Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-10-30

! ry piece OF stock or bond cancelled
and fled in the treasury, which ha
been redeemed, or for which conver
sion stock or bonds have been ex
changed, has been separately AM
carefully examined, its number ant
denomination noted and compared
with the treasurer's registry of bond
and: stocks converted. By ehmina
ting from the bonds and stocks out
standing August l, 1868, and from
those printed since that period by
Messrs. Murphy's, Sons, of Philadel
phia, and the American Bank Not
Company of New York, such as have
been converted and cancelled, or can
celled unused, I have obtained com
plete registry Of the bonds and stock
outstanding at the present time: Th'
following statement will exhibit tn
present condition of the bonded debt
REcAPITUIATIoN.
MISREPRESENTATION bonded
adebt, outstanding Oct. 1873, So, ,76l, ,7l3 a
Post-reconstruction bonded
debt, ,firstsub-divisionou out
standing October, 1873 2,74S, $50 6t
Post-reconstruction bonded
debt, second subdivision,
outstanding, October, 1873, 9,34l,03S3 ~
Total, sI5,s51, ,627 81
1t will be seen from the preceding
statement that the bonded debt ag.
gregates SIS, ,s5l, 1927 IS, or $500 more
than the amount reported outstand-
ing on the 3lst of October, 1872.
This difference is accounted for by
the issue on the 18th of November,
1872, of $500 funding stock under
the acts of September and December,
1866. 1t will also be seen that l
have divided the debt into two his
torical periods, viz: "Ante-recon-
struction funded debt" orthe amount
of bonds and stocks outstanding when
the reconstruction. government as
sumed control, and st.reconstruc-
ton funded debt" or the amount of
bonds and stocks which bear the sig
natures of tie officers of the recon-
structed government. This latter
debt has been sub-divided as follows: !:
The first subdivision shows the float
ing debt contracted by the ante-re-
constructed government, which the
officers of the reconstructed govern
ment found outstanding when they
came into power, and which they
converted into funded debt by the
issue of bonds and stocks; the second
subdivision represents the funded
debt actually created by the recon
structed government, and for which
only they are entirely responsible
HISTORY OF THE BONDED DEBT.
Gov. Moses here gives long ac-
count o., the origin Of the ante-bellum
debt of the State.
The bonds originally issued under
the act of August 26, 1868, to redeem
the obligations known as the bills re-
eeivable of the State, amount to
S5eo, 600. These bills were issued
u ,der an act Of December, 1865. The
amount redeemable under the act of
1868 was 100000. Of this sum
1903 TO2 were redeemed by ex-Treas-
urer Parker, and $50 have been re-
deemed by the present treasurer. as
cash on account of taxes; there is,
therefore, a balance outstanding Of
81 ZIG. 1t appears by the report of
the financial agent, that these bonds
were sold for seventy cents on the
dollar, realizing $35O,0O0. The total
amount Of bills redeemed by the pre-
vious administration was, as before
stated, $298, ,7O2; there ought, there
fore, to have been a balance of cash
to the credit of this account on the
3Oth Of November, 1872, OF S5l, ,29S.
In comparing the aggregate receipts
and expenditures of the last admins
tration, this amount is accounted for
in the expenditure for general pur-
poses, still found it impossible to
ascertain the object of expenditure to
which it was actually applied. Under
the act of August 26, 1868, to au-
thoriza
A LOAN TO PAY INTEREST
upon the public debt, the American
Bank Note Company printed $2,000,-
900 in two issues. The first issue
amounted to $1,000,000. On account
of some alleged omission, they were
net considered salable as were other
bonds of the State. 1t was, there
fore, determined to prepare second
issue Of $l,OO0,000, and to retire and
cancel the first issue. Of said issue
S5OO,OOO were retired and destroyed
by burning, as appears by the certi6-
cate of five of the officers of the ex-
ecutive department; $4,000 were
cancelled and are on file in the treas.
ury; $45O,00O eoere never retired, and
therefore exist as debt of the State.
The entire amount of the second
issue was also negotiated. The total
debt created under this act then
amounts to S1,45O,O0O. Of this
amount $253, 900 have been cancelled,
and conversion bonds issued in lieu,
and $4,000 are outstanding in
their original form.
In order to ascertain what proper
ton of this debt is chargeabie to the
MISREPRESENTATION administration,
the following inquiries should be
made; 1st. The whole period in
months from the date tue interest
was last funded to the date to which
the interest was payable under this
act from the proceeds of the sale of
these bonds. 2. What proportion of
this period belonged to the ante-re.
construction period, aud what proper
ton to the post-reconstruction period.
The language of the act is rather
ambiguous, but taken in connection
with the recommendation of Cover
ner Scott. in his first message, which
recommendation it was the evident
intention of the Legislature to adopt,
il appears that the proceeds from the