Historical Newspapers of South Carolina

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??O&T & GO., Pronators. ANDERSON 0. H., S. 0., THURSDAY MORNING, MAY 25, 1871. VOLUME 6?NO. 47. SPEECH OP ?ON. ?*#. ?Hl*3 TBEleOT, P^i^9m^4m!^^i8x-Payer^ Conven? tion, on the subject ofrthcpostponern^nt of the statutory lien oh the plue Midge Mail road, and" ex-plaining recent legislation ^?Mr. 'Fr&ident: I avail myself of the ^'leg? which has been extended to. me our resolution inviting me to a par i^^.fn'yo^r'delibei'atiorjs^. to ,'move an amendment to the resolution just read.: '?.^^^^j.^aat.^he jjpunaej '..to'-wb o m faas'Seen referred for iheir fegal opinion the question, whether tho Legislature, of BtiS^^'lfen^f thf-State ?%n%e Blue Shige,Bailroa(I, to -the ?oncreated by'the <rab?gago; of mid company fx?? 'Messrs. Henry Gourd in, George S. Cameron and ^tepry Clews, trustees under;and by. vir? tue* of. the act of 1868, be requested to prepare and publish tbeir opinion ut the earliest practicable opportunity." , IJbbI^I amjtese, some onfflijfero^tMn submitting my reasons for the passage of this resolution, an "embarrassment arising ?^frorh its subject, but from the charfto teVW the body to. whom it is submitted; i I had been under the impression that this a assembly of private Citizens,- who,; _ J^ogether by common Interests and sympathies, hi-d come together for the; purpose of exchanging Opinions and in? formation, of consulting with all the, frankness of old association and long es tajbj^ed confidence upon tho condition of the etat a to which we all-belong. But; tho action of yesterday, if it means any? thing, impiiDs a groat deah more. It - a'that this body, without legal ^oxis and irresponsible, intends to take je of the public and private interests of the.State?that, without tho means of adequate investigation, they assume to approve Or condemn, to create or to de s irroy. 'Whether this is to bo done by the inherent authority of this body, or wheth? er its decrees and behests are to be oar nod-oat formally by an arrangement with the nominal State Govern men ?;, I do not know?I do . not .propose to inquire/ I know this, however, that it is the first step in a very dangerous path, and it can ?iahe no difference how respectable aro theindiy id aal elements, of a body, with . out Ihi.forra and'authority of'-law. -when such a body begins to legislate, it is the first step to social anarchy. But, Mr. President, I do not propose to undo the action you have initiated f I do not even, ask yon to reconsider what think unwise; bat I do ask that you shall not make it utycot, -and ?toppin?; just >ybu have stopped is unjust. "What was that action ? . In this State, there is a corporation, which has under it's charge an enterprise which, lor nearly half a century, has been Cherished by tho people of South Carolina with persevering and hopeful assiduity? j on enterprise iu whose inception was sac? rificed the life of one *f the noblest and purest of your statesmen?him whose effigy, in the better days of your com? monwealth, you placed upon the. portals of your Capitol as the emblem -of public honor and integrity, that your legislators, as they passed beneath the ehadow'of his fame, might carry with them to their daily duties the memory of his life, aims * and deeds. From the days of General Hayne until to-day the State has never stinted her aid, and bis successors have labored through good and evil report, through difficulties almost insuperable, through embarrassments scarcely con? ceivable, to complete that great work, that direct communication with the West, upon whitfh tho future "prosperity of this State depends, the prosperity, especially, of that metropolis, once the pride of Caro - lina, and whose piteous cry of oppression j and despondency has assombled you here to-day. Well, in the progress of time, in the process of its work*, the President and Directors of that corporation have deem? ed it judicious to ask of the Legislature certain legislation?what the character of | that legislation is I will discuss direct? ly ; at present I confine myself to this simple statement?that they asked-and obtained legislation -which they deemed advisable for the use of tho securities Which the State guaranteed, and which guarantee, remember you, has been nei? ther impeached nor directly discredited. Upofftne faith 01 the Legislature that corporation has gone upon the market for the. negotiation of these securities. What do you now propose to do.? Yon adopt a report containing certain statements and a resolution calling for the legal opinion of eminent counsel, by which you mean, with all the weight which your ar.thority carries, to say to the world that you be? lieve this legislation to be invalid. Of Course, to the extent that your opinion so expressed carries weight, you mean to discredit,and do discredit, the bonds of, the Blue BJdge Railroad Company. Now, it makes no difference that the legal point you make is,'practically, of very small. rmportfince---that if you had not a legal opinion, but a legal decision of the Su? preme Court, it would not affect the value of the bonds, would not remove the guar? antee of the State, would not prevent their negotiation, and would not in the ?lightest dogroe relieve the State or lessen the burden of the oppressed tax-payer, in Whose interest wo are told this action is taken. While this is truo, still the ex? pression of your opinion taints and dis? credits the bonds to this extent?mark What I say?to this extent, that thoy be? come more easily and surely the prey of speculators, that is ail. You do not and cannot provont the sale of the bonds, but you enable tho stock-jobber to speculate upon the necessities of tho company, and buy that oheap which the State will havo Xp redeem. Geutlemen, is this common sense ? Do you really mean this ? Do you wish that tho Blue Ridge Railroad should be abandoned ? It so, thore is a wiser and bettor aud surer mode of pro eeediDg.. If yon, representing es yon so I completely do, the property, the charac? ter, the intelligence arid the patriotism of the State, wish the road abandoned, who wishes t?baHd^t f. It is the State's en terprise-^-for years the pet project of the ?ti&e.. No words of mine can describe its value, no zeal of mino can vindicate its impwtenc?;w.ith one-teenth of the fervor 'dlsnliyed/y?ar.i^rryear, session after session, by the' 'gentlemen who set around me. .Ji', .-then,you wish i t abandoned, say so; make provision for the payment cf its small bat honest indebtedness, and, my word tor it, the four-million of bonds will be surrendered to t?c Stale, notrohe mis- j sing.Ti?tbne sold,,not one stolen. But, If yoo do nbt mean this, do not take ac? tion which, by Airaply crippling the en? terprise and discrediting lbo bonds, puts them in,danger from which they are to-1 ! day exempt. '? I . What, then, do I ask you to do, in com? mon fairness'nnd in view of the action which you have already taaen t Simply this; You are about to adjourn. You ?have by this resolution expressed your doubt as to the validi ty of this legislation. Dcf not leave that doubt unsolved to prej? udice-our rights. Settle it cow at once ; do not adjourn and leave it uncertain and indefinite. You have selected certain counsel, none better. I do not know that they will assume the responsibility thus thrust upon them. Let us know it. Wo want their opinion; wo havo not the Slightest doubt or fear of what it will be. ?et ns havo it. For, recollect, if that opinion confirms ours, it this, and this on? ly, is the objection yob. have to the legis? lation'io question/then, if the decision of the arbiters you have yourselves selected is in our favor, your resolution becomes approval, instead of censure. Your opin? ion is strength to our bonds, and not weakness. The bonds of the company are now, to a limited oxtcnt, held as col? lateral for a small loan, required by the necessities of Its work, and negotiations aro ponding for the sale of the bonds. If you are right, and the priority of the State lien is to be restored, let ub know in time, for it will be no embarrassment, if once distinctly understood, to tho uego tion. If we are right, learn it yourselves, and withdrawn all unnecessary interfer? ence with the businoss of the company. This is but common justice and this de? mand I will cot anticipate a solitary ob? jection. And here, Air. President, I might stop. But, whatever may be tho impressions or prejudices or convictions of thoso who surround me, I have no apprehension that 1 will be denied a fair hearing by a body of South Caiolina gentlemen. The pub? lication of your report and resolution will give a color to this legislation which, 1 think, unjust .to the President and disad-1 vantageous to tho interests of the compa? ny. 1 propose, very plainly and briefly", to tell what I know of its history. I do it with reluctance, nud with reluctance only because I am the Solicitor of the road, and because, whatever may the per? sonal kindness towards me of the mem? bers of this Convention, and looking around-upon the familiar faces of so many whom 1 will venture to call my friends, I "feel assured of that kindly feeling?yet I oannot but feel that what I may say will naturally be supposed to be colored by the pride of professional opinion and tho in? terest which I have in the success of tho corporation which I serve. But, while I am responsible only for my legal advice to that body, I have been thoroughly famil? iar with the difficulties that -beset its ad? ministration, and, more than that, I am the personal friend of its President. I know his troubles, his labors?above all, I. know his character; and while I would have preferred that he should be vindica? ted by some one of those whom I see around me, the friends of his boyhood, bis colleagues in the House and Senate, his associates for years upon the Board of Direction, the men under whose advice, and by whose assistance, he applied, in 1868, to the Legislature for the guarantee of these bonds now under discussion, I feel it my duty, to place before you, what ho has not the privilege of doing, a plain history of this legislation, the causes which rendered it necessary, and What I 1 believe to be the true character and con? sequences of its provisions. I shall con fine myself to what I know. I regret that I shall be obliged to refer to the Greenville roud, but I do not pro? pose'to denounce its present owners.? They are responsible-men; lot them boar the burden ot their offence, or cleurthem of the charge of offonce. Tho Blue Ridge, road found the Greenvillo road, a neigh? bor, with whom its relations must bo friendly or hostile, and I can say, with truth, they wero not friendly. The Green? ville road, in pursuit of its own policy, and in conformity with its own system of morals, desired and determined to appro? priate the four millions of bonds belong? ing to the Blue liidgo road. For that purpose its friends prepared a bill, sotting forth that the Blue Ridge road could not bo built; that indeed it ought not to bo built, for a Wostorn connection from Greenvillo or Spartan burg was bettor, and authorizing the Greenville road to take up the indebtedness of the Blue Ridge, and then appropriate its four million bonds to the repair of its own road and tho completion of the amondod connec? tion. Upon learning this intention, Gen. Harrison held a conference with its pro? jectors, and refusing altogether, on any terms to abandon tho Bluo .liidgo, offered suoh opposition ns upon rejection induced its friends to give up tho project. Scarce? ly had ho lett Columbia than ho was re? called by tho intelligence that a new scheme of attack upon his bonds wns contemplated. The now plan was this: A bill was introduced into theSenato can? celling tho State endorsement upon tho four million of Blue Ividgu bonds, whilo another bill was introduced into "the House, by whjch upon the ground that the State was thus relieved of four mil? lions of liability, a now guarantee was given of four million to the Greenville road, and these now guarantied bonds were authorized Uo bo converted under the conversion : act into State bonds. I will not' characterize this legislation. It needs no adjectives. When General Har? rison reached .Columbia, the'House bill bad passed, three readings, and the Senate bill, too. His duty to both the road of which be was in charge and to the State, forbid him to allow such acts to become law, without any effort at defense.- Why, if the bill, cancelling the endorsement of the State, had passed, if, as it proposed, the existing indebtedness of the road was paid, what would it have cost the State, not in remote liability, but in actual cash ? A just mortgage debt, with accrued inter? est of something over two hundred thou? sand dollars,' advances secured by the bonds as collateral to between two and three hundred thousand more, the dam? ages claimed by the contractor upon a contract of one million and a half, broken and abandoned, and if he had been base enough, anything more which he might choose to add as the recompense for hie consent. He resisted the bill; and defeated the bill, and when the bill in the Senate failed, the bill from the House was abandoned because without cancelling the old en? dorsement, of four millions, the new endorsement of two could not be obtained. Well, at this point, the Greenville road proposed that the war should cease and that the interests of the two roads should bo consolidated. Look at the proposal: The Blue Ridge road had bat fifty miles of completed road; when they went upon the market with their securities, they met two difficulties : 1. That their unfin? ished road was not adequate security. 2. That the loan was not largo enough to complete the rood. The consolidation made a road of near four hundred miles, of which one hundred and eighty were plete, and_making a gross income of eight hundred thousand dollars, while the com? pletion of the whole line opened an enor? mous and lucrative traffic. The bonds of the Bluo Ridge, endorsed by tho consoli? dated company, would be securities sure of easy negotiation. Goneral Harrison and his board consented to thisconsolida tion upon two conditions. 1. That the Blue Ridge road should bo adequately represented upon the consolidated road; and, 2. That sufficient guarantee should be given that the four million of Blae Ridge bonds should be expended upon the Blue Ridge road. Bat the general con? solidation act required the election of the new board, a president, equalization of stock, etc., etc., which could not be ef? fected before the adjournment of tho Legislature. It was agreod, therefore, to accept tho present act as a preliminary to the actual consolidation, General Har? rison, stipulating that, as an effort bad been made to discredit the Blue Ridge bonds, by tho attempt to cancel them, that endorsement should bo confirmed. I say to-day, and I am willing to leave it to the judgment of any impartial man, that tbis proposed consolidation was wise and in the best interests both of the rail? roads and tho Stato. But tho ground taken by the repot t and resolutions, is that in one particular, this bill is injurious to the State, inasmuch as it postpones the statutory lien of the State to the mortgage which protects pri? vate individuals. My reply to that is: 1. That no statutory lien existed when the mortgage was oxecated, and that therefore in point of fact, and as an inevi tSfclo legal consequence, the mortgago is prior "to tho statutory lien. When, by the act of 1868, tho endorsement of the State was authorized upon four million of bonds, no mortgage was asked. Itersecu ity was purely voluntary. The statutory lien of the Stato became binding, when according to tho provisions of the act, the Comptroller Goneral put his endorsement upon the bonds. Under the most immi? nent legal advico in the State, the mort? gage was prepared and recorded accord? ing to law, but by delays unforeseen and beyond the control of the company, the bonds wore not signed for months after the execution and record of the mortgage. The priority of the morgago is, therefore, a fact independent of this legislaffon.? But besides this, there was a first mort? gage, not a iarge one, but as I havo said with accruod interest amounting to about $270,000, which was prior to both the mortgage of 18G8 and the statutory lien. To complain thon of this logislation be? cause it postpones the State lien is simply to rcjoct tho facts. 2. Tho mortgago was a better socurity than tho statutory lien. It was cumula? tive and voluntary. Tho statutory lien, as every lawj'er will admit, could not ex? tend beyond tho limits of tho State, cov? ering only fifty-six miles of road, of which only thirty-two were finishod. The mort? gago covered all tho property of tho wholo road from one end to tho other.? And it must bo recollected that so long as tho mortgage protected tho bond-bord? ers, there was no accruing liability to the State. She wanted no other security as long as tho bond-holders did not fall back upon her endorsement. 3. Whothor tho reloaso of tho prior lien of tho State was right or wrong, wise or foolish, the Legislature had tho right to mako it, and once made, it is complete This position I am willing to leavo to any compotont logal authority. 1 havo thus attcmptod to show that so far from the Stato being injured by this legislation she is benefited. That the postponement'of tho Stato lien complained of, is not tho result of this legislation, but oxisted as matter ot law and fact before it. And that even if it is unwise, it is ir? revocable. I have endeavored to discuss this ques? tion clearly, temperately and simply in ' its. business aspect. I have no objection to the consultation of the eminent coun? sel selected. I think it but justice that this question be settled at once, and sub ' mitting the. amendment which I have I moved, I leave the whole subject to the I consideration of the Convention. lU-Goy. PEW3r,,on the Situation.?A correspondehtjof the New York Tribune, who has been visiting Greenville, writes as follows: Greenville is tho home of cx-Gov. Per? ry, who was made Provisional Governor by Andrew Johnson. I had a short talk with him upon South Carolina poliLies. IHe appeared to feel keenly the continu? ance, of his. political disabili ties, an d. i n - trod need the subject at the outset of our conversation, saying that he had been an original Union mau and had fought, se? cession until the war actually commenced, but that notwithstanding this he was not now upon political equality with cotton field and corn-field niggers, and could not hold the smallest office. This personal grievance seemed to color his opinions of all public questions. He took a gloomy view of the situation in the State, fearing that there was no peaceable remedy for the evils of a corrupt legislation and ad? ministration and oppressive taxation, and that violent outbreaks would bo the re? sult. He favored the plan of minority representation, but said that it could not be brought into operation for nearly two years, and that would be too far off to meet the present emergency. Speaking of the exorbitant taxes, he said: *'Wo are as law-abiding a people as can be found on the face of the earth. The taxes, un? reasonable as they are, would be cheer? fully paid, if the people had confidence that they would be used tor honest pur? poses; but they believe that the money extorted from them will go to swell the gains of the unscrupulous Northern ad? venturers who are enriching themselves by plundering the State." The Governor I was severe upon the native white men Who had joined the Republican party. I j ventured to deprecate the intoloront spirit which denounces as scalla wags and thieves Southern men of property and known char? acter for honesty, morcly because they have identified themselves with the ?Re- 1 publicans?in many cases, perhaps, with the patriotic desire of doing their State a service, by influencing tho ignorant ne? groes to elect good men to office. But tho Governor was not willing to admit that any honest white man in South Carolina could be a radical, and said, rather tartly, "When a man joins a band of rouges, he must expect to be looked upon as a rogue." Gov. Perry is a good example of tho folly of keeping up political disabilities in the South. If there had been an act of gen? eral amnesty three or four years ago in all probability, he would to-day bo an ac? tive Republican, representingbisdistrict in Congress, or filling some other office whore his talents and integrity would bo of ser? vice to the people of his State. As it is, the stupid policy of proscription pursued by Congress has forced him into tho Dem? ocratic party. Cotton Manufacture? in the' South. -J. R. Dodge, Esq., of the Bureau of Statistics, makes the following statement to Hon. Horace Capron, tho Commis? sioner ol Agriculture: "The cotton interest has already at? tained its maximum of value and profit for the present, and the cotton supply of the world has nearly reached the limit oi normal .consumption; at a lower price a somewhat larger consumption might re? sult; a largely increased supply would oc? casion disaster and fluctuation in produc? tion, disadvantageous aliko to planter and manufacturer. There is ono mode, and but one, by which the value and profit of the cotton crop can be largely increased, and by which cotton growers can remain 'masters of the situation," and that is by manufacturing in this country, not twen? ty per cent, of the crop, as in i860; not thirty-five per cent., as in 1869; but at least seventy-five por cent; and half of this should be manufactured, noarithe cot? ton fields into coarse goods at first, largely into yarns, and ultimately into every va? riety of cotton iabrics. It can be done with profit at once. Idlo water powers, abundant and cheap, .wood and coal for steam machinery, dependent women anx? ious to oarn a livelihood,, and children growing up under tho pernicious influ? ence of idleness, call for such utilization of wasting resources. While these means of opulence are ignored, and tho children of indigence arc permitted to pine in pov? erty, it would bo unmanly to envy the possession of wealth elsowerc obtained by the persistent and industrious utilization of similar resources; and whilo such op? portunities are thrown away, the highest prosperity must not only be unattaincd, but undoserved." ? A girl in St. Louis who is studying law and intends to practice, was asked by an envious lawyer if she was not afraid of losing her reputation. She re? plied that it novor occurred to her that lawyers generally had any reputation to lose 1 Tho conversation was here termi? nated. # ? A gontleman in this city, whoso wife is on the ,go-out most of the time, calls her tho'active partner; and at home no ono would ovor accuse her of boing a si lent one, ? An editor in Alabama having read an article in HalVs Journal of Health ad? vising that husband and wife should sleep in separate rooms, says : ,lDr. Hall can sleep when and where he choosos, but lor himself ho intends to sleep whero ho can defend his wife against rats and all other nocturnal foes as long as be has got ono to defend." THE TAX-PAYEES' CONTENTION. SPIRIT OF THE PBE88. That the Convention of Tax-payers, which has just concluded its session at Colombia, is the most important event in the history of this Stato, since its seces? sion from the Union in 1860f seems to be recognized by all the leading journals of the country. Tho following extracts from various newspapers will show the popular sentiment on the subject: From the Providence (R. L) Journal, Republi? can. THE SOUTH CAROLINA CONVENTION. The Tax-payers' Convention which has been in session at Columbia, South Caro? lina, was expected to adjourn yesterday. It was a body of great respectability of character and position, and its proceed? ings have been marked by moderation and prudence. It embraced members of both parties, though the Conservatives were probably very largely in the major? ity. The advice which they gave to the Governor was judicious, and what is gro?t iy to his credit and to the public advan? tage, he accepts it, and agrees to act in accordance with it. The questions consid? ered in the Convention were not political in an ordinary sense, but such as relate to the existing embarrassments of the State and the mode of effecting its extrication from them. The Convention also voted to present a petition to the Legislature to avoid in? creasing the State debt, and also to re? duce the expenses of the State Govern? ment. The grand aim appeared to be to secure more intelligent and honest Execu? tive officers in all departments, and to make the members of tho Legislature, if possible, moro careful in their levies of taxes, and in their State expenditures. It is thought that much good will result from tho Convention, which, in reality, is likely to have nearly the power which might belong to a third and higher house of the Legislature. From the Petersburg Index. . The Tax-payers' Convention at Colum? bia has published to the world the facts of the grievous woes wrought in South Car? olina by the Radical adventurers and their ignorant allies. Governor Scott has ac? knowledged the extravagance and corrup? tion of his party, and confesses that he is constrained to ask the help of the Con? vention to relieve the State from the con? sequences following the domination of the party which put him in powor. Familiar as are the members of that Convention with the countless wrongs to person and property committod by the Radicals, they have contentetf*themselves with turning their attention solely to the evils of taxa? tion. AVI*at monstrous proportions these evils assume, and by what ignorant crea? tures they are inflicted, appears from one simple statement. The Legislature of South Carolina has this year imposed on the Stato a tax of four million dollars; and of that Legislature, seventy-four ne? groes can neither read nor write. From the New York Evening Mail. Tho benefits resulting from this Con? vention, if the policy it has initiated shall be faithfully carried out, will not be con? fined, as It seems to us, to the State im? mediately affected. The example of lead? ing men of all parties and shades of be? lief, in a State like South Carolina, coming together in a fraternal spirit to considor calmly and independently of partisan considerations the one question of the public good, cannot fail to'largely influ? ence publio opinion all over the South. The Convention has done its work thoughtfully, without partisanship and in a conciliatory spirit. The work itself seems to havo been immensely needed.? Thoro is no question that the Stato was getting into a foarful condition. Irre? sponsible adventurers had involved it in debts that were approaching the utmost limit of endurance. There was through? out the State a feeling of mingled alarm, disgust and hatred on tho part of proper? ty-owners and men of intelligence and character. Violent men took advantage of this intense sentiment to perpotrate \ murders and robben'as that in turn called for Federal intervention, and the exorcise of Federal authority added fresh fuel to the flames of discontent. Let us trust that the good sense shown in South Carolina .may prove contagious and be exhibited in other Southorn States which are in like disordered and unsettled condition.' From the New York Evening Post. CONCILIATION IN SOUTn CAROLINA. The conforence was remarkablo as the first voluntary attempt of tho Southern people at reconstruction without rogard to party projudice. It is the first meet? ing of men of oxtromo views for the pur? pose of compromising their differences for the common good. All shades of politics wore represented, and, to show that thero was no mistake in tho representative character of tho conferonco, it is only ne? cessary to add that tho movement was proposed many months ago; that the Statu has been thoroughly canvassed in its behalf, and that it has met with little ob? jection. It is gratifying to remark that Govern? or Scott frankly acknowledges the errors that have boon committed by his officers with his own consent, and points out in sovoral instances the means to correct them, Naturally a few of tho politicians who profit by tho present disturbed state of.society in South Carolina are already complaining of his course, and accuse bim of going over to the Democrats; but outside of their limited circle the Govern? or's course will no doubt bo approved by tho Republican party. If these confer? ences continue as they havo begun, and the Convention approves the wiso course of its leadors, wc shall probably hear lit? tle more of Ku Klux outrages, and' the army will find no moro work-to do in South Carolina. From the Nev York Financial Chronicle. The Convention of Tax payers in South Carolina is considered favorable to the in* J terests of the holders of State bond 3, as the tone developed has'been conservative ! and against increasing the debt, and the action of the Convention is expected to have much weight in the State. There is evidently more confidence felt in the soundness of the Southern State bond* generally, as tho extravagance which was shown in increasing tho debts of several States immediately after the war lias to a great;extent worked its own cure, and during tho past year there has been* much more conservative spirit shown, and a strong party in favor of economical administration is now to be found in every State, SOUTH CAROLINA. - ?. ?Under this head the Boston Post says: '?The tax-payers of South Carolina have held their Convention and adjourned. The proceedings are described as having been harmonious, tem? perate and dignified throughout. The records prove their great and vital importance to the welfare of the State, and form a disclosure of profligacy, corruption and misrule, on the part of the officials'of the Government, which it is safe to,pronounce unparalleled in the history of the Republic. The ignorance of the blacks in power has only beet equaled by their wanton extravagance. Loa-is have been put upon the market at ruinous rates of interest, office-hold? ers have multiplic-d like locusts, the Treasury has been plundered?so has the Land Commis? sion?so indeed has every department which could be made to yield to the extortions of the dominant party. The personal conduct of State officers has also been made the subject of inves? tigation, and from high to low they seem to have been animated by the same fell spirit of vice and plunder, regardless of the moral or financial name and fame of the State. "The Convention, among other business, con* demned the Sterling loan, authorized by hist * winter's Legislature, and requested the Govern? or not to sign the bonds, ana the people not to buy them if put on the market. As property holders, the Convention declared its purpose to resist payment of this issue as an unwarranted, illegal and irresponsible pledge, and one made in derogation of the rights of the people. The Governor promised the Committee of the Con? vention to recommend a reduction in the force of office-holders, and favored their resolution regarding cumulative voting, by which 60,000 tax-payers will have some proportionate repre? sentation with 90,000 negroes who do . not pay taxes. Plans were reported by the Convention for increasing revenue and protecting the Trea? sury ; for limiting the sessions of the Legisla? ture, and regulating its pay and behavior; for appointing competent men to office; for .col? lecting of taxes, and for various other reforms so urgently demanded by the industrious and respectable portion of our population. The Governor promised co-operation in all the salu? tary measures proposed, and so did many influ? ential negroes; but it will be difficult to redeem these promises, with Congress urging enmity' rather than sympathy with the disfranchised whites. "The revelations regarding the State deb? and the measures taken by vicious and profli? gate parties to raise money, illustrate the work? ings of Reconstruction after the Congressional plan. The present debt of the State, as prin? cipal, is said to be $8,865,908.98, besides bonds in the hands of the New York agent amount? ing-to $1,800,000, which have been pledged for a loan of $800,0001 The committee charged that the State had paid as high as seventeen per cent, interest on short loans 1 The warte? nil extravagance which imposed these ruinous financial obligations, and rendered the confer* . ence of the tax-payers necessary, may be learn? ed from a reliable correspondent of the World, who visited the State, and examined, with'Un? usual deliberation and apparent impartiality, some of the scenes and causes'of the existing disorder and discontent According to his de* scription there - is no legislative hall at the North which compares in richness of garniture * with that of the South Carolina House of Rep? resentatives. The drapery curtains are of cost* ly crimson damask, upheld by gilded brackets, and over the Speaker's chair is an elegant gold embossed canopy of blue. Chandeliers, hand* somer than any in tbe;Cap:tol at Washington, depend in lustrous magniheence from the ceil? ing, and upon the floor are velvet carpets of the richest hues. The desks are of ornate black walnut, of the most elaborate beauty of con? struction, and the spittoons, for the hundred negroes and fifty perhaps less worthy whites who compose the body of legislators, are of white porcelain, in the form of vases. The Senate Chamber is similarly magnificent in its fitting up. An open bar, with whiskey and se* gars as free to contractors and lobbyists as to members themselves, was an appropriate ac* companiment to this inappropriate finery.?? These are miner details, to be sure, but they are sufficient indices of the way in Which the money goes, and show clearly enough how easy it is, under sueh influences and with abody of crude legislators, of exclusively mercenary pro? pensities and partisan ideas, and irresponsible alike to their own unenlightened consciences and to the demands of propriety and justice, to run wild with extravagance and to consummate oppressive, unequal and ruinous legislation-^ prccisely such as hhs created the necessity for the present movement and driven the class of people who sutler most directly from its evils to attempt some method of redress. .''Efforts are already observable in Radical quarters to disparage this Convention, misrep? resent it objects and purposes, and to prejudge its designs. Such would be the case with any movement which is in its nature calculated to supersede the Ku Klux law, upon which Radi? calism wholly depends to maintain its ascen? dancy at the South, against justice as "well as the true interests and expressed wishes of the people. So.far as our present information .ex? tends, the: Convention was in no sense of a partisan character. Prominent and influential citizens, of both parties and from every section of the State, were among the delegates, a prom? inent Republican, the Attorney-General of the State, being one of the Vice Presidents, and an editor of a Republican. newspaper one of the Secretaries. A former Lieutenant-Governor, Hon. W. D. Porter, was President of the Con? vention, and on assuming the Chair he distinct? ly disavowed the alleged design of repudiation, and declared the objects of those who had in? augurated the movement tO;be to rebuke cor? ruption in high places, to save themselves from irretrievable ruin, and to guard against future hazards of the public credit, which, he said, most be unquestioned and unsuspected. What the deliberations may effect, remains to be seen; but if they serve only to enlighten the North as to the atrocious 'misconduct/of the men placed in authority by Congress,, they will have accomplished eomc good purpose."