The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-10-23

and military authority have failed to repress
1t in the ordinary way, aud at last the general
government with Its strong arm, has inter-
| posed. That is the long and short of the
story"
"But Is the insurrecton so broadcast as Is
indicated by the proclamation -? Does it ex-
| tend to all of the counties named"
MISTAKE IN THE BILL.
swell, curiously enough, the worst Ku-Klux
county In the State-that OF Unlon-where 1t
may be said the head centre exists, has been
omitted from the proclamation, while one Of
the most quiet counties In the State-that of
Marion-has been embraced. | presume 1t
was clerical error. Yet IT will work hard
ship, fear, to unofeadlug persons. AS to the
widespread sympathy in the objects of the
organization, you can 20 to scarcely white
family In the State who do not secretly say
"amen" to the achievements which find their
way to the public ear. am free to confess,
however, that public sentiment spoken pub
licly denounces the Ku-Klux.
GOOD WORD FOR THE KU-KLUxs.
"But have the Ku-klux no vindication, Gov
ernorw
"Well, they claim to be vigilance commit
| deserved. II they find an official who has
been plunderlng the people they generally kill
him or drive him from the State. If they find
an ignorant colored man holding office or
using his influence In local politics contrary to
their ideas of peace, they warn him to resign,
and In the event of his refusal to do so, follow
1t up with more peremptory and torcible meas
ures. Not oil of the outrages Of the State,
however, should be ascribed to this organiza-
ton, for many of its members are men of too
much character to demean themselves by per-
pe.rating the crimes of robbery and arson.
You may think this somewhat anomalous, yet
1t is somewhat nevertheless true; and 1t Is be-
cause of this curious distraction between what
the native whites regard as the good and bad
traits of humanity that the Ku-KluX have that
sympathy of the community to which I have
before alluded
sAre troops being sent to any portion of the
State for the purpose Of enforcing the procla-
mation?"
s. TROOPS MAssING.
"oh, yes. Several companies are already
distributed through South Carolina, and
others will probably go forward should their
services be required. Arrests are taking place
| and every effort Is being put forth to make an
example, and 80 forever end these lawless
| organizations. Possibly innocent men will
suffer with the guilty. This would be mis-
fortune, but the end attained will undoubtedly
satisfy the country, because peace will be per-
| manently secured As said before, however,
| am not Justifying the procedure. I regret Its
| necessity, and prefer that General Grant
| should not have adopted the policy which he
has seen fit to pursue... All that have done
| is simply to request the presence Of troops,
because, If not so aided, could not have
maintained the civil law. A colored militia
cannot cope with the body of trained veterans
who are to be found among the citizens OF
every Southern State"
"What, then, are your final conclusions on
this subject, Governor!
| ''Simply that the bayonet will bring the dis
affected people to their senses, while the lead
| ing public men will be forced to use the inflr
ence they have heretofore withheld In promot-
| ing peace and impressing the necessity Of har-
| mony among all classes, ranks and conditions.
| There Is no question that we need improve
ment In South Carolina. vast amount Of
ignorance prevails. Persons occupy positions
no doubt dishonest practices on the part OF
off1ceholders have enraged the impoverished
| people, but the ballotb0x and not the whip.
ping post Is the place to rectity these wrongs"
THE FINANCIAL CONDITION OF SOUTH CAROLINA.
''Has the condition of affairs which you de-
scribe had anything to do with the present de-
precated condition of South Carolina bonds,
or have other causes been at work :"
'sThe best answer to that question is review
OF the situation since the war. Three years
ago the State had no credit whatever IN this
market, because of existing prejudlces. Her
bonds were not on the stock board, and had
not been for many years, and with nine per
cent. past due interest on them were peddled
about the streets by brokers at from thlrty-fve
to forty cents on the dollar When the special
session Of the Legislature convened IN 1868
new tax bill was passed, based on the Valua-
ton OF all real and personal property, and to
carry this into effect q year was required.
There was no money In the treasury except
what were called 'bllls receivable, which had
been issued by the State authorities In 1861.
and these were worth only sixty cents on the
dollar. The new bonds issued by the Repu6ll-
can Legislature were denounced by the oppo-
sition press as bayonet and scalawag bonds,
| and threats of Reputation were freely made.
The amount issued was sl50O,000 Mr.. Il. H.
Kimpton was appointed the agent OF the State
In New York, aud, under his administration, IN
spite Of the adverse Influence brought to bear,
they steadily appreciated In value until they
reached the price of eighty-6ve cents. The
State agent was thus enabled by hypotheca-
tlon during that year to advance to the State
over million of dollars, which were repaid on
| the receipt OF the taxes. The old bonds were
then firm at ninety-fye, and had the people Of
| the State sustained the finances, there Is no
reason why the prices OF both the new and old
bonds should not have remained at that figure.
THE INTEREST
has been regularly paid-as promptly. indeed,
as that of the United States Government, and
will be promptly paid In future, since 1t re-
| QulTeS OulS uuoiSioi ooiiIJ w IaohS
| the necessary arrangements for this purpose.
THE PRESENT DECLINE
of the bonds Is due to various causes. First,
there is general dstrust OF Southern securl-
| ties, because of the failure of several of the
States to pay their Interest, and the unneces-
sary increase Of their public debt, especially In
| Louisiana and Georgia. The failure of the
State OF Alabama to promptly meet its Interest
| In connection with the Alabama and Chatta-
nooga Railroad, has also had an unwholesome
effect on the market. The resolutions passed
by the Charleston Chamber of Commerce and
Board OF Trade were construed to mean repu-
diation, and the credit of the State was thus
assailed and suffered. Some OF the very parties
interested In that movement were, through
their agents, selling bonds short, and subse-
quently realized handsomely from their opera !
tions. A large amount was thus thrown upon
the market and decline resulted. The Tax
rayers' Convention caused sudden revival M
the price and a renewal OF confidence, but thd$
attack on the sterling loan bill, which was int
tended to absorb-not increase-the States
debt, produced corresponding want Oh laltn,
and the bonds commenced to depreclate.
Since then holders unable to carry their bonds
have been obliged to sell, and thus probably
half million of dollars have been put on
the market within sixty days. That, in my
opinlon, is the chief cause OF the present de-
cline. 49,,
WThat Is rather q disconsolate view Of the
situation, Governor. Is there any
BRIGHT SIDE TO THE PICTURE ~
s.Most assuredly. Our old bonds cannots be