The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-12-14
The Finances of South Carolina,

The New York Daily BuNetin-a commercial
journal of high standing-in publishing the
Report of the Committee of Citizens, who re-
Gently Examined the books of the State Treas
urer, at Columbia, rs far as practicable" says :
We shall not venture TO PREJUDICE the ac-
counts of the Financial Agent; but that he
should control such On enormous amount Of
bonds, and that nothing should be known ut
the State Treasury respecting the nature OF his
operations, the condition of his accounts, or the
extent to which he has involved the credit Of
the State, is a matter which, to say the least
demands the promptest remedy. MT. klmp,
toms promised statement should not be delayed
one day; nor do we see why it need be; and 1t
is due to himself that he should invite, at once,
full examination of his accounts by parties
who would command public confidence. Inc
public very properly ask, how is it that the
State authorities know, or profess to know, so
little of the operations of the New York Agen-
cy, when all the debt operations have been
conducted through it? There is either gross
neglect or something worse in this apparent
ignorance; and the public can only be expect
ed to discredit the State officials until the mys-
terry is cleared up and everything told. 1fpeo-
pie distrust the Government and, as Governor
Scott complains, the press has protested and the
people have begun to utter the foul word re
pudiation," what wonder, when the most extra
ordinary Irregularities are wrapt up in profound
secrecy? Until the Governor gives the public
a full and fair statement of everything, ne can
only expect to be distrusted, and all who hold
positions of financial trust under him.
It appears from the report of the Committee
that the Financial Agent has hypothecated
$3,773,000 of bonds, against advances amount
ing to something over $780, 900; but, on what
account this money was borrowed, they fail to
show. Their report states, relating to summa-
ry of the debt, which we give below:
"In the above statement it will be observed
that the sum of S203 900, already referred to,
has been deducted from the estimated debt of
1869; whether ii should be so deducted must ne,
cessarily depend upon the report of the Financial
Agent. 1t is admitted that this amount of the
debt has been redeemed, but its final position IN
tho account cannot now be ascertained with GER
tainty."
We understand this to imply that the COM
mittee was unable to satisfy itself of the incor-
rectness of report current here that bonds
received for redemption, or in the way OF con-
versions, have been used as collateral for loans.
Respecting the 100000 held in the Sinking
Fund (also deducted from said statement of
debt the report makes the darkly suggestive
remark:
"This sum purports to be on hand for the re-
trement of that amount of the existing debt.
If the whole of it or any portion has been used,
(which can only appear by the report of the
Financial Agent the amount so used becomes
portion of the floating debt"
Thus, the committee suggest grave doubt
that not only has the Sinking Fund been di,,
vertcd from its proper use, but that retired
bonds have been reissued. What have the
State officials to say to these imputations? How
long do they suppose the bond-holders and tax
payers will keep their patience under the dark
suspicious thus inevitably suggested? Their
reticence is naturally construed as an evidence
of guilt; and yet Governor Scott in an official
bulletin, assumes an air of injured virtue!
The committee deserve thanks for what they
have done; but some explanation is required
of the reasons which prevented them from ex-
tending their examinations to the office of the
Financial Agent, where only they could expect
to find the information about which the public
are most concerned.