The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-05-24

SlOO,OU0 would soon be returned j
that there WAS not any longer de-
lay in etiectlng the exchange than
arose from the necessity Of wait
ing until the several loans ma
tured, for which the first bonds
had been pledged. The arrange
ment Of having a financial agent
in New York does not make a
favorable impression upon the
committee. Copies OF the accounts
rendered by him for the fiscal
years 1860 and 1870 are annexed
to this report for reference, mark
ed respectively B. and c. The
large sum in money or bonds al
! ways in the hands Of the agent is
! attended with unusual risks in
the management of the finances
Of q State, and the difficulty of
keeping the accounts Of the agen.
cy and of tho Treasury in con.
slant and regular accord is great.
! 1t Will be seen, for example, by
account B, that at the end Of the
year, the totalof thesums charged
to the Treasurer by Mr.. Kimpton
was 81, ,007, ,924.54; while the sums
! credited to Mr.. Kimpton by the
Treasurer amounted to only $685.
900; exhibiting discrepancy,
s3S4,924.50, or disagreement of
1884, ,924.5't. In like manner, ac-
count C exhibits disagreement
Of s294,726.92. 1t is true that
these accounts were recently
brought into reconcilement, or ra-
ther into conformity with the ac-
counts Of the agency. There is
added to both an account Of the
subsequent entries by which this
was effected. Nothing appears IN
these accounts to impeach their
correctness ; but it will be seen
how wide open the door is thrown
for errors and disputes, if for no
graver misfortunes. For example,
it will be seen that among the
items brought to the credit of the
account by the subsequent entries
referred to, are these, viz: Ac-
count B. Fiscal year, 1869. For
expenses, (includiug interest,as ex-
pIainedt to the committee, )s64, $780,
II. Account C. Fiscal year, 1870.
For expenses: Gncluding interest, }
sl94,977.42. Total, s159,974.13.-
These appear to have been passed
to tie credit of the agency, with
ont being audited. The commit
tee understood Mr.. Parker, the
Treasurer, to say that he had not
received an account Of the several
items Of expense that go to make
up the two sums Of S64,996.71 and
s94, 4,977.72. These charges, as will
hereafter be shown, add enormous.
y to the interest Of the public
debt. Nor is this the end. Tho
committee learn from Mr.. Kimp,
ton that his own proper commits
sions, as agent, are not included
in the above sums, and that tho
rate of compensation is not even
determined or agreed upon. Iou1
committee would have preferred
to show with precision what rate
Of interests results from the ad
dition of these charges, but it is
seen that the full sum of the ex
penscs is not yet known neither
do the accounts show the exact
average sum Of the cash advances
made 20 the Treasury. Some ap
Proclamation to the truth may
however, be made in this way. BY
the report Of the Comptroller-G Gen,
eral for 1870. pp. 1O1 to 10+, the
following appears to have been the
quarterly balances due to Mr.
kimpton by the Treasury: Octo.
ber l, 1869, s515,424.54 January
I, 1870, 1So,OO9.54; April |, 1870
549,347.84; July l, 1870, 573,317..
Fl; October l, 1870, SS0,S43.95
Total, s2,G97,9+3.OS. This sum
divided by the five periods, gives
an average Of s539.5SS 81 as the
sum Of the advances, and seven
and half months as the period
Of time for which they were made
The interest and other charges, as
IS shown in another part Of this
report, was, for twelve months,
s04,777.42, or S7,9I4.7S per month
For seven and q half months, it is
$50, ,360S5, or at the rate of seven,
teen per cent. per annum. And
to this is yet to be added the
agents missions. Mr.. Kimp.
ton is under the impression that
his average advance was greater
than the sum stated by your com
mittce. But even if it was $780,
900, instead Of $3.50, ,5SS.61, tho in
terest, (without his commissions J
would amount still to the high
rate Of thirteen and half per
cent. per annum. The loss sus-
tanned by this State in this mode
Of dealing is obvious and it is ag,
gravated apparently by the fact
that all this risk, expense and trou'
bic resulted in the sale OF only
100000 Of bonds. and these at
the moderate rate of seventy per
centum. The Act providing for
the payment Of the interest on the
funded debt in gold had been pass,
ed, and had added very largely
to the annual charge. The inter.
act noiI h,- tho r,,,pntro1lnr On