The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-05-13
~ tnsulSh the required information.
HHSse36m ptroller- General furnished to

'fa tnsulsh the required information.
IHse36mptroller General furnished to
9Ea9 Convention themselves R{printed
+stAsSment OF the EfundeH deiIt OF the
8tatanf South OaEolina, aid inf0rmatinHH
relative sthereto. ssA poppy Of this paper
fnatkedsA) is an nnie1e8 TO this raport. tIn
Ethis stat4ment the, total funded debt.ot
tho Ssateis set down at the sum Of ST.
666, ,eO8.e8. TO the sum of tho funded
debt, viz: 81. 6e5. 908:0S. must be added,
in order to exhibit the sum total of the
debt Of tho State, the cash advanced to
tho Treasury, bv the Financial Agent.
This is set down oy Mr. -Kimpton at the
round sum OF $500, 900 -S8, 465. 908. 98.
And also the farther sum OF $500, 900 for
bonds sold by Mr. Kimpton since the
date OF the Comptroiler's report, viz:
S4O0, 600, making grand total OF debt
honds remaining unsof:l in the hands oil
tho agent, rs already shown by tho
Comptrolier's 8. statement (A) was So. .200,.
600. From this amount must be now
deducted the nmountsold ns above stated,
SiG0, ,0GG-Si. 800 GGG. This amount of
bonds, viz: $1,000, 900. Isl pledged for
tho security Of the $500. 600 Of cnsh ad-
vanced by tho agent.
In view Of this condition CT the
finances OF the State, your committee
would respectfully make tho following
reoommendations, viz:
l. That his Exccllency tho Gover,.o,
be respectfully requested to confor with
tho Financial Aeent-who is now iu Co
lumbia and to telegraph to New York
not to sell any more bonds of the State
ut less than so per cent
2. That his Excellency I've respectfully
requested to proceed to Now York und to
make tho most economical arrangement
possible for holding this sl.s0O, 900 of
bonds until the above limit Of SO per
cent. becomes attninnblc.
3. At 80 per cent, 81 900. 600 of bonds
will discharge the debt of $500, 00O due
to the Financial Agent, aud release
$4,000 Of tho hypothccutcd bonds.
This sum OF bonds your committee re-
| commend that it may be respectfully
suggested to the Governor to use in the
following manner:
The amount Of funded debt now pay
able, md that approaching maturity.
combined, is al follows: Fire loan bonds,
barring loan. S400. 600; fire loan stock,
S304, 900; amount overdue, $744, 900;
July, 1871, $3.50. 900 S994. 900.
| Your committee recommend that the
$500, 600 Of surplus bonds above refer
red to, he soon ns they mny be released
from hypothecntion, be applied to The
satinfaction. in part. of the above debt
vi SS33 .GGG. Tie $44.., $S74. GG222 GG222 6: overdue
bonds constitute 30 much OF tho fire
loan debt for which the capital Of tho
Bank Of tie State is pledged, and your
committee indulge tho hope that it ms7
be discharged from that source
IT tho arrangements suggested by the
committee can be carried into effect, the
result will be as follows: Sum total Of
debt rs already stated, So, 1866, ,9O9. 99;
add tho bonds now in tho hands OF the
agent and proposed to be issued, 81, ,S00,-
000-Sl0. 665. .908.9S; deduct the ad-
vanoes made by the agent and proposed
to bo paid, $500. 0O0-S9. S65, 908 98; de-
duct the amount of funded debt propos-
ed to be paid by the $500, 900 Of surplus
bonds on the basis of eighty per cent
for the bonds. viz: SG4O, ,O0O-S9, ,225,
SOB 9S; should tue romainder Of the
9904, 600 of funded debt, now pressing
for payment, be discharged out of tile
assets of the Bank of the State, viz
1854. 000-SS. 871, 9OS SO, the final sum
of the funded debt will be So, ST., ,908. 9S.
1t may be reasonably objected to these
| suggestions inRt the present market
price of the bonds is only sixty five per
cent, while the calculations made pro-
coed Oh tho basis Of eighty per cent. for
tue bonds. But it is quite reasonable
to expect that upon this exhibition of
the exact condition of tho debts OF the
State. and upon tho concurrence of his
Exoellency the Governor. in the general
course Of management herein recon
Fbended. there will be IN immediate and
considerable advance in the market value
T6f the bonds. and greatly increased
facilities for holding them off the mnr.
ket.
Referring now once moro to the sum
OF the funded debt. the committee deem
it proper to state that they had expected
to verify the account by the evidences in
| the, Comptroller's office, bnt they wefe
disappointed. Tho Act OF August 26.
1868, authorizing an issue of bonds for
the payment of the bills receivable OF
the State, provided that the bords
should be signed by the Governor and
the Treasurer. Subsequent Acts follow
cd the same course. In consequence,
thero is no record kept in tho Comp