The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1873-10-21

ioia'........ l6G2S7 S5
The total amount converted was Sl56
6T3.4l, as follows:
Bonds maturing In 1857 S4S 6no on
Bonds maturing In lS9I 9I...., sa0 O0
stock mAtGling In 1881 ........ 66gnD Al
HlO6,OIS I'll
Tho total balance an,sia.di.s 80 bt,ooo,
6l3.94, as follows:
Bonds maturing in 1857 ~ A4Sa4oO 90
honda maturing In 1897 I............. 46S 500 OO
Stock maturing In lsSI ............ Tpil8 V4
Total ................... sI.OO0. .6l8 %
These two acts authorized the funding of
the interest due upon the outstanding bonds
and stocks to the lst July s67 amounting to
S9G9, 096.44 and elso the funding OF the
principal of tile bonds of 1889 to aid the Blue
Ridge Railroad, due in 1865, amounting to
$4,000 also balance of certain stock,
amounting TO $37O5.46, making total
amount fundable Of 81 ,?s9, ,s0l.9O; totsl
funded, 81 loo. .2S7,S5: balance not yet
nlrdod, SllG,5l455 additional amounts paid
In by parties TO make even sums Of 800, or
$40, S63i.l7 less fractional amounts rolin-
quished by stockholders, $29s09; balance
;undable $ll6.76l.6s.
The bonds originally issued under the act
OF August &c, 1868, TO redeem the obligations
known as the bills receivable of tle State,
amount TO 100000. These bills were issued
under an act of December 1868. The nmount
redeemable under the act of 1868, was $500.
600. OF this sum S29S, 702 were redeemed by
ex-Treasurer Parker, and $50 hayo been re.
deemed by the present treasurer, as cash OIL
account of taxes (; tliero il, therefore, balance
outstanding Of Sl.Gld.
IL appears, by tho reports Of the financial
agent, that tlIese bonds were sold for
10 cents on the dollar realizing $3.50, 900.
Tho total amount of bills redeemed by the pro-
Vious administration was, as boforo stated,
$29s, 702; thero ought therefore, 10 have
been balance OF cash to the credit of this
account on the 30th OF November, 1872, Of
$5l, 1893.
In comparing the aggregate receipts and ex-
pendiiureS of the last administration, this
amount is accounted for in the expenditure for
general purposes, still | found il impossible TO
ascertain the object of expenditure to
which il WAS actually applied
Under the act OF August 26, 1868, TO au.
ihorize loan to pay interest upon the public
debt, the American Bank Note Company
printed So, 000, 900 in two issues. The frat
issue amounted to $l,000,O00. On account of
some alleged omission, they were not couaid.
cred rs saleable as were other bonds OF the
State. II was, therefore, determined to pre-.
pare second issue Of $l,0o0,00 and
70 retire and cancel tho frst issue. OF
said issue 100000 were retired aud dc.
stroyod by burning, as appears by tho
certificate Of five OF the officers Of tile exc.
culive department; $4,000 wero can.
celled aud arc OH file in TIE treasury; $780,
600 woro never retired aud therefore exist as
debt of tlle State. Tue entire amount OF
the second issue was also negotiated. The
total debt created under this act then amounts
TO s 100000. or this amount $253, 0Oe havo
been cancelled, and conversion bonds issued
Ia lIeu aud s 1877 900 are outstanding in their
original form.
In order to ascertain what proportion Of
this debt is clIargeable to the ante.reconstruc.
ton administration, tho following inquiries
should DO made
lst. The whole period ia months from the
date the interest was last funded 10 the date
to which the interest WAS payable under this
act, from the proceeds of tho sale of those
bonds.
end. What proportion of this period be-.
longed to the aute.reconstruction period, aud
What proportion to tho post-rcconstrtiction
period
The language OF the act is salher amblgu.
oas, but taken in connection with the recon-
mendhtion OF Governor Scott, ia his first mes
sago, which recommendation 1t was the evi.
dent intention Of tie Legislature to adopt, it
appears that the proceeds from the sale of
these bonds were TO DO applied TO the pay
mont Of interest on the public debt accruing
from the LIST July, 1867, to lst July, 1869, a
period Of twenty-four months Tho interest
accruing from July, 1897, to August, 1868, q