The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1869-07-31

any oOiScu.
About year and half ago, in the
early spring of 1868, a young man of
considerable experience in financial mat
ters in New York, went to South Caro-
lina with no special purpose other than
to note matters and prospects there. 1t
happened that the Attorney General of
the State, ID. FL Chamberlain, ESQ, also
young man of much ability and prom
Use, had formerly known this gentleman
from New York, and being informed of
his association with money projects and
his SUCCESS in them, he proposed to him
there to undertake the raising of funds
for the government Of South Carolina.
After due deliberation the gentleman
consented to the proposition, and by Act
of the next and special session of the
Legislature, he vas appointed the finan-
cial agent OF the State, being the unani-
nous choice of the Governor, Treasurer
and Attorney General. Coming at once
to this city, he entered upon his duties.
The first object to be obtained was to
create confidence in South Carolin secu-
rites, which at that time were valued at
only forty cents on the dollar. In the
State, the demand for them was slight,
and here they actually went begging on
the street.
The reason for this was that the capi
talists OF the city had little faith in the
people of the State, feared reputation
and consequently avoided them. The
agent, however, was we'll known in mon
eyed circles, which proved to be of great
advantage to him. He himself had
unlimited confidence in tho honor of
South Carolina, its officers and Lesisla-
ture. He represented to bankers and
capitalists that their discredt of the
securities of that State was unfounded.
and that he himself proposed to invest
in the bonds, which ke did to very
considerable amount Having conf.
dence in his Judgment, his friends fol!
lowed his example; capitalists and others
bought up the bonds and. in the course
OF six months, there were hardly any i'm
the market for sale. Indeed it was diff
cult to fill any large orders for these
bonds.
The agent thus in a very short time was
able to negotiate loans with these bonds
and commenced sending money to the
Treasurer of South Carolina, to his and
the Governments unboundcd satisfac.
ton. But few months passed before
the Treasurer called in all the "bills
receivable" both of the first and second
issues, returning "grecubacks" in their
place, and also paid off the floating debt.
he people Of the State, findino that
good money was becoming more plenty,
and that the new Government was sue
ceeding well, ceased their objections to
the 'bayonct bonds" and commenced
to invest in them, prefcrring them to
United States Government bonds; and
the so-called spurious bills were readily
circulated before they were taken in.
by the excellent, and, it may be said,
remarkable management Of this financial
agent, the South Carolina bonds and
securities are fast approaching a par
value. He has also paid the interests
on the bonds promptly, has met every
State obligation satisfactorily pr,spered
South Carolina. The effect upon the
State has been highly gratifying, aud
already the new Government is ccasipg
to be an object of abuse.
Furthermore, South Carolina has
s'eercd clear Of the whirlpool which has
wcll-nigh swanpcd one or two of the
other Southern States. She has steadily
refused to aid railroads. North Carolina
and Tennessee have increased their debts
Immensely By their railroad subsidies
and loans, and have materially injured
their financial prospects.
Then, South Carolina is beginning to
pay taxes. The levy is 81 200 600 and
the people are meeting it, Their crop
of cotton last year sold for $50 900, 600,
and the forthcoming crop is larger, and
thus far free Srom the caterpillar Lastly,
political agitations are quicting, and
confidence is growing in the permanence
OF the present order of things. On the
whole, and when compared with other
States, South Car lima is recovering from
the nffncts of fhn r.,r MIN ~ IL -