The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-03-05
Parker on the Finances.

Parker on the Finances.
Ex-Trcasurer Parker has written O
oaustic letter to the New York Times. in
which he handles the Legislature aud
present administration without gloves.
His attack is directed particularly
against tho Act to scale the public debt
and to throw over the conversion bonds.
The legislative and printing expenses
also come in for share Of his criticism
He seems to write in the interest of
bond holders, but Mt the same time
states that he owns none of them, aud
has no interest in them. This letter has
produced o considerable rumpus in the
Legislature, which construes it to be an
insult and reflection on its virtue. By
resolution passed on Tuesday, the House
of Representatives directed the Attor-
ney General to prosecute Parker. We
give the most pertinent points of this
epistle. He says:
There is not bond of tue State upon
the market which is not recorded in the
treasury oilice-the denomination, the
number, the color Of the number, and
every fact necessary to their complete
recognition. It is very important to
the holders Of our securities, now that
they are asked to surrender portion
thereof at fifty cents on the dollar, aud
threatened with total reputation of the
balance. that they are made thoroughly
satisfied that tho volume oi ueut ID NO
larger than that reported by tho proper
authorities. 1 very much fear if you
wait for justice at the hands of our pro.
sent rulers that you will be doomed to
disappointment. II it were from ina
bility of the State to meet her interest
that it was not met, there might bs some
excuse for this delny; or il the debt of
the Statei were in excess of the amount
named in the Treasurer's report, or if il
were unknown, there might bs an cx-
cnse for sufficient delay to test it, bnt
there would be no apology for attempt
ing q compromise, much less o repudia-
tion. True, the Legislature has not
openly repudiated any portion of tho
debt, but they might as well have done
so; they have ignored it-that was as
far. probably, as they dared go at ono
step. They doubtless intend to openly
repudiate it, if they succeed in the par
tiai repndiation which they have Mt
tempted. But will now return to the
volume of debt, and the ability of the
State to pay it, and present such facts
and suggestions as occur to me as 1
proceed.
The debt of the State, exclusive of
interest due aud unpaid, is only little
more than $l5,G00.000, and. large
though it seems to be, the State hns
ample resources to meet the inte.est
thereon and rsy the annual current ex.
penses of an economical administration.
a sufficient amount was raised last year
by taxation to do this, and the sum will
probably be increased this year by
$500, 600. The shameful attempt of the
present administration to repudiate O
portion of our debt has not been made
on account of the inability Of the State
to meet it. Not Mt all. It is apparent
that it was undertaken solely for another
purpose, viz: TO withhold the money
due for interest, in order to fquander it
for illegitimate purposes. Taxes have
not been reduced; they have, on the
contrary, been largely increased.
herewith enclose you some accurate sta
tistlcs which I have compiled, that you
may SEQ how the money is spent. OBJ.
serve the enormous amounts used anun-
ally for legislative expenses and public
printing. This is no fiction, though the
sum psod appears fabulous. Take the
year 1872. In that year, there was
S7l2, 249.43 paid to the menbers, ON
ployees and the incidental expenses of
the General Assembly, and at least Ger.
tificates for $500. 900 more issued by the
Speaker of tho House and the Presiden ut
of the Senate, portion of which has
been paid, and the balance outstanding
awaiting payment. Look at the item OF