The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-08-06
The State Debt more than Doubled I'm
Two Years.

Omlcal. IhlS lS tnelr SOle remaining uope,
and their Paid Organ is now striving, with
the calm desperation Of despair, to prove
that the debt OF the State "has been increas-
.sed, by the Republican party, just 500, ,oeo,
sand not nine millions, as, with wilful and
s.mallcious falsehood, is charged" This is
bold way Of meeting the asser-
ton, reiterated in these columns, that the
State debt has been more than doubled dur
ing the rule OF the Rirg; hut as no charges
Of financial mismanagement have been
made by US which cannot be proved by the
official statements of the officers whom they
condemn, we are ready to enter the lists
with the champion Of Robbery and Corrup-
ton, and allow the public to be the judge
whether our assertions are either malicious
or false.
l. The debt of the State on the lst Octo-
Der, 1867, according to the official report of
Comptroller General Leaphart, was SIS, 4O7,-
800; and on the lst October, 1868, accord
ing TO the official report of Comptroller Gen
eral Neagle, it was Sc, 4o7, ,so6 81. To this
must be added the bonded debt incurred
during the. Scott administration, which the
Organ of the Ring states thus:
For redemption Of bills receivable. ,s5oo,ooo
For funding bills Of the Bank Of the oso nm
For ss4aa, payment Of the Interest on the
public debt. ,oVO'Ooo ,0VU 'ooo
For relief of the Treasury. 0O0. .oO0
For land Commission. ............... 700, 900
>. s4,45o, 600
Add total debt, October l, lssI..... 5,4o7, 800
Total debt. :: . :. :. 50, ,s57, 800
According, therefore, to the official state
ment of the Organ OF the Ring, the public
debt, in two years, has been nearly doubled,
without taking into account the s4,oo0,oOo
Of Blue Ridge Railroad bonds, which, as we
will show, are certain and not contingent
liability of the State BY their own state
men,, then, the Ring acquit the Reform par
ty OF malicious falsehood. But as much can
not be said for the Ring. Governor Scott,
in his message Of; 1853, (page 4,) says "the
estate debt is comparatively small, amount
''ing in the aggregate to Sc, lS3, S49." And
the Comptroller in his report for
| 1869, sets down the funded debt OF the
State, (page 81, J at the same amount. Here
is deliberate official statement of the pub
lie debt, and that statement does not show
the whole truth by more than So, 900, 600:
Neither Governor Scott nor Comptroller
General Neagle includes in his estimate of
Sc, 1s3,349, the past due Fire Loan bonds, or
the State bonds in the hands Of, or pawned
by, the financial agent Of the State Adding
these amounts, we make the actual debt on
November L, 1859:
According to Governor Scott. sc, $40
Fire Loan bonds, past due ....-.... 484, IA
In hands Of financial agent. 2,70O, QUO
| Actual debt..-.,..s... S, ,367,7S3
/: Governor Scott and Comptroller-G General
.Neagle were, therefore, guilty Of a falsehood
10 speaking Of the total debt as s6,lsS,349
And we claim that it was malicious false
a'.hood," because the effect Of its publication
would naturally be to enhance, without good
cause the price OF State bonds, Of which,
according to the Organ of the Ring, Cover
nor Scott held large amount. This is, we
hold, an unfortunate turning Of the tables for
the defenders of The administration, and dis
poses summarily OF The accusation Of "mali-
stcious falsehood" made against this paper
and the Reform party.
While admitting che fatal fact that the
Scott Ring have added S4,450,0 to the
public debt in two years, the Party Organ
endeavors to evade responsibility tue plea
that the whole amount, (eyceptir., the issue
of bonds for funding bank bills, and for the
Land Commission.) was actually contracted
By preceding administrations whose legacy
it was. In support Of this plea, the Ring
Organ says that VIXEN the Scott Party came
into power, a. there was not dollar iii the
Treasury; a. there was floating debt,
due and unpaid, of ss95,e7S; ard, (S,) the
unpaid interest on the State debt to July l,
1868, was 1855, 80. Th.t is to say, If
these statements be correct, the Ring had to
provide for:
Floating debt. ...... .........' 'sS9o,S1S
Interest on debt. i-:,-:-
Total. 81, ,S5l, LIT
And they provided for this debt by issuing
bonds as follows:
For bills receivable. .............S 500,00o
For interest on debt bt................ l,0Oo,000
For relief Of tlc T;..asurr .......-. 100000
Total. ........... 81, 500, 900
The Ring, therefore, taking their own
statements as. the truth, piled up a debt OF
81, 500, 900, Ito be paid in cein,) to provide
fora debt Of sl,35l, 1T in currency. This
is enough to justify the charges made against