The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-07-12
South CaroIi;nu Bonds.

".
yesterday afternoon. It was a gather.
ing OF the holders of South Carolina
State bonds, who have, owing to the
non-payment of interest due and undue
depression in the market value of their
bonds, been awakened into activity and
the necessity of doing something for the
restoration OF the value of their bonds
and the collection of the interest on the
same. They hold and prove. too, that
the State Is abnndaatly able to pay its
Donded Indebtedness, nnd also that it
would do so but for the political leeches
VINO are at Its every pore, surely and
steadily sucking it's financial life blood
up. FROM the speech of Judge Willard,
a synopsis of which is given below, it
will be seen how the financus of the State
are managed. Large Endorsements
have been received by the State, and
still she claims to be unable to meet her
debt; but the bond. holders intend that
she shall show cause for non payment.
Mr.. Drake, who was instrumental in
having this meeting called, was appoint
ed chairman, aud. ou assuming the
chair. said that the meeting had been
called for the purpose of adopting means
TO compel the payment of the interest
on the South Cnro!ins bonds. He then
introduced Judge Willard, of South
Carolina. who, in lengthy speech,
proved that tho Stare was able to pay all
it owed. He said:
The State is abundantly capable of
paying tho overdue interest on her
bonds. She Is successful aud prosper
Gus; her products fur exceed her ex-
penses; but she is paying exorbitant
rates Tor money-from eighteen to twenty
NI,.At, Al. CyI
last year nre sufficient to show that she
is able to pay all she owes. The tax
levy of November last for the previous
nine months amounted to 81 2OO. 600.
and OF this amount 100000 were col.
lected. The real estute tax was not en-
forced, but the deficiency was made ND
by the sales of June last, and hereafter
the deficiency cannot possibly exceed ten
pen centum. The sales of land in June
last for taxes amounted to 81, 100, 900 or
IL, ,2OO. .O00. These moneys have gone
to the treasury of the State, and if they
are not there-and they claim that they
are not-thcy have been improperly
withdrawn against the will of the people
OF the State, who nre willing to pay, but
who are being robbed by political
handitti. know of what speak when
say that If the moneys of the treasury
we're ten times as large the interest would
not be paid under the present admins
tratlon. LII conclusion, the Judge pro-
posed that tho meeting send delegate
to confer with the State authorities, as
such conference might lead to sue.
cessful elimination of the difficulty.
He stated that two injnnctions had
already been granted against the treu-
sury-one to keep the Treasurer from
recognizing the revenue scrip bonds.
which represent 81, 300. 900, and another
to prevent the payment of legislative ex-
penses, on the ground of fraud.
MIR. Hubert asked if bond-holders
could not take some action to prevent
the payment of fraudulent claims.
Judge Willard recon mended the hold
ers to cooperate with the parties in
South Carolina and aid them in suits
now pending.
Mr.. Hubert proposed to raise sub.
scription OF one per cent. on the bonds
represented. 80 as to secure the recovery
OF some 5000, 900 already taken from the
Treasury, but which could be easily
traced. He said he was confident that
the money could be- traced to some of
the highest officials in the State, and
that they should either be made to dis
gorge or go to prison.
| There was some talk about q para.
graph which appeared in the Charleston
Is. C.) Ne,cs, which stated that $500, 600
had been sent to New York to pay the
interest on the bonds, bu. no action was
taken in regard 10 the matter.
AIr. Drake then offered the following
resolutions, which were unanimously
adopted:
Resoloed, That, from information re-.
garded by us as reliable, we are satisfied
that the State Of South Carolina is
abundantly capable of providing for the
fulillment of her bonded obligation
without overtaxing her resources; and
bs it further
Resol0ed. That the failure to provide
for the payment of the overdue interest
on her bonds is not due to any want of
ability to command the resources reoui-
site for that purpose; on the contrary,
abundant means have, during the cur
rent fiscal year, been provided for the
purpose Of sustaining the government
OF the State and the payment of the in
terest on her debt; but that the failure
on the part of the State to apply such
funds is to be attributed to the illegal
and corrupt misappropriation OF such
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