The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-07-24
How Abou. tho sonds1

| LII ulS uuoIeSS ht JeuRlOSV1lle, e4'
Governor Scott gives o rather vague
account Of how it WAS that the new
State Government. which was innu.
garated in 1868, under himself af
Governor, was first induced to taste
the sweets of State bonds. He says
that it was the only prudent method OF
obtaining funds necessary to meet cur.
rent expenses. It may have looked SO
50 tie men then put at tho helm OF
affairs, but the result has proved it a
most disastrous method. The Legis-
lature began by authorizing loans to
the amount of $4,000. 900. SO much
was authorized. but o much larger
amount was raised under the Acts
which authorized the two and half
millions. The Ex-Governor does not
say how much, nor how it came about,
although he accounts for other moneys
raised by Acts of the Legislature-for
the Land Commission and for the re-
demption OF old past due bonds. But
We should have been better pleased
with his expose, if it had explained how
the well-known excess over two and a
hall millions was raised and traced its
history more fully. II this was done
by Kimpton, who gave him authority
beyond that granted by the Legislature
to do it2 The Ex-Governor, the ex-
Attorney General and the exState
Treasurer constituted the Financial
Board at that date and are responsible
for whatever was done. Ex-Governor
Scott says that "money could be raised
only by authority OF the Legislature. F"
Was the hypotheoation of tho bonds
alluded to done in conformity with the
authority OF the Legislature? We find
no difficulty in accepting the cx.Go-
vernor's statements about the extrava-
canoe, recklessness and greed of
the second Legislature. We believe
everything he says about them, and
We have no doubt that many mon.
strosities were attempted and some
consummated under the specious gnise
and name of reform. His efforts to
hold them in check were we'll meant,
though often fruitless. All that is
true, and we do the Ex-Governor the
justice to believe that he sought, how
ever vainly, to keep under control the
demon which he and others had exor-
cised. For this, more than anything
else, the attempt was made to impeach
him. But the bond question lies be-
hind that, and the Ex-Governor and
three other men are thoroughly posted
on it. He denies his responsibility for
the frauds of the Land Commission,
by which S340, 900 was used to pay for
lands purchased in excess Of the money
realized on bonds issned for that pur-
pose. The purchases, lie says. were
made without my (his) knowledge o,
consent" although he was a member
OF the Advisory Board. This is OF it.
self an interesting fact, which throws
upon his associates the necessity O.
explanation. Let the Ex-Governor be
equally candid and more full in ex
planning the whole bond business. L
is matter in which interest is daily
reviving. It is little understood. Il
has been studiously covered up. II
must be brought out before a great
while. It will enter into the canvas.
for Governor, which is about to be in
augurated. The conversion bonds vii
soon show their heads again. It is
good opportunity now to put the bal
OF the bond question in motion. Ex
Governor Scott, having already com
municated with the public upon othe
topics of public interest and bu
slightly touched upon this, would onl,
satisfy reasonable curiosity and
justifia interest, by nm explicit, ful
and detailed exposition of how tn
bonded debt, including the conversion
bonds, came to be contracted, wha
Irregularities or illegalities attended it
and who are mainly responsible fo
any wrong in connection with it. Gu
. O01u M N N ra oman m l,ic, for <1;, 49,, -