The New York herald., 1872-07-09
SOUTH CAROLINA BONDS.

4
ternOOn - Where Is the Moneys In-
| functions Already Granted Against tho
Treasury OF tho State - Carolina Orr
pet Baggors To Bo Bagged-How About
Th"t 100000 That was Sent to New
| Yorkt
What might we'll be called an Indignation meeting
was held at 90 Broadway yesterday afternoon. n
was gathering OF the holders OF South Carolina
otate bohds, VINO have, owing to the non- payment
VI u''e'est oue ana an undue depression In the
market value OF their bonds been awakened into
activity and the necessity OF doing something for
the restoration OF the value Of their bonds and tho
collection Of the interest on the same. They
hold and provo, too, that the State Ia abun-
dainty able to pay Its bonded Indebtedness. and
also that It would do so but for the
political leeches who are at its every
pore, surely and steadily sucking its financial Ilfs
blood up. From tho speech OF Judge willard Q
synopsis Of which is given below, It will be seen
how the finances OF tho State are managed Large
Endorsements have been received by the State
and still she claims to be unable to meet her debt;
but the bondh0ders intend that she shall show
cause for non-payment.
THE PROCEEDINGS.
Mr.. DRAKE who was instrumental In hay wing this
na,,,,,s,. called was appointed chairman and. on
called ror tho nnrnoso "a ,nGt the meeting had been
bonds. lie then introduced Judge willard, OF South
Carolina, who, in lengthy speech, proved
that the State was able to pay all 1t owed.
He said:-
Tho State IL abundantly capable Of paying
the overdue interest on her bonds. she Is suO-
ceed her expenses; but sho Is paying exorbitant
rates for money-from eighteen to twenty per cent.
The statistics OF the State for last year sufficient
to show that she Is able to pay all she owes. The
tax levy of November last for the previous nine
D me "na q tS nx
enforced, but the deficiency was made up by the
sales last and hereafter the deficiency cannot
possibly exceed ten per centum. The sales OF land
IN June last for taxes amounted to 81, 300 Or
sls sl2oooS. These M moneys have g9us to the trea.
no,-ts notmtney @ have been improperly Withdrawn
Wiling to pay, but who are being robbed by a po-
litical bandtti. i know OF what speak whom
say that If the moneys Of the treasury were ten
times as large tho interest would not be paid under
the present administration. In conclusion the
to confer With the State authorities as SUCH ' CON,
ference might lead to q successful culmlnatioD OF
the diniculty. He stated that two inlunctions had
already been granted against the trcasury-one To
keep the Treasurer from recognizng the revenue
script bonds which represent $ sl,so0,ooo, and an-
penses, on the ground or fraud.
Mr.. HUBERT asked If bondholders could not take
some action TO prevent the payment Of haudulens
Judge WILLARD recommended the holders to CO.
operate with tho parties In SOutl Carolina ana ala
them in suits now pending.
Mr.. HUBERT proposed to raise subscription Of
one per cent on the bonds represented, so as to
secure the recovery OF sOme 5000 600 already taken
from the treasury but which could be easily traced.
He said he was confident that the money could be
traced to some OF the highest officials In the State.
and that they should either be made to diHgorge or
go to prison.
There was some talk about paragraph which
appeared In the Charleston g. o. NecS, which
stated that $500 900 had been sent to New York 10
pay the interest on the bonds. but no action was
taken In regard to the matter
Mr.. DRAKE then offered the following resolutlonSs
which were unanimously adopted:
Resolved, That from information regarded by us as re.
liable, satisfied that the State o. South Carolina s
abundanty capable OF providing for the ulmcnt Of hcf
bonded obligation without overaxing her resources and
be IL further
Resolved That the failure to provide for the payment Of
the overdue interest bonds IL not due 10 any want
OF ability TO command the requisite for mat
the current fiscal year, been provided for the
purpose of sustaining the government OF tho State
and the payment OF the interest on her
debt; bat that the failure the part of the state to apply
such funds j. 10 be attributed 10 the Illegal and corrupt
misappropraton OF such funds by of the official con-
trolling the finances Of the State That VIII cooperate
with The citizens of the State, who believe TO be desir-
ability ami of providing for Just and economical admin
radon in the future, and oner such aid and encourage
ment rs mny be within our power
The meeting then adjourned to meet ut the same
place on Thursday next, at twelve O'Clock.