The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-01-23
That rtAsaet Wis sEsGifssITII.. z : ''T'
The correspondent {"Picket'') OF tb,
Charleston NeDs saws. n 6,ti i.s,,,ts.gn

- ttAn9nfrall
relative relative 70 the recent visit to Columbia Of Mr..
wesley, OF the Union Trust Company, New
YORK, Snd hte proposals in reference to the
Ws.av HI sne State debt It appears that
With the late Mr.. Henry J. Raymond in the
Proprietorship OF the New York Times, and is
now fnancfer OF considerabl renmtat;on
ana tr director Sf the Union Trust Company,
number OF other New York stock -iobbern
with whom he had been in consultation. than
OF tne trust Company, and his project ia in
1enaed; at; ss no ssys, mainly for the benefit and
sition Was not, as had boen informed. to in.
olude the whole debt of the State in tie fiftv
per cent. funding measure, but only those
ooaas a issued since 1868. The ante.war debt
ton standing much higher in the market
then tne new bonds, ). he proposes to discrimi-
nate In their favor, and scale them at seven.
on1 gents .S on the dollar while he would
reduction. Mr.. Weeley came here nSter fnIlv
maturing this plan in Now York. and claims
10 nave secured the endorsemept Of every
oondcnoideT nemi in Now York, with the single ex-
folded the project to Colonel Palmer and
colonel Childs. the Presidents respectiyelv Of
the central and CaroIins National tanks hero.
t;na ana had as several full and extended conversa.
gentlemen approved OF Mr. WesIey's scheme
anu arranged for an intet view with the Go'
vernon upon the subject. This interview was
sy nao oy Mr. wesley, and tho Governor very
he constituted only one branch OF the oovarn.
ment, and that there might be some d1f;cnItv
In passing rhe requisite legislation Unon
Snis. mr.. Wesley loft for New York, rin
SnarieHton, and promised to have a Hill
drawn up by able counsel for presantst;or ~, ~
tne assembly, which he il confident will nc
comphsh tho desired result. It Will OF
6c%aa, 6%a,", oe necessary, in order to secure con-
Legislatures from, issuing more bontIs ana :,
10 10 Mr. Wesiey's intention to draft a bill SIM.
Lar IN substance to one passed in Nav yorL
;" ?"m,e years ago, which will require future
majority vote of the people OF the Who'll St.ts
nj general or special election held fnr thai
purpose. oA '""'
The correspondent Of the Courier says.
,. since my iast letter, 1 have learnt some ad
nitional PARTICULARS about the proposed pro.
!Ie1 r,e iUr fe%ancing % the debt of the state The
pau PIE was nrst thought OF by Mr. Wesley an
oncer OK the Union Trust Company. who rem
tssenIs large number of bond -hoderA In
new YORK, 1t is proposed to get tho holders
10y y, Stu.n uarohna bonds, which are now al
most worthless, TO consent to receive in CT.
onange ior their securities q new puaranteed
ISSUE, as the Following rates: For 800 bond
Issued prior to 1868, SIS; for 500 bond issned
n;, % ioooI soo. This plan,it is contended,
as will more than compensate the hoIdors for
the reduction - s. lFt' : - ' 'A' Ao'oots iof
In order to perfect the plan, it is necessary
ao A"t 20 ge. the General Assembly pass
bonded debt; and Mt. Wesley having had ~,
interView with the Governor and nnmber ~
tne leading capitalists In the State. has re-.
seans - TO New York. fr the purpose OF taking
lore this can be perfected, however il 10 mr..
posed to take the Fin. ncial Agency or tha
STATE from the hands of the cherub Kimpton
aug place 1t In the hands or an institntion
which Will give credit to the State.
commenting on the above scheme, the
Charleston Ne os we'll says:
THE FINANCIAL ExpED1Es1s OF rur p,v,
FROM BAD TO WoRsE.-Ihe new scheme ~
hnanciai adjustment" which il said tn have
received the approval OF Gov. Scott. and tht
uetalls OF whicn are given in our Columbia
aoss.;ponIenoe q s.e;Ipa printed in another column, is
ntsln8 climax to the system OF orcanized
roooery by which the Columbia ring. with the
assistance OF venal and besottcd Lecisla
tnre, have saddled the State with an over-
SSna.ig SyNword &, deGt, ana made South Carolina
mapkind. The rascally clique OF which Gov.
SCOTT II the head ale at las. thorouchiv
. IIiSnsened ut tho appalling proportions Of tie
On Oomsauons which their frauds and misma.
case is desperate, and they clutch at q desne.
rate remedy. They know that they have
dragged the State to tho verge OF Dankruptcy.
naas.;ey ana sney are ready. without moments com.
pnnction, to dtshonor her good name. as tbev
;'sys Destroyed hor credit. They care not uo
?ot VINO suffers, or what Infamous means NAV
oe employed, provided they can seem to suc
ceed III wiping out ten or twelve millions Of
the enormous public debt, tho existence Of
which, as things stand, the, ara unwilIinr tn
tacs aud acknowledge. and yet utterly unable
TO deny or explain away. But tho scheme on
whioh, Just now. the members of tho ring
seem to rely with 30 much confidence, will moi
avail 60 save them. Concocted, as it il, in the
interest of gang of stock jobbere, who have
bought up the uncertain millions of tho seen
ii"s r. o. the State for song, no wonder that
shameful disregard Of tho rights and iust az
peotatlons OF the honest bond holders. It il
some comfort. however, to know, even from
the meagre outlines Of tho scheme which
nave reached Us. that it is likely to prove as
impracticnDle In execution as it was unjust
anu corrupt In conception.
COLUMBIA, q. c., January %, 1872.
EDITIONS PHRAIx: As much as I dislike to
appear 10 the newspapers, feel bound to ex.
m ~ Ar&