The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1873-07-30
Treasurer Cardozo on the State Finan

Treasurer Cardo1o on the State Finan-
ceS.
Treasurer Cardozo has recently
been interviewed by correspondent
of the Charleston News, andpresentS
in the reported conversation a very
aiscourag;ng view of the State fnan-
ces. The credit Of the State is entire
" gone IN the money market, and
the bonds are as fat as can be. He
says:
."I do not think there are any sales
of bonds as all. No one comes to
buy them, even at the low figures at
which they are quoted, and the hold
ers are simply keeping them in the
hope that something may turn up by
which may be able to realize some!
thing for them.
There has been no business donf
between Mr.. Kimpton and myself. |
have never paid him nor received
from him any money at all apd so
far as my administration is concerned,
he has had nothing to do with the
finances of the State. Ho has no
bonds of the State, or, at least, claims
to haye mono.
The bonds purchased on account OF
the sinking fund, Agricultural Col
loge scrip, and the 100000 of the
Blue Ridge Railroad, every one of
them was hypothecated for loans
made IN Parker's term, and the whole
of the $4,000 in the bonds Of the
State, in which the agricultural land
scrip, or rather the proceeds from the
sale of it, was invested. together with
the 100000 Of bonds purchased
with the proceeds of the sales of the
assets of the State by the Sinking
Fund Commission, are total loss to
the State, unless the officials who H.
legally disposed of them can be held
personally responsible.
fI notice in the New York papers
that the January and July bonds are
quoted at Is, and the April and Oc-
tober bondsa at 22@23. I have been
struck with this seemingly nnreason-
able disparity, and I cannot account
tor it except upon the supposilion
that by January and Jnly bonds are
really meant the conversion bonds.
All Of the latter have interest payable
in January and July. But all Janu-
ary and July bonds are not conver-
sion bonds; for there are, l know,
the first 5000 900 Of land commission
bonds, the bonds issued for funding
the bills of the Bank Of the State, and
perhaps some others of the new
bonds, the interest Of which is also
payable in January and July.
The comparative estimate Of as
sets and liabilities at the Treasur-
er's Office, presents view equally
discouraging. Together with the
deficiency of the past year the
outstanding claims against the
State amounts to s2,400,000 whilst
the receipts amounted only to
S1,600,OO0, leaving deficiency Of
S8OO,OOO. In addition to this there
is an estimated floating debt Of
S1,oOO,oO0, composed of claims not
yet passed upon by the Legislature.
The Treasurer says:
I have paid the psinting and
other claims, for which appropria-
tons were. made this year, though
the services were performed last,
out of the deficiency tax, as I con-
ceived it proper to do. These
claims amounted to something like
S40O, 900, and consequently the de-
1icicncy for this year will be $780,
900 instead of SS00,000, and there
will be about 100000 Of the old
deficiency still remaining. 1t was
robbing Peter to pay Paul, but, of
course it's all the same to the State.
Ihave paid all the. salaries, I
fink, up to the end of the second
quarter. the 30th April. I have
paid the Lunatic Asylum, Peniten-
tiary., &C., up to about lst of June,
and upon all other appropriations
proportionally as nearly as [ could.
On account of last years DEFICIENCIES,
I have paid the salaries very nearly
in full, the Lunatlc Asylum entire
ly, the Deaf, Dumb and Blind and
the State Orphan Asylums nearly
in full; to the Penitentiary [ have
paid SIS, 900, or nine OF the twelve
warrants which were out. You
know three of them had been put
upon the market by Governori
Scott without any authority Of
law. For the deficiency in last
years public school appropriation
I have paid about $4,000. Though
there was an appropriation of $780,
900 there was only about 500, 900
I i -, o+al Io pos6