The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-15

Governor Scott is not the solitary decel7er.
The Comptroller.General in bis official re-
norts, and in his report to the Taxpayers
Convention, gives the amount OF the interest
bonds and Relief bonds as being only ST.
100000.
A reference to the Act OF August 1865
ito authorize State loan to pay interest on
"the public debt" shows that the Governor
is authorized "to borrow, on the credit OF
"the State of South Carolina, on coupon
"bonds, within twelve months from the pas
"sage OF this Act, sum not exceeding one
"n,iUton dollars, or as much thereof as he
"may deem necessary to pay interest on the
"public debt" Now Governor Scott himself
estimated that the entire interest on the
public debt, due and falling due up to jan
uary, 1869, the time when, under the Act
Just mentioned, the payment OF interest
should begin, was only s5l4, 4ls. To meet
this he was authorized issue one million
dollars OF bonds. This was the plain inten-
ton of the Act. Governor Scott holds that
he was authorized to issue as many bonds
as might be sold for 81, 1000, 600 in cash, ana
for all that we know he may have printed
and issued three or four million dollars OF
bonds under this one Act. The Act OF Feb
ruary 1869, to authorize loan for the Re
lief of the Treasury is similar in character
to that OF February, 1869. 1t authorizes the
Governor to borrow, "on the credit OF the
Estate of South Carolina, on coupon bonds, "
o sum not exceeding one million dollars,
and that the bonds "may be used as collate::
"ral security TOR loans by the Financial
"Aeent OF the State in the city efNew York,
sin accordance with the directions OF the
Governor, Attorney General, Comptroller
General and Treasurer OF this State, who
smay also authorize the said Financial Agent
''to sell said bonds at the highest market
'price but not less than for a sum to be
"txed 10y them; and they are further author
'ized to pay such sums Of money as may De
necessary to effect the purposes OF this Act,
"oM of any finds ofbte State not otherwise
appropriated. Under this Act, as well as
under the Act OF August 1868, Governor
Scott may have printed and pawned seve-
raj million dollars Of bonds, may have
sold them for song and may have allowed
Mr.. Kimpton half o million for his share Of
the labor. 1t is no exaggeration to say
that, under two Acts plainly intended to
authorize an issue of 1000, 900 of bonds,
Governor Scott and his colleagues may have
issued all the twenty or thirty millions
which are said to have been printed. There
was, indeed, no other limit to the issue than
such as might be found in the "honor and
'integrity" Of the financial aficers OF the
State. What that is worth the people
know too well. They can see for them
selves that the financial prospect grows
darker and darker. They must see that,
to aekno Wedge, or pay, claims OF the char
acter Of those which are attempted to be
thrust upon them, would be to connive at
fraud and set premium on successful
knavery. They must see that there is only
one course to pursue, whatever the cost,
viz, to refuse to recognize, or pay, any
claim which is not proved to be legal, and TO
stop tie supplies. To withhold the taxes is
to hold the Ring for at least two months in
the jaws Of ruin.