The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-11-21

ler-No PrOvialon Made for Sb,ooo,ooo
OF Bonds-An Injunction on the New
Tax Levy.
Telegram to the New York Tribune.l
COLUMBIA. 8. c., November II.
The comptroller general OF the State has just
issued instructions to the county auditors to
levy tax OF four mills on the dollar for the
payment Of years interest on portion OF
the State debt. He proposes to raise sum
suficient to pay the Interest only upon the
bonds which were recognized as valid by the
Taxpayers' Convention OF 1871, amounting to
So. .8S5, 300, and upon such Of The new conVer-
sion bonds as have been changed from any OF
the old bonds this will leave about Sc, 600 600
Of the conversion bonds unprovided for. The
comptroller's action In excluding these bonds
indicates purpose to maintain that they have
been fraudulently issued, and to disregard the
validating act passed BY the Legislature last
winter. Nearly all these bonds are held In New
York, and considerable amount Is held by.
savings banks, whose officers have thus tar
carefully concealed the TACT that they have in
vested the funds In their charge In securities
of such doubtful character. About 900
OF the conversion bonds have been Issued, OF
which about 81, ,000, 900 are supposed to have
been properly exchanged for old bonds. The
remaining $6,00o, 900 have been sold by a.; d.
York, althnuRh the hw only authorized their
exchange for former sanas--l|o-essiefso%>.-
account has ever been given OF the proceeds
of the sale OF these 000, 600; there Is no eVl-
expended for the benefit OF the State, and the
general belief here Is that the whole amount
has been divided among the State officials
who compose what Is known as the Bond
Ring.
No confidence Is felt that the money collect
ed under the instructions of the comptroller.
general will ever be applied to the payment OF
the interest upon q portion OF the debts, as
pretended. 1t will probably be held IN the
treasury under injunctions until some new
scheme of plunder can be devised to getit out.
The incoming State officials elected IN OCTOBER.
alarmed lest the old officers should dispose OF
this interest fund and OF the money about TO
be collected for State expenses before they va
Gated their ofaces, applied recently Tor an In
junction; and to-day the Circuit Court gave an
arder restraining county treasurers from pay
ing any of the money received tor taxes into
the hands of the present State treasurer, Par
ker. If the new tax levy had been allowed to
20 into the treasury before they could put
their hands on 1t, the new officials feared that
the old ones would manage to make way with
1t all, and leave the treasury bare.
Editorial Comments OF the T.ibune.l
Reports of the condition Of South Carolina
finances are not very encouraging TO bond
holders. The State comptroller, 1t seems. pro-
poses to raise q SUM only equal to that requir-
ed on $685., ,908 of the funded debt, leav.
Ing about s6,000,000 unprovded for. These
are of the conversion bonds and are largely
held in the North; but no satisfactory account
OtItheir sale has ever been made, aud The comp
troller practically repudlates them. But even
the taxes that are to be collected to meet the
interest on the remainder of the funded debt
are not to be covered into the State treasury
without struggle. The State oficlale, elect
ed on the Noses ticket In October, have pre-
vented this by the Issuing of a restraining In
junction procured at their Instance. Whatever
NAV be The real cause of South Cardinals
financial troubles, 1t H. clear that even the
officials do not trust each other.