The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-02-02
The Bill 20 Issue city Bonds.

The Bill 30 Issue city Bonds.
The bill to authorize the Mayor and
Aldermen of the City of Columbia to is.
sue bonds and to negotiate and sell the
same, which was published in full and
discussed in our columns some time
back, when it was first introduced into
the House of Representatives, has been
reported upon by the Committee of
Ways and Means, with a recommends.
tion that it be passed. The committed
conditioned their favorable report by re-
commencing various amendments, some
OF which We would pronounce very wise
and proper could we use such language
in connection with bill of this nature,
which, in its entire conception and de-
sign, lie gross and paIpsble swindle
upon the Taxpayers of the city, upon
whom its burdens will solely fall.
The first amendment. which is reco 81
mended by the committee, is to strike
out, on the fourth line, the word "eight"
and insert ''six." which fixes the whole
amount OF liability with which the pro-
perty-hollers are to bo encumbered at
$500, 600; instead of $780, 900. This liz
very we'll as fur as it goes. II we are to
be plundered, by oil means stay tue ra-
wages as much Us possible. A saving of
5000, 900 to the city isn't to be secuted
at any way.
Tho second amendment proposed is to
strike out section three of the original
bill and insert the following:
"That no bond shall be negotiated
under the provisions of this Act, except
through some banking house in the city
OF Columbia, which shall constitute the
financial agency for the sale or negotia-
tion OF said bonds; said bank to be de.
signated by the Mayor and Aldermen of
the City Council; provided, that all such
sales and negotiations shall be conducted
in accordance with such rules and regu-
lations as the City Council may pro-
SCRIBE"
We don't like this. There is some
thing fshy about it. That word, Gilman
cial Agency" is in itself ugly aud suspi-
cious. 1t sounds badly, at least, to o
South Cnrolinian's ear. A contrivance
of the same namo las been chiefly in
strumental in bringing shame and fnan-
cial disgrace upon our State, and we
would have no more of it.
The section in the bill provides that
no bond shall be issued except by public
sale, after due notice given in two or
moro newspapers of time and place of
sale. We fail to see the advantages OF
tho amendment, but many objections
occur to us. BY the original section,
money could be raised only by the actual
sale of the bonds. They would at least
command their market value; and the
public and parties interested in their
management would be advertised of the
amount of money raised, and to some
extent of the objects to which it was
being appropriated.
By the agency scheme, the bonds may
be bypothecated for lonns at ruinous
rates Of interest, and all manner of chi.
canery and trickery prncticed Ia Kimp.
ton. M0rcover-nnd hero is one of the
grnyest errors aud most inviting doors
for fraud in the whole bill-the price al
which the bonds are to be sold is no.
where specified or limited, and may be
disposed of for one-tenth of their value
shonld the Financial Agent and the
Council so collude and agree. But We
reject the bill in toto. It is unnecessary
dangerous and in direct opposition t
the wishes of nine-tcntLs, nay. of every
taxpayer. who does not expect to shar,
in the spoils, and contrary, wo believe
too, TO the wishes Of four .fifths of the
voters of tho city.
The contract for the City Hall, to carry
out which the bill is partly intended, hn.
been shown to be an iniquitous unC
fraudulent transaction, and if there i.
nny sense of deccnoy in the Legislature
they will surely kill the bill on its SECOND
reading.
| 1t aDDoarS that the citv Of Enovvi1ln