The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-09-03
S. G.
Thursday Morning. September 3. 1874


We continue our extracts this morn
ing from "The Report of the Joint
Special Financial Investigating Com
mittee." In the coarse of our exami-
nation Of this report we come to it's
structures upon the action of the FL
nancidl Board, in which Mr.. Chamber
lain was the conspicuous and principal
figure. In 1870, he became, for the
second time. Attorney General Of the
State. accepting the burdens of the
position, no doubt, "as O matter of
grave and urgent duty" In the course
Of his administration it became appa.
rent that the frauds OF the .Lsnd
Commission" were but q coup d'essai.
which soon paled into insigniHoanoe
before the ma,ter-strokes succeeding
them. There is no need to describe
these "bond swindles." We oil know
the particulars. One who knows more
about them presumably than any one
else, cave two or three, perhaps-in
fact, Hon. D. a. Chamberlain himself
has lately told US that, in the short
period OF three years, the bonded debt
OF the State was increased by $IO,-
100000 without equivalent or benefit
to the State. To sane condition OF
public sentiment, no one who could, in
The remotest degree. be suspected OF
connection with such atupendous vii
lainy would dare to offor himself for
public trust. But we save our com.
ments. Mr.. Chamberlain, in his very
specious and disingenuous letter .'to
the public" has sought to cxonerate
himself from the responsibility attach.
ing to his membership of the Financial
Board-an attempt in which he Aoun-
ders until he has brought his position
to its logical reductio ad a5surtlun1.
For, by his own showing, the reason
ing which persuades Us of his inno-
cence mast convince us also that tho
condaut OF "tbe other members of the
Financial Board, both us members of
the Financial Board and individual
State officers, in connection with the
bonds Of the State. was dictated by
honest motives" We answer this from
our text:
Report, page 81, title Financial
Board NO more weighty obligations
or trusts rest upon or have been con.
fded in any officers of the State Co.
vernment than the persons com mprising
this Board. The power conferred upon
them enables them to appoint and
commission the Financial Agent for
the State either in New York or Lon
don. in whose hands shall be placed
all the bonds of the State authorized
by law to be issued. to be by him
pledged or sold for purposes of loans,
to pay current expenses OF Govern.
ment, the interest on the public debt
and final cancellation uf the liabilities
of the State.
"And then, after pointing out that
this Board directs aud controls the
Financial Agent: 'Whut have been
their directions? How have they con
trolled the management Of the State
finances in New York? Have they
ever examined the books of the Finun.
cial Agent and made themselves con.
versaut with the manner of his bust
ness operations, as we'll as the charges
thorein made, 90 universal and exorbi-
tant that true record was directed not
to be writteu?' The Financial Agent
says they have
What. then, must be the conclu-
sion? Have they been faithful to the
high trusts reposed in them? Have
they guarded the Treasury or watched
SHE interests Of the State with that
fidelity demanded in the hour of the
weakness and poverty of the State?
Are they to be the tomb of silence and
bury with themselves the approaching
crisis, (sio.) the utter ruin of the credit
and faith Of South Carolina, and, by
their knowledge of the fact. seize the
opportunity to relieve themselves of
oil that attaches to such rnin. and then
aoash their hands Of account l6iity, and
DEFY. as others hare done, imuesfiyation
or ,'elreSS?'
latter naming the members of this
Board. e., the Governor, Attorney.
General aud Treasurer, and, in some
instances. the Comptroller. General
and Secretary of State, and charging
their gross deraliction in the choice of
m nhuCnya md irraooop,;I,to ..