The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-08-20
COLUMBIA, S. G.
Thursday Morning. August 20. 1874.
Clearly Proved.


and Chamberlain. the former drew the
first blood in Sumter, when he claimed
for his administration exemption from
mauy Of the expenditures of the pre-.
vious ones, and particularly whom he
detailed the bonded debt transactions,
In which Chamberlain. bore an impor-
tantfpart. Moses reiterates what has
been 80 often shown, that the ''Act for
the conversion of State securities" did
not authorize the borrowing and ex-
penditure of any money at all; that
the s95ss1asa. Act. which authorized
the Financial Agent to pledge the
bonde OF the State as collateral secu-
rity for loans to the State, gave no au-
thority to the Agent to use conversion
bonds for that purpose, because they
were not bonds in the possession of
the State. The Financial Agent, under
instructions from the Financial Board.
overcame this little difficulty, and pro-
ceeded to use the conversion bonds to
redeem the bills receivable, bonds to
pay interest on the debt and bonds for
the relief Of the treasury. Soon after
that, as Moses says, conversion bonds
were issued to raise whatever moneys
were required to carry on the State
Government. ''As loans matured,
there was no money on hand to pay
them, and other loans had to be made
to raise the money, not only to pay
them, but to pay heavy interest and
ruinous commissions. The credit of
the State declined under this process;
the value of the bonds rapidly depre-
dated. It became necessary at last to
pledge six for one, and the bubble
burst. New loans to pay old loans
could not be effeoted, and the "whole
machinery of the Financial Agent,
acting under the direction and control
of theiFinancial Board, was brought
to,a-dead stop. The bonds in pledge
we're sold under forfeiture for whatever
they, would bring. In one case. they
brought nine cents on the dollar. The
State was bankrupt; the end had
come" Moses didn't write under this
picture, "This is Ohamberla g work"
but he meant it, and Chamberlain so
regarded it.;
In the Uaion- Herald. of yesterday,
after res. and preparation, Chamber
lain comes up smiling. and plants a
Sumner right upon the Executive
head-piece. He charges that Moses.
through the two schemes of the print.
ing swindle and the pay certificate
fraud, reduced the State to the
Financial straits which had their cul-
mination in the issue of the conver-
sion bonds, and their sacrifice during
the panic after the Chicago fire."
Showing that the demands for the
certificates and for the printing were
in 1872 alone more than the taxes of
the year. the. Chamberlain organ says
there was>ne othcr resource besides
the issue and sale OF bonds to meet
these Unsuitable demands and to pay
other expenses. Taxes were absorbed,
and "bonds became necessity" It
goes on to show that he did not exert
himself to prevent the endorsement of
these bonds by the Legislature, which
he controlled; that he aided in having
the validating and settlement bills
passed; that Le frst voted for the Acts
authorizing these bonds; -.he matte il
necessary to pledge them; he vail.
dated aud confirmed them, and finally
rspndiated them"
Looking on at this contest dispas.
sionately, We have concluded that the
parties to it have damaged each other
considerably. While each might have
done better. each has succeeded in
proving the others guilt. Each knew
whereof he spoke. Until recently,
they were oronies in all this business.
Moses shows Chamberlain an unsafe
and dangerous man to be Governor.
and Chamberlain demonstrates that
Moses is no better than himself. Both
-enss accordingly stand ont Of .he way.
The honest people Of Sonth Carol;,o