T   — H   -DPUBLIC DEBT AND TAXATION
OF
SOUT0T  COAOIOTIIA.
1I()('EED)ING(S OF()I TIE SPECIA\L  AEETING  )OF
THE CHARLESTON CHAMBER OF COMMERCE,
IElll) )ON Thv'llsiAv, MA.I i 30, 187i1.
A IT,S O
P:,)(M EI,:l) N1s OF TILE SPE:CIAL I[1E;ETI1 N(G  ) 11
THE CHARLESTON BOARD OF TRADE,
IIETL) o)N I1O1)., F Si.NDl:31 1871.
(CIARtllESTON, S. C.
PI'NlsTED 1I5Y TlilE (,1ARI,;,STON NiEA:S JO I) l'-ES's Es.
1871.








IPUBLIC DEBT AND TAXATION
OF
SOU/T25: CAO INT.A...
PROCEEDINGS OF TIHE SPECIAL MEETING OF
THE CHARLESTON CHAMBER OF COMMERCE,
HELD ON TLHURSDAY, MARCEI 30, 1871.
SLSO,
PROCEEDINGS OF THE SPECIAL MEETING OF
THE CHARLESTON BOARD OF TRADE,
HELD ON FRIDAY, MARCH 31, 1871.
CHARLESTON, S. C.
PRINTED BY TuE CHARLZSLON  NETrwS JoB PR-IRSSig:4
18t 71








Proceedings of the Chamber of Commerce.
A special meeting of the Charleston Chamber of Commerce
was held on Thursday afternoon, March 30, 1871.
The object of the meeting was to consider the financial condition of the State as affecting the commercial interest and prosperity of Charleston. An unusually large number were present,
and every branch of the trade of the city was represented by
recognized exponents of its determination and desires.
The meeting was called to order at 2 o'clock by Vice-President
S. Y. TUPPER, acting president, who spoke as follows:
REMARKS OF VICE-PRESIDENT TUPPER.
Gentlemen: The Chamber has been convened, at the request
of many members, to take into consideration the extraordinary
condition of financial matters in our State; and specially with
reference to the oppressive burden of taxation under which we
labor, with the prospect of its continued increase by a corrupt
and irresponsible Legislature, which threatens the ruin and impoverishment of our people.
The extravagant and reckless expenditure of the public money
is allied to rapine and plunder, and it is contemplated to add
millions to the debt of the State by the issue of new bonds which
necessarily involves an additional increase of taxation to meet
the insatiate demands of the spoiler.
Neither the wealth or intelligence of the people of South
Carolina have any voice in the levying or expenditure of the public
money. This is, in the broadest sense, tyranny of taxation without representation.
Education, character and experience are ignored and excluded
from office by an intolerant negro majority, banded together and




4
controlled by the arts of those who are strangers to us in name,
feeling, sympathy and interest.
Discontent prevails throughout the entire Commonwealth.
Crime, robbery and corruption stalk boldly before us and go unpunished. The white mail and property-holder being virtually
excluded from all legislation, is powerless to resist or reform the
maladministration of public affairs.
We have met together, gentlemen, as merchants and propertyholders, not as politici'ans or office-seekers, nor in the interest of
any party, to consider what can be done to unite the conservatism, the intelligence and the taxpayers of the State in some
movement to check the rapacity of government officials, and
repair the evils of which we complain.
WAM. RAVENEL, Esq., then rose and said that he fully ConIcurred in the views of the chairman of the Chamber, and would
submit a preamble and resolutions, which he hoped wouldbe
found to represent with propriety the sentiments of the body.
MR. RAVENEL then read the following preamble and resolutions:
THE RESOLUTIONS.
Rhlereas, Under the operation of the present State Government, the majority of the property-holders and taxpayers of the
State, from whom the public revenue is mainly derived, are excluded from any power in the legislation of the State, and from
any practical influence in the imposition of taxes:
And whereas, The moneys raised by taxation are improvidently and corruptly used and expended by persons who hold office
under the State Government, and the sums appropriated for
alleged public uses are excessive and extravagant:
An4d whereas, The credit of the State has been pledged illegally, and it is now proposed to pledge the credit of the State
for further loans, by a new issue of bonds, which may be negoti-:ated in the market to persons who may take. them, in ignorance
of the circumstances under which they are issued. Therefore,
1..:Resolveld, That we, the property-holders and taxpayers of
the State, residing in'the City of Charleston, do hereby deem it




our duty to declare that the bonds heretofore issued without legal
sanction, and the so-called sterling loan, or any other bends or
obligations hereafter issued purporting to be under, and by virtue
of the present State government, will not be held binding on us,
and that we shall, in every manner and at all times, resist the
payment thereof, or the enforcement of any tax to pay the same,
by all legitimate means within our power.
2. Resolved, That we deem it our duty to warn all persons not
to receive, by way of purchase, loan, or otherwise, any bond or
obligation hereafter issued, purporting to bind the property or
pledge the credit of the State; and that all such bonds or obligations will be held by us to be null and void, as having been
issued in derogation of the rights of that portion of the people of
this State upon whom the public burdens are made to rest.
3. Resolved, That the taxpayers of the State are hereby requested to meet in their respective counties for the consideration
of this subject, and the enormous tax levies of the current year,
and for the appointment of two delegates to represent each county in a State Convention, to be held in Columbia, on the second
TvESDAY in MIay next, for the same purpose.
4. Resolved, That, this State Convention of Taxpayers be requested to confer with his Excellency, the Governor, on the dangerous'fiscal condition of the State, and request his official aid
and co-operation in the investigation of the accounts of the Comptroller aid the State Agent in New York, so that the amount and
character of the bonded debt and all other liabilities of the State
can be clearly stated, with a view to such further action as may
be necessary for the protection of the public creditors and of the
taxpayers of the commonwealth.
Mr. JOHN HANCKEL, in seconding the resolutions, spoke as
follows:
REMARKS OF MR. HANCKEL.
I rise to second the tesolutions in the spirit in which they are
conceived. They are, sir, no idle threat, made for the purpose
of interposing obstacles in the regular administration of government; nor are they intended to interfere with the legitimate




6
financial operations of the State; for if there be a people who
desire o be law-abiding and law-obeying, we are that people.
But, sir, law is meant for protection of life and property, and,
under the present State government, we have no such protection. Even this condition of things might be endured, with our
protest uttered against it. But when a government becomes'
rapacious, and by its exactions exhibits a determination to
extort from the citizen all that he earns, and to apply it to the
use of its individual members, we can no longer submit. And
there is neither virtue nor propriety in our doing so. The
fundamental principle of a Republican government is that
representation and taxation should go together. We have no
representation, and still are taxed, and taxed heavily, taxed
without limit and without regard to our ability to pay. The
people were unable to pay more than one-half of the one million
tax imposed last year for State taxes. It is now proposed to
increase that tax fourfold. If the people were unable to pay one
million, how can they pay four millions? It is simply impossible.
We must, from nece-ssity, combine for mutual protection; not
for violence, but for safety, and must use the only means in our
power, and that is-to refuse to pay the taxes! The people of
the State are sensitive of their honor, and repudiation is abhorrent to them. But there is no repudiation in announcing beforehand that we will not pay what will not be recognized as an
obligation by those who are expected to furnish the means of
payment. Obligations are due for benefits received. We receive
nothing; therefore, we shall owe nothing; therefore, we solemnly
declare that we will not pay these unjust, unauthorized and
iniquitous so-called obligations of our downtrodden State.
RErMARKS OF MR. LAWTON.
WILLIAaM M. LAWTON, Esq.,- spoke warmly and vigorously in
support of the resolutions. He said that he had not expected to
raise his voice again before his fellow-citizens, but he could not
refrain from expressing his satisfaction with what was proposed to be done. More than two years ago he was asked in
WVall street about the so-called South Carolina bonds issued by




the ScoTT government. He told the Wall street Brokers, &lt that
time, that they had better let those bonds alone, for the people
of South Carolina would never consent to pay any debts except
those honestly contracted, nor would they recognize as binding
upon them any obligation which was not incurred, in good faith,
for the good of the whole State. That warning was unheeded
then, but he would repeat it now.
REMIARKS OF MAJOR BARKER.
Major THEODORE G. BARKER said: The resolutions proposed
have been carefully considered with a view to a concerted and
uniform expression of the voice of the taxpayers and propertyholders, of' the State. It is essential that the character and
complexion of the proposed Convention of representatives of
the people in Columbia should be clearly understood at the
outset. It has nothing whatever to do with politics in the sense
of party. It proposes to give forth to the world the warning
voice of those who sustain the burthens of State debts, and upon
whom that burthen will hereafter continue to fall-the property
owners of South Carolina, It intends to say to the capitalists of
the world, in all the markets of the world, in every commercial
centre, where South Carolina State securities may be offered, for
sale, simply this and nothing more: " Don't buy such and such
State bonds tpon the faith of the acquiescence of the taxpayers
of the State in their being issued." The resolutions give the
reasons why the owners of property in South Carolina do not
intend to hold themselves bound, as a people, to pay such
bonds, and they also designate the particular class of bonds
which they warn purchasers throughout the world not to buy.
There is neither repudiation nor revolution in the movement.
On the contrary, the course proposed of the peaceable assembling of the people, is one which is plainly contemplated by the
Constitution both of the United States and of the State of South
Carolina. On this occasion it is intended to prevent the appearance of virtual repudiation, and mayhap the occasion of future
technical repudiation.
Apd first, it is not revolution for the people peaceably to
assemble for the redress of public grievance. The first Article




of theaAmenclments to the Constitution of the United States
guarantees the freedom of speech and of the press, and also " the
right of the people peaceably to assemble and to petition the
Government; for a redress of grievances," and protects these
fundamental reserved rights of the people against the power of
Congress. In still stronger and more ample terms does the
present Constitution of South Carolina recognize and secure
these inalienable rights. Its first Article contains a "Declaration of Rights."  The first Section of that Article declares"Section 1. All men are born free and equal —endowed by
their Creator with certain inalienable rights, among which are
the rights of enjoying and defending their lives and liberties, of
acquiring, possessing and protecting property, and of seeking and
obtaining their safety and happiness."
Therefore, in meeting peaceably to protect their property
from unjust, unequal, and unlawful impositions in the present or
in the future, the people are not only defending a constitutional
right, but one pronounced by fundamental law to be "inalienable," and therefore not alienated to the present State Government or any other government.
Section sixth of the-same article declares"Sec. 6. The right of the pedple peaceably to assemble to
consilt for the common good and to petition the Government, or
any department thereof, shall never be abridged."
Section seventh declares"Sec. 7. All persons may freely speak, write and publish
their sentiments on any subject, being responsible for the abuse
of that right; and no laws shall be enacted to restrain or abridge
the liberty of speech or of the press."
Section forty one declares"Sec. 41. The enumeration of rights in this Constitution
shlall not be construed to impair or deny others retained by the
people, and all powers not herein delegated remain with the
people."
It will then clearly appear from these provisions of the United
States and State Constitutions that the peaceable assemblage of
the people to consult for the common good is one of the contemplated remedies against public grievance, secured to the people




or any fraction of the people, in the very system of government
under which we live.
The peaceable expression of the public voice is not merely
then an inalienable riqht, but in the view of those who advocate
these resolutions, becomes in the present crisis of affairs in South
Carolina, a positive public duty. Should the voice of the Convention of property-holders and taxpayers in Columbia be disregarded by those in power, and should the bonds contemplated by the
resolutions be issued, and hereafter come to be presented for
payment, the answer will be: "We gave the world fair notice
that the people of the State would not hold themselves bound."
The purchasers of these bonds must beware. They must, and
we believe will look to the legislative and constitutional sanction
of the security offered for sale. Legally they are held to be
affected with notice of any defect in the authority, under the
law, for the loan which may be offered and the security put upon
th6 market. They are State securities, and derive their moral
sanction only from the." consent of the people." Purchasers will
buy only upon the faith of t]he concurrence of the propertyholders in the legislation under which they are issued."  Being
securities of a particular State, purchasers will of course be put
upon the enquiry into the political condition of the State at the
date of the bonds- If this enquiry is made the history of the
times, the unanimous voice of the press, the meetings of the
property-holters and taxpayers in each county, the Convention
in Columbia of representatives from the property-holders and
taxpayers of every section of the State, the universal publication
of the proceedings of that Convention by the press everywhere,
will convey the words of warning in advance to every market of
the world, saying to every capitalist, "Don't buy such bonds, as
as we condemn in advance."
If, after such notice, made matter of common commercial
notoriety, and of conspicuous historical record, any persons shall
persist in lending money to the present State Government upon
the faith of such securities, such purchasers are effectually precluded from ever complaining that the people of the State in
1871 remained quiet, neglecting their constitutional remedy of
protest, and allowed the credit of the State to be pledged to the
wbrld, without speaking out their objection. Thus do we pro2




10
pose to prevent the sale of this iniquitous loan, or take the
sting out of the future charge of repudiation, and protect the
property-holders and taxpayers of the State from future imposition.
After some further explanatory remarks, the preamble and
resolutions were unanimnously adopted.
On motion, it was resolved that a copy of the preamble and
resolutions, as adopted, be forwarded to the Board of Trade.
After transacting formal business, the Chamber adjourned.




Proceedings of the Board of Trade.
A meeting of the CHARLESTON BOARD OF TRADE was held on
Friday evening, March 31, 1871, at the Board of Trade Rooms.
The meeting was one of the largest ever known since the organization of the Board; the members who were present representing the varied commercial interests of the State, as well as the
different shades of political opinion.
The meeting was called to order by the chairman, Vice-President GEO. HIL WALTER, who spoke as follows:
REMARKS OF CAPTAIN WALTER.
Gentlenen of the Board of Trade: The purpose of your meeting is to take into consideration the present financial condition of
the State, and by deliberation to devise such measures as will
enable us, by co-operation with our fellow-citizens throughout
this Commonwealth, to relieve ourselves of the intolerable burdens which now oppress us in the present, and with an ominous
prospect of their being increased in the future, unless prompt
and decisive action at once be taken. It is only necessary to
look at the alarming increase of the debt of the State, and the
reckless expenditure which has marked the history of the State
for the past five years, to satisfy us at once, that, as taxpayers,
we are bearing a burden too grievous to be borne, and which
must inevitably result in bankruptcy and ruin. It means confiscation, and there are those who do not hesitate to announce
that such is the purpose. We are to be taxed out of our proyperty.
I am unwilling, with others, to submit to this condition of
affairs, without an effort to remedy the evil.
In 1860, with the taxable property of the State valued in
round numbers at five hundred millions, the people of South Car



12
olina supported an economical and honest government at a cost
of about four hundred thousand dollars, while the debt of the
State was about five millions. To-day We are taxed upon a property which, at an over-estimated assessment, is less' than one hundred and ninety millions, and are told that we will be called
upon to raise four millions of dollars to pay the interest on a
debt of fifteen millions, and the so-called expenses of the State.
Thus, while the taxable property has decreased in value about
sixty-two per cent., our taxes have been increased ten-fold, and
the debt of the State three-fold an the same period. It is due to
ourselves to protest against the continuation of this iniquity, and
in unmistakable language, to state that we will no longer tolerate
it. With- this great fraud perpetrated in the past, it is noW proposed to create a new loan to be known as the " Sterling Debt:'
It is only another " turn of the screw," which is already destroying us, and it is our duty to ourselves, as well as "good faith 
with the present honest ci-editors -of the State, publicly and clearly to affirm to them, and to warn the capitalists who may be disposed to make such a'loan, that we regard its creation as illegal,
and that we will resist its payment by all legitimate means. I
trust your deliberations will be marked with harmony and
nnanimity, and result' in promoting the best interests of this
Com11monwealth.
The meeting is ready for business.
Ccl. RICHARD LATHERS of this city, for many years the president of the Great Western MIariiie Insurance Company of New'York, arose and submitted the following resolutions:
TimE RESOLUTION-S. 
TV7Aereas, Under the operation of the present State Government, the majority of the property-holders and taxpayers of the
State, from whom the public revenue is mainly derived, ale excluded from any power in the legislation of the State,'and from
any practical influence in the imposition of taxes:
And whereas, The moneys raised by taxation are improvidently and corruptly used and expended by persons who hold office




under the State Government, and the' sums- appropriated for
alleged public uses are excessive and extravagant:
And whereas, The credit of the State has been pledged illegally, and it is now proposed to pledge the credit of the State
for further loans, by a new issue of bonds, which may be negotiated in the market to persons who may take them, in ignorance
of the circumstances under which they are issued. Therefore,.. Resolved, That we, the property-holders and taxpayers of
ithe State, residing in the City of Charleston, do hereby deem it,our duty to declare that the bonds heretofore issued without legal
sanction, and the so-called sterling loan, or any other bonds or
obligations hereafter issued purporting to be under, and by virtue
of the authority of this State, will not be held binding on us,.and that we shall, in every manner. and at all times, resist the,payment thereof, or the enforcement of any tax to pay the same,
by all legitimate means within our power.
2. Resolved, That we deem it our duty to warn all persons not,to receive, by way, of purchase, loan, or otherwise, any, bond or
obligation hereafter issued, purporting to bind. the property or:pledge the credit of the State; and that all such bonds or obligations will be held by us to be null and void, as having been
issued corruptly, improvidently, and for fraudulent purposes, and
in derogation of the rights of that portion of the people of this
State upon whom the public burdens are made to rest.
3. Resolved, That the taxpayers of the State are hereby requested to meet in their respective counties for the consideration
of this subject, and the enormous tax levies of the current year,
and for the appointment of two delegates to represent each county in a State Convention, to be held in Columbia, on the second
TUESDAY in May next, for the same purpose.
4. Resolved, That, this State Convention of Taxpayers be requested to confer with his Excellency, the Governor, on the dangerous fiscal condition of the State, an4 request his official aid
and co-operation in the investigation of the accounts of the Comptroller and the State Agent in New York, so that the amount and
character of the bonded debt and all other liabilities of the State
can be clearly stated, with a view to such further action as may
be necessary for the protection of the public creditors and of the
-taxpayers of the commonwealth.




14
Col. LATHERS then addressed the meeting as follows:
REMARKS OF COLONEL LATHERS.
Mr. President: The grave subject we are called on to consider
to-night, is one which has no sectional or partisan aspect.
We are here as merchants and business men from all sections of
our common country, and holding all shades of political opinions,
to contemplate the imminency of the bankruptcy of the State
and the ruin of ourselves and our fellow-citizens of all shades of
opinion antbof color, and all varieties of occupation.
The rich are not above the evil consequences of the burden of
State credit by fraud and corruption, and the poor cannot escape
the grinding effects of that form of taxation which virtually confiscates their property, discourages their industry, and, dooms
them to a slavish poverty hitherto unknown to our country.
The fathers of this glorious Union seceded from the parent
country when Great Britain was at the very aeme of national
power, because taxation without representation was attempted to
be enforced in the Colonies, even in the mildest form of imports
known to the British Empire.
Yet, with this glorious example before us, which is the heritage
of every American, and in the face of this dangerous invasion of
the essential rights of individual freemen, and destructive of the
first principles of our national constitution, the people of this
State were disposed, in a spirit of profound acquiescence to the
national will, to submit to the degrading conditions of the reconstruction policy, which disfranchised the intelligence and honesty
of the State, and-forced upon the community a horde of corrupt
white adventurers and ignorant negroes to discharge the delicate
duties of legislation for, and ruling over, a free and intelligent
people without their consent and in violation of the plainest principles of Republican government. Yet, hoping for a speedy
return of that sense of justice, if not of liberality and fraternal
interest, which a common race and a common heritage were well
calculated to produce; encouraged by the conservative elements
developing themselves among the intelligent portion of our colored fellow-citizens, and the sympathy and intelligent co-operation of
citizens of other States who have located among us, and whose




15
influence and enterprise were alike favorable to the development
of the State and the happiness and elevation of our people, we
are suddenly confronted with a series of corrupt legislative acts,
entailing taxation which no industry can survive, and with so
reckless a use of the public credit as to seriously threaten. the
State with bankruptcy. Therefore, as merchants, and business
men, representing in part the business interest of the Statc, we
have -deemed it our duty to call public attention to the practical
effect of the present administration of the affairs of the State,
hoping that, by a timely and judicious movement in the interest
of the public creditors and the taxpayers of the State, the high
credit previously enjoyed by our citizens may be restored, and the
taxes reduced within the measure of the ability of the people to
pay, without starvation or the practical confiscation of their
property.
We meet, therefore, unider the'auspices of the 1st Section of
the lst Amendment' of the Constitution of the United States,
which permits and guarantees the right of citizens to assemble
and petition for a redress of grievances. The authors of that
glorious charter of public liberty seemed to contemplate just such
a case as ours, when the rights of citizens should be so disregarded by local authority as to leave only the right to discuss their
grievances, and to invoke the public sympathy in their behalf.
The occasional disturbances in some of the counties of the
State are to be deplored and discouraged by every conservative
and law-abiding citizen, yet we cannot disguise from ourselves
that these violations of the public-peace are the consequence of a
generous but unwise effort. to suppress the fraud and oppression
of corrupt local rulers, by parties who not only accept the Union
and desire to obey legitimate, authority of Federal powers, but
would be glad to re'ceive that protection from it, in favor of the
white man, which now only appears to be extended to the negro.
If a set of adventurers, corrupt and ignorant as those now
ruling this State, should attempt to displace the citizens of one of
the New England. States from their legitimate rights of selfgovernment at home, I am confident that a mass-meeting of the
old Puritans would be called, Old Hundred would be sung, and
the carpet-baggers would find a speedy exit from that State the
only escape from an early grave. It is easy to counsel patience




16
and orderly conduct on the part of those who are far from the
insults and oppression of an ignorant and irresponsible faction,
fastening them'selveS on the vitals of the people and consuming
their substance, under the forms of law; but it is more wise and
philanthropic to aid in -ridding the community of such an- evil;
and no generous man can resist the impulse of applause when
justice is meted'out to such parties, even if done rather irregularly.
A pirate, many years ago, on the' Mexidan coast, pursued a
merchantman; and the captain armed his passengers and crew to
resist the robber. A Quaker on board refused to arm himself ojl
the plea that he was a man of peace, and must avoid violence.
With undisguised disgust, the ship's' company repaired to the
side of the ship to resist the robbers, leaving the Quaker coolly
contemplating the scene.
The first man to reach the -ship's deck'was the captain of the
robbers, a bold and daring fellow, who led the assaulting crew.
The Quaker immediately confronted him, and, seizing the surprised robber by the neck and heels,.hurled him into the sea,
calmly remarking, "Friendj thou hast' no business here.  77Thou
camest for a disAhonest purpose."
I refrail from the application. I will only add that the man
of peace saved the ship and'cargo. The action was -irregular,
aild cannot be justified by a strict disciplinarian.
No people can'prosper where the fountains of power are corrupt and the law-makers ignorant and beyond the control of that
class of the people who produce the wealth and bear the burdens
of the State.
I have ev'ery Confidehice that the conservative element of the
Republican party, white -and colored, are heartily with us in condemiling the fi-atuds and. ignorance of the Legislature which has
disgraced us as a people and tends to reduce us to beggary.
These resolutions, which I have the honor of offering, meditate a
thorough siftring of our entire fiscal system, with a view to defeating the plresent- corrupt practices of that body, and to secure
an' honest and intelligent admiiuistration for the future. The
honest creditor of the State, and the hard-working citizen whose
industry is so largely absorbed by taxes, will find security and
relief under the action proposed by these resolutions. The ex



ample of North Carolina is before us, and we. wish to avoid the
overthrow of public credit by a timely protest against measures
and practices which lead to ultimate repudiation and bankruptcy.
It is, therefore, but an act of prudence and honesty on our part
to give this public notice, that bonds issued against the public
interest, for corrupt purposes, and without the consent of those
whose property it is proposed to pledge, will not be recognized
as binding on the State or the people in any form whatever.
Mir. President, a history of the reconstruction policy in this
State and the result of reversing the order of society, even extending the system of its logical conclusion in legislative and judicial
matters, will furnish a most instructive lesson to statesmen of all
ages. It will stand out, sir, as distinctly as the overthrow of
order in France during the reign of terror, perhaps less destructive of human life, but more demonstrative of the danger of elevating ignorance to power, and corruption into places of trust and
confidence; and the fact that the community has thus far survived
the infliction is a bright example of the tenacity of a well established civilization to resist, for a long period, the inroads even of
barbarism.  But sir; we- have a bright future before us, and
young men are growing up and assuming the direction of the
affairs of State; conservative men of all parties, and of both
races, are begining to feel that public plunder reaches private
purses, and that fallacious and partisan dissension too often
enures to the benfit of the demagogue. Our own race throughout the country begin to feel a natural sympathy for the white
man. And as old -sectional issues pass away, the inquiry will
arise, what there is in the black race entitling it to rule the intelligent white man, whose gallantry in war and culture and enterprise in peace, elevated us to the first rank as a nation.  And I
desire to say to our colored fellow-citizens, whose rights I respect,
and whose genial and friendly co-operation, for the public good I
appreciate, I desire to secure for the mutual interest of both races,
that they will sow the wind and will reap the whirlwind, if, under
the guidance of bad counsels, they use their present power oppressively towards their white bretheren. The eyes of over 30,000,000 of white men are turned upon them, and the superior
race will not long permit the oppression of any portion of its
members by a minority of another race.
3




But to return, sir, to the financial question before us. I find
by the statistical information derived from  your daily journals,
and such information as I have been able to,collate from other
sources, that the bonded debt of the State at the beginning of
the present administration was about 9$5,000,000, and now it has
reached the enormous sum of $16,000,000. This includes endorsements on railway bonds, which it is believed the State will be
compelled to pay.  But one of the evils which we complain of is
the incomprehensible nature of the accounts which are published
by the Comptroller, so that no exact data can be had fixing the
amount of the public debt.
The average tax for ten years previous to 1860 was
bult................................  431,000
_The year 1860 being only..............      392,000
The tax for 1868 was.........................    1,858,000
The taxable value of the property of the State in
1860............................... 490,000,000
Taxable value in 1871..............,,..  184,000,000
It will be perceived that in 1860 the taxes were not quite
$400,000, on a taxable basis of about $500,000,000, whereas the
the taxes of 1868 amount to $1,858,000, on a basis of only
$184,000,000, so that while the property of the State was reduced
to one-third its former value, the taxes are increased nearly five
hundred per cent.
It is t'ue that this enormous increase is composeid, in part, of.monley spent in reconstruction ex'penses, and perhaps some additional interest on the public debt.  I find other items more striking in the year:
1.S,8-Experlses of the Legislature.........       $ 51,000
1868 —Expenses of the Legislature................    270,000(
1858-Executive -expenses.....................            5,000
1868 —Executive expenses......................   40,000
1858-Civil expenses.........................   67,000
I868 —Civil expenses.......                             218,000
And the Legislative appropriations for the four months' session, which closed last month,, amount to the enormous. sum of
$52.5,P00.




Thus you perceive that each item of expense is enormously
increased, notwithstanding the great decrease of the property on
which it is levied.; and to make this still more oppressive, all
this property is over-valued enormously. I have known of many
cases in which they valued far over double what the property
would sell for.
I refrain from citing the cases of fraud which have added so
fearfully to the burdens of the taxpayers, and which have been
so productive of vulgar display on the part of the corrupt merllbers of the Legislature, in the way of splendid equipages and
such evidences of ill-gotten wealth as thieves and gamblers delight to possess. These facts will be graphically spread before
the public when the convention contemplated by our resolutions
reports from Columbia.
One illustration0 will serve to show the measure of the taxation
of the present year. The State and county tax is $12 on the
$1000. Now, the planters and farmers of this State do not 4expect to realize, under the most favorable circumstances, more
than seven per cent. upon the value of their property, which, it
must be remembered, is assessed for taxation, in every case, at
its full market value. It is clear, therefore, that the planter who
makes $70 in the year upon every $1000 of property, pays out of
that $70 the sum of $12, or one-sixth of the whole income il
State and county taxes. But the taxes of two years are made
due and collectable this year; so that it is fair to assume that the
double tax of this year will amount to at least one-third of the
whiole income of even those planters who make a net profit of
seven per cent. upon the capital value of their property. This is
the effect upon those who are able to employ all their taxable
property at a full profit. Is it not evident, then, that where only
a part of the taxable property of a planter can be made a source
of income, or where his property is wholly unemployed, the
taxes of the present year are practical confiscation? Last year,
moreover, when the total State tax was only $1,014,091, and
when the planters were in a comparatively prosperous condition,
only $487,109 of the taxes could be paid; how, then, can the
people, with cotton selling at the cost of production, and without any accumulated capital to fall back upon, pay this year a
total State and county tax of more than $4,000,000?




20
The land purchases of last year, costing about $700,000, and
which, it is admitted, would not sell for more than $100,000,
show a clear loss of $600,000 to the taxpayers in one item, a sum
nearly large enough to defray -the expenses of the State government for two years before the war.
Thus, gentlemen, I have laid before you but a small portion
of the evils and frauds connected with the fiscal matters of the
State, but, I trust, enough to prove the propriety of investigating the exact state of our finances, and exposing, if possible, the
guilty parties, and, at any rate, preventing them in future from
pledging the property of the people to enrich themselves by public plunder.
At the completion of the foregoing thorough analytical review
of pur financial condition, Colonel LATHEJRS said, that a member
of the Board, present, (Major E. WIL-Ls,) had propounded to
him, in behalf of a prominent Republican, (D. T CORBIN, Esq.,)
the question: " Whether he did not engineer through, or make
the Sterling Bill, and eulogize and speak well of it in Golumbia?" In response to which, he replied:
The Sterling Bill I found, when I reached Columbia, a few
weeks since, already printed, and hearing it spoken of adversely,
I examined it by the request of a gentleman representing some
New York Bankers. I saw at once that if the Bill could be
properly amended, so as to protect the taxpayers against further
issues, and against an improper disposition of the funds derived
from the loans, and that all further issues oi~ bonds by the Legislature should be prohibited, unless the same should be authorized
by a two-thirds vote of the qualified voters of the State, and if
a Commission, consisting of the Governor of the State, the
President of the Senate, and three distinguished Bankers, one
each in Charleston, New York and London, shonld be constituted a permanent body of Trustees to negotiate and disburse
the loan, receive and apply the taxes contemplated by the Bill;
for interest and the Sinking Fund;, that such a Bill would be the
safest fiscal operation for the creditors and the people of the
State.




21
The Governor expressed himself gratified with the plan, and
requested me to remain over another day in Columbia, till he
could get a meeting of the Finance Committees of the Senate
and the House, which I met in the Executive Chamber, and
after a long interview, I thought-those gentlemen were'Aisposed
to favor the project in all its details. The Goverhor seconded
the plan in the most emphatic manner, as a necessity to sustain
the credit of the State and restore confidence among the people.
Before closing the interview, I remarlked that if the then pending Bill for lending the credit of the State to the Greenville
Railroad passed the Legislature, that the Sterling Bill would be
worthless, as it could not and ought not to be negotiated,
because the State credit would be utterly overthrown by that
class of legislation. The Governor replied that if that Bill
passed he would veto it, as procured by fraud.
Subsequently the Sterling Bill passed the Legislatifre, but the
import'ant security of a permanent commission was left out, and,
therefore, I regarded this Bill as {{uttefly iagainst the public
interest, securing neither the bondholAers -nor the taxpayers
against the frauds, which may be covered up in its present form.
The Hon. GEO. A. TRENXHOLM then seconded the resolutions in
the following words:
REMXRKS OF'MR. TRENIOL3oI.
Mr. Chatirman: I rise to second the resolutions proposed by
my friend, Mr. LATHERS, and I ask the indulgence of the meeting
in giving the'reasons that induce me to support them. It is one
of the evils of our condition.that even signs of suffering and cries
of despair are converted into expressions of political discontent.
In this not-only is a great injustice done to our people, but a great
imposition practiced upon the countryi I do not believe -that it
is of the deliberate purpose of:the American people, of whom we
are flesh of their flesh. and bone of their bone, that we should
suffer the evils we:endure. On the contrary, I am sure of their
sympathy and -support, in every manly, open and straightforward
effort we make for our relief. Such, I think, is the one embraced
in these resolutions. Reviewing our cumstances with calmness,




22
and in a spirit of candor, I aver, without fear of contradiction,
that their is no fear of hostility to the government —no motives
of opposition either to the laws or the policy of Congress mingled
with the feelings of disquietude that- agitate the State. There
are no political agitators exciting the people to discontent in
respect to any questionIs connected with the Federal Government.
Our troubles are local; they arise out of the administration of
our own affairs. It is one of the results of our new constitution
-unfortunate, but inevitable-that the legislative power of the
State has passed into the hands of men unprepared by education
and experience in public affairs to make the laws and manage the
finances of the State. Pressed on all sides by designing men,
who are intent upon enriching themselves, exposed to the temptations incident to the possession of power, the acts passed by them
from time to time, under such influences, have contributed to bring
the State to the verge of bankruptcy, and have augmented the
taxes to a sum which the illcome of the people is inadequate to defray. These are the causes of the existing disquietude. As long as
capitalists continue to supply in exchange f6r or upon the hypothecation of the bonds of the State, no limit can be perceived
to the debt for which the property of its citizens shall be pledged.
Neither is there any security felt against the ruin in which taxes
so enormous as the present must inevitable result. In such circumstances the simple remedy with every free people is to change
their representatives; but in our case, as it is well understood by
the whole country, this change is at present impossible. They
who make the laws and levy the taxes have no property and pay
no taxes; those who possess property and pay the taxes have
no representation; and this condition of things admits of no
immediate change. In these painful and trying circumstances,
t!he suffering people of the State are driven to despair. They
dread the approach of the tax collector, to whose demands their
poverty denies the compliance that no merciful rulers would
enforce. Their alarm and agitation is fully justified, and merit
the sympathy of wise and good men in all parts of our common
country. That sympathy they are sure to receive. I have a
well established confidence in the justice and magnanimity of the
American people. I am persuaded that they will sustain us in
thle attitude we propose to assume-that all further credit will




23
be refused to those whose wasteful administration threatens the
ruin of the State. I believe, too, that they will sustain us in the
effort to relieve ourselves from the enormous taxes that threaten
our property with confiscation. It may well be doubted if the
entire gross annual income of the people from  all sources
amounts to $20,000,000.. Of this sum, what is expended in the
payment of wages contributes nothing to the public resources.
From the remainder, the monstrous proportion of $4,000,000 is
demanded for taxes in a single year-$2,000,000 for the current
year, and $2,000,000, by anticipation, for the year 1872. Every
virtuous and patriotic man in the country, of every party, upon
a calm consideration of the unhappy condition of our suffering
people, will admit the magnitude of our grievances, and the
patience and moderation of our conduct. It is to them, to our
countrymen, that we appeal for sympathy and support in the
effort to save ourselves from ruin. I have no fears of the results
of this appeal, and I give my hearty support to the resolutions.
The Chairman put the question, and the resolutions were
unanimously adopted, the announcement of the fact being
received with loud cheering.
RPLEARKS OF MIR. BRuNs.
ROBERT BRUNs, Esq., then said:
Gentlemen of the Board of 1Trade: I have the following
resolution to offel, and I do so at this time because, regarding
the remarks of Colonel LATHIERS and the accompanying resolutions in the light of an address not only to the people of America
but of Europe, I did not desire to bewilder them with any
scheme for our proper representation in the Convention which is
to be held in Columbia. It is evident that if we depend upon
an election of delegates to the Convention, in the respective
counties of the State, we may not be able to secure as our representatives those gentlemen who would probably be selected by
the Chamber of Commerce or by this body to represent the
commercial interests of our community.
The resolution is as follows:




24
Resolved, That this Board of Trade do send one delegate to
the Convention proposed to be held in Colunbia, and that we
respectfully invite the Chamber of Commerce to be represented
in the same manner.
The resolution was seconded by Colonel RICHARD LATHUES,
and unanimously adopted.
On motion, the meeting then adjourned.