The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-02-18
WI I.M III: assnG1Rn ass
Wednesday Morning, Fob. 10, 1874.
Revenge is Sweot-The Sinking Fund
Commission.

u'" t'o uhJ. lAi' NciliuoaSy ~
doubtless in more pleasant frame of
mind Ncaglc, the nlughty Ncag!c,
who has been h"unliny our native
young Governor for some time thro'
he stl Gets Of columbia and Charles.
ton. has RECENTLY been assailed in the
rear himscl. by tho Legislative Com
mittoc appointed to investigate tho
mysterious ways Of the Sinking Fund
Commission. Ere long the Attorney
General may be going for Ncag!c.
and our Reverend Governor will be
once more able to breathe freely.
The Investigating Committee have
found many irregularities in the con-
duct of the Sinking Fund Commis.
sion, composed Of such shining lights
of Radicalism as Scott, Raiucy, Noa
gle, Chamberlain, DcLnrge, j. A.
Green, Y. j. p. Owens, and Whippcr.
The Committee report as II result Of
their invcstiga that "tho proceed
ings of the Sinking Fund Commits.
sion, siucc the time of its appoint.
mcnt" have resulted in nothing but
loss to the State, that the Commis-
sioncrs have sold large amount of
property belonging to the State for
the purpose of extingui,hing the
State debt, and have not cxtinguishcd
this uobt to the amount Of one dollar
and that steps be t.kcn to recover the
money thus appropriated.
The facts arc as follows The
board was organized on the 18Th of
MarcE, 1870, and ut different times
sold the following property Of the
State u sos shares in tho Green
vi!!c and Columbia r. r., that cost
tho State $.i33,0G0 for $59,GG0.50
2lO shares in the $. 9. R. r.,
that cost tho State $24, 900, for
$l0,S0O l3, 100 shares Blue Ridge
stock, that cost $l,3l0,00o, for $l3,-
100; Real Estate in Columbia for
S6,9G5 Real Estate in Charleston,
for S,ll,325 1000 shares in Chcraw
81 Darlington II. RI, for SIS, 900, aud
Granite for $4,000, making total Of
Sl23,o73. The most valuable pieces
of property were sold at private sale.
The Grcenyille r. Il. Stock was sold
on the day after the Board was or
ganizcd, Scott, Chamberlain and
NeagIe, the then leading Commis-
sion'rs, being among the purchasers.
Ofthc S6,97O realized from the sale
Of Columbia lots, only $4,000 was
ever paid in, while not cent realiz
cd from the Charleston lots ever
found its way into the Treasury.
There is clear deficit Of over SIG.
600, leaving 100000 to bo accounted
for. The $4,000 from the Green
vile Il. II. Stock was given to Kimp~
ton to buy $l0o,oGo worth of bonds
which he bought for $sl 900, advano.
ing the balance and retaining tho
bonds as security for his advances.
Of this balance all was paid but &9,-
600. Instead of paying this and re-
celving and cancoling tho bonds thus
bought, another 100000 was pur-
chased by Kimp!on: out of his money.
Tho result is that Kimpton holds tho
100000 of bonds, as security for his
claim of 100000 for advances. The
bonds will not bring one.third Of this
amount, if sold. So tho State has
lost all its II. Il. Stock and other
property without receiving a cent in
return. The board have the $4,000
they cmbczzled, and Kimpton holds
tho bonds to pay himself
This is tho most remarkable piece
Of Gnanciering we have ever heard of,
quite worthy to DO classcd with the
schemes of great fnanoier, Moses, jr.
No wonder that Scott felt no anxiety
to testify before the Committee, al.
leging that "he would bo bothered
with no more Investigations. Neasle
attended the Committee, and said ho
would give any information with
pleasure if he could, but he hadn't
for the assistance thus rendered the
Committee. Whippcr and Chamber
lain refused TO appear. The facts
were obtained from Messrs. Gulick,
Moore, Kimpton and Parkor.
Parker is also mixed up to the
tune of about $2S,00O. This speci-
mon of Rad cal tinancioring economy
is 30 intricate as to give any oldina.