The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-11-11
sou CAROLINA bonds.
A BEAR AMONG The CAaPET-BAGGsaS.
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Governor Scott and the South
Carolina Financiers.
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What They Propose to Do
About 1t.
Accommodating Law and Its
Consequences.
To the VictOrs Belong
the Spoils.
-H..1+ss..
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THE "TONGu AMI "SHnpTv M TT
THE LONG" AND SHORT" OF IT..


THE LONG" AND SHORT" OF IT.
1t has been before said that great public excite
ments take an epidemic form, hence 1t Is not sur
prtsing that, following the reported disappearance
Of Governor Bullock from Georgia. the defeat OF the
cammany Ring In New York on Tuesday, the re-
form movement in Brooklyn and other movements
In sympathy herewith we should nave strong
attack made upon Governor Scott Of South Carolina
and his connection with the public debt OF that State
The charges made against that official are certainly
OF themselves startling In their nature, and In their
character II such transactions ever occurred, have
Supplied matter for the following
INDICTMENT,
made BY the Courter, OF Charleston, In this connec
tiOn:-
Robert late Of Ohio but now Scs1
so into the
y
eaos ssr 1' s rs ISSUE: ne
That % as S
repaid portion Of the money which n ha Invested
ever TO be paid Reputation is the highest Of moral duties
when that Reputation directed against debt
pin and fostefed in inquty debt which acknowledged
iursrs who having drsd into this State on the waves Of
have spent their time among us IN tho profitable
.s owe ,. 70 our Families we owe !, to our state
spSss ss
without the authority Of those By whom the DEBT mus: be
.ho ls only Is ,ss to Which our
have .aid before any state, Sn. Of
our much afflicted state There Is other remedy, and to
fraud, and, In the second, to bankrupt the State.
TUE WHY AND WHEREFORE.
The explanation Of this is very simple, although
tho facts, so far as known, do not yet appear to
warrant the conclusions above arrived at.3
Governor Scott enjoys the distinction so far as
can he ascertained, OF being carpet Dagger to the
extent that he went down with the army as briga.
der general and settled in the conquered State
Hts earliest evidence OF ability was disposition to
conciiate the conservative party, after his election
to the Covernorship In which he was
largely successful but his greatest failure
was upon the subject or the debt Year
after year. and one interest day succeeding another
lG was proclaimed that South Carolina would meet
Its interest obligations by the payment OF coin upon
the coupons offered. This advanced the bonds of
All active movement IN these securities This was
followed by q sudden reversal OF the speculative
movement IN the new bonds, known as the January
and July issue, which carried them down into the
According to the Information that can be obtained
explanatory OF this sudden change, the following
law is supposed TO furnish the keys
An act to provide for the conversion Of State securities
y the and House
O The
That the State Treasurer hereby authorized appca
ina take thereof coupon bonds
;aS
bearing cent interest the same said stock said
be s n e
financial agency Of the State OF South Carolina in the city
SEQ ina. the Treasurer hereby authorized on
State q Csron. take up same, and issue in
s By the ns Of @ aHS
and $1,000 bearing the same rate Of interest the bonds
he financial agency OF the State of South Carolina in the city
sKc g. That shall be lawful Treasurer to charge
D Is: sa OF S as
d9s to be 70 his own use and further .um
cs1ou 10 . ~ - - N O - ''''' SCUM
Before any action mad been taken under this law,
which action Is taat complained or the following
outstanding, as near as could be ascertaned during
the session Of the late Taxpayers C0nvention:-
Amount Of bonds and stock outstanding
6y the report Of tho Comptroller den:
.,%s :. V sd9,a ; e.
tween the true amount due on The fire
loan sterling bonds pas. due. unpaid
s "a .sfy: sss H.. .ts spsgG 3 ~ 10 oo w
sroler Generals report, TO wit, $4s4,4A 8SST7
Ss sY ssy acts
& 9c%SisSsss: sssSs Tor October. as
Total a. ptncTpa, VI 2s.obsr: 1857: -. ss,045s72
% follows
Under act approved August 9s, 1858, for
redemption Of bills receivable. 85000O0
aGs public
funding 1p B 81 Bank OF he state
Of South Carolina, s.r;;:, - ;sso l'25s56o
Tor relief Of the Treasury 100000
unda nu aet approved March l. 1870, for ~V
!, ''"AN ''''''''''' y " 1870 s4sss.ss0
Total outstanding obligations Of the State
Deduct si'SSs ssisd,i.,, debt. 'sss s:s9s
Total. .............................. slo,s4s.s4s
Statement of contingent liabilities Of the State OF
South Carolina arising from the endorsement OF
railroad DOnds:-
South Carolina railroad bonds, payable
10 1858, secured BY hrs m9rtsag s,,o. $osasa
ol Tonds. payable in iS77, secured BY first ,,,
Savannah and Charleston Railroad
bouds, under act OF 1869, payable In 49,
1882 secured by first mortgage ..:s:.. N5,76O
Laurcns Railroad bonds payable In 1873, -.
secured by hrst mortgage 7oWo
Sparanburg and Union Railroad bonds,
payable In ls76-79 secured by first a,a.o
or mSp;1iEs and colanb: railroad bond;
and ccrtlhcatss OF indsbtedness. paya-
bic In 1891, 1870, 1883 and 1888, under
acts Of 1901 1866 and 1859, secured by .,es
first mortgage hsSov'o
0i Isn H'dse na''roau ooaa', 100000
Indebtedness OF the State asprincipal and
guarantor inclusive Of bonds issued FOR moo eo x,o
military defence. G-AoS'''oV
Less OF October, 1857, on oss. s,o
bonds issued for military defencc..: s,o7'o''
indebtedness of the State principal aud nag az,
guarant0r, exclusive OF war debt....... @soososioA
THE POINT CoMPLAINED OF
Is that under the law OF March 23 1869, bonds nave