The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1870-12-14

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Its 6uances was required, the -cou,roi Of
IS Gas sss rs ;ssy'f ts,s
There was time shG6 &c waS suiii-,
ciens guarantee Of .. a.Sayshers State ah
legation .hns'it was baof9 9d-b} soatRsEa
ontg! 81, ,iufexibieh honpr aud consPisfbhs
Integrity: At present, there ia scarcely
IA S,dt9ih tGb SOUTH whose debts .KAsse,
1.saSs saE!o,I .S Of aoaok;"a: Fos.haI,ss ;fyA
hhve beeg .qpnty9hed b ipfg ytp1 kAye
acquired position through the political
vicissitudes consequent upon the war
oF %s% fssa]a st,s'ass'1ig IT, esy
adve"turers. these men Aars padeftH
ken to readjust the revenues and debts
bf iRefS,ktes iiMe'k1okl what! IL say
when VIC affirm that, the main OBJ
ject with these raw financiers' has not
been the good credit of State, but
the manipulation Of the finances 80 as TO
hpfiJ ti6s1 ffe lsrgsstJp6Ssible gains 5out
d. Sf fsculatios. arheir!2. chemes have
been, 10 most cases. Matched in Wall
street banking houses; ana. the legii;-.
lators, governors, and officials have
been paid tools for carrying out. the
plans of shrewd bankers The maiu
Poipt:aimsS Iat. sVas Ia 9, produce .,thS
widest possible @flIctIati6nS Ia the pft4
ces OF the State bonds1 :,irsespectivs of
the interest of the State, the party TO
be "milked" being the innocent public.
Most of the States have found it neces-
sary to issue new Obligations. to provide
for their over due bonds or,ther unpaid
interest. hese new Issues have in
Asst cases been put out BY score. sale
onsth6 mark es Sand in amounts. known
only to the negotiator and the clique.
In anticipation Of the issue, the parties
amounts Qf the State> securities and sn
soon ss the new bonds had been fi1larJ
geted., ] he fact. would be- ,anuounsed.
with 'the'result of-s heavy fall in. -the
market value Of the obligations, afford
ing the "ring" spectators an opporcu-
nity for covering their previous large
sales. In other instances, Legislative
''ring" has authorized large issues of
bonds to railroad schemes for which
there was no necessity arising out Of
the commerce of The State. These
l9aRss bad Tip double speculstiya adyan
taga Of invoisaog: large .contsaots for.
building the roads aud of yielding
profit on the ,nanlput1ti9G Of; the b6Gd
market, the gains Son both operations
falling into the hands Of the clique.
In other Instances, the political specu~
la:ors have sopgh. illicit gains through
Fictitious expedlents for simulativg
theteredie.cflae State. Ia these cases
they would first Of all buy through
New,YYrk capjratists:large amounts of
the "bhgatfnhs,- aud 'then sugment the
taxes to- retire unexpectedly u consider.
able amount of debt, aud, as still fur-
thcr expcdient, compel certain corpora
ti"ns doing business, within the State
10. held considerable aIount Of the.
State obligations, which the corpora
tions had to buy from :he clique.
TO our certain knowledge State off,
cals hays coatsived to make large pro-
.fith Direct ,thrahgh commissions paid
by the bankers negotiating loans for
the State. We know ofinsianccs where
fi"ance officers have boldly *pf9posed,. !.
10 letters to New . ork bankers, to give
large commissions on the sale of securi
ties. provided the allowance should BE-
divided with them. And equally pos,
sible would it be TO oHe instances in
owhph P'NeEhar tor s@dHt tStler hay 9.
deliberately Involved the State in ad
vances upon secret issues of obligations
the effect Of which could only b. to EN-
i,f S9se ,ss gs9ss1"ed .esf e e T thse.sd .
We alude to this discreditable manage
ment Of State finances at the outh for
no pther. purpose than to. promote lpub-
lis,fascstIg Igafi6a and. foredeeu, &heEha
it Of the Southern governments from
I"c iuitutebS uauuS iltO WulcH u uHS
fallen. A knowledge Of these abuses
ougtIt toAuffw on theirnv@l brow ana'
the sbanish ment 5fgpolitica1 spsculatora
from public position There is but one
means Of restoring the credit of the
Southern States, viz: The restoration
Of unimpeachable Southern citizens Of
Si o$tIaf lG p5ssitIgEt: sHn y 1ssItSS'audd Ind
ability and character cannot, Tafford, tor
stand sullen!y by and witness the Dig
radiation of their State By interlopers
and adventures They have an inter
est in their section which the new ele.,
ment have not and cannot have; and it.
becomes they. % assert thsirs, claim 70
When Southern honor and statesman
ship are 'a&aiH ibfussh Unto the local
g'verpwenty wsIshall witness a vast
and permanent imEroyepent in South
'ern credit; but, not before.
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