The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-07-30
The State Finances.


ker sat public meeting Of the citizens OF
"Columbia, July S, 1872" as printed in
pamphlet form, for the double purpose OF
iustifying his official acts and of explaining
his claims to denomination. His confessed
riches and his alacrity in paying the little
bills OF the members Of his party, as long as
any money could be begged or borrowed, are
doubtless strong reasons why, like President
Grant, be should be candidate for a second
term, but there is nothing in his conduct to
Justify him in expecting the support OF the
Conservative voters OF the State. If nomi-
mated, it must be by the Radical ConVen-
ton. II elected, 1t must be by the Radical
voters. MIR. Niles G. Parker, as Reform
candidate, will not do. The Conservatives
are willing enough to put party politics
aside, aad will vote for any ticket shown to-
be worthy OF their suffrages. But they must
draw the line somewhere. And they do 1t.
It will be noticed that Mr.. Parker rehashes
the stale charge that the Democracy OF the
State are responsible for the collapse OF the
State finances. We thank Mr.. Parker, as
we have already thanked Governor Scott.
for placing on record the fact that more than,
three years ago The CHARLESTON News gave
warning that the white people Of South
Carolina do not hold themselves responsible
for the fraudulent transactions OF govern
ment in which they have no representation.
Had the people then sustained The NEWS,
instead of denouncing it as a disturber OF
the public peace, ten million dollars would
have been saved to them and us. Yet we
can clearly show that the breaking down OF
the State credit is not the result Of any local
movement or political combination.
In spite OF the warnings and advice OF
THE NEWS, and of few staunch men, the
credit of the new government became firmly
established. The price OF State bonds
steadily advanced, 30 that, as late as June,
1870, they sold at 81. By this time, the
articles of THE NEWS, OF which the State
officials complain, had all been printed, and
the threats of reputation had all been
uttered. Nor had the emission OF the new
bonds had any effect, as, by tue day named,
eyery act, with one exception, under which
bonds of the State may be issued had be-
come a law. It had been shown by TIE
News that the debt was rapidly increasing,
that the current expenditures were enor-
mousy large, and that the true condition OF
the State finances was studiously concealed
And yet, in June, 1870, the State bonds were
among the eighties. But in April, 1871, the
bonds had fallen to co. and in the following
month the Taxpayers Convention was held.
That Convention did not strike at the State
credit. On the contrary, it affirmed and
recognized the validity OF the public debt as
reported to the Convention. by the Comp
troller. General. A few months later the
Chicago fire occurred, and State bonds fell
to Al. This was before one word had been
publicly said about over-issues. We can,
therefore, establish that the reputation
agitation in 1868 and 1869 did not prevent
the bonds from rising to between 80 and go;
that, in the absence Of all agitation, the
bonds declined to so; that the Taxpayers
Convention recognized the entire debt as
reported to it, which recognition caused the
price Of the bonds to advance; that, under
the revelations made by Governor Scott him
self, and under the suspension OF interest,
the bonds have fallen to rs and so.
These facts show that the charge that the
people 9th State are to blame for the hnan-
cial smash in South Carolina is smiserably un-
true. The causes Of the collapse are the
extravaganza and downright rascality OF the
gang Of adventurers who for years have
lorded it over the State.