Tri-weekly phoenix. [volume] ([Columbia, S.C.]) 1865-1875, 1872-05-02
COLUMBIA. S. G..
Thursday Morning. May 2, 1872.
The New city Bonds.


The Union pretenas that it is unable
to understand our position with regard
to the sole of the new city bonds. Our
previous article was intelligible enough
for any person Of ordinary capacity;
bnt, for the benefit of the Union, and as
we desire to say something further on
the matter any way. we will take occa-
sion to define our position, so that even
our aoayfaring cotemporary may not err
therein.
In our candid judgment, there is no
assured benefit to the city, no matter
what sum OF money may. be realized, by
the sale OF the bonds. AS much as
$175, 600 or 100000 may be received,
and pass into the control of tho Council.
and yet Columbia never have City Hall,
new market, or other adequate public
improvements. The uniform course of
Radical officials in this regard, III every
single moneyed transaction relating to
State or municipal affairs, does surely
justify serious apprehension on this
score. But, rs we said before, We be-
lieve that there are some colored MEM
bers, at least, of the present Council,
who desire to do what is right and for the
interests of the city. and we therefore
deem it preferable to take the risk of the
Council gobhling up the money or mis-
appropriating it, to the certainty of loss
which must ensue from o sacrifice of the
bonds.
II the bonds sell for very little. cr en-
inadequate sum, we can have NO City
Hall and Market, no matter how much
honest counsel may prevail among the
city fathers. If, on the other hand, the
bonds sell we'll. only the subsequent evil
conduct of the Council can prevent the
erection of the buildings. There is
chance here, however the ''preponder-
ance of probabilities" may be against it;
and, therefore, we hope that the bonds
may bring their worth, and will do what
we can to effect that end.
Surely our position thus far can be
apprehended by the most obtuse intelli-
gence.
Now, as to our suspicious of design
to "bear" the bonds, which the Union
also insinuates, were, not very clearly
stated. We are not much versed in
financial slang, but have understood that
the word ''bear" is used in contradis-
tinotion to "bull," and signifies, when
used in reference to bonds or other secu-
rites, to depreciate them, or depress
them below their real value. It was in
this sense we used it in referring to the
probable motive that actuated the report
of the Committee of Ways and Means
upon the resources of the oity. The
estimates therein contained, We have,
in our judgment, conclusively shown to
have been far below the proper figures.
This error was to be accounted for in
some way, and our suspicious nature. 30
prompt to take alarm when We see Radi-
cal officials and public moneys in danger
OF collision, led US to see design to
"bear" or depreciate the bonds.
There are two ways in which the city
can be swindled in connection with the
new bonds. The one is by scheming
soamps ''conniying, colluding and con-
spring together" to depreoiate them,
that they may be purchased at a price
far below their value. The other is, by
the same scheming scamps, or others
equally reprehensible, making way mys.
teriously with the proceeds of the bonds.
as was done with the $3.50. 900 lest year.
There seems to us more danger of the
first method being attempted at present,
or. at least, Of it's being attempted fret.
We, therefore, shall now turn our batte-
ries against that objective point. When
that danger is removed or avoided, and
the bonds have been sold and the money
paid into the City Treasury, we will then
give what aid we can to those who desire
to SEQ it honestly applied to the purposes
for which it wee expressly designed by
the Legislature, when the Act authoriz-
ing the sale Of the bonds was passed.