The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-11-29

capitalists In the 'managemeiat Of our
f1narces by our Finsncial Agent in New
In proof that this echens to discredit
the Governmenttof the State Has It's orr
gin In political causes, cite the follow
ing extracts from the Charleston Daiiy
Ne'os. q widely circulated Journal, pub.
llshed at the commercial centre3 Of the
state. The first Of these extracts. taken
from the issue Of that paper Of datS of
July II, 1858. but ten days after the nex
state Government went into operation,
makes it evident that the determination
to depreciate our securities was formed
almost simultaneously with the advent
OF the present administration, and be-.
fore it could havo rendered itself, by any
act OF it's own. obnoxious to the charges
OF corruption or improvidence: .V ne -Ai
'BAYoFEr' BONDS. 1t would, doubt
less, pc very comfortable thing il the
debt of the State could be paid, or the
interest funded. until the people. under
legitimate government. are Able to
meet'their public obligations. But this
cannot be done by the motley Legisla-
ture now in session in Columbia; nor
can they, by the issne Of 'bayonet'
bonds. provide, as proposed, for the de.
ficit in the annual revenue OF the State.,j g
':The Legislature will, of course, bleed
freely every property holder in South
Carolina, and. as long as they usurp the
machinery of the law, may compel the
payment of taxation. Negro Legisla-
tors, negro Sherifs and negro Constables
may distrain. and there the scheme OF
nnanclal white'washing will come to
premature end 4
"Beyond this they cannot 20. What
capitalist would touch 'bayonet' bonds
issued by our bogus Legislature? Would
New York or Boston touch these bonds.
issued by authority of horde of nc,
groes, and in face OF the protest OF the
white people OF the State? Would not
our Northern brethren prefer to wait
until after November? l'.j III
"The State debt OF South Carolina-
the debt now existing-will be paid to
the last cent, whatever the General As.
sembly may do; but no 'bayonet' bond.
for whatever reason issued, will ever be
recognized by the white people Of the.
Referring to tho Act of the General
assombly providing for the payment Of
the interest on our State bonds in specie,
the same paper says. under date Of De-
cember l, 1869: fa.1
we can pay our debt as it stands
The question Is whether one year more
OF Radical rule will not SO largely swell
the total that the people will, at the first
opportunity. shuttle off the weight OF
care, and rePudiate every dolla, OF debt
contracted after the war. T.7.
Had the Governor advised TINT Tho
waT debt be paid-a debt contracted for
the advancement of a cause in which our
people embarked fortune, life and honor
AN attentive ear and willing heart
would have met the proposal, and the
whole subject would have been consider.
ed with kindly and generous care.
''Every merchant or tinancier does
see, or will sue, that the whole scheme ia
JOB and swindle. Beyond this, there
ls the certainty that the law of specie
payments will assuredly be repealed as
soon as property holders and honest men
have majority in the councils Of the
State: This majority we shall have in
less than o year."
The CRY OF reputation thus raised by
large portion Of the press, and con-
tinued, with shameless pertinaoity. in
tue interest OF small and malignant no
htlcal organization, has done much to
produce the recent depreciation of our
securities, coming, as is did, at time
when the money markets were rendered
peculiarly sensitive and stringent by va
rious causes.
The debt statement made at the meet
ing OF the Taxpayers Convention, in
May last, and that furnished by me to
the Congressional Committee, in Septem-
per. were correct. to the best OF my
knowledge, at those dates. NY informa-
ton as to the sale of bonds was then
necessarily limited to the amount re-
ported by the Financial Agent and Trea.
surer.
S2.200,000 of the amount of CONVEX
sion bonds. issued ae above stated. were
signed by me for the express purpose of
Withdrawing from the market and can
ceiling an equal amount of those issued
and hypothecated under the Acts for re-
!lef OF the Treasury, the payment of the
interest on the public debt, and for the
Land Commission. They were signed
about the time the Tax-payers' Conven-
ton assembled. Subsequently, the
Financial Agent represented that the
rapid decline in the value OF our State
securities disabled him from getting con.
troll OF the bonds deposited as collate
rails, and to relieve which these conver-
sion bonds were signed at that date.
The action of that body, and of the
Charleston Board of Trade, in reference
to the proposed sterling fund loan, warn
ing capitalists abroad against its nsgotia-
t,on, and declaring that, if negotiated,
It should never be paid, had most dis
astrous effect upon our securities, and
thereby compelled large and rapid in
crease in the volume of our bonded debt.
At the time the sterling fund bill was en-
acted. deemed it's policy wise one,
and it was endorsed as good financial
measure, by many leading fnanoiers,
both in this State and in New York. It's
design was to replace our securities, al