The Greenville enterprise. [volume] (Greenville, S.C.) 1870-1873, 1871-05-31
$9,225,9OS.9S

der Of the S994,OOO
Of funded debt,
now pressing for
payment he dis
charged ont of the
assets of tho Bank
Of the State, viz: 354,ooo.oo
Tie sum of the
funded debt will
be $s,s71,90S 9S
1t may be reasonably objected
to these suggestions, that the pres
ent market price of the bonds is
only 65 per cent, while the calcnla.
tions made proceed on the basis of
80 per cent for the bonds. But it
is quite reasonable to expect that
upon this exhibition If the exact
condition of the debt of the State.
aud npon the concurrence of his
: Ex.cellency Tho Governor, in the
general course of arrangement
herein recommended, there will be
all immediate and considerable ad
vance in the market value Of the
bonds, and greatly increased facil-
itics tor holding them off tLe mar
ket.
lettering now. orce more to the
sum of the funded debt, the com
miittee deem it proper to state that
they, had expected to verify the &C
count by the evidences in the
Conptroller's Office, but they were
disappointed.
Tie act of August 26, 1868, an.
ihorizing an issue of bonds for tho
payment of the bills receivable of
the State, provided that the bonds
should be signed by the Governor
and Treasurer. Subsequent acts
f"ll"wed the same course. In con.
sequence, there is no record kept
in the Compt:oller's Office. ri:
preceding statement, under the au.
thority of this officer, is derived
, trt,;n the Treasurer. It's confirm.
ell by tho Governor, who united
with The Treasures, Mr.. Parker,
in giving to the committee every
assurance OF its correctness. And
it appears to yonr committee that
the several issues and sums of
bonds described are of unquestion.
able legality and forced as oblisa-
tions of tue State 1t seems proper
further to explain that the bonds
under act of August 90, 1868,
for tho payment of the interest
OH the public debt" were at first
issued with the above words en-
bodied in the form of bonds. That
these words being deemed 0biec.
tionab'c, another set of bonds for
a like amount Isl, ,OOO,OOO) was
prepared and executed. and were
cent TO the financial agent to sup.
ply the place Of the Objectionable
issne. OF this Objectionable issue
of bonds $5O0,OOO were long since
returned and cancelled, as appears
by the assurances given to your
committee by the Comptroller and
Treasurer. Upon The authority
of Mr.. kimpton, Agent, and Mr..
Parker, Treasurer, it appears also
that a further sum of $4OO, 900 las
been returned within a few DAYS.
These have not yet been cancelled.
Mr.. Kimpton also assured the
committee that the remaining
500, 900 wonld soon be returned |:
that there was not any longer de.
lay i'll affecting the exchange than
arose from necessity Of waiting
until the several loans inatured for
WHICH the first bonds had been
pledged.
The arrangement of having q
financial agent in Now York, does
not make = favorable impression
upon the committee. Copies OF
the accounts rendered by him for
the fiscal years Of 1869 and 1870
are annexed to this report for ret.
erence, marked respectfully b. and
@. The large snm in money or
bonds always in the hands of the
agent is attended with unusual
risk in the management Of the
finances of q State aud the diff
cultv Of keenino tho occ0,uta &c