The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-14
CROPPING AFTER TRUTH.
A Dfspassionate statement-Astonfsh
ing Revelations Regarding the Inter-
est Bonds.


est Bonds.
The Financial Chronicle, which evidently has
some inside information, discusses at length
the doings of the Scott Ring. 1t says:
If the officers OF the State can really clear
themselves from the grave charges with which
assailed, the sooner they file their answer In
the forum OF p>;olic opinion, the better for
their Individual reputation and the better for
the credit of the State of which they are 1du-
clariee. A fuller and clearer statement ls de-
manded of the financial condition Of the state
than has ever been published since the war.
Before that epoch there was no State IN the
Union whose credit stood higher tnsn sout1
Carolina. Her legislators, after the financial
troubles which followed the war of Indepen-
dence, always guarded with vigilance the
credit of their State, and have been anxious 10
keep Its debt small, Its treasury full, and its
bonds In high credit in the markets OF the
world. The present administration is on lts
trial, and what Governor Scott and the state
treasurer have to show Is by what uncontro!'
liable necessity 1t has happened that the tradl-
tional policy of the State has been reversed.
There may be sufficient excuse. But the puo-
lie want to know the facts. No general vague
statements will suffice. The forthcoming re-
ports must be full and clear on several points.
First Of all, 1t must chow why the State
treasury has for the last year or two been al
agent here has held considerable sums Of new
bonds on pledge as collateral, and on these
has raised money for State purposes. 1t is re-
ported that this vicious practice has been
going on to an alarming extent, ana tnat the
financial agent holds to-day on this account
no less than three millions OF oonds, an OF
them signed up and ready for sale. Nor ID
this abuse of recent date. It is credlbly re-
ported that last May the agent held 81 ,2O0. 600
Of these pledged bonds. and In October, 1863,
81. zoe, 900. At the last named date the State
debt was reported at $6, 1888 ,349. II the bonds
held BY Mr.. Kmpton had been Included, tne
debt, we are told, would have been $s,SSS, ,3ls.
Now, if all these allegations are true, ana we
believe they have never been disproved, then
il is only right that this duplex system OF ac-
counts should cease at once, and the reason
Why It has been allowed 80 long should be
clearly exhibited for the satisfaction both OF
the bondholders. the people OF the State, and
the general public.
There is another point In connection with
the agency of Mr.. Kimpton which must not be
overlooked. If the need for such an Official
he shoWn. the amounts he has received Tor
bis services must be faithfully reported. "A
powerful party claim that he should never have
been appointed; that he has been allowed TO
make exorbitant charges for his services; mat
through his mismanagement large sums nave
been lost to the State treasury, and that ne
holds three millions of bonds which he ought
to give up, and which must be repudisted and
rendered worthless If he refuses. Such are
some OF the allegations made. In the present
stage of the dispute, 1t Is impossible to give
any opinion as to the grounds on which they
rest What is certain is that Governor Scott
cannot afford to let Judgment 60 against him
by default. He Is cited at the bar OF publicity,
and il he be as honest as bis friends are will.
ing to think him, he ought to sustain their
GOOD opinion by furnishing the fullest details
as to the financial management OF his admin
istratlon.
The third point on which the forthcoming
report must be satisfactory is as TO the real
amount of the State debt, with the reasons for
its increase.