The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-07-12
SOUTH CAROLINA BONDS.
THE NEW YORK BONDHOLDERS--AN
ANXIOUS lind UNHAPPY CROWD.

ANXIOUS lind UNH4PPY CROWD.
Sayings and DoIngs at the Meeting on
Monday Last-Whnt Have the Ring
Done with the Peoples Money y:-Join-
ing in tho Suits against tho Ring
OficIals-Carolina Cnrpet-BaSgers to
be Bagged-Hoyv About that $500, 900
that was sent TO New York:
1t has been announced by telegraph that
meeting was held on Monday, In New York, of
the holders of South Carolina bonds to take
action with reference to the non-paymeut Of
| accrued interest. The New York Herald, Of
Tuesday, gives the following particulars:
! What night well be called an indignation
meeting was held at No. &c Broadway yester.
Gay afternoon. 1t was q gathering OF the
| holders Of South Carolina Slate bonds, who
| have, owing to the non-payment OF interest
| due, and an undue depression ln 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
aoundantly able to pay its bonded indebted.
ness and also that 1t would do 80 but for the
| political teaches who are at It's every pore,
| surely aud steadily sucking lis financial life
blood up. From the speech Of Judge Willard,
| v synopsis Of which is given below, 1t will be
seen how the hnances of the State are man.
uged. Large Endorsements have been re-
ceiVed by the State, and still she claims 10 be
unable 10 meet her debt; but the bondholders
| Intend that she shall show cause for non pay
| ment. Aoout twelve bondbolders were pres
ent, representing about s2,000.00O of the
| $a 600, 900 worth of bonds supposed to be
represented In this city.
| THE PROCEEDINGS.
Mr.. Drake, who was instrumental in having
this meeting called, was appointed chairman.
| and on assuming the chair said that the meet
Ing had been called for the purpose OF
| adopting means TO compel the payment of
the Interest on the South Carolina bonds.
He then introduced Judge Willard, OF South
Carolina, who, In d lengthy speech, proved
that the State WAS a3le to pay all II owed. He
said:
The State Is abundantly capable of paying
| the overdue Interest on her bonds. She is
successful and prosperous; her products far
exceed her expenses; but she is paying exor-
bilant rates lor money-from eighteen 10
twenty per cent. The statistics of the Safe
tor last year are sufficient to show that she is
able to pay all she owes The rrs,oas tax
niue months amounted to sl,2O0,0OO, and
OF this amount 100000 were collected.
The real estate tax was not enforced,
but tho deficiency was made up by the
sales of June last, and hereafter the deficiency
cannot possibly exceed len per centum. The
sales OF land in June last Tor lakes amounted
TO sl.lO0,00O or sl,2O0,0O0. These moneys
have gone 10 the treasury OF the State. and If
they are not there-and they claim that they
are not-then they have been Improperly
withdrawn against The will OF the people OF
the Stale, who are willing 10 pay, but who are
being roobed by political bandtti. know
of what speak when say that If the moneys
OF the treasury were ten times as large the
interest would not be paid under the present
administration. In conclusion the Judge pro.
posed that the meeting send delegate to
confer with the State authorities, as such
conference might lead TO successful culmi.
nalion Of the difficulty. H. stated that TWO
injunctons had already been granted against
the treasury-one to keep the treasurer from
recognizing the revenue scrip bonds, which
represent sl.SOO,OOO. and another 10 prevent
the pay mrnt Of legislative expenses, on the
ground Of fraud.
Mr.. Hubert asked If bondholders could not
take some aclion 10 prevent the payment Of
fraudulent claims.
Judge Willard recommended the holders to
cooperate with the parties In South Carolina
and aid them In suits now pendiDQ.
Mr.. Hubert proposed 10 raise subscription
of one per cent. on the bonds represented, 20
as to secure the recovery of some $4,000
already taken from the treasury, but which
could be easily traced. He said he Was conf
dent that the money could be traced to some
OF the highest officials In the state, and that
they should either be made to dssOrge or 60
to prison.
There was some talk about paragraph
which appeared In THE CHARLESTON 6. Co.
NEWS, which slated that $500, 900 mad been sent
10 New York TO pay the Interest on the bonds,
but no action was taken In regard to the mat
ter.
Mr.. Drake then offered the following resolu-
tlons, which were unanimously adopted:
Resolved, That from Information regarded
by us as reliable, we are satisfied that the
State of South Carolina is abundantly capable
of providing for the fufllment of her bonded
obligation without over-taxing her resources;
and be 1t further
Resolued, That the failure to provide for the
payment OF the overdue interest on her bonds
Is not due to any want Of ability 10 command
the resources requisite for that purpose; on
the contrary, abundant means have, during
the current fiscal year, been provided tor the
purpose OF sustaining the government of the
State and the payment Of the interest Oil her
debt; but that the failure on the part of the
State TO apply such funds ls to be attributed TO
tho illegal and corrupt mlaappropriation of
such funds by some OF the officials controlling
the finances Of the State. That we will CO.
operate with the citizens of the State, VINO We
believe to be desirOus oil holding the default
ing officials to legal accountability, and ofpro-
vidpg tor q just and economical administra-
ton In the future, and offer such aid aud en-
couragemeut as may be within our power.
proposition WAS made to raise fund for
the legal proceedings by an assessment not
to exceed one per cent. upon the par value OF
the bonds. Action on this was deferred till
the next meeting, when 1t Is hoped that
larger numoer of the bondholders will be
present. The meeting then adjourned Till
Thursday.
The Herald, In lts report of the stock market
for Monday, says:
The Southern State bonds were generally
dull and steady. The South Carolinas were
irregular, the old bonds being firm and higher
and the new weak and lower, the July Issues
falling to 272 4 meeting Of the bundhold-
ers was held to-day, at which the assertion
was made that the floating debt OF the Stale
had been Increased couple of millions by the
issue Of certificates Of Indebtedness. This
statement caused the decline In the new
bonds. On the other hand the holders of the
old bonds were quite sangutne OF their ability
10 compel the State to pay them their interest.
Hence the f1rmer feeling noted In the latter
securities.
The Latest-By Telegraph.
NEW YORK, July II.
There was an adjourned meeting OF the
South Carolina bondholders held to-day. The
object of the meeting was to take concerted