The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-01-20
COEtIl:M|l['B|:|Il|lAl. ]: y Il } I 4 S. s., t;'
saturday h6rnins ,|,J,ahul5sar;y Il I; 90, slsiiE2.

4
Tine Fraudulent Oyer-IsspeA OF .Bonds-
"a Two Points-tihanoial. ~
We believe that the alleged over-iBsue
Of State bonds has bsen cohclhsively
established by the course Of arguments
shat has been heretofore pursued. There
are. however, two points which We de.
sire TO make-points which we believe,
il made already, have not been duly
n,agniAed. As our readers are aware.
the ring the F.naacis! Roard-seeL &c
excuse or defend the issues Of bonds
made upon the grounds that the money
Acts OF the Legislature did not limit the
amount Of bonds to be issued. but only
fxsd the amount Of money to be raised.
We hold that they are estopped from
making this amount. We carry our
readers back to the Comptroller Gene.
rails report of November, 1870, which
report was accepted and endorsed by
Scott, Governor, and Parker, Treasurer.
In that report the Comptroller stated
the !..'6onds authorized to be issued BY the
present administration, as follows: Bills
receivable ACT. $500. 600; interest Aot.
$1,000. 900: Bank of State bills Aot,
8f,25s, ,0O0; relief of Treasury Act,
$1,000 900; IiSnd CSdmmission.. ..3$7oD. doc.
total. 84, ass; B50."ii We ask the public,
now, to obssE9s ''thfy; In. November. ven
1870. before oanyairaud or corruption
was charged ,pon, the Finanaiali Board,
thee OomptrollerG General, Scott aid
Parker -construe the money Acts Of the
LegislAenie to menn that the bonds duthor-
issdto .1sissued are limited By Msnoney to,
be RATED: In, November, 1870: nps, State
official claimed that the money Acts of
she Legislature we're to be SO construed.
as to work the absurdity that any number
Of issues might 1eissusd. 10 raise the cash
autho,ised to 1e raised 6 Although 1rgud
might, and probably was, contemplated
in the beginnlng,rthe time' had NOT come
toolain thsbsneats iof.tl 81, saving 8 slaupb
for which the Attorney. General isrre-
spousibla, IL now. lstoit, Ard, PaFRer
construed the money Ants teAs0nably in
November. iato. are they tfsl nopta ssssiobpeed
from q view favoring irand 'in INoyem-
her 1872, Furthes., shall these swim
dlers be allowed to avail th emBelYea, con
trary to the legal; principle; iot thairown
fraud and wrong? We say not and We
hold that these corrupt men are clearly
estopped now from construction of the
money Acts. at variance with that rem.
deEed before the exposure of their ras-
calities. y '"h
In November, 1870, the total, funded
debt Of the State was put at $685.
9O8 oS. OF the $4,45s. $780,. authorized
to be issued of bonds, the Comptroller
states that the following bonds had been
issued: Bills receivable, $500. GOO; inter
est. 81. 600; ;000; Treasury relief, 81, O00,.
900; Land Commission, 800. 600; total,
&3.200,00 That is, there remained
the difference between $4.45s. $50 and
$8, 200, 900 to indicate the bonds still au.
thorized to be issued to exhaust the
limit This difference is $1,258, $50
from which it follows. on general princi-
pies, since no Act has been passed since
1869 authorizing the addition OF sin-
gle cent to the bonded debt of the State,
that the bonded debt of the State in No
vember, 1871, ought to have been
$7.665. .9Os, plus $l.25s. $50. or SO, 924.- :
458. But it is acknowledged to be
$l5.717, ,908-thus, according to this
showing, the over-issue is $15, ,7G7 1908,
less Us, ,924, ,458, or S6.843, 500.
With respect to the second point that
We present, it hinges upon the CONVEX
sion bonds. We are satisfied that this
has been fruitful source of fraud. The
point we here make is simply this: The
Act authorizing the conversion of South
Carolina securities required, as a condi-
ton precedent to tho Issue of any
amount of conversion bonds, the sur
rendering of like amount of other
State securities then outstanding, and
expressly provided that no increase Of
the State debt should be made under