Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1873-11-20
THE LAND SCRIP.

The Union-Herald gives the following as
the result of the conference of the Legislative
Committee with State Financial Agent Kimp-
ton:
The committee appointed by the General
Assembly to confer with the financial agent,
in regard to the sale of the agricultural land
scrip, and the investment of the proceeds of
such sale, performed that duty yesterday, by
calling upon H. H. Kimpton, Esq, at his
rooms at the Wheeler House. The salient
points, given as the result of the committees
Investigations which will be made public in a
few days, we understand, are as follows, viz:
In October, 1870, according to the report
made to the Comptroller-G General at that time,
S135,500 was realized from the sale of such
scrip. By order Of the Board, this amount, it
is testified, was invested in $101 300 Of the
South Carolina bonds, and we learn, Of that
class whose validity has never been called in
question. These bonds were purchased, it is
further stated, directly from the State; the
State realizing all the advantages from this
sale and exchange, viz: $13O,50O. About
year and half after this purchase-during
the great stringency in the money market, at
that time, and after the State had failed to
pay its interest, and consequently rapid de-
cline following in the price of bonds-to save
the forced sale of about 100000 of bonds,
held as collateral, and which would have en-
tailed heavy loss to the State, the financial
agent raised $57 $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 posses
sion of the agent, as collaterals. This $57 $40
was paid, it was stated, on account of State
loans above referred to, and thus saved the
forced sale of the 100000 of bonds. The
State, therefore, it would seem from this testi-
mony, has realized s120,500, and also the $751;
$40, amounting to S1SS,040 in the aggregate.
It is, therefore evident that the State has only
to return the S57 $40, and interest at seven
per cent. to accomplish the release of the ag-
rricultural scrip bonds. In addition to the
above, we are informed that there has been
returned to the State treasury, S11 900 of the
coupons, and on January /, 1874, there will
have accrued S29, $40 interest due, for which
the coupons are now upon those bonds; nearly
half the sum required to effect their relinquish-
ment.
From the statements of Mr.. Kimpton be-
fore the committee, it appeared that he had,
all through the various windings and difficult
ties attending finances and the raising of
money for the State, been fully impressed with
the sacredness of this class of the State secu.
rites, and not until the State was pressed by
the EXTREMIST emergency did he think of hy-
pothecating them in any manner, and then
only to save the large amount referred to.
In connection with the foregoing brief sy.
nopsis of his explanation, he also testified that
he only charged seven per cent. for advances
made upon these bonds, while the expenses Of
the loans, according to his testimony, inclu-
ding the rates during the late panic, we're
three times that amount.