The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-11-12

State. we desire to see this cause victo-
rious.
The New York World says that its in
formation with respect to the swindling
transactions of the Radical officials OF
South Carolina, comes from persons
strictly reliable and conscientious. 1t
believes that its statements. as given in
its issues of Sunday and Monday last,
are strictly correct. It says, in its Tues
days issue:
No comments are made upon the an
swers Of Gen. Dennis to the reporters
questioning, but printed below publish
ed in the telegraphio columns of Tues
dsJ's PEGEIxl is statement, at the bot
tom of which that gentleman's name
stands in substantiation with two others,
who are State officers, for its reliability.
A more complete affirmation OF this
PRINTED. ,nds 800, ,O4O, 600; sterl-
ing bonds. SO. 500. 900; registered stock,
S5,04O, 900; total, $28. $4,000.
ISSUED AND On HAND.-Not issued
bonds. $4,000. 1000; sterling bonds. S3.-
100000; registered stock, $4,000, 600;
balance issued, $13, $50, 900. Adding to
this the late war debt OF 5000, 900, and
the actual debt of the State is seen to be
$l9,580, 900, by their own statement as
reproduced above. Besides this is con-
tingent liability for railroad endorse
ments amounting to SIG. 900, 900 more.
MORE FAoTs-When the Taxpayers
Convention was in session, Governor
Scott, in an official statement to that
body, set the debt Of the State at SO, OOO,-
900, and it was about that time that the
gentlemen composing that body express
ed themselves willing to assume 50, 00O,-
600, but not cent more, especially when
the money was to be lavished in prodi-
gality. or to pay indebtedness that had
already been provided for. but allowed
to remain unhonored, while the money
was used for other purposes. A most
that frauds have been perpetrated and
further frauds contemplated. is why has
it been necessary to dispose of S13, $780,
600 to pay q total Indebtedness of
$4,000, 900, the amount of the debt when
the present administration went into
power, particularly when it did not fall
due In from twenty to twenty-five years?
and II it was unnecessary to sell S13, ,000,-
600 of bonds, how much worse than alb
surd was it to have over 100000, 600
printed, if it was not contemplated to
dispose of them? And they further argue
that as individuals and corporations do
not utter notes or print bonds from mere
motives of amusement, that there can be
but little doubt, having the capacity 80
to do. that they intended to dispose Of
the $15, 600, 900 now on hand There is
but one explanation that can be con-
ceived in the minds of those who are
acquainted with the way in which the
State finances have been tampered with.
That is. that the money has been used,
and is to be used, to tide over the annual
deficiencies between the receipts and
expenditures; which latter, owing to the
wanton extravaganza of the State Legis-
ture. in which the taxpayers had no
voice or audience, had enormously ex-
ceeded the former. r
Now for the statement about the un-
paid interest. First, it must be explain.
ed that the dobt of the State OF South
Carolina is of two Glasses, one being
represented by coupon bonds, the inte.
rest on which is made payable in New
York city; the other consisting OF regis.
tered bonds, and the interest on which
is payable in Columbia, s.. O. AS stated,
the interest payable in New York has been
paid at maturity. so 1t happens that "not
. sinole oonnnn which is dne ia out
standing;" but on tho registered stock,
which has no, coupons attached, the in
terest due October not only remains IN.
paid, but there is no money in the State
Treasury to pay it with.