The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-07
The State Finances.

The carefully weighed assertions oi lne
New York World, in regard to an over-issue
OF the bonds of the State OF South Carolina,
have excited an uneasiness which will not be
removed by any explanation, or promise Of
amendment, which Governor Scott and his
financial coadutors may vouchsafe to make.
There is, as we said yesterday, no confidence
| in the honesty, or even the good intentions,
OF the gang OF adventurers who hold the
strings OF the public purse. From the very
beginning OF their career they have calmly
ignored every other consideration than their
own profit. And if they havesbesides the
extraYagances which are positively known,
made gigantic stroke, in the shape OF an
unauthorized issue of twenty million dol
lars OF State bonds, they will have done no
more than was expected OF them. In No.
vember, 1869, when the debt OF the State
was officially declared to be SC, ls3, 349 it
was in reality more than s9,ooo,O 900. The
State officers, even then, omitted from their
accounts the past due Fire Loan bonds
amounting to s4S4, ,444, and the S2,7O0,O 600
Of State bends, signed up and in the hands
of the Financial Agent. Last MGy the debt
OF the State was officially announced to be
only s7,665, 9Os, but it really was nearly
SIC, 900, 900. The State officers, at that
time, omitted from their accounts the ST.
200, 900 bonds held by Mr.. Kimpton; $780,
600 OF which had been sold by him, how
ever, subsequently, to the making up of the
Comptrollers disingenuous report. Trick
cry and prodigality, with keen eye TO the
main chance, have been the characteristics
of the official financiers Of the State; but it
is hardly to be doubted that, without the
stringency in the money market caused by
the Chicago fire, they would have contrived
to scratch along for some months TO come.
The breakdown is sudden and complete.
Whether the Ring have, or have not, swim
died the State to the tune OF twenty millions,
their credit is gone, and few persons will be
willing to invest dollar in the carpet-bag
bonds of this State They who are bona
fole holders OF those bonds had better keep
them. Nothing is to be gained by throwing
honestly acquired bonds upon weak and
staggering market But the public will not
be in hurry to come in and buy the bonds.
That is sure. And the end Of all this may
be q thorough investigation of the financial
condition of the State. We may say how
ever, at the start, that no investigation con-
ducted by Governor Scott, or any OF his Off
GERS, will have feathers weight with tbs
people.
II the Ring have not done this thing, if
they have not issued any bonds which the
law does not authorize, We must thank their
moderation rather than their public virtue.
They have had the power; and Governor
Scott admits that twenty million Of bonds
were actually printed. Why? The taxpay-
ers OF the State had already given formal
notice that they would not recognize the
Sterling Conversion bonds as binding obli-
cation. Why were these bonds printed in
the face of 30 solemn warning? What
need was there of any conversion, unless for
the purpose OF legalz.ng and covering up
fraudulent issues which could not in any
other way be kept dark? 1t is even reported
that the "twenty million bonds are printed
with the names OF the State officials upon
them-that they are, in fact, all ready for q
convenient market.
That Mr.. Klmpton has been costly insti-
tuition 10 the State Of South Carolina, no
one will venture to deny. 1t was pointed
out by the Taxpayers Convention, in Nay