The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-19


ear. 1 am free 10 confess however, that pubic
zen, ntment spoken publicly denonnces the ~
GOOD WORD FOR THE XVI KLUxs.
"But have the Ku Klux no vindicaton, Cover
morn,
"Well, they claim TO be vigilance committee,
ana 10 apply punishment only where II IL deserved.
II they ind an Official VINO has been plundering The
people they generally XIII him or drive him from
holding office or using ms influence in local politics
contrary TO their Ideas OF peace they warn him 70
Iesign anu IA tne event OF ms refusal 10 90 So io
ures Not all OF the ouirages OF the State, however.
should pe ascrDed 10 this organization for many oi
us members aie men OF too much character 70 de.
mean themselves by perpctratlng the crimes 0froD-
berry and arson. You may think this somewhat
anomalous, yet II is nevertheless true; and 1t is
cause OF this curious distraction between what the
naive whites regard the good and bad traits OF
humanity Luz that the Ku Klux have that sympathy OF
the community to which have before aluaed.n
ARE troops being sent to any portion Of the State
Tor The purpose OF enforcing the proclamaton9"
TROOPS MASSING
ION, yes. Several companies are already dts
tributed through South Carolina, and others will
PROBABLY go forward should their services be re-
CURED Arrests are taking place and every EFFORT Is
being put forth to make an example and SO for ever
end these laWless organizations. Possibly innocent
misfortune, but the end attained win undoubtedly
satisfy the country, because peace will be perma-
nentiy secured; AS said before, however. ! am
not Jusnylng the procedure. regret Its necessity.
and prefer that General Grant should not have
Adopted the policy which he has seen Mt to pursue,
OF troops, because II not aided, could not have
maintained she civil law. A coored militia cannot
cope with the body o. trained veterans who are to
states,"
''Simply that the bay0net Will bring the disafected
people to their Senses while the leading public men
wall be forced to use the influence they have here
tofore Withheld In promoting peace aud impressng
the necessity Of harmony among all classes, ranks
and conditions. There IS no question that we need
n
ignorance prevails. Persons occupy positions who
are utterly incompetent to ill tnem and no doubt
have enraged the Impoverished people, but the bal.
lot 6ox ana not the whipping post Ia the place 70
THE FINANCIAL CONDITION OF SOUTH CAROLINA
HAS the condition OF anars which you describe
had anything to do with the present deprecated
causes been at wOrk2n
'.The best answer to that question Is q review Of
the situation since the war. Three years ago the
OF existing prejudices. Her ponds were not on the
stock board and mad not been for many years.
aud with niue per cent past due interest," on them
were peddcd about the stress by brokers at from
thlrty-nye TO forty cents On the dollar When the
ta ssS b S the s yS a
OF al real and personal property, ana 10 carry this
INTO enecs q year was required There was no
bits receivable which had been ISSUED by
the ssatf easa2Elsy y ss an4 these were worth
by tue opposition press as bayonet aud scala
wag bonds, and threats Of reputation were freely
H. Kempton was appointed the agent Of the State
in New YORK. and, under his administration, In
spite OF the adverse Influences brought TO BEAR they
steadily appreciated In value until they reached the
price Of eighty five cents. The State Agent was
thus enabled b. hypothecatlon during that year TO
advance To the Stale over q million of dollars,
which were repaid on the receipt OF the taxes the
CID londs were then firm at ninetYive and had the
peope OF me state sustained the nnances there Is
raasO ION w npW
bonds should not nave remained at that figure.
TIE INTEREST
OF the United States government, and VIII be
promptly paid In uture since it requires only ordi
nary financial ability to make The necessary arrange
rnE PRESENT DECLINE
of the bonds is due TO various causes First there Is
general distrus OF southern securities because OF
the failure OF several OF the States To pay their in
terest and the unnecessary increase Of thir pubic
debt especially in Louisiana and Georgia. The
failure OF the State OF Alabama 10 promptly meet Its
interest In connection with the Alabama and Chatta
nooga Railroad, mas also had an unwhoesome enec
on tie market. The resolutions passed by tn,
Charleston Chamber Of Commerce ana Board o
Trade were construed 10 mean repudlation, ant
the credit OF the state was thus asSaied ant
suffered. Some OF the very parties interested II
that movement were through their agents sellin:
| IRON their operations. large amount was thu
| thrown upon the market ana decline re
| sutca. The Taxpayers Convention caused sudde
| revival in the price ana renewal OF confidence
but the attack on the sterling Loan BILL which wa
! lDtenueu I'd dUSOTD-HOL luCTcdse-tIle SGlte ueD
produced corresponding want OF faith, and III
| bonds commenced to deDrecate. Since then hold
unable to carry their LOnds have been obliged
SELL and thus probably half million OF dollars hav
been put on the market within sixty days That, Il
| my opinion, Is the chief cause OF the present de
clinc.o
THAT Is rather a dlsconsolate view OF the sltua
4 fIon, Governor. Is there any
BRIGHT SIDE 10 THE PICTUREO
"Most assuredly Our old bonds cannot be bought
to-day for less than eightyfve cents. They are IN
the hands OF permanent investors And as as
the new bonds similarly situated the same con-
IL ~ reason for any distinction between the two
classes. THIS process or absorption Is daily going
on rs the present low prices are inducing large
purchases for private cash boxes. The best national
and savings banks hold the new bonds as invest
ments, while the insurance companies doing bust
ness in South Carolina have deposited with the
Comptroller General OF that State, i'll accordance
with law, upwards OF twelve hundred thousand dol
lars. The lryate capitalists OF Pennsylvania, Con-
neciicut, Massachusetts ana New YORK Likewise
hold these bonds as permanent investments. Under
these circumstances
THE BONDS AHE EIDlCULoUSLY Low.
The taxable property or the State is $685. 000. 00C
ana such the internal resources OF the State, the
average annual excellence OF the cotton crop and
the value or tie new phosphate deposits that the
in very few years be at least 5000 600, 900. All that
we need Is economy IN government, q diminution OF
onlces anu more intelligent administration the
various Departments. But even now we are In as
prosperous ana healthy condition financially as any
State IN the Union, and there need be no lear or
either Reputation or banSruptcy.n
1Lese remarks terminated The interview.