New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-11-27
SOUTH CAROLINA FINANCES.
THE sTAE DEBT AND ITS INCREASE.


FALSE STATEMENTS OF TIE AMOUNT or TIL" .,,
sTARB DEBT-Irs ENORMOUS INCEEAoh-hH-
MARKABLE FINANCIERIN" orh""'''''
ILLEGAL issue OF BONDS.
fPRON TIM spKCI A, CORRESPONDENT or TIIB rRiDVFkl
COLUMBIA, s. c., Nov. Give are begin
ming TO get little light in very dark place" unt yos
teriay there probably not moro than hVo me" "''
know what tho debt Of the State OF sou'h '"r'''' we"
These hvo men long ago determined that hooouy oo
tbems,lvos should know how the finances OF the stat"
wero managed. by skillfully manipulating figures ana
audacoun and c0ncealmchVs IN ON
cial statements pubic has been deceiVen anu 'c law
covered up that the State debt las Dcen e'"N
ly and enormously increased. ever sine" Ho'' 1'''
went into the Office three years ago and that Such n
crease hs becn tho most part with only the 'h'''
color of legal sanction suspected last Winter hat
somstbIne WA going wrong and the Legislature, made
q nrctense OF nsuting an investigation conn ittec
was raised with su horty to examine the books OF the
State Treasurer and the Financial Agent IN Ne"
but not man the committee had any reputation i"'
honesty and most Of The members wcr" know" "iy '"'
tho skill and audacity they had shown In puhd'rns 'o
State Treasury.
After the legislature adjourned, the people, aiarm'n
ut s reckless disruslip III" honesty
OF the State officers, held Tax Payers Convention 10
ascertain II possible, the rca! condition Oh ahf'' anu 10
protest against any further Increase Of the deD III"
tax payers were particularly anxious about the Sfring
Loan Bill which had just .p1sscd. AID which gave ah'
thorty for tho issning OF twelve hundred th"'Nani
pounds sterling in bonds for sale IN Europe. the pr"cnS
To be applied to the cXtneushcn Of The GA 'ti' debt
The law was not bad onc hut there 10 com ichce
that Tho money realized under 1t w"dd nc
applied as rcqnirrd: ~ kh" ''ohVch'oh IT.
solved on behalf of the taxpayers that III"
sterling bonds ought not to Dc issued" and thai II surl
they would not I rccogI lcl VALID; al-o. tlt they
would resist collection Of any tax 10 pay principal or
into no aud other officials ulllt falr
promises 10 the Convention agreed not 10 fry I" s' 'c
sterling bonds and published statement of hr amount
Of the debt which false. as all prcoc'n" Hi'h'h"
had been. The taxaJcrs did not irci quite easy hh'
they went home half convinced that they had bru mis-
taken, and ih thing, not - bad ~ fcy thcuchf
A few days after he Convention adjourned. III" Gov
ernor ordered his Eamn printed 10 $36".1@ IT tlic
sterling bonds which he had promised he would not
s.uc. The Legislative Committee went On 1" N"wf"rs
spent OF the summer ana Fail ih,r1 HVns al
the pens. Of 'hc sac. az fashionable NJ oNn hhicl
Ihrco days would nave aurel to invest safe 'th Ci
rati0ns of the Financial AGENT. ii"" III" Committee
e,rploycG their time nobndy Int t!i,"yc, hows but
il is nn,rrs ODD at the urt tirN had ~ view I"
make strike" ucn the Agent. and force h' To fi'idr
part of lr I.r.r profit he had mad" IN hrnd thr
bonds. How FAR they cct.icd III ,Li, h:. ~" been
made public.
That any truthful information about the amount ~
he debt given - IA" "pi" = ""- {" ~" fact
that the State IIUl-C IiS tue t'l l t!'T
rope and can gain rn''iIS hy cOnrc2'm' ut. Tho
treasury hnihr};. ccrrGt -! the state runc tho
bonds have pre- iairl to ljcrt5 the dollar and
could not sold to an? considerable Amount At that
figure tie Financial Ac'nt can dcN i,r no n"wc H"drnt
To raise money, ard here 10 hold d">pSnS con-
slt.tIpns with h pr' IpJ'>. Tic nry trih hS 'cak"l
out That The Eai :-No!c CoiurJny has printed over
S23LUOWN OF FONTS, and the pni'c l. c'iInhrois
To know what ~ been don" with them. IN III cmcr-
rency II wde. yc,t,rat. DETERMINED 10 try an honest
course and confess tbr extent of the mischief dome by
the hlnnd,iIng, Fraudulent; cement Of the
Satc huanCirr,. WI thep furnished 10y the Attorney
yer lied by him. the amount Of bonds and state stock
outstanding. THIS Statement, which appeared III
TIE TRBNE of Tuc,day, believe il truthful III The
main. II shows The debt To he sI5.nG9r' os.
Before giving the statement in detail viii copy
OF the pre- statements made Ivy the Site officials.
show the gross option they have practiced
the public. In comparing these statements with what L.
now admitted lie true account, it should be
bcrcd that last Of the Legislature authorizing
issue Of bOnd. passed In March. 1869, and that he
whole amount Of bonds authorized Ia he Issued since
recon .trlction went into effect i, only ei.iio.'i0
1ELA-I KIK rAEALRs sTArEMrN1 of IH;. bLEI ~ OCT.
81 $50
Al The the fiscal ear ending oct. 81, $50 state
Treasurer n q. Parker published what he called
OcaI Statement Of the Public Debt OF South cn"'ina.
If wnI he following il ID