The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1871-05-24

rs II DONc StatCu, piuI,U SOu WI
This amount II bonds, viz 81 300,
600, is pledged for the security Of thc
! $500, 900 of cash advanced by th.
agent.
IN view Of this condition Of the
! finances Of the State; your committee
would respectfully make the fvll6wiug
fecommendu,ions, VIZ :
T,iat his Exccllency the Govern
or be respectfully requested to confer
with tic Fnan"i.l Agent t-Who is
now in Columbia--and to tel, ,pra ph
to New York not to sell any nor.
bonds Of the State at less than 80 per
ccut.
Q: That his ExcclleucS be RESPECT
fully requested to proceed to New
York aud 70 make the most cconumi.
cal arrangcment possible for holding
! th,s 81 100000 of bonds until ,h,
above limit of 80 per cent. becomes
attainable.
3 At so per cent, $l,00oOOO oi
bonds will discharge the debt of $500,
900 due to Financial Agent, and re.
leases $500, 600 of the hyprtheoated
bonds. This sum of bonds Jour CON
mittee recommend that it may be re
spectfulIy suggested to the Governor
to use iu the following manner:
The amount Of funded debt nov
payable, aud that approaching matu.
rity, combined, is us follows Fire
loan bonds, Blring loan, $400, 900 =.
fire loan stock, $3O4, 600; amount
overdue, S744;000,; State IL use b"nl
to mature OF he lst Of Ju.y, 1871.
$3.50 600 1904 900.
lolr committee ,ccc mcndcd tha,
the $So0,oU Of surplus boLds abov,
ref,ifea Is, as SUN as they may lc
released i,ou, hyp,thcca,ion, DC ap-
piled t. the >nts(lcti"n. in part, Of
the above debt "f $99I, 600. The
STA 900 o. uv, rdue bouts constitute.
70 much Of the hre loan debt for
wn'ch the capital Of the BAnk Of the
State is pledged, aud your committee
indulge the hope tia, it may be dis
charge from that source.
The arrangc.ncLts sugge ted by
the committee can be carried i,tu
Sum 20 al Of dcbt as already It tee.
So SG5 ,g0s.9S add Tie Lond, now in
the hands 1T the "pcn, and prep s, d
I" ,c ,Ss"rd, Sl.SV0 900 $lO.GG5
9G8 90 deduct he advances made b,
the agent an" proposed to be PAID
$500, 400 $9,S65, sos 90 deduct
the amount Of fu..dei debt pr posed
to he paid Uy the $500 OUD of SUI
plus bonds on the basis OF eighty per
cent. fer the hnnds, VIZ 3Gll,0JO -
80 225 90S 92; shrrid the remainder
o' the S994,nO0 # fu,dcd debt, now
pressing tor pa, men,; bf. d charged
our of the as c,s If lie Bank. Of the
State, viz 1854 600 SIS 81 sos SO,
the finul sum If the debt vii! be $8,.
! ST. ,9u8.98. 1t may be reasonahiy
objected to those suggestions tfi"t
the prc. .ent market ptloe Of The. bond;
i only ,ixt, five ref cent while the
| calcu'utlons made proceed on the ba
sis IF eighty per cent. for the b nd<::
But it is quioc reasonable to expect
that upon this exhibition the exact
condilon of the debts Of thi' State,
and upon the concurrence Of his Ex-
cellency the Governor, i" the general
course of marta. .Gmcs,t herein recon-.
mended, there will bc an immcd,atc
and considerable dvance in the mar
ket value uf the bonds, aud greatly
: increased facilities for holdin them
of the market.
Referring now once more to tho sum
Of tic funded debt, the committee
deem i, proper to state that they had
expected t" verify the account by the
evidences in the Cumptroller's office,
but they were disappointed. The
Act of Angus, rs, 1868, authorizing
an is.ue uf bonds for the pay mcnt Of
the bills receivable of the State, pro-
vidcd that the bonds should be signed
! by the Governor and The Treasurer.
Snbse ddent Acts following tho same
course. In copst dueuce, there is no
record kept in the Comptroller's Of
fec ;the preceding statement, under
the authority Of this officer, is derived
from the Treasurer. 1t is confirmed
by the G vernon, who united with
tho Treasurer, Mr.. Parker, iu giving
to the com mittee every assurance OF
its correctness. Aud it appears tc
your committee that the several is nc,
and suns of bonds described, are oI
unreasonable legally aud force us
obligations of The State. 1t seems
proper further to explain that the
: bonds 'hjcr, the Act Of August 90
. 1868, 'for the payment Of the interest
: on the public debt" were at frs,
} issued With the above words embodied
in the fvrm of tho bouds. That these
r wol Dis being deemed ohjcctiopal, an
o.hsf*ct G. bosias foT ike ninoan
} &lD00,00Oy w.s prepared and exc
, dGt,d, uhd were sent to the Financln
j Aglntt TO supp y the pl'ce Of tie 90
:c.ionabld issue. OF this dH ! o,ioDa
t bic issue Of bonds $500,U00 were
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