The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-11-30
Statement of the Public Debt.

Legislature 10r tne use Oh tne StdCe III Tha1
manner they have been used, and to ascertain
as nearly as possible the total amount of the
bonded Indebtedness of the State Several
days were occupied in the investigation, and
the Treasurer placed before these: gentlemen
bis accounts, vouchars and books, relating to
the bonded debt, together with information as
10 the conversion of one security into another,
the cancellation of bonds, and such bonds and
stocks as are yet on hand. The committee
adopted their own method of investigation,
and have rendered an itemized account of the
matters presented for their inspection. They
do not venture to express an opinion, but state
the facts as represented to them, upon the evi-
dence offered by, the State Treasurer. We will
remark, while upon this point, that the inyes-
tigation of Judge Orr and his associates
amounts to a simple statement of our financial
condition, as furnished by the very persons
charged with an over-issue of bonds, and Of
course the evidence of interested parties must
be taken with due allowance.
The first item shows that 100000 sterling
bonds, printed under act of the Legislature, are
in possession of the American Bank Note Com
pany, and that Gov. Scott has notified its Off
GERS to hold them subject to his order, and re-
ouested that no more bonds or certificates Of
stock be printed by the Company unless ordered
by him.
The second item sets forth the amount of
bonds printed for the redemption of bills of
the Bank of the State, the amount issued in
way of redemption and che amount on hand.
Also, the amount of bills destroyed by q COM
mittee of the Legislature, whose certificate is
furnished as proof of destruction.
The third item includes the bonds printed
for the payment of interest on the public debt,
$2,OOO6O0. OF this amount $5O0,0OO as evi-
denced by the State officials were destroyed.
Amount on hand in Treasury, 50,000. Amount
Represented to have been delivered to Financial
Agent in New York, 81, 100000.
Fourth. Bonds printed for relief of Treasury,
s1,OOO,OOO. On hand, S101, 1000. Delivered to
Financial Agent, SS99,0OO.
Fifth. Bonds printed for Land Commission,
$500 900, all of which represented to be in the
hands of Financial Agent.
Sixth. Bonds printed for redemption of Bills
Receivable, s5OO,000, represented to have been
delivered to Financial Agent.
Seventh. Certificates of stock printed for
the conversion of securities, S2,500,000, &C.
counted for as ON hand, issued, cancelled and
transferred.
Eighth. Bonds printed for conversion of
State securities, $4,000, ,00G. On hand and can
celled, s474, 500. Enormously printed in wrong
color, and represented to have been returned to
the American Bank Note Company, $500, 900.
Issued in efecting conversions, 81 ,26O, ,500.-
Represented to have been delivered to Finan-
-. - Vnrl
Then follows recapitulation of bonds and
stocks printed by the American Bank Note
Company, making the aggregate of SO, $40 900.
Next, recapitulation of bonds represented
to have been delivered to II. H. Kimpton, Fl.
nancial Agent, New York, and aggregating 49,
$4,000.
After presenting the above statement in de-
detail, the Committee proceeds to make the
following deductions, by which it will be seen
the Indebtedness of the State is put down at
s12, ,SO5. .SO6.27. 1t will also be observed that
the accuracy of these figures depends very ma
terially upon the showing yet to be made by the
Financial Agent, whose report will shortly be
made public, it is presumed. Without further
remark, we give the conclusions of the gentle
men whose names are appended:
Th;, is obviously the result from the data
furnished by the Treasurer. 1t is scarcely nec-
essary to remark that without full examine
ton Of the books, vouchers and accounts of the
Financial Agent in New York, nothing accu-
rate can be obtained whereby the whole amount
of the public. debt can be definitely stated
How the bopdsin the Financial Agents hands
have; been disposed Of does not and cannot ap-
pear without full accounting on his part 1t
Is understood that the Financial Agent is pre-
pairing report to the Financial Board, where
In he will doubtless show whether what now
appears from the Treasurer's exhibit to US as to
the amount of bonds delivered to him, as here
in stated, be true or false Such report, we pre-
sumo, will show what disposition has been made
of the proceeds of the sale and hypothecarion
of the bonds placed in his hands, and for which
he is accountable, and will also show what
bonds, if any, have not been used by him.
It will be noticed that in the estimate of the
public debt hereinafter made, sos, 100000 of the
bonds which matured on the 1st July, 1871,
were redeemed by the financial agent in New
York, and it is for him to state whether said
bonds are held by him merely rs vouchers for
the payment Of the money or are held as col
lateral secnrity for the money advanced to re-
deem them Until this report is made by the
Financial Agent we can but regard the whole
amount of $9,514, 100000 bonds delivered to him,
and for which he is accountable, as part of
the public debt 1t will also be observed that
S., 5,965000.00 of the Conversion bonds are rep
resented to have been delivered to the Finan-
cial Agent, and either sold or hypothecated =
These bonds appear to have been authorized by
the Legislature, for q special purpose, to wit:
the retiring of the old debt and the converting
of the same into new securities. In this view
it will be for the officials of the State to show
by what authority these bonds have been diver
ted from what appears to have been the origi-
nal contemplation of the Legislature.
In making our estimate of the public debt
we have discarded the various estimates that
have been heretofore made by the present adj
ministration and present the following:
Debt of the State at the close of the adminis-
tration of Governor Orr ,407, BOG p
Bonds Issued in 1869 for funding bills of tho