The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-01-17
Meeting OF South Carolina Bond.EIold-
! ers TN Baitimore-A Legal Opinion.

The holders Of South G ,rolina bonds held A
meeting last evening, at tho Eutaw House, for
the purpose OF taking actIun in reference l.,
their ciainna against that ri ate. A. 8. Pat.
terson, Esq was called to the Chair, aud Mr..
Charles + Roberta appointed secr.tary.
fhere were fourteen persons present, repre-
senting some 5000 600 OF bonds mostly owned
in Baltimore, but scn,s held in New York. a nd
other places, represented by proxy,
The Chairman stnted that a much larrer
amount OF bonds would lave been repre-.
stnted. but for some misunderstanding re-
garding the meeting. Some dozens OF letter.
had been received from parties in New Yurg
ana elsewhere, making inquiries as to the
object OF the meeting. but they were ad-
crossed TO the Secretary, Mr.. Roberts. at the
Entaw House, and had only come into his
possession on this evening. Had these g letters
peen received in time to be answered. no
doubt much larger amount OF stock would
nave beea Represented. The Chair then
asked the secretAry to read the following
legal opinion:
The undersigned, having been engaged as
counsel to investigate and report the legal
merits OF the bond claims held by various
coma flde purchasers against the State OF
south Carulina, respectfully state that tho
subject matter of tho Inquiry, though impor.
iant IN tho large pecuniary amounts involved,
i!es within ailcomPass as legal PROPOSE.
tlon. have i'll my hands lotter dated Nan.
TEMPER ~. 1871, written by the direction of
Governor Robert X. Scott, and signed by his
private secretary, in reply to letter of in.
curry from gentleman OF this city, in which
Was enclosed q 'copy Of statement ar the
debt Of South Carolina, lately forwarded to
the Hon. John Scott, United States Henate
chairman OF the Joint Select Committee. IN
inquire :c:o the condition OF the late insnr.
reouonary States." The letter concludea bv
emphatically declaring that this s.report NAV
DO relied upon as corroot," aud ON the faith OF
This official and explicit statement. my client.
VINO had Invested large sum III the purch 4 go
OF South Carolina bonds at tue average price
OF ABOUT elxty-seven centa in the dollar. con.
tinued to hold aaid bonds then wcrth fftv.
tnree ,r cents ia the dollar: since when tho de.
cline TO the present time has been fifty. six ner
cent, Or eighty-four since purchase
Tho copy OF Gov. SCOTS ranort encIosea
anu relorred TO IN his letter, states the s.total
issle OF bonds and stock to be s.. .5gB. .6(;4 10 ~
from which he deducts $3.50 600 paid during
sinking fund, leaving q residuo of ias,ied
bonds and stocks of only S, ,178. .5G4 10. nIl tbs
endorsements by the State OF railroad bonds
being declared by Gov. Scott to bo amply nro-
tected against loss. Undoubtedly ti6s state
ment can be considered as a subata nsial oahse
hold ON tho faith Of it, if it was falsely and
deceitfully made. We now have reliable ati.
aence that. contrary to the Statements made
oy GOV. Scott in this letter, the total indebt
edness or South Carolina, on. the 18th OF De.
e9o oon odS dSH was at least $l637l ,SU6 il not
sAI,uoo,Ooo, and 1t results that no either mis.
represented the facts as known to him in
september last, or has been ppiyy to the AMI.
sequent ovcr-issue Of several millions Pr
Donds. contrary to the intimat ions and docfa
Is.ions set iorth in said report, that no fur
ther Issue would be necesskfy.
Tho above statement and inferences are
abundantly supported. by tie reports Of iefis.
!atlVe committees, aud other testimonv fonnHd
IN copies OF the Charleston pspors. Il In
o'oar sast the gentleman who has this direct