The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-05-13

's"ue1Inept .. naVIpB Sh uhapc}al
favorable Impression uron the coismi.-
toe. Copies OF tho accounts rendered
F'by him >-for the hscal gears: 1860! and
1870 are annexed to this report
Tor reference, marked respectively
.. ana q. The large sum in money
or bonds always in the hands OF
the agent is attended with unnsual
risks in the management OF the finauces
OF State, and tho difficulty of keeping
the accounts Of the agency and of the
Treasury in constant nnd regulat i,ccord
Is great. It will be seen,' Tor example.
by account B, that at the end Of the
year, the total OF tbesums. charged toth6
Treasurer by Mr. Kimpton wes 81 ,0V7,
yZ4.5A; while the sums credited to- Mr:
Aimpton by the Treasurer amounted to
only 1928, 600; exhibiting discrepancy,
1884, ,924.50, or disagreement of 1884
924 81. In like manner account @ ex.
llbIts disagreement OF S295, ,72e 92
1t ~ true thu: these accounts wete re-
| Gently brought into reconcilcment, or
rather into conformity with the accounts
OF the agency. There is added to both
an account Of the subsequent entries by
which this was effected. Nothing ap.
pears IN these accounts to inpeach their
correctness; bnt it will lie Sect how wide
oren tho door is thrown for errors aud dis.
putes. il for no grnvcr misfortunes. For
example, it will be seen TINT among she
| items brought to the credit of the nc-
count by the subsequent entries referred
to. arc these, viz: Account 3. Fiscal
yenr, 1869. For expenses, Gncluding
interest, as explained to the committee;)
1896 IL. Account c. Fiscal yenr,
1870. For expenses, Gncluding inte-
rest,) $l94.977.42. Total. 9l59974 IS.
These appear to have been passed to the
credit OF the agency. without being
audited. The committee understood
Mr.. Parker, tho Treasurer, *, say that
he had not received an account of the
several items Of expense that go to mako
up tho two sums of S64. 4.9s6.71 and
S94, 977.72. These charges. as will here
utter be shown. add enormously to the
interest OF the public debt. Nor is this
the end. The committee learn from Mr..
Kimpton that his own proper commits
sions, rs agent, arc not included in the
above sums, aud that the rate OF COM
| pensation is not even determined or
agreed upon. Your committee would
hare preferred to show with precision
what rate Of interest results from the
addition Of these charges, but it is seen
that the full sum OF the expenses ia not
yet Ennwn: neither do the accounts
show the exact average sum Of the cash
advances made to the Treasury. Some
approximation to the truth may, how
evor, be made in this way. BY tie re-
port Of the Comptroller General for
1870, PIP. 101 to 104, the following ap-
poars to have been theqnarterly balances
duo to Mr.: Kimpton ny the Treasury:
Oatober 1, 1869, S515, 424. "a; January /,
| q.
BAT 81; July l. 1870, 573, ,3l7. 81; October
l, 1870. $50, 843 95. Total, SO, ,607, ,94s. .OS.
This sum, divided by the five periods,
gives an average of $3.50, ,53S6l as the
sum OF the advances, and seven and q
hall months rs the period Of time for
which they were made. The interest
anu other charges, as is shown in another
part OF this report, was, for twelve
months, s94, ,777.42, or $7,9I478 per
month. For seven and half months, it
IS S50, ,3G0.S5, or ut the rate OF seventeen
per cent. per annum. And to this is yet
to be added tho agents issions.
Mr.. Kimpton is under the impression
That hip average advance WAS greater
than the sum stated by yonr committee.
But even if it was 100000, instead Of
$3.50, 5S9.6l, the interest, without his
commissioner would amount atill to the
high rate Of thirteen and half per cent.
per anEnm. The loss sustained by this
State in this mode Of dealing is obvious,
aud it is aggravated apparently by the
fnct that nil this risk. expense and tron-
bic resulted in the sale Of only 81 600, 600
OF bonds, md these at the moderate rate
OF seventy per ccntum. The Act pro-
wiling for tho payment Of tho interest on
the funded debt in gold had been passed.
and had added very largely to the annual
charge. The interest paid by the Comp
troller, according to the report Of 1870,
is $3.50, ,S79.44. The coupons paid by
Mr.. Kimpton amounted to 900, OH 80.
Total, S39o. s98.99. The premium on
gold paid by Mr.. Kimpton, and charged
in the Same account. (O,) is SS4. 1862.
Total. $4s4, 255.o9. Tins raising the inte-
rcst on the funded debt that year to about
seven and quarter per cent, instead
OF six per cont, and adding 1854. 362 to
the expenses OF the State. The price OF
the bonds. it is true, rose to eighty per
cent. and upwards, but the State derived
no bonefit from the expense she hsd in
cured to produce the advance. Only