The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-14
HOT SHOT FOR THE RING.
mora Revelstions-The Reconstructed
Hierarchy OF South Carolina como To
Pot-A Nice Kettle OF Fish.

Hierarchy OF South Carolina gone to
Pot-A Nice Kettle OF Fish.
The New York World, in its issue Of Sat-
9airday, devotes q leading article to South Caro-
zaina finances, In the course OF which 1t says:
=" lone enormously rich carpet-bagger Is now
set down as ruined South Carolina national
bank has been obliged to suspend failures In
Wal. street among carpet-bag bond fanciers
are imminent II not already accomplished
facts"
From the news columns of the World we
take the following Interesting paragraphs:
II there is any man in the community who
doubts the facts laid before the public In rela-
ton to the South Carolina bond frauds, and II
that man has a surplus Of greenbacks and q
corresponding ambition to attain sudden
wealth, he is badly wanted In Wall street now.
Sotne oae with faith and supplies must speedi-
" to the relief of those who have been Invest
ing in the bonds either by purchase or as col
lateral security, or some fearfdl financial dis
.asters will soon occur. Already there are re-
ports of failures amongst persons who were
tors even are reported to be ruined. The State
officers who have been trying to patch up
matters 30 that the great crisis may be pro-
crasttnated until some other men are install
led in their administrative positions have,
1t is said, as a last resort, hypothecated the
$500, 900 of sterling, bonds which tne Gover,
nor and treasurer only few days since stated
to have then been on hand. The proceeds are
oald to have been used as margin to prevent
the sale of bonds already deposited "a coilate-
raj, and OF which the term OF loan had expired.
This must Lave been an act OF sheer despera-
ton, for certainly the decided determination
of the people OF the State to repudiate these
particular bonds could not have been forgot
ten; and all other available securities must
have been disposed of before the officials had
dared to proceed to such an extremity. In TACT,
there Is no longer any doubt amongst those
informed that every bond OF the $40, ,04o. 200
admitted by the oficials to have been printed
are now either sold or hypothecated. 1t is
said that In their statements the officials did
not enumerate the bonds that had been
hypothecated in the list of bonds Issued" !"
&5t in that of bonds on hand, claiming that as
1fey had not beensold they could not be COD
stdered as Issued. They have probably by this
time learned that persons who took them as
collateral think otherwise. 1t seems most
singular, after warnings given by the taxpay-
.ers of the State, that moneyed men should
have permitted themselves to be cajoled into
receiving these bonds at all; they cannot we'll
plead ignorance of the determination to repu-
-diate them, for every care was taken to have
the proceedings of the convention, which de-
made as public as possible.
STAND FROM UNDER.
Tn connection with the resolution of the
Taxpayers Convention, 1t may here be well to
state that similar warnings of reputation were
given here In New York City by prominent
Gentleman to the Chamber of Commerce and
the Board of Trade, as 1t seems preposterous
in view of the great precauuon taken 70 pro-
tect them from loss, that those who still han.
died these securities should, when they find
themselves likely to be ruined by their own
folly. cry out, "Why should we not be paid?
we were ignorant of the danger" 1t Is too
late for some of them to cry now, though; ruin
stares them in the face, and they may make
the best they can of 1t. There is an intense
feeling ofindignatlon against the Governor, as
1t is now learned that, although ne has always
pretended to know nothing at all about the II,
abilities OF the State, he was long since 30 wen
satisfied that It's credit was menaced that ne
sought the advice of sagacious flnanciers of
this city to avert the calamity, and then, after
promising to abide by their decision, delibe-
rately aided In other plans which he had been
warned would probably terminate In the fnan-
clal ruin Of the State.
THE WAY IT WAS DONE.
The fact Is there Is no way OF getting at
even an approximate estimate Of the actual
debt of the State If the people accept all the II.
abilities uttered against Its credit as valid
debt. In the statement of the debt will be
found an item of 81, ,000, 900 for payment OF In
fterest on public debt, and which was to be
raised by the issue OF bonds. The bonds were
printed and sent to Mr.. Kimpton, who, finding
fndorsed across their tface the words 'for in-
terest," objected to putting them on the
market IN that shape, because It would en-