The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-12-22
HORACE GREELEY LAUDS THE RIDI-
CAL REFORMERS.
The Increase In the Debt-No Use for
Scott to Blame the Legislature-Th he
Fearless Conduct of the Colored Mem
bers.
rom the New York Tribune.l

If South Carolina had nothing Of which to
complain more di>cOuraglnS than the DpSSar-
ly account of empty Golfers lately reported,
she might be less eXasperated with her car
pet-bug government. A State which had
landed properly worth over $40, 600. 900 at the
end of the war; and such elements Of pros
perlty as are found in the culture OF the great
Southern stapes-cOtton and rice--could soon
replenish her drained treasury, If she had fair
credit and an honest, prudent government.
But the report of the legislative Investigating
committee. who have Just been looking into
the alleged overissue of bonds. shows that
the credit of the State has gone with lis money.
The operations OF the so-called financial board
have not only been reckless, but as dshonest(to
compare small things with great Jus the financial
Juggling OF the TAmmany government OF New
YOIk City, 1t is vain for Governor Scott 10
attempt to throw the blame on the LeSis!a-
ture, which he accuses OF feXtraVagance, or on
unnamed conspiralors, whom he charges with
q systematic attempt 10 destroy the credit of
the State. To be sure, The General ASS 'mo'y
drew from the treasury the enormous amount
of 1888, ,65l A on account of Legislative ex-
ppnses," and the State was run in debt for
$9l, 500 for furniture for the Statehouse las Is
allegedJ but neither OF these preposterous
items, nor any '.beariug' of the market by
men hostile to the local adm inistration could
honestly be taken in extenuation OF an over
issue of more than s6,0OO.0OO in bonds. The
old debt of theState was s6.665.856 q; on the
3lst October 1870. 1t was just $1,000, QUO more,
and on the 2lsL November. 1871. 1t was SIS $685.
90S 98. What have the South CArollCa carpet
ta.gers 10 show for It
The laws authorizing the Issue of bonds were
five in number. One provides for the ex
change of bonds for The Dills OF the old State
Bank; another authorizes the Issue OF S700,O 600
of bouds for the purchase OF land for sale To
negroes; and the other three altogether pro-
vide for the issue OF S2.500,0OO only, for Vari-
ous other purposes Beside these. however,
there was an act authorlzlnS tne treasurer 10
exchange coupon bonds for registered STOCK,
and uice Versa, at the request Of the holders,
And here seems to have been the fatal leak;
for it will be seen that no new debt was Gre
ated by any of these acts except in The Two
specified cases of 500, 900 AMI s.. .5OOO OO0. max
ing an aggregate OF So. 100000. Yet, under the
authority which permitted the printing OF
bonds TO redeem the State Bank bills (already
out) and those for conversion purposes, bonds
were printed 10 q fabulous amount. According
TO the sworn statement OF the Stale Treas
urer, there are now $9,5l4, QUO OF the new
Slate bonds outstanding, those when
have been applied Tor conversion purposes
being charged TO the old debt. Deduct
from these The amount OF loan authorized by
law (s3, ,2OO, ,OO0,) and 1t will be seen that there
remains an excess of s6,3l4,OO0 in bonds I'M
accounted for by the financial board. And up
to September, 1871, the State treasurer failed
to make any return OF the disposition oil new
bonds, other than those which were authorized
by law, namely. $4,000, 900; and there Is no IN
formation In the office of the comptroller
general, derived from the treasurer, that The
State debt has been increased beyond that
amount. A dark feature OF The transaction Is
the fact that the act providing for the issue OF
bonds to provide tor bills receivable expired
by limitation on the 3lst of October, 1870, so
the officials who claim authority under II lot
this over-issue Of six NIL ions and more are
estopped from thereby making escape. Inc
Legislature will be very likely TO take this
view and impedch these gentlemen, resolu-
tion to that effect be ing now under cOnsidera-
tion In the lower house.
This exhibit is by no means an agreeable
one, and II the dominant party In Souln Caro-
lima had been weak and shuffiipg In policy,
they would have attempted to cover It mp and
join with the Governor in ascrloing the decline
in public credit TO 1.-THE conspiracy" but the
colored men, who are largely in the ascend
ency In the Legislature, and who compose q
majority of the committee OF investigation,
have fearlessy and candidly laid bare the
whole disgraceful proceeding. Herein they
offer brave example to party leaders every
where, for they evidently believe that no party
and no administration can afford 10 appear TO
conceal any fraud or mismanagement. or any
thing that mas an appearance of either. What
ever Republicans in South Carolina are re-
sponsble for, Republicans are also 10 be
credited with exposing manfuily. The Trb-
une has never had much confidence in the
honesty and craftsmanship of oficiuls Import
ed into the South; these men have helped to
do for the political and financial fabric of The
State what the Ku-klux have done with the
social framework. Both have combined TO
prey upon The country, and set 1t back in its
material and moral progress. Hence, We can
not be surprised at the recent revelations in
South Carolina. But we hope that The Slate
is not so far proslrated that it will not be aoe to
throw eff its incubus of debt and thieves, and
regain lis normal condition OF prosperity and
financial credit.