The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-08-16

The FINANCES. Sigma, !" (Henry
Sparnick, Esq.,) the Columbia, COR
respondents Of the Charleston Cohyier,
writes to that paper in reference to
the finances of the State as follows: q
''The decentralization which pre-
vailed yesterday in the radical wing
of the Legislature, in consequence of
the veto of Gov. Scott of the bill to
reduce the bonds of public officers,
was intensified to-day by the divul-
gence of fact that has well nigh oc-
casioned panic-no money can be
borrowed to pay the expenses of the
General Assembly and keep the ma
chinery of State government in mo-
ton. And this in the teeth of the
bill authorizing Governor Scott to
negotiate a loan of S125. 900, which
was hurried to its consummation by
the Legislative crew who were raven
ous for their per diem and mileage.
"When the Governor urged the
adoption OF the loan bill, he did so
because he had sagacity enough to
realize that putting the bills receiva-
ble-the only currency of which the
State could boast-on the market, by
issuing them in liquidation of the in
debtedness of the treasury, and to pay
the Legislature, would undoubtedly
cause them to deprecinte to point ut
which they would become uncurrent:
and, when he offered to effect the loan
indicated as soon rs proper authority
had beeh granted him, he did so in
good faith, and with the assurance
that money would be forthcoming.
This, however, was ut q time when
the Legislature had not only given no
such glaring manifestations as it has
subsequently done of its inability to
deal intelligently with questions of
finance, but had also left undone
everything which savored so much of
indefensible stupidity as the measure
which the Governor has just knocked
on the head. Step by step as they
have progressed with their reckless
legislation, Governor Scott has earn
estly demonstrated in private with the
leading members of the General AS
sembly, and time and again, but in
vain, until now, indicated what O da-
maging effect it would have upon the
credit of the State. Latterly, the
more intelligent of their number have
realized the wisdom of his suggestions,
but unfortunately they were being
driven into the meshes and snares Of
extremism by the very party whip
they had first cracked, and which re-
acted from the ranks of the masses on
their best intentions and purposes.
True, some effort had been made in
the caucusses to check the onward
stride to financial embarrassment and
perhaps ruin; and the Governor in
person, aided by Sawyer and others,
had addressed them most earnestly on
this subject; but their warnings were
without any avail, until yesterday,
when they found that the Executive
was determined to use his prerogative
without fear, even if it cost him the
painful exposure of the poverty of the
State, which has since been made. So
the veto came in, and close on its heels
the discovery that the loan bill was
not worth the paper on which it was
written. The solution of this per-
picking difficulty is better to be found
in the want of public confidence oc-
casioned by the reduction of bonds of
the State officers; and the legislation
undertaken to accommodate to those
officials to their positions, than in any
other causes. I say this, because it
was we'll understood that up to the
time the proposition was made to pass
the bill which has just been vetoed,
Gov. Scott had assurances that loan
could be readily effected fer the use of
the State. AS soon, however, as it
became probable that this measure
would pGss, capitalists withdrew; and
now resort must be had to the issue
of bills receivable, which will uh-
doubtedly cause their depreciation in
exact proportion to the expenditures
of the State until taxes can be col
lected. Even the hope of loan of
S25, 900 for sixty days, which had been
held out by certain banking firm in
your city, backed up by 7. J. Robert
son, has vanished into the air by the
withdrawal of that Senatorial specu-
lator. A reaction has already taken
place in favor Of conservative poll
cy." ~. ~ ~
AFFAIRS IN MISSISSIPPI .-Affssissip
ri is SUFFERING evnrv kind of .onn;sI,L