The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-02-20
In 1871 for real estate for improve.
ments ......... ........................ 2.s77 25
In 1872 for real estate for improve

In 1871 on account Of public debt. ......
In 1872 on account OF public debt...... 4',12O OC
| This was partly for borrowed money for 1871,
I and In part for city stock In execution, aud fol
I damages incurred before our time. Ber1des Oul
| OWE expenses our treasury has been charged
with the county expenses for plankroads, hospi
| tal5 and almshous-s. which IL IL exp cttu to ot
returned to us In the course OF this year. and
with the State expenses for quarantine, which
| have ALI eahy been refunded, bu must be cred1fed
to 1873. The treasurer has also had the colltc
tlon OF the school tax, and has promptly paid the
proper drafts. he add5 this year 10 his general
report statement OF such accounts ss are due OF
| to become due in 1879 including the interest on
| the balance due the genera sinking fund, 3245
81. and the whole array OF city stock due aud be
coming due In 1878, amounting to $500. $50 II,
which statements presens the startling aegre-
gate OF S720, ,663 49, This seems TO hare srrtous
aspect, but 1t ls nothing more than the usual ag
gregate OF our difficulties. and not near as bad as
our situation this time last year. We entered
1872 with large arrears OF interests which we
have now discharged; for the balance due the
sinking fund we had more than the cash on hand
on The 1t January, 1873, but We have since de.
stroyed the city bill 81 yet our arrears OF taxes OF
1872 $50 682 OIL will be more than an equivalent.
Our only trouble Is the past due city stock, to
which I had already referred In my first annual
report. thin urged our citizens to come to our
rescue by the exchange OF such sock for non,tsx-
able coupons bonds, for the Issue Of which an
ordlnr nee was passed. This appeal has not been
responded to, but am happy 10 say that but one
or two holders have pressed their claims, and
fairly and lib rally dealt by tn syear. IL would
b. well, however, both for the holders and the city
that arI angements should be agreed upon.
THE SINKING FUND.
From The special reports it will appear that a
considerable change 10 The assets Of this fund
ring had been formed, and an ofrer was made to
our lamen ed Alderman Taylor, the then chair
man Of our ways and means committee, OF 80 per
cent for our Nashville and chattanooga stock.
The commissioners OF the sinking fund did not
acm this sufficient inducement, hut after ma.
IRE consideration concluded that II the highest
rket rate OF our city stock could be got IL
", d be q good and prudent transaction. After
ma anxious ne gothtops we 1nany obfai' ed
an {. oil 66 rer cent, the highest current quo
lation ior orr stock. There was serious doubt
On the minds OF the comm Bsontrs whether they
would have the power TO conclude he sale with
out the SPECIAL action OF Council but It WIS held,
to make the matter thus public would defeat the
main ohj=ct-the retirement OF an. equal amount
OF city sock-and furthermore, 1t was held, that
the duties Of The commlisio era prescribed 6y
ordinance OF 1857. conferred upon them by in.
ference the necessary poa er. But ao ve oil It
was deemed that their power was suf1lcelt un.
der the following resoIutloLs. which had never
been repealed, viz:
March 81, 1857 "Resolred, That the city treas
u er, By and with III CONSENT Of his Horor the
Mayor, he and ;s hert by authorized 10 exchange
any securities now In he possession OF The ely
for city sock. provided the same can be tnecsed
(Ausust q, 1881 'Resolped, That the mayor
AMI city treasurer be, and lhey are hereby au
thorlZsd and directed 10 sell and transfer from
time to time, as the committee OF ways and
stocks. or Of her securities, belonging to lhe ci
for the purpose OF paying demands against the
CITY ordered 10 be paid by Council"
In all these cons ultattOns the committee or
ND rnQ
resolved that 1t WAS necessary Tor the pubic
interest that we should take The responsibility.
The following are the attested minutes or the
committee and commissioner:
CHARLESTON, February 2l, 1872.
At q meeting Uf The committee OF ways and
means, held at the mayors once this day.
Present, Messrs. Pelzer, O'Neil, Smith, Sweegan,
the mayor and city treasurer, p J. O,ogan.
tained in 1855 SA-25 shares Ia The Nashville aud
Uhattauooga Railroad co npany, be sold at no
less tnnn IS per cent. That 1000 shares In the
stock OF The South Carolina railroad company be
used towards retirement OF our city stock.
FRANCIS PELzsR. Chairman.
Attest: E. F. SwEEaAN, secretary.
Upon this, Mr.. Alderman Simonds, president OF
the Flrsr National Bank, Was requested to pr.
ceed to New York and arrange the transfer and
payments. At his return he reported his success
W the following letter. viz:
FIRST NATIONAL BANK OF CHARLESTON,
CHARLESTON. March 70, 1872.
Hon. john A. Wdgener, Mayor:
DEAR sIR-l beg 10 report that concluded
roai 81 ock, on basis OF slOO. 900 cash. balance at
three. six ano nine months, as Instructed Dy the
sinking fund and ways AMI means committees.
Many difficult questions arose by reason OF
pu: chasers' unwillln9ness to leave collaterals In
the control OF the CITY ard for other reasons; but
finally on my guaranty, the details were satisfac-
tory arranged. The notes and colateral' were
placed In the hands OF Mr. Calhoun, president
Fourth Nation Il Bank, and nave no heslta lon
In saying that the payments Will ne met, and the
whole matter concluded to your satisfaction.
have the nonor TO be yours very respectfully,
ANDRRw s1aONDs. Alderm n Ward 8.
The stock has been transferred. the paym mt
received. and, upon the whole, the transaction
may be deemed completely successful, and very
much 20 the advantaRe OF the city. And then; to
puL the whole matter into such shape that
when the time had come to render an account,
the people should thoroughly compreh md i's
character, the city treasurer was requested 10
keen .eparata register OF t under the Lame and
ut @ siuK Klng Fund No. 2" ami an examination
OF his reports will Ishow III t Charleston has re-
ceIyed a fair equivalent for her subscription. A
concurrence OF favorable circumstances has eu-
abled us To uccompl sh 80 desirable transaction.
but without egoIism we may Claim the merlL OF
having had the nelvs and patriotism to take the
responsibility and the good sense 10 embrace the
opportunity. The general market quotation OF
this stLc; was furty per cent. at the LIME we 90.
tain, fifty five per cent. This advance over the
quotation was owing 10 The fact that the railroad
ring could nowhere else obtain Hucn | rye anu
conirol,lpg amount OF stock In one transaction,
which was necessary for their operations.
Our sinking fund has realized for the
above mentioned stock In cash 1895, ,128 IL
or this amount we have paid for S327,.
SB6 70 city stock. l6a.o1G ol
r,aS tI'' 10000 90
For expenses OF Ii Negotiation. .......... ITO so
We have received 10 Interest for pur.
chase city STOCK ock.................... o.iOo %
Leaving balance In cash.............. 43i 70
This balance will b. increased by the January
interest on the amount OF city STOCK redeemtd
and II our purchases OF city stock should demand
no higher ngure than hereI o!ore. our subscilp-
tion will have besn returned TO u5 mnre than DOL
lar for dollar.
The sluEing fund contains now, including some
pl, chases In the Curse OF last month, over 1ye
thousand dollars In city stock. would respecs-
which wi enable us 10 reduce our approprla'
tions for interest by over thirty thousand dol.
lars | would a.so recommend that tne re-
spec,ive amounts for old and new city bills be
abolished. tile last redemption Sol, ia TO- nlVlng
been DESTROY ed by the commissioners OF the sink
ing Iund, Thus our ciry dent will be 81. .724.29',
ia place OF So, 804 9H Al, as reported iast year,
and our interest per anhum aboLt $2I4 O0O, alter
all arrears have been discharged; In ls0o our
debt was 81 672G6 90; We are thefeloFe only
$5l, 1881 IL bryont obligations Oh tnat 3et,,;;
when we de- med ourselves rich and powerful
unto the independence OF natlon. IL IS Llue
onr real estate was lht valued at Leary twenty
ak Million but we have now luly 8s Rreit
incubation, AMI we have trade anu . III
merce exceeding that Of 1850 by nearly IhlrtY
n re,t Where can he the cause OF our despono.
rnc,p WHY did we at all redu e our real ValnesY J
Why 10 we de,lr to reduce them B'l iuflnelf
Recsuse we have no faith In ourselves; because
we are ni.judglug our re ources; beau we are