The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-08-31
THE STATE DEBT.
A RETIEW OF MIR. CHAMBERLAIN,S
DEFENCE OF THE SCOTT I'D 3.
MINIsTBATION..n
The story ofthe Bank of the State Ellis.
To THE EDITOR oF TIE NEWS.

The Story ofthe Bank Of the State Btlis.
TO TIE EDITOR OF THE NEWS. =
Mr.. Chamberlain is a man of education; he
writes well, and his arguments are plausible
and specious; the more 80, because put forth
with an appearance of caudor well calculated
to deceive the unwary. We propose, as brief.
" as we can, to review his Chester speech, and
expose the fallacy Of his defence Of the White
more-Scott administration. He has erected a
lofty pyramid Of figures, and inscribed upon It
the motto, ''Wisdom, Honesty and Economy"
To this he proudly points, and, with an.air Of
triumph, asks his hearers to respond, "Well
done, good and faithful servants, you have
been faithful over few things; We will make
you rulers over many things"
We shall show that this pyramid is erected
upon foundation 80 rotten, that, Its covering
once withdrawn, the whole fabric must crum-
BILE to pieces 30 -. 7..,...5.g
Mr.. C. boastfully e1claims, Whenever the.
Reform leaders make good one single charge,
or fasten one single fraud on our history for
the past two years, let US descend to merited
infamy.". ..az.....s.s
The writer. Messrs Editors, is not one Of
the s:Retorm leaders, he is an humble citi-
Zen, who neither holds nor seeks to hold a
public Office. he is, however, "native and
to the manner born," and not the less deeply
Interested in the honor and welfare OF his
State because he takes no active part IN ner
government. de accepts, therefore, the chal-
thus boldly proclaimed Sy d the a Sha%Se sSe
good what he says.
Mr.. Chamberlain informs his hearers that
.scharpes Of increased expenditure, OF waste
ful extravaganza, of absolute robbery, OF the
public funds pour forth from the mouths Oh
our Reform friends and he proceeds TO re-
flute these charges. With an atectatlon OF
at the facts" ''every one of which draw from
odicial sources which hold in my hand;" and
adds, .'mark me, fellow-citizens,. am speak
ing from the ulinpeached record II, there
fore, the record" from which he speaks IS not
"unimpeached," if the "oficial sources from
which he draws his figures are corrupt, ms ar
pument rests upon a rotten foundation, the
i'pyramid" crumbles away, and It's deluslVe
motto becomes an airy nothing.
What Is this "unimpeached record" from
which he speaks Who are Its authors Does
not Mr.. C. know that the very men whom we
charge with corruption are they who framed
this 'record;' that they are the "ofllclai
eonrce- from which he draws his facts? Can
that which Is drawn from corruption be pure !
Is 1t not begging the question to ask us to
accent as correct The ''record" made up by the
administration, and then to say, because that
record is correct, those who made 1t are pure ?
Let him first prove that his record Is true.
Then, and not Til then, may ne draw from It's
figures, TO prove that there have been mo In
creased expenditures, wasteful extravaganza.
| and absolute robbery" Until he does this, his
| figures prove no more than that ne has not
forgotten ais school day lessons in arithmetic.
We pass over the sOphism by which he at
| tempts to demonstrate that while formerly 1t
| took "S2 02 to govern South Carolina gentle
man." it now takes but ''S5 cents to govern
big slaye lust set free, y as not likely to deceive
perhaps, has read On ingenious essay. wherein
the writer proposes to prove, 6y argument,
that no such man as Napoleon / ever lived.
Mr. C.'s argument on this point reminds US OF
that essay, and the conclusion arrived at
s'that not only was South Carolina never so
well governed, but never so cheaply and econ
omically governed as In the last year OF Grace.
1862" Is equally satisfactory. That portion Of
bis speech may serve as college prize essay;
perhaps some sophomore may answer 1--we
will not attempt the useless task.
Passing over this portion of his "defence,"
therefore. we proceed with him ito examine
the condition of our public debt" Here he
asserts ''that only 100000 have been added to
the State debt since the Inauguration OF the
administration Of Governor Scott And in
proof OF this he asks us to sexamine the fig-
ures" It is said, as we are aware, that Figures
do not lIe." True ! but not go those who make
the figures. Now who made the figures which
Mr.. C. asks US to "eXamine?' Does he not
take them from the '.offlcial record?" Did
not Scott. Neagle 4 Co. make that record?
Must he not prove them honest before he asks
us To- believe their figures. Do the figures
prove that Scott, Neagle e. Co. are honest
These figures represent coupon bonds to
large extent. Mr.. G. shows us the figures
alone-can he show Us the bonds they pretend
to represent?
Lei us examine Mr.. C.'s argument, and ap-
ply these questions to the case made.
He says: 'The public funded debt Of the
State is put down'tby the comptroller.genera
In his report) at sc, ,lS3,349 H. and he claims
that from this sum the following items must be
deducted, because they but ''change the form"
Of debts existing when the Scott administra-
tion came into power, and that, having de-
Quoted them, it will appear that but s700, 900
has been added, TO the debt The items to be
deducted are:
i.
old bills of the Bank OF the State.
Q The bonds issued to pay accrued Interest
on the State debt, of which, he says, $3.50, 1000
have been Issued thus fer.
9. The bonds issued to redeem the ''bills re-
ceivable" of the State, OF which, he says
s350, 900 have been needed to retire the entire
circulation; and,
4. The bonds issued for the ''reliet Of the
treasury-$l, 100000"
We shall examine each of these items, and
see whether Mr.. Chamberlains argument
proves that the State debt has not been in
creased by the issues OF bonds referred to.
First As to the 81 ,250,0OO Of bonds issued to
fund the old bills of the Bank Of the State.
The history Of these bonds is this:
In September, 1865, the Legislature passed
an act which, among other things, provided,
THAT all bills issued by said corporation prior
to the 10th day ofDecember, 1860, be funded;
and on the surrender and delirery Of the sad
bills to the treasurer of the State, bonds of
the State, payable, &C., shall be issued to the
owner of said bills, &C.; provided that said
bills shall be presented to the treasurer before
January !, 1869. And the Governor Of the
State is hereby authorized and required to ex
ecute and deliver said bonds to be signed by
him and countersigned by the treasurer"
Upon the passage Of the act the bank bills
rose rapidly in value, and continued to rise for
some time, when it was rumored that Gov
4.