The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1870-12-22
From The New York Bnlletin.
+ Southern Credit.

o 'AS T'''.' - : u y7g...5.i ~,
Southern Ereolt.
II is unfirtunate fpr ihs South tha
at time when the recolslrueslsn Of !. % q
finances was required. the control oi 10
State affairs should hive fall u INTO th
hands OF mere political adreniurers.- :.
There was time when 1t was 2 suii' :
cient guarantee Of Southern olats w
lisation that it was bscked by ooutnerl
men of inaexible honor aud copspicaau
integrity. At present, there Is scarce
~ q State IN the South wh"se deD'
have this sort OF backing. for tue las '
hye years, the nnancss OF inc sevefa
States rave been controlled ny me,
who have acquired position 'hroue'
the pol'ticai yielssltuies consequen
Upon the War. WITH no experience u
s,atesmcns'ttp or h'iauce anu pu fec"rt
bu: that OF adyentuier, these nen ha,s
undertaken 10 read Just the re enue'
.i.aud debts of the States. we Know
what We say when We 'afflrln tnat Tive
riain object with these ra" nnancIers
6as not been the good credit of the
State, but the manipulation OF the
finances 50 as to produce the ias'
gest gains souts OF speculation. Their
ebemes have been, IN most cases.
hatehed IN Wall street banking houses;
aud the legislators, governors. and
I 0theibis have been paid tools 'or Car;
. iying cut the plans OF shrewd BANKERS.
The main point aimed at was 70 pro-
,iuce the widest possible fucuatloii in
the prices Of the State Ids, lrrespec'
Si;ye OF the interest OF the State, il.e
pa,ty 10 be stmilked" being the inno-
cent public. Most ofthe States have
found il necessary to issue new obllSa.
tions to provide for their over due bonds
or their unpaid interest, These new
Issues have 10 most cases been put cut
sy secret sale on the market, and m,
slueuBis knewu ouly 10 thefn & g,tla,nr
aad the eliqse ln att'ciihetIost 6f
sse issue the paities of the secret would
seil on time large amounts cf The Sl,t'''
securities and 70 sf'an ~ tho. new bonds
dad been marketed, the TACT would be
announced, with The result Ola heavy
fali 10 the ,narket.yalne OF the "bl'ga..
fions. atf''rdMs the .rins speculato'rI's
al, opportunity for covering their pre-,
vi0us large sales. In Other instances,
seglslatlse "flug has authorized large
lssues OF bonds 10 railroad ssheines Tor
which there was no necessity arising
out OF the commerce OF the State. ihese
losns had the double speculative adyan-
fage OF involving large contracts for
building The roads AMI OF yielding .
profit an the manipulation u the bond
nr,rke', the gains on botn operafl"ns
filling into the hands ot the Clique.
ln other instances, ire political Speca'
lators hsse sought Illicit gains tnrouSh
faeitlous expedien,s ior STIMULATING the
credit OF the State. "a these cases tney
would hrst OF all buy through New
York cap.ta!lsfssarge alnou9is of tncoo'
legations, and then nsugment the taxes 70
retire unexpectedly . considerable
inpunt ofdeb', aud, as a stu 'urther
lcxpedient, c'nlpei certain corporations
doing business with'h t"e o'a.e 10
hold . considerable amount Of tne
State Obligations, when the corpo-
ration had to buy from the Clique. -
To our certain knowledge State ON
c'ais have contr'ved to make large pro-
hts directly through the commissions
PAID oy the oansets negot'atne loans
fof ths State. we know OF iee,an-
cea Whc,e nnance omcei' nave oUia'y
P1oposee, IA ie'1efs 10 Ne" Io'A
oanSeFs,. 70 give safee COMMISSIONS ."
,he sale OF secufit'es' Pr1s'den she a.,
ioHanee shoalu oe win tnem' Aha
esiual'y PoSsle,e Woa,a u % " o,se @ 'u'
s'ances 70 Wa,cn uGVer.or OF o9nlp.
t.Hler nave ae''ocfale'S lnsm'ea '"s
o.aee ~ sa'aec',S uPn sec''e 'ssa's y.
so'isa.lvas W 's ane elecs o. Nn'eh c9u 1"'s
% - s'avaltasS =, q ;, t"s anaaees auu "e4A"
the efea,t OF s3e Io'efahen!.
"ea,'dae 70 tb.s o'screo'tao'e man
'agsnens 81 otate nnances al tae o'uth
nor no osaer purpose than 70 promote
lpubfe inSestiguti9n auO 10 re0eeM the