The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-05-17


posed that i committee consisting
of the Governor Of the State, Bar
ing Brothers, Of London, Brown
Brothers, Of New York: and Mr..
G. \. Trenholm, Of Charleston:
should be appointed to negotiate
tho loan. The Governor accepted
my proposition, and said it would
be :. great favor if would remain
over i day or two and address two
committees. l proposed, then,
that the committee suggested by
me should hold over for twenty
years, the limit of the bill. The
great objection to the bill in its
present form was, that mo one
knew the extent Of the public debt
Of the State, and knew still less
about the mon who were to make
the negotiations for this fund. In
support Of his views. he read the
protest OF the members Of the
House and Senators against the
passage Of the bill, and added
"What possible evidence could we
use the more strongly to oppose
this loan? ?" The fire loan stock
Of 1898 WAS taken up and COM
parison drawn between the ple1ge
then made by the State Govern
ment and that to be made under
the bill. The former had been
violated, and the moneys pledged
had been appropriated for other
purposes by the present Lcgisla-
turt. lie was amazed ''that those
scoundrcls on the other side: who
were dcnouncing this meeting,
should do so merely in order TO
get more money for their own
uses lie referred to the system
Of "siinnins," and entered into
lucid expIauation VI it. The State
Government had been pursuing a
system Of that kind tor the past
three years. Accounts of corrup.
ton, etc, had gone North and
tended to put down the price o:
bonds. Lands had been purchased
in large quantities at enormous
prices, to give away to Tie favor
tics Of the Government and the
State had been Il loser TO the
amount Of 100000. He referred
to certain tables which had ap-
peared this morning in ':certain
Radical Sheet" and excused the
partial incorrectncss Of his own
tables, hy asserting that it was
understood at the time he made
them, that it Was difficult TO get
at the facts perfectly. The other
side had given them !; mass OF fig
ures at the last moment, which,
he thought, were fixed up" The
assets had all been marked up, and
the liabilities all marked down.
The assets Of the State had gone
down from S490,000;000 to $751;
600, and the liabilities were in
creased S2,O00.OO0. The taxes
were Increased many hundred fold.
lie closed by advising that the
committee held over as 4 pcrma-
nent body. if not in continuous
session, and gave notice that he
would introduce 4 resolution to
that effect. Such body in at
tendance ut the scat OF Govern
mcnt would have 4 salutary effect
in checking all manner Of abuses.
Gcn. Bu;er offered Il resolution,
which WAS agreed to, that COM
mittcc Of eleven be appointed by
the chair 10 confer with his EX-
cclIcncy Gov. r. X. Scott, in pur-
slancc of the fourth resolution Of
the Cham Der Of Commerce and
Bouru OF Trade Of the city OF
Charleston, and report to this Con-
vcntion in writing or otherwise.
Col. Ellison S. keitt offered Il
offered u series Of resolutions, re-
Iativc to the selection Of delegates
10 proceed to Washington and
mcnorialize the Pre- SiGcnt and
Congress relative to the condition
OF things in this State; which were
| laid on the table.
Mr. Warley introduced a rc>o-
luton, which was adopted, that
it be referred lo1hc Executive Com
mi:tcc to inquire and report upon
What terms. unG for what col>ic-
Grafton. III. making and execution
! OF lie Blue Ridge Railroad Com
pany, and other companies Of 4
mortgage - Henry ClcwS, llcnry
Gvur,lin and Geo. S. Cameron, to
secure the payment OF certain
bonds, vas ratified ana confirmed
by the Legislature: and the said
mortgage declared to be a ';lien
prior to that OF the State or all
| property described in said mort
! gage, and on the entire line Of the
Blue Ridge Railroad, and on ali
! other properties Of the several
companies, or which they, or ei-
lhcr Of them, may hereafter ac-
quirr." That the committee be
instructed to report what action,
! if any, can bc taken by this body
to prevent the subortiua;Ion o!
the States lien upon the line Of
the Bluc Ridge Railroad, and the
entire properties Of the other COM
| panicS, to the junior claims of prl-
vale individuals.
Gen. Gary offered y resolution,
which was adopted, that COM
mittee OF seven be appointed TO