The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-05-13

prohibiting county commissioners issuing
checks until credited by the county treasurer,
and to publish in the nearest newspaper lle
quarterly receipts and expenditures. 9Th. 10
repeal the law giving salary OF $500 to the
Acknowledgement. 7th. To give eacn pnolic
officer but one salary. Sth. To abolish the
commission to codi!y the laws.
Mr.. Geo. a. Treahem, from The same COM
mittee of eleven, submitted lengthy report
on the financial condition Of the State. Ihe
Grand total OF the debt is fixed at $S,SG9,l los.
The sum total OF unsold bonds is 81, ,sO0,OOo.
The report recommends that the Governor 40
not sell any more bonds at less than eighty
per cent, and to proceed to New York to make
the most economical arrangement lor holulnS
the above mentioned sl,s00,O00. pledged as
collaerals, until eighty per cent. becomes al
tainable. The committee further recommends
that when redeemed, portion Of this sum
be apple" to the payment oi the hre loan
deot. The report says that it is quite
reasonable TO expect from this eXhlol-
bition of the exact condition OF the finances OF
the State an immediate considerable advance
and facilities for holding them of the market
1t appears to the committee that the various
issues and sums Of bonds described nave IN
questionable legality and force as obligations
of the State. The committee discover On over
issue of one million dollars, but would state
that nine hundred thousand had been return
ed. The arrangement Of having financial
agent in New York produces an uniavoraole
impression, because the difficulty of keeping
his and the treasurer's account In correct ac-
cord seems great. A discrepancy of some
thousands appears, but the report states that
nothing appears in the accounts TO I'M
peach their correctness, though the door
is wide open for errors and disputes.
The committee. would also state that the
compensation of the fiscal agent had
| not yet been determined; hence the full sum
of expenses is not known, and interest cannot
be calculated; still, from the best evidence
addnced, the interest paid appears to be ut the
rate Of thirteen and half per cent. per an
NUN. The committee believe that retrench-
ment may be effected, and that it is the
shortest avenue Of escape from our financial
difficulties. Less than s660,0O0 in gold will
pay the interest on the funded debt; Sl.2o0, 900
should defray interest and all expenses. An
examination of Kimpson's and other accounts
in detail was found impossible, but the COM
mittee recommend the adoption Of the fol-
lowing:
Resolred, That it is the s"Bse Of the conven-
ton that The funded debt of the State deScrib-
ed in the committees report is va I'd debt,
and the honor and funds of the State are law
! fully lrledged for the redemption thereof.
| ReSolred, That plan for the arrangement OF
| the public debt suggested by the COMMITTEES
be recoInm ended TO The favorable cOnSidefa-
tion of the Governor.
Resolued, That in order to complete the ex-
animation Of tue accounts Of the fiscal agent,
the committee Of eleven oe authorized to send
to assist, by counsel at home or in New York,
in The proposed negotiations for the adjust
ment oil the funded debt.
Resolred, That the Governor hereby Is re-
quested to review various expenditures, and
use his Authority TO arrest extravaganza, anu
substitute economy and accountability III every
department.; and that he be earnestly solicited
to adopt twelve hundred thousand dollars as
the utmost limit of expenditure; also that he
exert his power to diminish the taxes IN The
same ratio
Resolced, That the Governor be requested
not to destroy the cancelled obligations OF The
State.
Mr.. Ball, from the same committee, reported
on the expenses of the State government,
showing by comparison the differenne in eX-
penditares Of various Offices during the years
1866 and ISL.
Mr.. Warley introduced resolutions discoun-
tenanclng all secret political organizations.
Adopted.
Mr.. Baldwin, OF Richland, offered a resolu-
tion calling for an examination into the lesis-
tion in connection with the Savannah and
Charleston Railroad, and referring the matter
to Messrs. Presley, Lord & Inglesby for opin-
ion. Adopted.
Mr.. Woodward, of Fairfield, offered reso-
luton that The executive committee, during
its permanent session, investigate the affairs
of the land commission. Adopted.
The convention then resolved itself into
committee Of the whole, General Chestnut in
| the chair Judge Aldrich offered resolution
of thanks to the president. Adopted. Mr..
Richard Lalhers, resolution Of thanks 10 The
| Governor aad State officials. Adopted. The
communities then rose, aad Hon. W. d.
Porter returned thanks, and said that
he need NOT be ashamed OF the convention;
results would speak and appeal to the
country, and If The executive commit
tee continue to act in the same spirit,
and avoid Federal aud State politics,
and simply welcome TO our ranks men who
propose TO do good, who advocate wholesome
laws, just administration of the public funds,
and honest officials, it will accomplish the
great objeca Of the people in peace. The con.
vention has done much to remove misunder-
standing aad inaugurale period Of better
feeling and better conduct of public affairs.
The convention adjourned sine die, subject
| 10 the call ct the executive committee.
THE FORK OF THE CONTENTION.
Detailed Reports by Mail.
rFRou OUR own CORRESPONDENT
COLUMBIA, May -.
As indicated by your tele-raphic dis
patches. the third days proceedings Of the
convention wpre confined almost entirely to