New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-09

SOUTH CAROLINA AND HER FINANCES.
Mr.. Treasurer CardOzO of the State OF South
Carolina is in New-York upon an important
financial mission. That this mission is not OF
a nature to restore the good name OF the state
among honest men might easily be surmlsed
by any one possessing much acquaintance
with the character and conduct of the persons
who control her public affairs. MIR. Cardozo
is here to do two things, and one is about as
reprehensble as the other. He is first to in
form the holders of nearly $60OO,00O of the
bonds of South Carolina, which were sold
upon the stock market by the authorized finan-
cial agent of the State that these obligations are
worthless, having been repudiated by recent
action of the Legislature. AS these bonds are
to all appearances valid as any others, and are
not distinguishable by the public from those
acknowledged to be genuine, Mr.. Cardozo is
prepared to furnish sort of detective system
by which the unfortunate holders, by OBJ
serving whether the numbers printed upon
them are in red or blue, and how high they
run up into the thousands, can tell which of
their bonds are worthless Having thus wiped
out more than third of the State debt,
Mr.. CardOzO turns to the purchasers of the
bonds whose validity is not disputed, and to
them he says, in effect "As for you, gentle.
"men, your bonds are good but we have de-
"cided to scale down our debt and to offer
"yOu new bonds for the old ones at the rate
"of fifty cents on the dollar. We shall pay
"yOu interest on the new bonds if you take
"them, but we shall pay nothing on the old
"Ones.D Like q man who has fallen among
thieves and is rejoiced to escape with por-
ton of his valuables, the bOndholders will no
doubt accept the new bonds and be thankful
that the swindling State Government to
which they cOnfided their money does not
propose to rob them Of the whole of it. As
to the holders of the repudiated bonds, the
only comfort the Treasurer has for them is to
say that the question of the obligation of the
State to pay them is judicial ope, and that
it is possible that the State Supreme Court
may decide in their favor.
This "new way to pay old debts" by which
Mr. Cardozo and his associates propose to re-
duce the bonded indebtedness of South Caro-
lima from sixteen millions to five millions, is
a fitting elimination to the long course of
rascally operations pursued since 1868 which
the South Carolina officials call financiering
Operations which when stripped of all dis
guises are found to consist in plundering the
taxpayers of the State with one hand and
defrauding the money-lenders of New-York
with the other. We are aware that Mr.. Car
dozo and his fellow officials profess to have
turned over new leaf, and affirm that they
are trying to run the Government with hon
esty and economy. We have seen no evil
dence to confirm their assertions. Z, The
taxes collected last Fall were am
pie to have paid years interest
on the entire bonded debt and all
reasonable expense of carrying on the State
Government, but the Legislature made yay
with the whole amount and, as usual, stripped
the Treasury of every available dollar. If we
are told that the State officers are trying Tn
check the tide of extravaganza and corruption.
we shall want something more than fair words
before we put faith in them. When we boar
of the arrest of Mr.. ex-Treasurer Parker and
Mr.. ex-Financal Agent KimptOn, who, accord.
ing to the statements of these officers, sold or
hypothecated some six millions of fraudulent
bonds in NeW.YQrk. We shall begin to think