T24- IMIOCEEDINGS OF THE TAX-PAYERS' CONVENTION OF I ! SOUTH CAROLINA 1:1, 1) Al (\U.I .MlUA, nF»ilNNIXO FKHlUAIiV 17, AM» HNDIXti Fkhkuaiiy 20, 1874. FU lil.ISlIKD n\ OMDKK OF IIIF ( ONVKNTIOX. Charleston, S. C. TliC Xews and Courier Job Presses. 187 Jf. ^ Class F"^!^ 2^_ niOCEEDINGS OF THE / TAX-PAYERS' CONVENTION OF SOUTH CAROLINA, Held at Columbia, beginning February 17, and ending February 20, 1874. rUBLLSHED BY ORDER OF THE CONVENTION. Charleston, S. C. TJie JVews and Couj'ier Job Presses. 1874. [...]... of the State." After a statement of the origin of the Fire Loan debts and of the legislation on the subject, and the receipt by the State of the money from "Li justice, therethe sales of the Bonds and Stocks, he adds fore, to the taxpayers of the State, the assets of the Bank, which have repeatedly been solemnly pledged and set apart for the redemption of these Bonds and Stocks, ought to be immediately... close the operations of the Bank of the State," which required the Governor to take possession of all the assets of the Bank, and to sell the same and deposit the proceeds in the Treasury of the State, subject to The officers of the Bank refused to deliver up the his order • the assets, and upon 3Iandamus^ brought to compel them to do so, sued out by the Attorney General, the Supreme Court of the State... all the debts, the faith and funds The of the State are pledged to make good the deficiency the State, Chief Justice, in the opinion of the Supreme Court of says that "the liability of the State for the debts of the Bank established on behalf of and for the benefit of the State, has never been questioned, denied, or even qualified by a single act or resolution of the General Assembly;" and that the. .. be received by the Convention Ilesolved, That the Convention address itself to the consideration of the following subjects: First To the preparation and adoption of a memorial and address, whereby the people of the L^nited States can be informed of the w^rongs which we suffer by reason of the frauds and extravagance of our State Government, and by the total disregard of the interests of the taxpayers,... the ])rotection of their property interests That the voting population of the political The power, — third is is— That the people who pay the taxes have substantially no voice in laying or expending them, and that those who lay and expend the taxes neither contribute to them nor feel the Aveight of them The sum and substance of all this is that the great proprietary representing some 1170,000,000 of. .. so 29 pledged, and your Committee indulge the dischargad from that source." This report was adopted, tn the Schedule of the debt of the State, published in the oflicial proceedings of the Convention, the Fire Loan Debt is put down as $788,222.27 It is probably known to all the members of the Convention tliat the assets of the Bank of the State constitute " A Fund in Court," in the case of Bahney, Morgan... Bank, and the condition and value of that which should be used to decrease the valid debt of the State, and thus diminish the burden upon the taxpayers What, then, is the present condition and value of this Fund in Court, now on the eve of distribution ? and how has it been administered by tliose charged with the grave trust for the benefit of the meritorious creditors of the Bank and the State, to... following Preamble and Resolutions, and, by leave of the Convention, first read the following: STATEMENT OF FACTS Among the topics brought to the attention of this Convention Session in May, 1871, was "the wilful refusal of the State to pay the past due Fire Loan Debt and interest, and the co!isequent injury to the credit of the State." The subject was discussed at some length b}' the representaSubtive... consideration tlie loss and depreciation of property, the exaggerated assessments, the increased rate of taxation, and the reduced ability of propertyholders to meet the demands, the people of the State are now required to 2)ay at least twenty times the amount of tax they })aid before the war In six years, our bonded debt has been trebled, while there is a fearful apprehension of a floating debt, and unacknowledged... by the Legislature." It being thus conceded by all departments of the State Government Legislative, Executive and Judicial that the State is pledged to make good any deficiency of tlie assets of the Bank to meet these debts, it is a matter of small moment to the State in what order the assets of the Bank are applied in i)ayment of the debts The deficiency to be made good by the State will i-emain the . C. TliC Xews and Courier Job Presses. 187 Jf. ^ Class F"^!^ 2^_ niOCEEDINGS OF THE / TAX-PAYERS' CONVENTION OF SOUTH CAROLINA, Held at Columbia, beginning February 17, and ending February 20, 1874. rUBLLSHED. voice in laying or expending them, and that those who lay and expend the taxes neither contribute to them nor feel the Aveight of them. The sum and substance of all this is that the great proprietary interest, representing some 1170,000,000 of value,. of the Convention did certainly have the effect of arousing and concentrating popular attention. The State authorities of the day seemed to be impressed by the sin- cerity and gravity of the movement; acknowledged that there 12 were good grounds for