The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-08
rraou OUR OWN CORRESPONDENT

ton or First Circuit has entered the field, q
number of friends having brought forward
the name of R. B. Carpenter, Esq, the pres
ent popular registrar in bankruptcy.
A leading member of the Charleston dele
eat;on said to YOUR correspondent this morn
ing. that while he recognized the meritorlous
services and ability Of Mr.. Carpenter, that
gentleman had not identified himself with the
partv, nor seemingly interested bimself in its
success. If, therefore, he voted for any c1n-
didate outside the party he would vote for
Colonel Wm. Whaley, of Charleston, because,
said he, have received numerously signed
request to that effect from my constituents IN
Charleston. Mr.. Carpenter, it is bit fair to
say. was waited upon here by number OF
members Of the Legislature, and asked to be-
come candidate. He replied that he did not
seek the office, but that if elected would be
happy to serve.
The members generally Go not exhibit any
active interest in the election of Judge, which
comes off next Wednesday. But the contest
for the Office of Register of Mesne Conveyance
awakens much more interest. The prominent
candidates are:
First. ". j. McKinlay, son of Alderman Nc
Kinlay, of Charleston, and an active lea der in
the Republican ranks.
Second. Captain James O. Ladd, whose re-
cord, as circulated by his friends, is as follows:
captain James o. Ladd entered the United
States Volunteer Army from Massachusetts, in
1861; lost his right arm at Antietam; was promo.
ted by the Secretary of War, and entered regi-
ment of colored troops, where he served till after
he close of she war. He was connected with the
Bureau Refugees, Freedmen and Abandoned
Lands during portion of 1866 and 1867, and
was chief clerk in tho Adjutant- Generals de-
partmcnt, Second Military District, during the
work Of reconstruction under General Candy"
Third. AIr. Augustus E. Cohen, Of Charles
ton-a quiet, unassuming gentleman Of con-
siderable experience. He was for some time
connected with the Office.
Fourth. Mr.. J. R. Stoll, an old and we'll
known citizen, who also has had great expe-
rience in that branch of business, andis brought
out by Senator Cain as the most suitable man
for the place.
Appearances at present indicate the first
of success.
The reply of the Hon. I. W. Hayne to Gov
ernor Scott is regarded by the Republican
leaders as excellent in tone, dignihed, courte
| Gus, and-as the Governor himself admits
truthful and gentlemanly. Ia conversation,
the Governor said that tho very heavy pressure
| of business upon him at the last session pre-
vented his immediate attention to the subject
complained OF in Mr.. Haynes reply, namely,
that the Legislature had made no provision to
pay the Fire Loan bondholders in Europe, or
for the redemption OF the bonds.
bill was introduced at the last special ses-
sion entitled, "a bill for the conversion of
State securities" which had for its objects the
funding of the Fire Loan bonds, as well Us the
other indebtedness OF the State. 1t was read
first time in tho Senate, but from some over
sight no further action was then taken. 1t
was read second time last Thursday, and re-
committed to the Committee on Finance foT
somo slight amendments. This bill gives the
bondhoders the privilege of exchanging their
old five per cent. bonds for new State six per
cents. The principal and interest OF the new
bonds will be payable in New York. Parties
holding State stock are allowed to convert
them into coupon bonds. The reason OF this
is that the stock is always about ten per cent.
below the bonds, and in New York our stock
cannot be sod without a transfer agent. The
purchaser, Of course, wants his title at once.
A New York 6nancier, in the course of the
conversation, remarked that South Carolina
State stocks we're not known in New York be-
fore the war. South Carolina financially was
then only known in London and Liverpool.
The interest on South Carolina bonds was
only payable here and in London; hence South
Carolina stocks we're never called on the New
York stock board. Having lost all capital, it
has be come necessity that the principal and
interest Of the bonds should be payable in New
York, the same as other stocks, on the first OF
January and first of July. In case the State
should then be short of funds, enough can be
borrowed for the occasion. The principal and
interest being payable there, South Carolina
stocks will be called on the stock board in the
same way as every other State in the Union.
There is no danger, said he, of the stock going
down. The State debt is 80 small that the
bears cannot put the stock down, and it will al
ways command high price. he thought that
within less than three years South Carolina
State bonds would be worth as much as Ohio, Iu-
diana or Illinois bonds which nov stand at about
par. Another reason he gave for this belief
was, that before the war the people Of South
Carolina generally invested their surplus capi-
tai in negroes and lands. But with no negroes
to buy, and all land to SELL the surplus will be
invested in State securities, especially as
South Carolinians generally have not the fullest
faith in fve-twenties and other government
bonds. The result, he thought, would be that
South Carolina State securities will be hear
par. To show how lew some State stocks had
been, he cited the case of the State Of Illinois.
Her stock, when she was building the Illinois
and Michigan Canal, went down to 10 and IS
cents. Il was surprising, he said, that South
Carolina bonds did not go lower than they Gid
after the war, and he low thought thoV would
not have gono even so low had not some of the
people Of the State continually cried tlcm
down. he also cited tho case Of Indiana,
when her bcnls, while building the Wabash
and Erie CaIaI, went Gown to II cents. The
resources Of f;oatil Carolina, he aaid. were IGr
in advance Of those States at that time.