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The Dallas Daily Herald
Dallas, Dallas County, Texas
What is this article about?
In Columbia, SC, on March 9, the South Carolina legislature discussed the state's public indebtedness for ten days, with Democrats divided on the bond commission's rejection of bonds under the 1873 consolidation act. A conference committee proposed an agreement accepted by the caucus, to be acted on next week, including tax levies for interest, a special court for invalid bonds, payment of matured interest, and settling floating debt at 50 cents on the dollar.
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COLUMBIA, S. C., March 9.—The public indebtedness of South Carolina has been under discussion in the legislature for the past ten days. The democrats were divided upon the report of the bond commission, which rejected a large amount of bonds funded under the consolidation act of 1873. Finally a committee of conference was appointed, and a basis was submitted to the caucus this afternoon, which was accepted, and will become a matter for the action of the legislature next week. The agreement is as follows:
First—To levy a tax sufficient to meet the interest on the entire debt adjusted under the consolidation act.
Second—To constitute a special court of three circuit judges before whom bonds declared invalid by the commission shall be taken upon test cases with right of appeal to the supreme courts of the state and United States. Third—That matured interest on all bonds declared valid by the commission shall be paid out of money in the treasury, and the interest for the current year on such bonds shall be paid out of moneys collected hereafter.
Fourth—That as final adjudication is reached upon bonds declared invalid by the commission the funds levied for interest shall be paid out upon the entire amount of bonds declared valid obligations of the state.
Fifth—That the floating debt of the state, including bills of the bank of the state, be settled at fifty cents on the dollar, payable in coupon bonds, bearing six per cent. interest.
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Domestic News Details
Primary Location
Columbia, S. C.
Event Date
March 9
Outcome
agreement accepted by democratic caucus: tax levy for interest on consolidated debt; special court for invalid bonds with appeals; payment of matured and current interest on valid bonds; interest funds redistributed upon adjudication; floating debt settled at 50 cents on the dollar in 6% coupon bonds.
Event Details
The public indebtedness of South Carolina discussed in legislature for past ten days; Democrats divided on bond commission report rejecting large amount of 1873 consolidation act bonds; conference committee appointed; basis submitted to and accepted by caucus afternoon of March 9, for legislative action next week.