The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-04-26
fFRoM TIE CHARLESTON NEWS !

The presence ofhis E1cellency, Gov
ernor Scott, in Charleston, enables US to
present to our read RS semi-oficial
resume of his views On several subjects,
by which the public mind has of late
been agitated, and concerning which his
possess, at this time, pecu-
liar interest. The privilege Of an inter.
view with him vas freely granted, aud
the interview itself was unconstrained.
The language of lis Excellency as given
below, is almost verbatim, and the free
dom, with which it was spoken, indicates
that all of the questions treated have
been thoughtfully considered. After
some general remarks, the conversation
proceeded as follows:
TUE STATE DEBT.
Q. Governor, you are fully aware,
from the comments of the press, and the
action of the Board of Trade aud Cham
Der of Commerce of Charleston, that the
people of the State are feverish with an
excitement which has grown out of what
they believe to be an oppressive taxa
ton, an enormous State debt, aod a
corrupt Legislature; please state frankly
your own opinions upon these matters.
The Governor. l am free to say that,
in my judgment, the disturbed condi-
ton of the public mind results from a
misrepresentation of our financial affairs.
Either with view to iujure the credit
of the State or to achieve personal OBJ
jee,s-perbaps political in character
certain individuals have sought to make
it appes-% bat the State debt has been
larfn;.oa % :reased By the present admins.
tratk Such is not the fact, and l
propose to show the why aud wherefore.
First, the act Of the Legislature Of 1858
authorized the funding of the bills of
the Bank ofthe State into State bonds.
That l do not regard as an increase OF
the debt, bat merely as change in the
form of an old debt, the courts having
decided that the State was uuquestiona-
bly, liable for these bills. So much,
then, is not chargeable to this admins
tration. Secondly, in the reorganization
of the government, it was ascertained
that large amount of past due interest
and other claims had accumulated and
were unpaid. To meet these obligations
the Legislature authorized the issue oi
a million of bonds. 1t will be seen, BY
reference to the law, how these bonds
were to be negotiated. Thirdly, a debt
existed which had been created BY the
issue of bills receivable immeoistely
after the war. They, too, had 20 be
provided for, or rather, retired, and ar
additional issue OF FIVE hundred thou
sand dollars worth of bonds was made
for this purpose. Fourthly, it was ascer-
tanned, during the regular session ol
1s6S-'69, that even with this assistance
it was impossible, at the low price al
which the bonds were selling, to NEE
the liabilities which existed-debts, BY
the way, that had not beeu created BY
this administration. The issue Of ;
million more of bonds vas therefore
authorized, for the relief of the treasu-
ry. The sum total was then two million
Eve hundred thousand dollars. Finally
the act providing for the Organization
of the land commission called for sever
hundred thousand dollars More of bonds
and thus the total issues, since 1868
amount to three million two hundred
thousand dollars. Now, of these bonds
according to the last report of the Enan
ciaG agent, at New York, about on
million of dollars have been placed upo1
the market, leaving balance Of twenty
two hundred thousand dollars in hi
hands. You will see from this state
meut that there is no foundation what
ever for the rumors which have obtaine
currency aad can readily uDderstan
Why, 10 consequence of those rumors
our securities have beer depressed, an
the credit Of the States seriously in
Ijured
@. Do understand you that Nj
Kimpton, the financial agent, of th
State, now has twenty-five hundre
thousand dollars in his hands?
The Governor. He has, nnless he ha
sold an amount since his last report. l
raising money for the uses Of the STATE
however, his nrotsss operaadi general
has been to hypothecate the bonds.
RAILROAD BONDS.
| @. Is not the State largely involve
! OF account Of her endor.emeut Of raj
road bonds !?
! The Governor. The sum total Of th
endorsements of railroad bonds by tn
/ State is abou, six millions and a half {
dollars, ipciuding the Blue Ridge K. T
/ bonds, " hich have not been put upon h
market, aud yea must bear iu mind shi
! these endorsements cover period ,
nearly thirty years LIDO net. howeTe
regard the endorsements Of the raiiros
bonds as par, Of the State debt, be
cause iaere is ne railroadthus protects
by the State which if pu. in liquidatie
would not pay tbe fan amount of Il
endorsement.
! tbs suN TOTAL OF THE STATE DEBT
i @. Waes, thssp IS tfe san fetaiOfts
FasSe on ahieh,shs psspfg ha9e 70 p'
tta9ss, Aad tAis IS l poiat % Rhish { b
lSha you win b Explicit { -
The tsssSapr. BetHeen seven n
eight millions b do5lifs- aer n1es
Tbe exact figures ! cannot give you, I
! have not got them with me. We on