The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-11-15


4uent to 20tll December, 1860, were is-
sued and used in aid of the rebellion,
was postponed until the regular session.
At =. M tho House adjourned un-
til Monday next, at z. NJ.
-
THE LAND Scnp. Union lie, uhi
gives the following as the result of the
conference Of the Legislative Com-
mittce with State Financial Agent
Kimpton:
The committee appointed by the
General Assembly to confer with the
financial agent. in regard to the suie of
the agricultural land scrip. aud the in
vcstmcnt of the proceeds OF snch sule,
performed that duty yesterday. hy call
ing upon Il. II. Klmpton, E,4 at his
rooms ut the Wheeler House The
salient points, given as tue result OF tho
com mitteo's iryostigntious, which vii
be made public in few days, we nu.
dcrstand. are AS follows, viz: Iu Octo.
ber, 1870, according to the report made
to the Comptroller General ut the titue,
S130, 500 was renlizel from the sule of
such scrip. By order Of the Board, this
amount, 1t is testified, was invested in
Sl91. 500 of tho South Carolina bonds,
aud, We learn, OF that class whose valid-
ty has never been called III question.
These bonds were purchased, il is fur
ther stated, directly from tue State; the
State reuliziug I'LL tho advantages from
this salo und exchange, viz: $3.50, 500.
About year and half after this pur.
chasc-during the great stringency in
| the money market, ut thut time, and
after the State had failed to pay its 10 :
terest, and consequently rapid decline
following in the price Of bonds-to save
the forced sale Of about 50 100000 OF
bonds, held as collateral, and which
would have entailed heavy loss TO the
State. the financial agent raised S57,
$40 on the agricultural land scrip bonds
as collateral, under authority of an Act
authorizing him to pledge any bonds
the State may have, that were in the
possession of the agent as collatorals.
This S57 $40 was paid, it was stated, on
account of State loans above referred
to, and thus saved ths forced sale of the
80, 900. 900 Of bonds. The State, ihere.
fore, it would seem from this testimony,
has realized $13O, 500, and also the $57,
$40. amounting to $18S, ,040 in the ag.
gregate. It is, therefore, evident tha,
the State has only to return the S57,
$40, and interest at seven per cent. tc
accomplish the release Of the agricul
tural scrip bonds. In addition to the
above, we are informed that there has
been returned to the State treasury
Sl1, ,0J0 OF the coupons. and on January
L, 1874, there will have accrued S29, ,77C
interest due, for which the coupons are
now upon those bonds; nearly half the
sum required to effect their reliuquish
ment.
From the statements of Air. Kimptou
before the committee, it appeared thai
he had, all through tho various wind.
ings and difficulties attending finance
and tho raising of money for the State,
been fully impressed with the sacred
ness Of this class Of the State securities
and not uatil the State was pressed by
the EXTREMIST emergency did he think
Of hypothecating them in auy manner
and then only 10 save the large amount
referred to.
In connection with the foregoing
brief synopsis of his explanation, h,
also testified that he only charged sever
per cent. for advances made upon th est
bonds. while the expenses Of the loans
according to his testimony, including
the rates during the late panic, wcr,
three times that amount.
COLUMBIA. S. c., Nov. IA. 1873.
MIR. EDITOR We have seen with re-
gret and surprise, that statements hav,
been publicly made, affecting the in
tegrity Of two of the Justices Of the Su
preme Court Of this State. in connection
with the recent suit OF Messrs. Morton
Bliss & Co. against the Comptrolle
General. Such statements, if true, or i
believed TO be true, are blow ut til,
safety Of every important interests Of so
| ciatY Il Is hnt inst 10 tha induan II