The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-10-27
The HOUSE GRAPPLES
With BOND PROPOSALS
DEBATED SEVEN HOURS on ISSU-
ING S25,0OO,OCO IN SECURITIES
Members Show Disposition to Pass
Anything "Just SO it is Some
thing Rather Than Admit in
ability.
The State, 23rd.

The State, 23rd.
Yesterday morning the house
plunged headforemost into the con-
sideration of the question of issuing
bonds to the amount of some s25,000,-
600 on the credit OF the State to buy
cotton or loan money on cotton to
men in South Carolina who have it
lor collateral For three and half
hours yesterday morning, for two
hours yesterday afternoon and for two
hours last night the debate ragged. The
proposition was brought before the
house at the morning session on the
plea that the committee appointed by
the house to go to Washington for
consultation with W. G. McAdoo, Sec
retary of the treasury, should be in
formed of the position of the house
on the proposed bond issue before it
| left Columbia. Mr. Stevenson of
Chesterfield and Dr. Dick of Sumter
entrained for Washington yesterday
afternoon at $50 o'clock to join the
senate committee. The house took a
recess about an hour before they
were scheduled to leave. At tais
time the house had not registered it's
opinion on the proposed giant bond
issue by single vote, nor did it do
so last night. In consequence, the
committee went to Washington unin-
structed, as it were.
| There seems to be disposition
among the members OF the house now
to defer all action on the proposal to-
submit the bond issue to the people
until the committee from Tee house
and senate returns from Washington
with ''tip' from McAdoo.
The seven and a half hour debate in
TIE house yesterday on the bond is
sue was intensely interesting, inTolv-
| ing as it did the biggest financial
proposition the general assembly has
had before it in hah a century. The
proposal that the State issue bonds,
secured by cotton, was unsparing,y
condemned as an unbusinesslike prop
ositicn likely to wreck the credit of
the State. The most ardent advocates
of the bond issue, and there are many
Of them in the house, could only in
dorse the proposal on the grounds of
expendlency.
Observers VINO have been closely in
touch with the house FOR several
years are at a loss to find parallel
for the situation in which the hody
finds itself now. The quandary it
faces has many angles.
The magnitude OF the proposed rem
edy for the existing depression in
business is in ITSELF staggering when
it is realized that it would at least
mean quardrupling the bonded debt Of
the State should it receive the votes
of two-tnirds of the electors on No
vember 3. Some of the speakers at
the three sessions yesterday said that
they intended to vote for the proposed
issue of bonds because the measure
would go before the people at TIE
election. In controverting this posi-
ton, other debaters said that it was
probable that the electors would con-
slider that the bond issue had the in
dorsement of the general assembly
should it be passed, and vote for It
accordingly.
@Something, No Matter What"
The psychological state of the
house, evidenced by the debate on the
bond scheme at the three sessions
yesterday, was fttingly described by
MIR. Wander Horst of Charleston when
he declared that the body seemed de-
termined to pass something, no mat
ter what; just so it was something"
With cotton selling at low price,
the financial condition of the State is
admittedly poor at present. There
were abundant indications yesterday
that members of the mouse perferred
going to any lengths rather than con-
fess their impotence to remedy exist
ing financial condition by legislation
and their willingness to "pass some
thing no matter what; just so it was
something
There are five bond issue proposals