The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-10

Mr.. George A. Trenholm, Mr.. Henry Gour-
din, ex-governor Manning, Generals Butler,
Chesnut, Gary, Hagood, Wallace and Cannon,
Ex-Governor Bonham, and Attorney-General
Chamberlain. 1t was, We Judge, body
whose decision might be accepted as that OF
the majority Of the property. holders OF the
State. The Convention appointed an execu-
tive committee, of which the Hon. James
Chesnut was chairman. This committee re-
ported the following resolutions, which were
adopted
Resolved, That this Convention, represent
ing the property holdersand -taxpeyers Of the
State q South Caforlna,- do hereby deem it
our duty to declare that the so-called Sterling
Loan, or any other bonds or obligations, here
after issued, purporting to be under and by
virtue OF the authority of this State. as at
present constituted, will not be held binding
on us; and that We recommend to the people
of the State, in every manner and at all times,
to resist the payment thereof, or the enforce
ment of any tax to pay the same, by all legltl-
mate means WlLllH Luelr pOHcI.
RESOLVED, That we deem it our duty to warn
all persons not to receive by way OF purchase,
loan or otherwise, any bond or obligation
hereafter issued by the present State Govern
ment, or by any subsequent government, IN
which the property. holders of the State are
not represented, purporting 10 bind the prop
erty or pledge the credit OF the State; and
that all such bonds or obligations will be held
to be null and void, as having been issued in
fraud and In derogation Of the rights OF that
portion of the people of this State upon whom
the public burdens are made to rest.
These resolutions are direct and explicit
They warn the public against the Sterling
bonds, and against any other bonds or obi
cations thereafter issued by the present State
government. They declare that the bonds
thereafter issued will be held to be null and
void. But the Convention went further.
Besides declaring what issues OF bonds and
what obligations would be disregarded by
the property-holders and taxpayers, the
Convention declared, by resolution, that the
funded debt, as reported to the Convention,
vas valid debt, for the payment OF which
the honor and credit Of the State were law
fully pledged. This debt is described by the
Committee of Eleven, who reported that the
sum total OF the debt of the State exclusive
OF $500, 900 due Mr.. Kimpton, and inclusive
OF ST, 500, 900 OF State bonds held by Mr..
Kimptoa as>collateral,) } was So, S65, 9Os. The
resolution affirming this amount OF debt,
which resolution was adopted, reads as fol-
loys:
Resolved, as the sense Of this Convention,
That the funded debt OF the State.a described
in the report OF the Committee OF Eleven OF
this body, is a valid debt, and that the honor
ami funds of the State are lawfully pledged for
the redemption thereof
The funded debt, which the Convention
affirmed and recognized, is composed OF The
following amounts: =
Bonds and stocks outstanding Oct. l,
lS6I '$o,1e',-io
Bonds issued by the Scott admins
tration, as follows:
Act of August 26, 1858, for redemp-.
ton of bills receivable. ............ 100000
Act of August 16, 1868, for payment
of interest on public debt. ........ 100000
Act of September 10, 1868, for fund.
ing bills of the Bank Of the State. l,25s,55o
Act of February II, 1869, tor relief of
the Treasury. y....................l 1000 900
Act of March 81, 1869, for Land Com.
ml8SlOQ. ZVU,VUU
Act of harnh I, 1870 for Iena oe-A
mission n................. ......'..'. ouo,ooo
TotaI. ........... ,ooo, 'oo
We may add that Governor Scott in an
official letter to the chairman OF the Ku-
Klux Committee, under date of September
20, 1871, recapitulates the whole debt Of the
State, in bonds and stock, as follows:
Debts prior to the war. 81, ,046, $40
Bonds issued by Provisional Govern
ment NEUTRALITY-SUSPICIOUS.. l,023,413
Bonds Issued by present administra-
Total issues. ..-..'........... 'ss,52s,o o63
We see, then, that the taxpayers Conven-
ton in May recognized valid debt OF SO, $685.
900, and that Governor Scott, in September,
reported total debt OF ss,52S, 5G3. This
is solid ground, but it does not help to ex-
plain why Governor Scott should have
printed bonds to the amount Of $40, 000 900.
Nor does it explain the enormous commits
sions which Mr.. Kimpton is said to have