New-York tribune., 1871-12-01
POLITICAL.
GOV. SCOTT AND SOUTH CAROLINA FINANCES
The following is taken from the message of

July g. 1868 ihcrc were only ts srae Treasury.
nnis,ralons had to be provided for The ancient crrdt
o the State that had once stood justly high In the
blown away with the smoke Of the first gun fired at Fort
sumter In order TO meet the current expenses until
money coi 10 realized from the tax levy. 1t WAS nrcrs-
sary for the state {" borrow iis securities To effect
this object on the best terms for tho STATE the General
and the Treasurer to appoint. under u commission
signed by them some resposblc bank banker In lhs
ol "i New york. To net ~ financial agent Of the state
To this nd visited NcwYork, and conferred with Leaf
ng banks lcy AL declined the agency, alleging that
IN dulles were arduOis and the time Of unccr
tam that We were only borrowers III the market
| TIE FINANCIAL AGENT IN NEW YORK
Whc TINS cndeavorlng to secure the services OF re-
sronshlc and efficient financial agent the OF Mr..
II. H. kmpton was presented. He highly int0rscd
by prominent officials In the State. aud by leading bank
| crs in New York. among whom the Prcsi,cnts of
the broadway Bank and the Bank Of the Republic Al
though avcr-c I" appointing any individual banker,
financial agent. for rcu,ons which Tins since lort
lr there then appeared to bo Other alternative. and
|. therefore, as Oho oi tie Financial Board ny
assent to the appointment OF SIR. Kimpt"n, hut
on , Ihc condition son, inn Il" would 49, h"ni
lion,d for the faithful dsciarg. of h,s trnsi as
Nrw-lork. proposed accepted M bon'' smln.
and was aerwni informed by the treasurer That Mr.
,hal should h'rr remark that the law did mol require
the financial aGcnt to give bond nor nr" bon'.- ever
required 81 hen financial agents hy Other S'nics but
insisted upon II ont Of an "hrndanre of caution IN the
Interest Of the state. l n"iton This fact simply TO
|
referring i"It do not mean Ia intimate that the cprc
ci"tion il our securities bears a.y relation TO tac bond
of the Financial AZ; nj. for though his bond had
ccried III amount iie t"t. Nc Oi our securities i'll ls
State could not have been thereby prevented, rs 1t
wond have III cniicd the Stae only III the event OF
damage ccvcd II neglect flaId the part oi
tnc agent neither OF which H. alleged against him.
su6.cqucn events have made ii manifest that 1t
| grave m,tak" to appoint an individual instead OF
chartered company financial agent. An individual
Danhrr iiacytr may m ms caarily a. ilnanctr can
nand te nne hig degree oi c"ncncc, on the pnrt
the case %In t"c BASS OF !he lr"po''d Negotiation
consist, o; cass Of securities new Ia the market.
tive movement III the stocks and bonds of al!
the southern States. and the value or the currency TO
holder, constantly made to tlrciuar by operations
v , culUrs il TIC gold nmrkct Hence. again visited
Nc~-YorA. year ago, for thc purpose o., rnrc,inga
tit.Ic. "a. State indebted to the 4 gent and
| coul not then 10 hquiatc that indebtedness.
TAc F,aanci A-'n Iropanly done the bcsl he could
nn., the cIcdi>anc".. AMI checked hN j"
was by constant aar movements, originating in ia"
-t. a, part of organized sclrme To ,ii,c.it It,
cNietihg a.nlin>tr l:i. Acaiiy r\rIy b,n1 III ne
and those who had nolc. bui lirtrD'icd ~ have -
| joined III this srhonc
am ready to take my share Of the responsibility for
our present financial embarrassment. but those ctMis
con,n'I AGAINST the rrdi oi the STATE. al ho"
| yuno lis h"cirtrr, tahh0t rvadc lirifS aii III
plnlc c.ti.nlio hcld rcslonsIhr Tor ' action OF the
i.man,al i;oar'I men, in Law an ia iact the tvcn"r
has power IA tno Board tha any private ci'iI.
the Financial Agent. tnat hr a~ '"h GI,aii 'hIid3''i
by the practice. tGc part oi the TrcaSuri. of dfaw
~ y
p r,>,, o the h.alc. the Interim b,tworn The periods
nAcd Tor the payment OF t,Ac, iias creating tniiins
dent constantly III advance Of the r,tcu'ir ito not
meal To ccusc the Treasurer ior this course. ~ l!r
doubtless Thought it warranted by tie cAigrnci'' of tn
,oini.r that it should he prohibited by proper si'
l"i"n "l'n s""u al nr ,;. i' m ,, pr ~ i'n t"t a r.
driray the vufIrt xpisc> of the stat" G"vrrhnt bit
" uii tos, TO whom moacy du from The state ait
The coli, ctlo OF the taxes. Th, course, coupled win
sls"m" risid rtrtnchr, !" AT soon 49, '." i' '',' %
a prescut financial rinpaIfssntiiS' ana Pi'N'"' 'tr
| II
For d, tailed -tacin'nt of III" ranSqcon> of III"
rinlchl Agent. refer you 10 Lis Report to the Com
ioi.tI eherai. Tor tt quarter ending S'Pi. 3D. iI'
EArlyDiTrREs OF TIE sr>TL "oviEAMAHT
While bodhS the political opponents oi the STATE gov
crncnt responsible for the great depreciation III the
market value of sccuiites-a depreciation directly
due to their conspiracy against the credit Of the state
J am bound by my Of public duty t. expose to
the r'pr,haon OF Lo people tn, npin' h'rnI cX"n
trlvacant and Illicit disbursement "f the state nirry
to winch the Legislative dcpartmcn; has given either
wish be considered as wanting III due "n! prop r
respect 10 coordinate branch Of the STATE Gov'rintni
, desire appeal, in pam and earnest language {"
the sober Judgment the decent 'rrr-pert and nr pub
give hi, active aid in cl'ctinG an instant reform III this
direction the whole people, with united vo"e, de-
stnct of rell-prr-ervaton require Il ~ Jour hami'
cna",d To- destroy he credit Of the Stale to have exc
c,trd their purpose successfully, had not The General
iny through its xtriS 3c, the funds In the II, sry,
| thus leaving the stat" without any rscrvr-:'!ancr 10
MT ret
among many other items OF extrivagan expenditure:
Tn. noI.cy drawn upon he orders OF the presiding OIL
., nj r,c Two Hon. during thc last for
rr, r.n, nc AMOUNT, t" s9c 90 In addition
lr,c socoo W re appropriated oI rrroni printing
f,r tn same session, making total Of ss4oi % cA
| ucu,lci on this item alone There was iu,thrr dlaMn
IRON the Treasury ana n,r'rI % py the m M rks @ "i ,n
Sn IL; a. Tc.c flI,s show tie cn"rn"u' accr' cate
~ 80 ,, expended on printing uuring and
@, ccn % he lir .,on OF assembly while
Large claims for public printing are s on, m 'inniIng
m,ii, arrrrgatc II total OF $4,000 To this /. 10 he
added he ainoan Of siGid1l A. a. SHOWN np'ne' hrt"n
th, General Assembly, Oh account OF printing t!. laws
and lhr rrana total Of eSnenh.G. m -, on 4. account "f
I'm addition to these exp,nIni"s the s''n Of s'Ni %
was drawn upon ne orders 1 e r., rrcSlon OF t i
| very well defined. but dcsgnaicd hN contingent tN-
anh .iS ra o s@ ss % . siartnG M ' IN "s it.
nv. mitIde Ior session Of the GrLrra A'slD, ana
M TlIn u, hiI ,t il has been pursuing evidence OF
ir icruirious consequences Oi permitting ui' hot!
ofnet n',c ~ .nJ I ourr refer fact well known Tie
members Of the General Assembly, Una, M nuiR 'dc paT'
ir"ri iby against the state was contracted to the
AMOUNT $3.50, for furniture ,%r ~ ,o StsG nd II I
p,ncjple j. admitted that moneys can De De- th'i. drawn
,',, ,h Treasury, debts contracted Without apPo
rntinns made by law" then all proper safcGnas OF
Inc Treasury broken down al, /, lew m.'i, ~ M
nc nr ierryc 1t at viii VI tie meals of meeting It's
| legal liabilities 49,. , A. ., ,.
real estates the collection "f an iheiea'" r'eh ''"i
a.. ho,ph,tc deposits; that license fee should be re-
nir. rrs merchants, factors, lawyers ana
,nvs,ciss taxes Insurance PREMIUMS Railroad tuii-
r,r and passenger tickets, and the early sale oi wv
st,ir lard-, which hc estimates 10 pc "or" H"'"
dollars.
Holm o,1\CY ADAMS APPROVES THE PAS
SlVE POLICY.
The following is from letter of John Quincy
,,ns which i. published in full in yesterdays ST. Lo"S