The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-07-25
The South Carolina Bonds.

An adjourned moeClnS OI tuc uolueto VI the
bonds of South Carolina was held at the office
of Drake Brothers, No. 63 Broadway, at noon
yesterday, with view of taking some united
action looking to the enforced payment OF the
interest on the bonds held in this city AT the
previous meeting it was clearly shown that the
resources Of the State were abundantly suffl-
cient to meet the indebtedness were the treasu-
ry not systematically robbed by the carpet bag
gers.
) A. A. Drake acted as chairman. After the
reading of the minutes of the previous meeting
by Goodwin Ward, Secretary, letter was read
from gentleman in Baltimore, reporting that
he bought bonds at sixty-fve, and when they
declined to fifty he wrote to Governor Scott,
asking if anything was wrong. The Governor
responded that the State was able to pay. The
letter refers to the commencement OF legal pro-
ceedings to compel Scott and his associates to
disgorye but they were deferred by the sudden
death of Mr.. Brent, the counsel for the Balti-
more bondholders. 1t appears that MIR. Brent
had ascertained where large amount of the
stolen money could be found, and he intended
to continue both criminal and civil proceed
ings, looking to the punishment of the often
ders and the recovery of the money misapplied.
A lengthy legal opinion on the subject OF the
rights of the creditor to recover from the state
was read from Ex-Governor Magrath, who adj
vises that Bill be filed in the United States
Court to compel the Agents of the State to
make a statement of the disposition OF the
funds, and that a prayer be also added
for an injunction, restraining them from
further misappropriation. The Governor, who
is one of the ablest jurists of South Carolina,
gives it as his opinion that the creditors would
in time recover, although it would require
lengthy litigation.
The following resolution was offered:
Resolved. That committee of three persons,
to consist of E. A. Quintard, E. B. Wesley and
A. A. Drake, be appointed to solicit the coop
Grafton of the owners and holders of the bonds
of the State Of South Carolina in the attempt
to collect the past due coupons, with authority
to engage counsel to commence legal proceed
ings against the officers of the State on its le-
gal financial bond. Also to raise funds
by subscription TO promote such proceedings
without delay.
Resolred, That all parties interested be ear
nestly requested to assist said committee by as
early subscriptions as possible.
MIR. w. r. Darling moved as substitute
that committee be appointed to confer With
the bondholders and report at another meeting,
which was carried.
Mr.. G. T.. Chichester, of Charleston, declared
that all the taxes have been collected, often
three times over; that they are not used for
the purpose raised; that for want Of funds
there is not public school open in the entire
State: that the lunatics would be turned out OF
the ASYLUM, and sent back to their respective
counties, to run wild; that the inmates OF the
prisons have been turned out, and the people
were poor, ruined in fact. 1t was necessary ii
any action be taken that it be at once, as the
Gubernatorial election occurs in October, and
the ring thieves, who are building palaces in
Ohio and other States, will not remain in the
State. Several other gentlemen urged imme-
diate action. Mr.. Underhill reported that they
intended to take out executions on property IN
this county owned by the ring.
The committee were instructed to retain Gov.
Magrath, of South Carolina, and Mr.. Herbert
as legal advisers The meeting adjourned, to
re-assemble next Thursday, at noon, at the
same place-Mew York Herald, l2th inst. 2.