The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-16
THE GENERAL ASSEMBLY.
TIE sTocK-JoBsERs' SCHEME.
Details of Mr.. wesIey's Nice Little
Game-A Few Triding Objections
The eAppropropriations- New Pro-
position to Adjourn, &C., &c.
rpeow ouR OWN CORRESPONDENT


rrRoM OUR OWN CORRESPONDENT
COLUMBIA, 8. c., February IA.
Among the many and ingenious gentlemen
who have proposed from time to time to
straIghten out the finances of South Carolina,
to make her pecuniary goose hang high, and
her monetary desert to blossom like the rose,
the latest and most ingenious is Mr.. E. b. Wes-
lev. of New York, ex-editor of the New YORK
Times and present trustee Of the Union Trust
COMPANY. The advent of this gentleman is
opportune. The changes had been rung so
often on the old devices for solving this fnan-
cial problem that they were getting tiresome.
Almost every pale-faced member of the Gene
raj Assembly had ventilated his little game,
but still nothing was done, and the monotony
was getting tiresome. Dennis, Bowen, Yocum,
Leslie. Owens, Arnlm, Whittemore, and half
a dozen others, had Illuminated their censures
Of the State officials and propounded cures;
but somehow the members didn't see 1t, and
iu the meantime the State officials pursued the
even tenor of their way, the United Brethren
fought nobly, and the financial eg mnddle se%aln
ley. This estimable gentleman comes to
Columbia carrying In one hand pc
tition signed by eighty-two quakipg
bondholders In New York City. and
In the other hand till which ne proposes
soon to Introduce in the lower house, and
which is to settle the whole matter. This
potent device IS entitled "a bill 10 consolidate
the debt of the Stale, and to provide TOR the
payment of the same" and Is as follows:
The preamble recites that, by virtue OF GER
tain specified acts, State bonds TO the amount
of s., ,54l 900 have been issued and sold, and
bonds to the amount of s3,773, 900 have been
issued aad pledged for loans, making with Inc
ante-War bonds an aggregate OF SIS, 767, ,908 SO;
that most OF these bonds have been sold at
prices far below their par value, and tnat the
holders Of several millions OF bonds have peti-
toned for the consolidation OF the debt. The
bill provides In Section l, that The financial
board issue slO,OOO,o0O of registered stock,
having twenty years to run, and bearing inter-
est at six per cent, payable quarterly, TO De
delivered to either the Union Trust Company,
the United States Trust Company, the Far
mers' Loan and Trust Company, the Ma1hat-
merce, or the American Exchange National
Bank, all OF New York, to be disposed of In
funding and retiring the present deot OF the
State, as afterward provided. Section pro-
yides for lax of four mills on the dollar, or
such other tax as will produce at least $780,
bank or trust company designated for these
purposes, aud used for the payment OF inter.
est On the new stock, and for the creation of
q sinking fund. Section provides that the
new stock shall be signed by the Governor
and treasurer. and couutersigned by the presl-
deEt, secretary or cashier OF the bank or trust
company. Section appoints Messrs. James
I. orr. John B. Palmer aud L. D. Childs, with
two citizens of New York to be selected BY
them, q board Of commissioners to BIT IN New
York to investigate aud pass upon the validity
of bonds offered In exchange for the new
atcck, and requires them TO certify their de-
cislon upon each bead presented, provided
that the holder of the bond signify In writing
his intention of exchanging IL for the new
stock. Section requires the Institution de-
sIgnaGed as above to deliver to the holders OF
State bonds certified as above, upon the pre-
sentatlon and cancellation of the same, regis
tered stock at the rate of seventy-fve per
cent. OF the par value of such bonds. Section
8 provides that bonds hypolhecated as securi.
ty tor loans may be exchanged for stock at
the rate of seventy-hve per cent. OF the par
value of the bonds. the loans being paid
off at the same time with new stock at eighty
cents on the dollar Section Z extends the
operations of the act to the exchange OF ante
war bonds at the same rate "a above spsclnea.
Section 9 provides That the funds raised by the
tax above prescribed shall Do appropriated,
first, to- the payment OF Interest on Inc new
stock; second, to the payment OF interest," sI.a On
to the retirement OF portions OF the debt Of
the State Section IL provides that no more
bonds of the State shall be Issued unless ap-
proved by two-thir1s vote OF the quat1hed
voters OF the Slate, at q general election. Sec
ton IL appropriales the sum OF $l0,o 10
delray the expenses OF carrying this act Into
effect. Section Is repeals the various acts
providing for the issue Of sonds, and all other
acts inconsistent with this one.
There are only three or tour surmountable
objections to the success OF this DILL In the pre-
sent Assembly. In the first place, the proposal
to issue ten million dollars worth OF new
securities, upon any pr.text. would be fatal to
any bill containing II, In the present temper OF
the Legislature. Next, the commission pro-
posed to be created by the bill will be regard
ed as sort OF rowing committee, with power
30 spend considerable POI Ion OF the reaoy
money In the treasury, and with little prospect
OF doing the individual members OF the AS
sembly any good. Then the bill does not pro-
vide for the payment oil existing legislative ex-
penses, and 1t comes In collision with certain
bills that do make such provision. The epd
of the session is approaching, and there ID
lust at this moment NO possible question 30
dear to the heart of every member OF the
General Assembly as The exchanging for
ready cash OF his little collection of ''pay
oertifcates,n and any measure which looks to
this result is pretty sure OF passing. Every
thing just now depends upon this very ques-
tion. II the members could get Their pay to-
day they would adjourn the Legislature to-
morrow; but they cannot, and the strong
probability is that they will not be able to
until certain financial bills, introduced last
week, hsve gone through the two houses and
received the Governors approval. In the or
dinary course of human events 1t will take ten
days to accomplish this result, and this being
the l4lh OF February the probability ls that
this model Legislature will be ready 10 ad-
journ by about the Oath. The Senate to be
sure Is pledged 10 adjourn on the l6lh, but
this amounts to precisely nothing, and the ad-
journment of boih b. snches will undoubtedly
take place brtween the 24>h OF February and
the I'd of March.
The proceedings to-day In the respective
branches OF the Assembly were of the usual
sort-routine work and but little excitement
In the Senate and wilderness of talk and
but little business In the House. The latter
began operations on the bill recently intro
dueed by Nenemisa providing for the payment
of salary OF $1,000 10 the members Of the
General Assembly Instead Of u per dien. allow
ance as at present. An amendment wa. pro-
posed making the salary $500 Instead oil $1,000,
which proposal brought u dozen members to
their feet, among them Mr.. Mobley, who de-
.olared that frst-class men could not be had
for $500 sessiun. rome further debate en-
sued, whice was interrupted by the special