WINNSBORO. 8. 0. Thursday, January 10, : : 1878. B. MEANS DAVIS, Editor, JNO. 8. REYNOLDS, Associate Editor. The Public Debt. The Newi and Courier makes a plausible argument in favor of standing by the present arrange mont of the public debt; but its reasoning is based rather on ex podiency than on any fixed principle of right. It shows that the con solidated debt is loss than the un questionable ante-Reconstruction debt; and argues in addition that the old bonds have passed out of the hands of the original holders, into the possession of speculators ; and moreover, that they cannot be traced up. In answer, it may be truthfully assorted that an acceptance of the compromise now, by the Democrats, after an inquiry into the nature of this bonds is repudiation to the amount of the difference betwoon the old and the consolidated bonds, and that even the payment of an equal amount in the aggregate, if made up by ecaling honest debts fifty per cent., and paying an addi tional fifty cents on worthless forged papor, is still nothing more or less than repudiation. As to the point that the bonds have passed into the hands of third persons, that makes no difference as far as concerns the duty in cumbent on the people to meet their valid obligations. If an in dividual gives a note and is subso. quontly imprisoned or confined improperly in an insane asylum, and some other party gets hold of his estate illegally, and by forging his name so wastes it that both the owner's valid obligations and the forged notes become so worth less to both to be sold for a song, after which the owner obtains his liberty, it becomes his duty to pay his debts in whosesoever hands the I aims may rest, while not hesi tating to repudiate all fraudulent issues- But should he pay them all alike pro rata, he might then, indeed, be considered a fit subject for the asylum or the jail. As for tracing up the bonds, it is safe to assume that the parties interested will be able to prove pretty con clusively the genuineness of any such honest claims as they may hold. On the other hand, if the State revives the old honest debt while repudiating bogus paper, the cry of repudiation can never be raised against her ; for it irill be seen that she meets squarely the obligations she herself contracted : and merely fulfills an intention expressed in divers ways-through the press, and by conventions-of having nothing to do with the debt foisted upon her through Radical Recon struction, backed by Federal bayo nets. The fairest settlement would be a rehabilitation of the old bonds and a rejection of the new. If the State cannot meet the increased interest, let her pay a smaller rate, say four per cent. for the next fivQ years, and an increascd rate after that time. We imagine that honest bondholders would gladly accept this proposition, as it increases the principle. Again The Neto, amd Courier1 argues that on the principle on which the bonds are repudiated, the State should demand a return of the taxes squandered by Rladical officeials. The cases are not analogous. The taxes have long since been paid in, and, however the money was squandered then, these transactions are things of the past. Buit the bonds are only promises to pay. The people have not satisftlodtlrea. If the Legisia. tpre, listead of collecting taxes at the time, had merely fraudulently flaraed ou#f4b9 revenue to specula. tore for a nwuaer of years in p iuVe, do99(e N.w#se an4 qow(rer drpea for sn instan6 that this u*enue w0o14 nowbe paid? a nets prevented a general refusal to pay; and not even those deterred the peopl from rising in their majesty, and compolling the Radical Legislature to largely reduce the levy. The law proscribos that in doubtful transactions what has boon paid out cani ot be recovered; and what has not been paid cannot be collected. The defendant has always the better position. And what was this wholesale issuo of bonds but a virtual farming out of the revonues of the Stato as long as the bonds are to run ? If expediency is the only lamp to guide our foot, the duty of the Legislature is plain-to scale the honest debt and repudiato the rest. If justice and right are to be con sulted, the honest debt should be paid in full and the rest repudiated. In either caso the Consolidation Act is a cheat and a fraud. PROM "DARK CORNBR." How Christmas was Spent--A Ploasant Sunday-School Celebration--The Work of the New Year begun. Editors NEws AND HEnALD: -The most notable event in the "Corner" during the holidays was tho Christ mns Tree at Cool Branch Church for the bonofit and oncouragement of the children that compose the Sabbath-school at that place. The good people, especially the good women of the community, displayed good tate and great ingennity, and untied their purse--strings liberally in this good work. This tree was not a little bush, and it was filled from bottom to top with fruits, toys, articles of clothing, etc., in such profusion 'hat the school, numbering some sixty-fivo children, receivod their aria full of preants. The tree was a complete success. the children were made happy, and this mado the old folks happy, which rendered it an occasion of exceeding good fooling and made all fool that "it is more blossed to give than to receive." The very large congregation present, and the 'school wore entertained and en livoned by a most interesting and sprightly address from Rev. J. D Mahon, the pastor of this church. Pormit us to say that this Sabbath, school has been in existence for over seven years, and that the obstacles that existed at its organi zation have pretty wvell given way, and now it waves its golden wings over the home of every family in the "Dark Corner." The holidays over, the sterner duties of the farm come up. Con tracting for labor for the Now Year is pretty wvell over. Labor' is plentiful and easy to employ. The short cotton crop of 'last year, with the absence of the lien law, is, we think, causing much labor to be employed for wages. A considera ble quantity of wheat and oats has been sown this senson. A geod quantity of home-raised pork have been slaughtered, and it would do you good to sit up to the fine dishes of ribs and back-bone, sausage, butter, turkey, &c., &c. that grow away up in the DARK -CORNER. P. S.-Narry wedding. SColumbia Business Card., *-TEIADQUARTERS for cheapest Gro ce.Loros and Hardware in Columbia, to be found at the old reliable house o,f LOICK & LOWR ANCE. H]IX'S, Portraits, Photograph., Store ..osopes, &c. All old pictures copied. Art Gallery Building, 124 Main Street, Columbia, 8. C. Visitors arc cordially invited to call and examine. Cl ARLE.8 ELIAS,formecrly of Camden, has moved to Columbia, ansi opened a large stock, of Dr Goods andh Notions, Boots, Shoes, Truns and Valises. Satis faction guaranteed. RECERLING'S GAraLERY--Opposite the Wheeler Jione e. Portraits, Photographs, Amibrotypes and Ferrotypes finished in the latest style of the art, Old pictures copied and enlarged to any size. W. A. RLEOKLING, Proprietor. DIERCKS8 & DAVIS, importers and .dealers in Watche., Clooks,Jewelry, Silver and Plated WVare, House Frrnis h lng Goods, &o. N. B. --Watches and jew esry repaired. Colombia, 8. C. oct 27-y NOASE AND CATTLE POWDERS, REPORT OF THE CONDITION OF TIlP Winnsboro National Bank, A T Winnsboro, in the State or South vnrolinsa, it the close of business December 28th, 1877. RESOUROES. i,o,tns and Disounts, $61,524 48 Overd -sfts, 460 13 U. 8 ilonds to secure circulatiOn, 76,000 00 Due from approved reserve agents, 2,954 77 Due trom other National Banks. 13,750 20 Real Esate, Furniture and Fixtures, 1,453 45 Current Expenses and Taxes Paid, 2,847 01 Preniiums Paid, 6,000 00 Bills of other llanks, 7,191 00 Fractional Currency (includ. ing Nickeil,) 79 73 specie, (incluiding gold Treasury certificates) 322 55 Legal Tender Notes, 5,000 00 Redomption fund with U. S. Trreas.,5 per cent.of circulation, 2,375 00 Total, $178,964 98 LIABILITIE1. Capital Stock paid in, $75,000 00 Surplus Fund, 3,037 41 Untlivided profits, 8,891 81 National [lank notes out sintding, 67,500 (10 Dividends luipaid. 97 50 Individuil deposits subject to check. 24,074 43 Duo to other National lanks, 363 83 Total, $178,904 98 sr'ATH OF SOUTI CA RO,INA, County of Fnirfield. I. T. K. Elliott, Cashier or the above nam1ell Bani, do soleinnly swear flint, the above stateinent is true to Ie bost of my knnwleilge andl helief. T. K. ELLIOTT, Cshier. Suh4eribed ani sworn to before me, this 8- ay c-f Janunry, 1878. WM. N. CHANDLER, Notary Public. Correct-Attest: W. R ItOHET TSON, JA,MES A. BRICE. Directors. 0. H1. M11\ASTElt. Jan 10-1 t STATE OF SOUTH CAROLINA, COUNTY OF FAIRFIEJD. Court of C