The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-07-29
HOYT & CO., Proprietors.

which at that time were valned 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 capl-
talists of the city had little faith IN the
neople of the State, feared reputation
and consequently avoided them. The
AGENT. however, was well known in mon
eyed circles, which proved to be of great
advantage to him. He himself had un-
limited confidence in South Carolina, its
officers and Legislature. He represented
to bankers and capitalists that their dis
credit of the securities of the State was
unfounded, and that he himself proposed
to invest in the bonds, which he did to a
very considerable amount. Having con-
fidence. in his own judgment, his friends
followed his example; capitalists and
others bought up the bonds, and in the
course of six months there were hardly
any in the market for sale. Indeed it
was difficult to fill any large orders tor
these bonds.
The agent thus in a very short timo
was able to negotiate loans with these
bonds, and commenced sending money to
the T Treasurer of South Carolina Ito his
and the Governments unheunded salts
faction. But. a few months passed before
the Treasurer called in all the "bills re-
ceivable," both of the first and second rs-
sues, returning "greenbacks" in their
place, and also paid off the floating debt
The people of the State finding that good
money was becoming more plenty and
that the new Government was succeeding
we'll, ceased their objections to the bay
onet bonds," and commenced to invest IN
them, preterring them to the United
States Government bonds; and the So
called spurious bills were readily circula-
ted before they were taken in.
By the excellent, and it may be said,
remarkable management of this financial
agent, the South Carolina bonds and Sc
curities are fast approaching a par value
He also has paid the interests On the
bonds promptly, has met every State OBJ
legation satisfactorily, and tinanclally
prospered South Carolina. The effect
upon the State has been highly crafty
ing, and already the new Government is
ceasing to be an object of abuse:
Furthermore, South Carolina has steer
ed clear of the whirlpool which has we'll
nigh swamped one or two of the other
Southern States. She has steadily re-
fused 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 Sl,2OO,OO0 and
the people are meeting it. Their crop OF
cotton last year sold for sSO,OOO,Ooo, and
the Forthcoming crop is larger, and thus
far free from the caterpillar. Lastly, po-
litical agitations are quieting and conf
dence is growing in the permanence OF
the present order Of things. On the
whole, and when compared with other
States, South Carolina is recovering from
the effects OF the war with cheering
steadiness and certainty, and it is graft
fying to find that New York city and her
capitalists are assisting so many material
ly in the work of reuniting the country.