The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-12-15

.ao-;ze lean tc redeem the h:!!s .cce;y-
ebio. and to pay the interest on tie pub
llc debt, expired ON the 2Gth day of Au.
gust OF the same year; aud ON the 3lst
October, 1870. the State Treasurer re-
ports to tho Comptroller General that
only 81. 10000 new bonds were ont.
standing; leading your committee to the
conclusion that the amount deemed no.
cesSdry, nccording to the language Of the
above Acts, hdd been obtained by the is-
suing OF that amount in bonds; and if
said amounts bud not been negotiated
up to that time, then no authority exist
ed undcr the sun for the further issue of
State bonds. This position, your COM
mlttee thinks, is proven by the passage
OF the Act amending the two Acts ap.
proved August 26, 1868; for in those
Acts the time originally ai2owed in which
20 negotInte the amount required was
twelve months. A sufficient amount not
having been obtained, it was deemed ne.
cessary to apply to the General Assem-
Diy ior an Act extending the lime f,oeloe
months longer.
Your committee thinks that tho Act
approved March 20, 1869, providing
for the conversion of State securities
was not Intended to be used for the pur-
pose OF increasing the State debt, but
solely for the object named in the Act-
the conversion Of some outstanding
security which, when converted, should
De retained In the Treasury as q voucher
Tor the conversion bonds issued. But If
this Act could possibly be construed
into the issuing of bonds to negotiate
loans authorized under the Acts above
referred to, the expiration of the limita-
tlons contained therein would certainly
preclude such construction.
The above are all the Acts authorizing
the issuing of bonds for any purpose.
save those for redeeming the bills OF the
Bank OF the State and creating the ster
ling loan. The bonds issued under the
hrst OF the last named Acts have been
charged to the old debt; and the others
are said to be in the hands of American
6ank Note Company, in the city of
New York. Tue law requires the State
treasurer to report to the Comptroller
General, at the end Of every month, the
financial condition of the State: and il
| was III pursuance of this law, your COM
mittee presumed that he made the report
OF the 3lst October, 1870, fixing the
amount of new bonds then out at
S3,20O. 600. The testimony of the Comp
trollor-G General taken by the committee
shows that although the Treasurer has
made report to him ut the end of
every month since the above date, up to
September, 1871; yet he has failed in all
these reports to give account Of further
issue OF bonds, and there is no informa-
ton In the Comptroller-Ge Generals Office,
| according to his sworn testimony, that
the State debt has been increased. If
other evidence is required of this over
issue. 1t is contained in the testimony of
his Excellency the Governor, who states
that he has signed and delivered to the
State Treasurer bonds for the conyer-
sion of the 100000 issued by the Land
Commission; also. the 81. 600, 900 for the
relief of the Treasury; and large por.
tloD OF these to pay the interest on the
public debt. Yet all, or nearly all, of
said bonds are out as q portion Of the in.
debteducss of the State.
Your committee, having reported the
facts and the law under which the bonds
have been issued. and feeling satisfied
that tho State has been defrauded by an
over-issue OF S6, 1000, would there
tore respectfully recommend that this
House take the necessary steps to hold
accountable those persons who have yio
lated the law and ruined the credit OF
the State.
All Of which is respectfully submitted.
G. G. BOWEN,
BENZ. BYAS,
+. H. FROST,
p. J. O'CONNELL,
w. 81. JONES, JR.
MIR. Wilkes presented the account of
DIR. q. M. Brown, for post morten ex-
animation; also, petition of A. j. String
er. for the removal of his political dsa-
bilities.
A concurrent resolution to take re-
cess from the 22d Of December, 1871, to
January 8. 1872, was agreed to.
at half-past l o'clock P. NJ, Judge
Thomas, OF the Sixth Circuit, appeared
at the bar of the House, to answer to the
charge that he was not a rssident OF the
circuit ovor which he presided. The Pc
htion to the Governor for Judge Thomas
removal, for the above reason, was read,
as also oil the evidence taken in the case;
alter which, the whole matter was indef-
nltely postponed.
At half-past 3 P. H., the House ad-
lourned until tomorrow, at IL NJ.
HOTEL ARRIVALS, December H.
Nickerson Houss-T. NJ. d. Miller, Mas
ter Miller, Il. G. Perrin, Abbeville; Mrs.
Clannahan, Greenville; G. II. Harvey,
Philadelphia; A. B. Springs and wife,
York; "A. r. Hornsby. Shelby; A. B.
Davidson, A. A. N. NJ. Taylor, Char
lotte; J. d. Brown, N. c.; I. G. NIcLis-
sick, Union; j. A. Foster, SpartanburR.
TDJ,t,nbir yTY