relative to
the purchase or sale of the bonds and
stocks to be issued under the act of
1912, or with reference to the bring
ing of this action AS the matters re-
ferred to do not affect the validity of
the bonds and stocks to be issued, and
as no exception mas been taken to
the findings of the referee, we deem
it unnecessary to prolong this opinion
by more detailed statement or con-
sideration of them
In the decision it is held that the
title of the act is not defective. In
the petition the constitutionality of
the act was attacked on the ground
that section II, article of the con-
stitution provides that every act
shall relate to but one subject, which
snlal be expressed in the title"
Quality of Offices.
It was next alleged that the act
violates section 2 of articles 2 of the
constitution, which provides that no
person shall hold two Offices of honor
or profit at the same time. "The
specific point is that the sinking fund
commission is illegally constituted in
that it is composed of public officers.
The answer to this is that member
ship in the commission is not a pub
lie Office" says the decision of the
supreme court
The court sustained the following
exception:
''The petitioner contends that the
act Of 1912 does not authorize the
refunding of these outstanding green
consols for two reasons: 1. Because
the body of the act not only does
not authorize it, but forbids the re-
funding of any, except brown consols;
2. Because, if the body of the act can
be properly construed as authorizing
the refunding of green consols, in
violates the constitution and is void
to that extent, because that subject
is not expressed in it's title.
'Tnis contention must be sustained
upon both grounds. While the act is
by no means as clear as it should have
been upon this subject, yet we think,
taking all of it's provisions together,