The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-07-16

hard Tor US to adopt. but I think it our
duty, and SO l trust will you and the
entire Democracy of Delaware. Your
friend, sincerely, r. +. BAYARD.
"1LMISGroN. July IL, 1872.
THE BOND HOLDERS IN CoUNCIL-TuE
SOUTH CARoLINA RING TO BE Prosecuted
THEIR PROPERTY IN NEW YORK TO BE
SEIZED. An adjourned meeting of ths
holders of 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 abunduntly sufficient to meet the
Indebtedness. were the Treasury not
systematically robbed by the carpet bag.
gers.
"A. A. Drake acted as Chairman. After
the reading of the minutes Of the previ-
GUS meeting by Goodwin Ward, Secre-
tary. letter was read from gentleman
IN Baltimore. reporting that he bought
oonds at 65. and when they declined to
5O, he wrote to Governor Scott, asking
II anything was wrong. The Governor
responded that the State was able to paw.
The letter refers to the commencement
OF legal proceedings to compel Scott and
his associates to disgorge; but they were
deferred by the sudden death of Mr.,
Brent. the counsel for the Baltimore
bond-holders. 1t appears that Mr.. Brent
had ascertained where large amount of
the stolen money could be found. and
he intended to continue both criminal
and civil proceedings, looking to the
punishment of the offenders and the re.
covery of the money misapplied.
A lengthy legal opinion OIL the subject
OF the rights of the creditor to recover
from the State was read from ex.(1oy.
Magrath, who advises that bill be filed
in the United States Court to compel the
agents OF the State to make statement
of the disposition of the funds, and that
prayer be added for an Injunction re-
straining them from further misappro
priaion. 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.
Ihe following resolutions were offered !:
"Resolced, That committee of three
persons. to consist of e. A. Quintard,
Il. B. Wesley and A. A. Drake, be 40.
tOAheSA w oOllStv LuC CO-OD6TUClOQ Oh Tue
owners and holders of the bonds of the
State of South Carolina in the attempt
to collect the past due coupons, with au.
thurity to engage counsel to commence
legal proceedings against the officers OF
the State on its legal financial bond.
Also. to raise funds by subscription to
promote such proceedings without delay
"ReSolred, That all parties interested
be earnestly requested to assist suid COM
mittee by as early subscription as posi-
ble."
MIR. w. 4. Darling moved as substi-
tute that committee be appointed to
confer with the bond-holders and report
at another meeting. which was carried.
The committee consists of Messrs. E, A.
Quintard, e. B. Wesley, William r.
Darling and A.HA. Drake, as &c otficio
members.
Mr.. @. E. Chichester, of Charleston,
declared that all the taxes have been col.
iected, often three times over; that they
are not used for the purposes raised :
that for want of funds there is not q
public school open in the entire State;
that the lunatics have been turned out
of the asylum, sent back to their re-
spective Counties, where they run wild; !;
that the inmates of the prisons have been
turned out. and the people we're poor,
ruined, in fact. 1t was necessary, if any
action be taken, that it be at once, as
the gubernatorial election occurs in Oc-
tober, and the ring thieves, who are
building palaces in Ohio and other
States, will not remain in the State.
Several other gentlemen, including
Messrs. Herbert and Underhill, urged
immediate action. Mr.. Underhill re-.
ported that they intended to take out
executions on property in this County
owned by the ring.
The committee were instructed to re.
tain Governor Magrath, OF South Caro-
lima, and Mr.. Herbert as legal advisers.
The meeting adjourned to re-assemble
next Thursday, at noon, at the same
place. e.-New York Herald, 18Th.
Not satisfied with sustaining and up
holding the carpst-bag plunderers in
North Carolina, until they have increased
the debt of that Slate from $4,000, 600
to over $36, 200, 900, the Grant Admins