The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1871-05-24
AFamy Paper Devoted to Science, Inquiry, Industry

crai loahS ma1ured, for the wh.ch ~
first bonds had been pledged u.
nr'angencn: of having iuanria
agent in New York does not make !
favorable impression upon the com,
mlttce. Copies Of the accounts rem.
d"rcd by hi,u for the fiscal years
1860 aud 1870 nfc annexed to this
report for ,et,rehcc, marked ,cspec
lively 3. and 9. The large sum in
mo' Q. or bonds always in the hALd>
of the agent i! attended with unusual
risks in the mana gem cnt of the finan
ccs of a state, nnd the difficulty of
| Keeping he accounts of the agency
and OF the "Ifasuiy III constant and
| rcgulas accord IS srhat. 1t Nill be
seen, for example, by account B, that
It The cnd cf The gear, the total of
he sums charged to the TREASURER,
by Mr.. kimptoh was Isl ,0O7 1874 81 ;
while the shh5 credited to Mr.. Kimp.
on 10y the Treasurer amonn,cd 10
nly $G23,o0D exhibiting a discrcr.
'ncy, S4sl,3s4 80, or disagreement
If S3Sl,924,54, lu like manner, nc.
QUIT g '8tibits Disagreement of
1894 72G.92. 1t is true that these
accounts we've recently brought into
''"couci!emcnt, or rather into con-
'ormi'y with the accounts of the
ageucy. Thcfe Ii addcd t6 both an
cc'nnt Of the SUBSEQUENT cmtres by
which this was effected Nothing ar.
pears IL these accounts to impcach
'hcir correctness bnt it will be seen
now wide "tcn the door is thrown for
'rrors aud DISPUTES, il for 10 groHcr
"'s'ortnue>. For example it will he
cen that among the it, ms brought to
he c'eait of The atc"unt BY tie sub
"qucn' entries referred to, are these,
VIZ A'r"unt B, FL cal year 1863,
For exrcns $, (includins Interest, as
'xpl. i"cd TO the commit.cc,) SCI.
9vG II Eccouht G. Fiscal wear,
1876. For qxrcn<cs, (includiug in.
t"res',) Sl94,977.A9: Total, $3.50.
va l3. These arrcar to have been
bee" passed t. the credit of the agch-
cy, WI hnut being atiliiel The Com.
m',tce understood Mr.. Parker, the
Treasurer, to sly that he had net
rc> eIved an account Of the several
ems Of expense that 60 TO- make up
lhc two snps Of $G4, ,99G.7l and $9d,.
97772 These charges, us will here.
after be shown, add enormously to
The interest Of the public debt Nor
10 this tho end Tue committee loa.n
from Nc. K'mpton thai his own prop
er commissions, ns agent, are not in.
c'uded in the above sums, aud tha,
The rate OF compensation i, not even
determined or agreed upon. Your
Committee would hav. preferred to
show with precis'oh what rate of in
tHrrst r6-ults ON the addi ion of
these charge, bu, it is seen hat the
full sum f The expenses is not yet
known nei,her d. the accounts show
the exact aver .ge sum Of the cash ad.
Sancas !!;aaH to Tie, Trca>uEy. Some
appr xi,nution 10 the truth may, how.
ever, DC mado in this way. BY The
report of the .Comrtroller.G encraI
for 1870: PIP. l0f to l04, the follow.
i'll! aEpea's to have besp the quar-
terly Balances die to Mr. it,m .. an
hv tho. J, casury October 1869,
"5l5,424.54 ;Jpnuary !, 1870, 1885,.
Qgn.5 I ;\p-il |, 1870, 573 3,72l;
Oct"Rcrc ), 1870, SSO,84395; Total,
S2,697, ,913.0S. This sum, d,vid, d
by tn" five periods gives an average
OF $530,588 81 us The sum of the ad
1n;icea, and seven and half months as
tho period Of tine for which they
were made. The interest Of other
charges, as j. sho#h in an.tFcr part Of
this report, was. for twelve months,
$94,777.42, or $7,9l4.78 per month
For seven and half months, it is
$59, 800 So, or at the rate Of seven.
teen per cent. per annum. And to
this is,yct to be added tho agents
ccmmi,tions. Mr.. Rimptou IS under
the impression that his average ad-
vance was greater than the sum stated
By your committee. But even if it
was $7Oo,009, instead Of $539 ,588.6l,
she interest, (without his commits.
tio"s,) would amount still. to the higl,
rate OF thirteen and half per cent
per aupum. The loss sustained by
this state in this mode Of dealing is
obvious and it is aggravated aprar.
emily By tho fact that all this risk,
expense and trouble resulted in the
sale ofonly 81 100000 Of bonds, and
these at nc moderate rate Of seventy
pcr ceutum. The Act providing for
the pay ment Of tho interest on the
funded debt in gold had been passed
and had added Very largely to tho
annual charge, The interest paid by
the to'npu oll'cf, according,t4th the re-
port Of 1870, is $l0O,878 Az The
coupouS paid by MIR. Rmptor
amounted to $20V,Ol4 50. The pro
MUM 6n gold puid Sir Kimpton, ane
thaJgsd in the same account, (C.) il
*S&362. It'll, $4S5 1855 80. Thu
rui>lDf tho inter, 81 ou the fihded deb
that ) cor to about seven and qnarte
p6r cent, Instead Of six per cent, ant
Il 4 Al