The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-05-18

of the people of this State, upon whom the
public burdens are made to rest.
Resolued, That Committee of Five be ap-
pointed by the President of the Convention, to
investigate and report plan to restore the
credit of the State, and to confer with the
representatives of the " Fire Loan Securities F"
of the State, which have been practically. repu-
dated by the State authorities, with view to
repair the damage to the good faith and honor
of the Commonwealth, by influencing an early
liquidation of these obligations.
Adopted.
Also, reported on resolution of Mr.. Adams,
of Richland, in reference to taxation:
The Executive Committee, to whom was re-
ferred the resolution of Mr.. Adams, of Rich
land, in reference to the collection of taxes for
the year 1871, beg leave respectfully to report
that having already considered and reported
upon the subject matters therein embraced, they
ask leave to be discharged from their further
consideration.
Adopted.
Also, reported on resolution TO appoint a
committee of FIVE to prepare a truthful state
ment of the condition of the State now, and
since the war:
ferred resolution to appoint committee
of FIVE to prepare a report of the con-
dition of the State now and since the war,
beg leave to report, that they have considered
the same, and recommend that the committee
be raised for that purpose: and that the follow
ing gentlemen compose the same: viz. Messrs.
| A. P. Aldrich, Armistead Burt, j. L. Manning,
NJ. c. Butler, W. D. Porter
Adopted.
Mr.. Aldrich, from the same committee, vi
troduced resolution, that the name of James
Chestnut be added to the names of Messrs.
Porter and Connor, in the Blue Ridge railroad
and Greenville and Columbia railroad bond
proceedings.
Mr.. Trescott moved an amendment, that
the committee be instructed to report at once.
The amendment was laid on the table, and the
resolution adopted.
Mr.. Trescott and Mr.. Marley spoke upon
the amendment.
Mr.. Trenholm from the Committee of Eleven
submitted the following report on finances of
the State, and which was with the resolutions
adopted:
The Committee of Eleven to- whom was re:
ferred the resolutions regarding the finances of
the State, report as follows: This resolution
having been published in the newspapers be-
fore the assembling of the Convention, your
committee were promptly apprised by his Ex-
cellency the Governor, and by the other State
functonaries referred to, of their readiness to
furnish the required information. The Comp
troller General furnished to the Convention
themselves printed statement of the funded
debt of the State of South Carolina and infor-
nation relative thereto" In this Statement,
the total funded debt of the State" is set
down as the sum of S7,665, ,90S.9S. To the
sum of the funded debt, viz: S7,665. .90s. .9s,
must be added in order to exhibit the sum total
of the debt of the State, the cash advanced to
the Treasury by the Financial Agent. This is
set down by Mr.. Kimpton at the round sum OF
$500, 600, and also the further sum of S400,-
600, for bonds sold by Mr.. kimpton since the
date of the Comptroller's report, VIZ: making
a Grand total ST debt of Sc, ,S65, $685.
The sum total of bonds remaining unsold in
the hands of the agent, as already shown by the
Comptroller S statement, was 50, 200, ,000 From
this amount, must be now deducted the amount
sold as above stated, S4OO, 900. leaving 81, $780,,
600. This amount of bonds, namely $780,
600 is pledged for the security of the S8O0,OOO
of cash advanced by the agent.
In view of this condition of the finances of
the State, your committee would respectfully
make the following recommendation, viz. l..
That his Excellency the Governor be respect.
fully requested to confer with the financial
agent (who is now in Columbia, and to tele-
graph to New York not to sell any more bonds
Of the State at less than so per cent.
2. That his Excellency be respectfully re-
ouested to proceed to New York. and to make
the most economical arrangement possible for
holding this S1,s00,O0O of bonds. until the
above limit OF 50 per cent. becomes attainable.
8. At so per cent. $1,000 900 of bonds will
discharge the debt of SS00,0OO due to the hnan-
cial agent, and release S800.000 of the hypothe
Gated bonds. This sum of bonds your com
mittee recommend, that it may be respectfully
suggested to the Governor to use in the follow
ing manner :,
The amount of funded debt now payable,
and that approaching maturity combined is as
follows:
Fire loan bonds, Barring loan...-...... S44o, 900
Fire loan stock k.......................- 3O4, ,0OO
Amount over due. S744,O0O
State House bonds to mature on the
18th of July, lS11...................... S25O,OOO
S994, 900
You committee recommend that the $780,
900 of surplus bonds above referred to, as soon
as they may be relieved from hypothecation, be
applied to the satisfaction in part of the above
debt of S994.OOO The S744,000 Of over due
bonds constitute so much of the fire loan debt
for which the capital of the Bank of the State
is pledged, and your committee indulge in the
hope that it may be discharged from Lat
source.
If the arrangements Suggested by the com;
mittee can be carried into effect, the result will
be as follows
Sum total of debt already stated, So, 1908 9S
Add the bonds now in the hands
of the Agent, and proposed to, 49,. ooo -
be issued Observation-Disclosures" l,eOo,ooo w
s1O,6G5, ,soS 98
Deduct the advances made by
the Agent and proposed to be =.
palQ coo,oVo wv