The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-10-05

August, SeptemDer dEQ OCtODer,
1865. $685., ,554 6;
In July, August, September, Fl. II.
Kimpton paid on account Of
amounting to .............-.... 49,, ,74 50
Here thon was. Observation-Disclosures. 525, ,259 /:
paid out by tbe State for interest, and yet or
the 3lst of October tho entire amount is again
pnt down in TREASURY accounts, as paid for in.
Official accounts SHOW that 1925 269 IL OF in.
terest has been twice charged. II it was sim.
pIy a clerical error, tho cash on hand would
show it. But the cash on hand is ouly 81,
1 S51 OF. The money is therefore not IN the
treasury. 1t has been paid out. Who got it 2
Where is it? There is nota merchant or book
kooper anywhere who will not say that the
entry is u false entry.
/ What roliauco can be placed on accounts
| thus kcpt2 And yet Of such material MIR.
Chamberlain socks 10 build monument to the
financial wisdom of the Scott administration.
We have already examined Mr. Chamberlain 8
argument OH tho financial question so fully,
that wc can but briefly alude to the other
parts Of his spooch.
word, however, as TO the bills receivable.
| MIR. Chamberlain says $500 600 Of those bills
! had been issued prior to July, 1863" l confess
( To great surprise at reading this statement.
\ The truth was 30 clear, correct information
80 easily attainabe, that Er. Chamberlain
| owed it to himself to mako the inquiry before
| he rlskel his reputation on such an assertion.
Thore mover was $3O0, 600 OF the bills in exist.
ence, and MIR. chamberlain could easily have
known it. Governor Orr, in his message to
tho called session of the Legislature in July,
| 1868, says "only s220, 600 haUo been signed and
carried to cash In the treasury. On 1st May,
| 1868, there was outstanding aud in circulation
~ these bills receivable only sl35, ,687." Mes
| sage, page ~ Governor Scot says "Thcro ls
floating debt of $3.50, 900 m tho shape OF bills
| receivable III circulation.' (Messago, 1853,
p. 4.
Here again Mr. Chamberlain makes slight
error OF $4,000. Mr.. Chamberlain says:
"rhese bills were receivable at par il payment
of nil dues TO the State Should We have Ic-
Issued lllem2 Could wo Afford to ro-lssus
them at 20 coats Oh the dollar and redeem
them ut par2 Me- And yet that Isl exactly
what thoy did. It they redeemed 1900, 600 OF
Lhem, then they re.issred them, for ouly $780,
900 wcre out when Governor Scott assumed
control. and there was an act authorizing tho
reissue of them. Was Mr. Chamberlain, tho
attornoy-genoral of the State, ignorant oil the
existence Of tho actP
TO tho list of errors and OMISSIONS To mist
yet add one more. No where In MIR. Chamber
laIn's speech docs he glve credit for any monies
paid over to the new by the old administration.
The i,ca instllcd is that Gort nor SCOTS ad-
miiiistration not only had tn ralse tho funds tn
meet it's own debts, but were compelled TO pay
the debts of tho preceding administration.
Yet there WAS turned over to tho present ad-
ministration sos SIG &c, and the receipt OF il IL
ailnitted by tito treasurer. (See page 100.)
This amount Mr. Chamberlain entirely ignores.
Ii IN unlimited power OF Subtraction from the
ono side and OMISSION from the other is con-
coded, it is easy to reach result that VIII be
politically satisfactory. II will, however, hardly
produce far aud just statcmenr, and that Ii
what wo had tho right to expect from Mr.
Ctambarun'a position and ability.
The last item OF finance which we shall ad-
vert to IL the Blue Rldgo bonds. Sir. Chanl-
bcrlain's point on this ID purely technical. Ar
endorsement 10 not, IN legal phrase. debt;
but, legally and practically, it Is aii obligation;
and u the obligation il Incurred Tor one WHO III
unable to- pay, tho cndorser ins to pay. MIR.
Chambcrnin's argument is this f: II you on-
dorsu u note f)r drunken Idle vaslbond, it is
not debt, OH no II Is only q contingent lia-
biiLy! WHAT comfort would there DO IN know
ing that the liability was only contingent
Any business man who was foolish enough To
give such all endorsement, would be wlso
enough to prepare To meet tho note ut nlitu-
rily. But IT Ii trifilhg with the subject tn
treat it in that fashion
II tho Blue Ridge Road is as solvent rs tho
otErr roads, for winch tho Stale has sllaran-
tocd bonds, then tho Slate rllila no greater
risk. That is tho roal ss,le. Can tho Blue
Ridge meets its bonds ut matnrltYf Governor
Scott decidedly says, no. ut wOnid require
about $1,000 600 to put tho Iold III running
order" and That .witIluut the expenditure VI
more capital the whole Investment nlllst ro-
msin as dead capital" Unlosa va are prepared
to ciyo another 81 600 900, the road cannot be
coulpletcd-lf not completed. tho road cannot
my interest on tho deb; and IT il cannot pay
interest, it cannot pay principal; and where,
then, would DO tho contingency
Prudent men, embarking in business as CO.
MARINERS usually fetter each otllcr with obliga.
tons not to endorse Or guarantee. Experience
Teaches that endorsements lcad to bankruptcy,
and tlley guard against it. Mr. Chamberlain
yuuld ilaYo us beor0 that IL III n linrmics!
amuscmunt--a purely CONTINGENT liability.
have IL better opinion of MIR. Chamberlaln's in
telloct thai to suppose him to DO dcludru or
convinced by such sophlstry.
With this, close my yoyicw Of tho financial
administration OF Governor Scout. have cX-
aminel these accounts carefully, anu have
stated. or have endeaYorol to stale, tho rosllth
fairly. have made 10 stalement that is not
sustained by tho official documents. II thore
~ orror, it is. therefore, susceptible OF easy
and Immediate correction.
SO far from tho accounts 1ustifying tho en-
comiums that hayo beoa paid to tho wisdom
and economy ofthe Scott administration, they
arc mutey eloquent of official lgnornnce and
extravaganza of wnsto'ul expenditure, OF GRIM
lnal negligence, If not ilagrant corruption
Large sums paid for trihing services, debts
paid and The proper credits not given, and IL
half million of dollars twicJ paid for the sano
debt.
To tho proporLy-holders and taxpayers, 1
commend q careful study and investigation
Of thoso accounts. 10 them the subject is one
of vital importance. Unfortunately tho inci-
nation OF property-holdcrs and business men
is to ayold politics, and all political
questions. They rather pride themselves
upon being utterly indifferent to politics, aud
one OF tho objects I have had in making this
examination OF State expenditures is to show
to them the price which they pay for that in
difforonco. II thoy refuse to make their weight
felt in important political issues, if the intol-
Iirenco. capital anda character OF the State
s6un ali connection with politics, political con-
troll of tho Stale will inevitably fall into the
hands of those who arc ignorant Or corrupt.
All will sltfor from ill government. Evory lu-
tcrest will feel it, but the weight OF tho burden
will fall upon property.
Tho Journal do Geneve reports Tue loss, in
a heavy snowstorm on Mont Blanc, of o party
.>,,,nu nonafstipD m twO krnarIcan