The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1871-11-22
TERHS-W ADV1NCE
State Finances.

Tho New York World fays that
It's information with respect to the
sWindling transactions of Radical
officials Of South Carolina, comes from
persons strictly reliable and conscien.
tious. 1t believes that it's statements
as given in its issues Of Sunday aud
Monday last, arc strictly correct. 1t says
in it's Tuesdays issue
No comments arc made upon the
answers of Gen. Dennis to tho rcpor.
tors questioning, but printed below
published in the tclcgraphic columns
Of Tuesdays PlWnixl is statement,
at the bottom of which that gentle
1nan's name stands in ubstanliatiou
with two others, who arc State officers
for its reliability. A molc compluto
affirmation Of this papers statements
could not be complied.
PRINTED. Bonds, $20,O40,O 900
sterling bonds, &3,500,0O ;rcgistcrod
stock, 5000, 900 total, $2a, $50 600.
ISSUED AND CH llAND.-Not issued
bonds, %0,OOO,000 sterling bonds,
%3,50e,o00 registered stock, $2,500,.
600; balance issued, $l3,5S0,OOO.
Adding to this tho lato war dobt of
%6,000,O00, and tho actual debt oftho
State is seen to be $l9,58O,o 900, by
their own statement as reproduced
above. Besides this is contingent
liability for railroad endorsou
amounting to $'l6,000,0uO more.
MoRE FAcTs.--Whcn the Tax pay
crs' Convention was in session, Gov.
crnor Scott, in an official statement to
that body, set tho debt of tho State
1T $?,0OO,000, and it was about that
'''ne that the gentlemen composing
that bod y expressed themselves wit
ling to assume $4,000, 900, but not Il
cent more, esp cI"lly when the money
WAS to he las ishcd in prodigality, Cr
10 pay Indebtedness that had already
lecn provided for, but allowed to
'emain unhonorcd, while the money
WAS used for other purposes. A mo.t
clInching argument hy those who
contend that frauds have been porpo-
tratod aud further frauds coutcmpla-
ted, lis why it. has been necessary to
dispose Of &l3,5%0,oo0, to pay total
'ndcLtnc'3 m .6,HoO,00O, the amount
Of tho debt when the present admins.
tratlon went into power, particularly
when IL did not fall due in from
twenty to twenty-five years Z md if
1t was unnecessary to sell $4,000, 900
"i bonds, how much wnr.c than alb.
enrd was it to have over $50, 900, 900
Irmtcd II 1T was not contemplated to
dispose Of them ? And they further
argue that ~ individuals anh corrora-
tlons DO not utter notes or print
bonds from NEE motives cf amuso.
mcnt, that ,hc,o can h1 but little
doubt, hay rg tho capacity 50 to do,
that they intcnd to dispose of the
Sl5,OC0,000 now On hand. There i,
ono explanation that can bo conceived
III the minds of those who arc acuuain.
yea with tho way in which tic State
finances have tccn tamlcrcd with.
That is, that the money has been
used, and is to be usc.i, to tide over
the annual drEcicmcics between the
rccc'PtS and expenditures which lat
ter, owing TO the wAnton rxtravag ,nco
"t the State Legislature, in which the
taxpayers bad no voice or audience,
had enormously exceeded the former.
Now for the statement about the
unpaid interest. First, it must bo OK.
riAincd that the State of South Caro-
lima is oftwo classes, one being repre-
scented ty coupon bonds, tho Interest
on which is made payable in New
ork city tho other consisting of reg
lStcrcd bonds, and the interest on
which is payable in Columbia, S. C.
As stated, the interest payable in
New York haa been paid at maturity
70 it happens that "not single cou.
p"n which is due is out. standing :"
out Oh the registered stock, which
Las no coupons attached, tho interest
duo October not only remains un
r'd, lat 'hcIo is no money in tho
State Treasury to pay it With.
Columbia Correspondence rlhc Charleston