Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1871-11-17

State HsOntls-Over Issue.

NEW York, October 5-,To the public
Many false representations and statements
have been made and published about the
credit of the State OF South Carolina. 1t is
true that $40 100000 of bonds have been
printed, Of which amount $0,000,O0O have
never been signed or issued, nor were they
printed with the intention to increase the
State debt, but arc in possession of the State
authorities Also SO 10000 sterling bonds
have been printed, but not issued $1,000.
200 of registered stock are now in the hands
OF the Treasurer Of tho State, being the bal.
ancc of s5, 100000 issued. The Legislature
from time to time, passed several acts fo,
the issue of bonds 70 pay the Indebtedness
OF the State. Subsequently it passed an act
for the conversion of its securities. TO pro-
vide for this the above amount in bonds was
printed, which has given rise to many ground
less misrepresentation and gross fabrications.
(Signcd) r. X. SCOTT, Governor S. G.
NILES G PARKER, Trcas'r
JNo. B DENNIS, Chm'n Con-. State Acct.
WAsIIINcToN, November G-Iho New
York ||orM states: The entire State Gov
crnmcnt Of South Carolina arc here The
American Bank Note Company printed twcn.
ty millions of bonds for Mr.. Kimptpn the
financial Agent of that State. 1t is said
Governor Scott admits that the bonds we're
printed, but denies that all were issued, but
does not state tic amount issued. Kimpton,
it is asserted, brings claims against the State
Tor services and commissions amounting to
four millions dollars, and the other State Of
fccrs have not dared to resist the payment
thereof, though much of it is for renewals,
Which were credited as to the new oans.-
The commissions it is said, more than swul.
low the original loan. The expenses of the
last Legislature were $500, 900 and have not
been paid. The l)o,M concludes by stating
that lis information is from a source emitting
it to the highest credit The persons giving
it express the confident belief that frnu,lu.
lent issue, amountino to SO, ,0+6, coo Of State
bonds has been negotiated and the moncy mis-
applied, and arc convinced that if it should
prove that the State is involved to that
amount it will be irrcyocatly insolvcnt.
TUE STATE FINANCES.
The disclosures of the New Yorl; 1I0,M in
regard to the State finances arc not as rich in
facts as we could wish. Omitting the infer.
cnccs and suggestions Of the lNrii we fnd
that it charges |. That the American Bank
Note Company have printed bonds of this
State, for Mr. kimpton, to the amount Of
$50 0,04G, eco, which is admitted to bc true by
Governor Scott. 2. That Mr.. kimpton brings
claims against tie State, for commissions aud
services, to the amount of some 81 900 900
and that his commissions, of various kinds.
upon all his transactions, amount to about iif
teen per cent. 8. That the interest due in
October on the State bonds is paid in New
York, but is not paid in Columbia 4 That
Tic State has received from Mr. Kmpton
only twenty seven per cent of the amount of
the loans which he made for the State the
remainder being retained as commissions. -
The general statements Of the lIuMd, as to
the extravaganza of the State Government.
and as to the rapidity with which the State
officials have grown, from pcnnilcss advcntur.
crs into pnrscy mi!lionaircs, are too familiar
in South Carolina to need repetition here.
Now, examining the four points which the
1forM makes, and admitting both the power
and the unscrupulous character of the State
officials, we do not see that VIC have any cause
for wild alarm. The attention which is di.
rectcd TO our financial affairs will make it
easier for the taxpayers to compel the produc
ton of true exhibit of the State dcbt-an
exhibit made by gentlemen who know their
business, and whom, not being connected with
the State Government, the people are willing
to trust. And VIC shall find it less di,icult
than ever before to give effect to purc.y de.
fcnsive measures for tho protection of the pro.
pcrty holders of the State. This is as far as
it is prudent to 60 ut present. There is cause
for vigilance and lirmness, but not for panic.
We are not ready to assume, for the sake of
political effect or asa newspaper sensation,
that there is a fraudulent issue of S20,000,.
900 of State bonds. There may be an over.
issue, but it is not $50 900, 900, nor fourth
of that sum. Nor do We believe that the
State owes Mr. Kimpton S4,000000; nor
can we admit, jus, yet, that the expenses of
the last session of the General Assembly were
SS00,000 when we know that only 100000
we're asked for, and that only $4,000 were
actually appropriated
We have not, we repeat, particle Of con-
fidence in the State officials, but it is best for
the public interests to move with camncss and
deliberatlon, and upon u full knowledge of
tho facts. When we know tho whole truth
and we may count upon knowing it before
long-it will be time enough TO talk Of rcsor-
ting to the last measure of defence open to
plundcrcd and not oycr.woalthy peoplo-
Charleston Nc,cs.
Tho New York World of Monday contains
q second edition (with corrections and add.
tions) of the history of the reported oycr.is-
sue of State bonds. 1t says:
Tho report published in this paper yestcr.