The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22


A'o'. u. .OU9,6lS W
These two acts authorized tho funding OF
the interest due upon the outstanding bonds
AMI stocks In the LIST July 1867. amounting Ia
S9G9, O96.54; and also the funding of lie
principal oi the bonds OF 1859, to nid the Blue
Ridga Rnilrond. due in 1865, arno,,tiny to
III o,On0; also balance Of certain stock
amounting to $3,705.4G, making Ia total
amount tindnblc Of $l.2s2, Sol 80; total
funded, Sl,lGG, 28I.35: bulnncc not vet
ruEded, 81 G,3l4.55; additional amounts paid
in by purties to make even sums of 8 100 or
$50, $534.l7 less ilnctionnl amounts rclin.
quisiied by stockholders, S29SOY; balance
ftndnbe Sll6.7 l.G3
The bonds originally issued under the act
OF August Ii. 1868. to redeem the obligations
known na the bills receivable of the State.
amount To S5u0,U0U. Ihcsc bills were issued
under All act of December. 1865 The amount
redccMablo under the net uf 1865 was $500
QUO. Of this sum $29S, 7O3 were redeemed by
e1-Trcns,rcr Parker. ami $S2 l,uvo been ru.
deemed by the present troasnrer, ua cuyll o,,
aGiniht of taxes there il, therefore, 4 balance
outstanding ut $l.1lG.
II appears by the reports Of the financial
agent, TINT thcse bonds were sold for
~ cents Oh the dollar, renxing $3.50. 900.
The total amount oi bills redeemed hy the pro.
r'"uS administration wHs, nm before stnted,
S29S. 7O? =: there ought, therefore, to have
been balance Of cash 10 tho credit of ths
account on tile .Oth Of November, 1872. of
$5l,29s.
la comparing the aggregate receipts and OF.
prndltures oi the last administration. ,hiy
amount is accounted! for in the expenditure for
general purposes. stlll | found it impossible to
ascertain The object of expenditure to
which il WAS nctunlly applied
Under The net OF August ~. 1868, 10 MI.
th"rxc loan to pny interest upon tie public
debt. the American Bank Note tornrnr,y
printed S2D0O0OO in two Issues The first
issue amounted to ST .0OG, 900 On account of
some alleged omission, they were not consd.
crod as SHcnbc ns were other bonds OF the
state. it was. therefore, determined TO urc.
pare second Issue uf $l,n0O,O0u and
TO retire aud cancel the first issue. OF
said issll" 100000 were retired aud de-.
"rovtu by burning. as appears hv the
certificate OF five Of the officers of the exc.
cnllve department; $50,000 wcrc can.
ccll"d and are OH file in the treasury $4aU.
600 were never retired. and therefore exist ns
debt OF The State. Tho entire amount of
the second issue was also negotiated. The
total debt created under this act then amounts
I" ~ .iaoOOo or this an,onnt S253. 600 have
III lieu, aud 81, la7, 900 are outstanding i'm their
original form.
In order To ascertain what proportion of
tins debt s cliargeublc To the antc-rrcoustrlic
ton administration, the following inquiries
should he made:
lst. The whole period in months from the
date tho interest was last funded to the date
to which the interest ras pnynblc under this
act from the proceeds OF the sale of these
hOn,ls.
2,nl. What proportion of This period he.
l"iiHcu To the ante rctOn period aud
what pr"P"rton To tho reconstruction
pcriod
tn" laignngc of the act is rather ambiyu.
onr, but taken in connection with the recon.
nchdntlon oi Governor Scott in his first mes
sage, which recommendation it wms tho cvi-
dent Intention "t the Legislature To adopt, il
np,"his tint tho proceeds from the snlr OF
these bonds wore Ia he applied to tho pay.
incnt OF interest "n the public debt, acorling
from tho IL, July, l,d7. to lst Jnly, 1864, II
period Of twonty-inir months. Tho interest
"ccrui"g from july, 1867, to August, 1868, Il