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

est aud principal o! this debt. OF tie amour,
outstanding $4,000 OF bouds of 1858 are
past due, and no provision has been made for
their redemption
The Uunds originally issued under the act
OF 1854, us subscription to the Blue Ridge
Railroad auiuiintcd 10 $1,000 900. OF this
sum S34, 600 have been converted ami can.
celied, and conversion bonds issued in lieu.
and S96G,O0O are now outstanding in their
original form. Unlike tho bonds and stocks
previously meationed no provision has been
mndo by pledge oil the faith or credit of the
State. or otherwise, for the payment of the
principal or interest Of these bonds
The bonds ana stocks originally issued
under the ncts or September and December,
1866, ior funding the interest aud principal of
certain bonds nnd stocks past due, aggregate
81, l66, ,2S7.35, as follows:
Bonds maturing In 1887 AGO 600 oo
s,, S'ndS maturing In 1897 ...... bli.OOo on
Iotai. .......................el ellG6osI 81
The total amount converted was Sl5G.
6T3.4l, as follows:
Bonds maturing In 1857 s4a GOo on
Bonds maturing In l-9I I.......... "a 9O0 no
Stock maturing In 1851 6Ssis Al
TOTAL el566I3 I'll
The total h"la"-. n",si""d;"s :. bt 900,
Gl3.9i, as follows:
Bonds maturing In lSs7 AI6a 400 90
hands maturing In 1897 SI.............. AGA 500 W
BLOCK maturing In 1881. .............. Ip4l8 %
Total Observation-Disclosures. $lOo9GI8 81
These two acts authorized tho funding Of
the interest due upon the outstanding bonds
and stocks TO the lst July SCI. amounting To
$500, O96.44 and also the funding OF the
principal OF tlle bonds OF 1859. TO aid the Blue
Ridge Railroad, due in 1868, amounting to
$4,000 nlso balance of certain stock,
amounting TO $3,7O546, making total
amount fundable Of ST. ,2s9, sol 80 totsl
funded, 81 ld0, 2S7 80: balance not vet
mCd0d, 81 lGol455 additional amounts paid
In by partiea to nuke even sums Of SlOO or
so, S63i.l7: less fractional amounts rolin-
quished 10y stockholders $29s09; balance
fundable $ll6.75l.62.
The bonds originally issued under the act
OF August 2G. 1868. 10 redeem the obligations
known as the bills receivable of the State,
amount to 100000. These bills were issued
under an net of December 1865 Tie amount
redeemable under the act of 1868, was $780,
0O0 OF this sum $29S, 7O2 we're redeemed by
ex-Treusurer Parker, and $S2 have been re-
deemed by the prescn; treasurer as cash OH
acCot Of taxes I; there il therefore balance
outstanding of Sl.2ld.
1t appeara by the reports Of the financial
agent that tese bonds were sold for
10 cents OH the dollar realizing S35O,OOO
Tho total amount OF bills redeemed by the pro-
vous administration was, as boforo stated,
S29S, I02; thero ought therefore, 10 have
been balance OF cash TO the credit of this
account on the 3Oth OF November, 1872, Of
$5l,29s.
In comparing the aggregate receipts and eI-
pendturea 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 ii WAS actually applied
Under tho act OF August 20, 1863, 10 Au.
thorEe loan TO pay interest upon the public
dobt, tho American Bank Note Company
printed $4,000, 900 in two issues. The first
issue amounted to ST. 1000, 900. On account of
some alleged omission, they were not conaid-
cred as saleablc as were other bonds OF the
State. II was, therefore, determined to pre-
pare a second issue Of $1,000, 900, and
TO retire and cancel tho first issue. OF
said issue 100000 were retired and dc.
stroypd by burning, as appoats by tho
certificate OF five OF the officers of the exc
cutiye department; $4,000 were can.
celled and arc OH file in the treasury; $3.50.
600 wore never retired. aud therefore exist as
debt of the State. Tue entire amount OF
the second issue was also negotiated. The
total debt created under this act then amounts
10 $l,46O,00O. or this amount $253, 600 lavo
been cancelled, and conversion bonds issued
in lieur and 81 i97, 900 are outstanding in their
original form.
In order to ascertain what proportion Of
this debt is clargeable to the ante rcconstruc.
ton administration, tho following inquiries
should DO made:
lst. The whole period in months from tho
date the interest was last funded to the date
to which tho interest WAS payable under this
act, from the proceeds of tho sale of these
bonds.
2nd. What proportion of this period DO.
longed to the INSTRUMENTATION period, aud
what proportion To tho st-rcconstruction
period.
The language of the net is rather amblgu.
ons, but ihkeh in connection with the recon-
mendaton OF Governor Scott, ia his first mes.
sage, which recommendation il was the cvi.
dent intention of the Legislature to adopt, il
appears TINT the proceeds from the salo of
these bonds were to be applied TO the pay.
mont Of interest Oh the public debt accruing
from the LIST July, 1867 to lst July, 1869,
period Of twenty.iour months. The interest
acctuins from July, 1861, to August, 1868, a