The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-12-27

aud withheld from the state. cannot oe gwen
at pr, sent, but may be al some future day.
| That this bank has had large amounts ol
State money there can be no question. and
upou it a good share CT its business has been
done If. as is shown by the statement Of
MONEYS received from all sources. less than
| one-fourth of the amount has been paid over
to the financial agent there certainly must
have been, since the passage OF the act re-
curing deposits 10 be made, deducllng all the
transactions oil the treasurer with the fnan-
| cial agent nearly two and ope-half millions
of money of the State in the treasurer'S
hands which Should not on,y have been de.
posted in "secure" banks, but accumulated
1.-The highest rate of interest" during the time
OF its deposit.
Not only have the banks not paid the inter-
est required, but the South Carolina Bank and
Trust Company, the accredited depository ol
the Stale moneys. has been the place Tor pay.
ment of claims upon the State which payments
were delayed until "the usnal discount. was
allowed, Notwithstanding the deposits OF the
State In Its vaults. the certificate OF payment
given BIZ the treasurer. and the endorsement
OF the Governor whose signature Is. By law.
declare 10 be 1.-THE evidence Of his approval. "
Such has been the notcriety OF this ,practlce
that it Is currently rumored throughout tne
State, aud generally believed. that claims
a@ainst the State. or certificates of payments
given BY the State treasurer. when pres 'nted
at its Counter, are paid out Of the State funds
depesited there, after required discount Is
deducted from the face OF the pay certincate
And, in addition to this. 1t Is asserted mat
some of the members OF the LEGISLATURE re-
ceived from this bank payment On their pay
| certificates. after submitting to "a large
shave" when it was expected The deficiency
| appropr' a.ion, covering all legislative eS'
| penses. would receive the approval OF the GOV
ernor, and thus provide the means for imme-
date payment OF the sane. The GeveTner
Il I,.l CiY1
,li b;ii i' the az legislature Adjourned, with
20 appropriation 10 pay its memeers.
many of whom. by necessity. were compelie1
10 sell their certificates. This bank bought
their claims" at great sacrifice TO the mem
bers, on the plea THAT the bank must lean
Its own funds and walt untl! the next session
Cflhe Legislature and passage CT deficiency
| appropriation bill befota the claims could be
paid" This was subtle invention OF the
| ieeches Of the treasury, for taxes were being
co lected, aud funds CT the State were passing
into the vaults of the bank. In greater
amounts than had been paid out on It's own
risE, subject to Its use: and although 20 spe-
ciai appropriation existed warranting the
payment OF such certificates, "ihe inexhaust!-
ole" funds Of the Stat., moneys not other
wise appropriated" could be drawn upon by
offic ais interested. and 1t needed not tie Wis
dom OF q solomon 10 discern the fact.
Tue committee do net desire to be under
SIOCu dS QutStlDuluS l'c Ol dus oooh'
when doing business upon lis 0,cn capital,
restricted by Its own rules and general bank
iny lava, to ask and receive such discounts as
the character OF the person applying, the
security presented. and the probability OF its
final adjustment may demand; but they DO un-
hesita'ingly question the propriety OF State
officials forming themse YES into banking
association, and deposit ng the State funds
with themselves. drawing out CT the treasury
| with one hand, and raying out ct the bank
with the other, certificates or Claims. and
| charging heavy per cents. for the privilege:
giving no security and paying no interest Tor
the use OF the money. rot even furnishing
report of the amounts transferred from The
| treasury to the bank. As to the law IN this
regard the committee mCst earnestly recon-
mend the General Assembly to consider It's
prov sious. and, If not explicit enough IN de-
tail. to so far amend 1t as 10 protect the state
| aud all who have dealings Ni;h 1t from further
imposition. eXtor ion aud loss. 1t is certainly
expected that the Legislature will so guard
| the treasury and put such checks upon II, as
will prevent misuse of the pubic moneys, anu
eutrust them only to responsible parties. AND
1t should be- further provided that the State, al
all times. shall have is deposits protected by
undoubted securities, aud that the interest on
those deposits shall be paid into the treasury
at least semi-annual!y.
A Mammoth Brokers Office.
From the Union Times.l
II any OF our readers wish to get an Insight
into the iatricacies and profits vi the broker
are business they should secure few claims
aTairs. the various departments OF cur State
Government, and then resent them TOR pay
ment in Columbia he first thing they will
hear is, There's not dollar In the treasury"
But In short time some one VIII careesSiy ~
whisper N your ear, III you call on Mr. -
he will help you put 1t through YOU call.
rh = n, a Stale officer looks
wise and doubtful afraid there's no chance
lots OF such claims heve-no noney-treasurer
absent" &C.. but closes with what Will you
tale ior il - Being hard up for money, you
propose deduction of i've per cent. You as
tousa Mr.. -, VINO informs you mat money Is
worth one and half per cent. month, on
good paper. and az it is doubtful wnen your
claim will be paid, you must come down"
much better than that Well, your necessi-
ties press hard, and you propose ten per cent.
Cant promise on that-have seen many
like claims sold at twenty-five per cent" 19u
study, perhaps, say "cuss words. out ne
is a. stolid as rock. In tit of desperation.
with, probably. not i've dollars in your pocket,
aud hotel bills and travelling expenses to be
met YOU agree to the shave, and hand over
the claim. Mr. - takes 1t, ccolly telling You
he will 'try and get il for you next day, OF IN
that afternoon at such an hour. You, OF course,
suppose he will go and sell ii 10 sonc private
y
such uncertain ~ claims. Not so. Watch
Mr.. - cose ami you will find him vending
his way to the Statehouse. You cannot tell
which room he enters; but wait patiently. In
short time he emerges. Keep your eye on
him. or If you think he suspects you OF watching
him, get fliend to do II for, you. See him
enter q certain bank and hand over to the tel
ler check Without hesitation the greenoacks
are transferred and snugy deposited IN Mr.
IS pocket before he gets out OF the do r.
AT the appointed hour you CALL and are in
formed that after great deal OF man9avriny
and much hard begging the claim has been
sold-he don't tell yon that he has sold yon too
and you pocket the amount OF your claim.
minus the twenty-five per Cent. The moral OF
all this Is. twenty-five per cent. discount Will
draw money trem al empty treasury.
THE TEITHER THIS D.iT.
WASHINGTON, December &C.