The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-31
uisdooers ever enter such special order on

misssofers corrected fsanIariy into regis.
tereH bonds theSeoup61eo nsols purchased
and held bg. The sinking fund Ii &c. when
--1fnstosr- At tfJr suggestion OF tnfs COM
rniftee the COMMISSIONERS Of the Sinking
Fnnd held q meeting. about ~ week ago, and
made an .order- directing TINT those bonds
shouId be converted into registered bonds in
the name of the Commissioners Of the Sink
ing Fund and they farther ordered that'no
registered bond in the name, Of the Commits
sioners of the. SiEkiDg Fluid should at any
time be transferred on the books Of the Sc
cond Auditor without the authority in ,wri-
ting of the said Commissioners, or majority
OF them. At that meeting John L. Shackle-
ford was appointed secretary Of the Board,
In place Of William D. Coleman, removed.
ALI the coupon bonds owned and
held by the Commissioners of the Sink
ing Fund, and now in +, their pos
session, amounting in the aggregate
to $3.50, 770.72 have been converted into such
registered bonds, in the name of the Com
missioners OF the Sinking Fund, and tue cou-
pom bonds and all the coupons thereto at
tached have been cancelled and fled in the
treasury with the labels corresponding with
those OF the committee of investigation. /
hand herewith a statement from my Office OF
the conversions thus made. 80 III - =
TESTIMONY OF AUDITOR TAYLOR.
William E. Taylor, being duly SWORD,
makes the following statement: am Au-
ditoriof Public Accounts of the State of
Virginia. and as such "a member Of the
Board Of Commissioners Of the Sinking
Fund. I was elected president OF the
Board at its organization, and William
D. Coleman was appointed secretary, as
stated by General Rogers. We never
bad any other formal meeting of the Board.
The powers conferred upon US, under the
act of March 3Otb, 1871, conceived to be
limited to the purchase and redemption of
bonds which were issued by the authority
Of that act. 1t was not deemed necessary to
have formal meetings of the Board to carry
out this provision. II such meetings had
been held it would not have led, necessarily,
to the purchase of bonds by order of the
Board, because there might not have been
bonds on the market which the Board would
have thought it judictous to invest in, at the
time of such meetings. Such purchases
were always regulated by the state of the
market.
Question: Was it not always practical
for the Board of Sinking Fund Commission
ers to be convened at very short notice, so
that it could have been decided by the Board
in session whether it was advisable or not to
make purchases? ..-- -. .ss.: ~:
AnsUer T think it could nave been done.
but | think the same result could have been
attained, aud was attained, by the concur
renee of the members of the Board in the
purchases that. were made for, so far as I
know, no purchase Of bonds was made with
out the concurrence of q majority of the
Board. rsss.E 80. sr.r.s|
Question Are you specific in your recol-
ton tDat no purchases We're made without
the consent of Il majority OF the Board?
AnS,cer: have no knowledge of any pur-
chase ever having been made without the
consent Of a majority Of the Board.
Question:: Was there any authority ever
given by the Commissioners, acting as a
Board, or in any other way, to either Colonel
Mayo or Colonel Coleman, to make exchanges
Of consols for peeler bonds? ="
Ans1oor: No authority was ever given by
the Board, and no consent ever given by
nae, Individually; nor had any knowledge
Of any such exchange, until the recent i'll.
yestigations.
Question Did the Board, or yourself, in
div,du,lly, ever authorize Colonel Mayo or
Colonel Coleman TO convert registered bonds
belonging 10 the Sinking Fund into coupon
consols, or bad you any knowledge of any
such conversion before this investigation?
.A,lsUer The Board never did, nor did
Individually authorize such conversion nor
did know OF any such until after this i'll
Yestigation.
Question You state that neither Colonel
Mayo nor William d. Coleman were author
lied by you or the Board TO make any sales
O.: exchanges of the bonds which had been
purchased by the Board yet the evidence
before this committee shows that such sales
and exchanges were made, and that about
$3.50 in money were realized by them,
Being the difference in value between the
coupon conSoS sold and peelers received. |
Had you any knowledge of these transac- |
tions, aud was this sum accounted for in any |
way to the Commissioners Of the Sinking |
Fund? ''5'' ".
Ansacer: have no knowledge whatever
of any of those transactions.
Question i: Do you consider that, as men, |
Der Of the Board of Sinking Fund Commits
you havchthe authority, under the |
law, TO grant permission TO The secretary or /
any member OF the Board TO make sale or |
exchange OF any Of the registered consols
which may be in possession of the Sinking
Fuad Board into pee!ers, at any time, accord-l
ing to the fluctuations Of market prices!
/ Ans,cer :: Exactly what the powers of the
Board may be, under the phraseoogy o I thel
law don't know, but as Ientertain doubt |
u pom this, should certainly confne myself,
as member of the Bolrd, to the purchase
and redemption OF bonds issued under the
Funding bill. -.
Question Did the Sinking Fund Commits
sioners ever enter any special order on theirl
minutes authorizing the Second Auditor to
issue warrants on the Treasury to the parties
from whom bonds were purchased? .r 1
AnsGer The Commissioners never dill
rected any such order to be entered on their
books, but orders purporting to come from
The Commissioners were always presented to
the Second Auditor, signed by the secretary
before warrants would be issued by the
Second Auditor for the bonds so purchased.
Question: Did you, as president of the
Sinking Fund Board, ever sign the minutes
of the proceedings of said Board? .s Z
Ansrer: never did, as no minutes were
ever kept, so far as know.
CLOTHING. --'