The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1872-01-18

it specified for what purposes said Bonds
were to be negotiated, as follows.
For nay't of Inst on Pub. debt $1,000, 900
Relief of State Treasury 100000
Redemptn of Bills Receivable. 100000
Land Commission. 100000
Total So, zoe 600
These bonds were to be sold at the high
est market rates, and at price to be agreed
upon by the Financial Board through the
States Financial Agent, Fl. Fl. Kimpton of
New York.
Turning to page 152 Of Reports and Rcso-
lutionsof the General Assembly, for the scs-
sion of 1s69-7O, we find that after acknowl-
edging the receipt of s2,7OO:OO0 of State
bonds, Mr.. Kcmpt"n credits the State
by sales of 100000 of Bills Receivable at
20 cents, $4,000; and on page III of the
message and accompanying documentsto to the
Legislature, of 1870 and 1871, we find an
other entry of: "By 100000 South Caro-
lima Bonds sold, 100000. These two en-
tries are dated respectively, September and
October 1869, and demonstrate conclusively
that the Bonds of this State were worth at
that time 70 cents on the dollar.
These were the only sales reported up to Oct.
1st, 1870, and at that time Mr.. Kimpton
acknowledged to have received only So 3,2o0;-
900 in State Bonds.
1t follows therefore, that the total amount
of bonds that should have been issued in Or
der to have raised S3.200:000 in money,
should have been s4,1GO,000, as the discount
was only so cents on the dollar, which add
ed to the Sc, 200, 600 would sum up 81, 100
900.
These being the only sales reported, and
these being on basis of 20 cents on the
dollar, it is but just to argue that all Of the
other bonds were sold at that price, because
they were all in the hands Of the Finl Agt.,
and Governor Scott admits that S9;514;OGO
of bonds have actually been sold. Taking,
therefore 70 cents as basis of calculation
we discover that instead ofrealizing So ,2OO,-
900 in money, $6,S59, 500 has been raised.
Ifany of the bonds were sold at greater
discount than 30 cents, the transaction must
have taken place either before or since kimp-
tons report.-They were certainly not sold
before, for in Oct 1868 Kimpton receipts
for 81 100000 in bonds, in June 1860 for
S1,OOO,OOO, in September 1869 for 100000
making in all $4,000, 900, which, according
to his statement he received up to October
1st 1870. How does this tallcy with Cover
aor SCOTS message e? He says. "In the
fall of 1861 visited New York city for the
purpose of borrowing money on the credit Of
the State on coupon bonds, under the provi-
sions of the Acts of August 2Gth 1868. |
had the assistance of Mr.. H. II. Kimp-
ton 4 x after much effort succeeded in
borrowing money at the rate of .tonr dollars
in bonds for one dollar in currency, and at
the extravagant rate of IS per cent year
for the money loaned.
Take Mr. Kimpton's report first above re-
Serred to and compare that statement with
the Governors. Recollect that the Govern
or had Mr.. Kimpton's assistance, aud thut
Mr.. Kimpton had s1,5O0:O0O of bonds at
that time, and yet not single bond was sold
until September 1862 as far as we have any
evidence; and although, on page Of the
special message we see the Governor saying:
aIndeed this very act in unmistakablc Ian
snage excludes the Executive from all con-
troll over the negotiation Of loans" by impos-
ing that duty upon the Financial Agent. yet
we find him on page7 saying: IL visited
New York for the purpose of borrowing
money on State coupon bonds" and ofeffect-
ing a loan after much effort and judicious
management.
If therefore the s9,514,OOO of bonds were
issued under the negotiations made by the
Governor in the fall of 1868, they are roid ly
his orn contession, and lie is alone responsible
for hcir issue since tie laac forbade his hav-
ina a.,y control orcr iState Negotiations. IF
they were negotiated after August. .26th 1870
they are equally void under the same law
IF the negotiations were made in the fall Of
1868, where we're the bonds from that time
up to the time when Kimpton received them,