The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-04-14
NEW YoRK, April 6. 1874

NEW YoRK. April 6. 1874.
IL. .hla Editor Columbia Phtenie-SIR:
In your issue Of the 25th ultimo, you do
mo the honor to comment on two letters
of niue, written to Mr. Parkr, the ex.
Treasurer OF your State, relative to the
conversion bonds.
will ask of you permission to say in
reply to your structures thereon, that I
knew nothing Of any movement, here
or elsewhere, i'll connection with these
securities. My own impression has
been that they have been steadily and
systematically depressed by interested
parties lint, however, is merely my
opinion. OF course, it's not my pro-
vince to take up your illusions TO the
Financial Board. They are. I presume,
quite able to take care of themselves,
and they don't seem to shun any inves-
tigation into their official conduct. Your
sage remark, that "the hond-holders re-
fuse to be killed Of, Is the exact truth.
They do refuse. They don't see Why
they should com NIT hnri-kuri yet ~ lille.
Believing. rs they do. that they hold
valid cluims against tile State OF South
Carolina. they have every inducemen.
to live to COLLECT thes same They would
rather Judge the peor!:. of the State
from thoir past proud record. than from
the abnormal condition Of affairs at the
present time. Their reputation for
hnnor aud good faith is too old aud
well-earneu To he thus relinGuishrl
Thcy would pine away aud die uudur
the poisoned shade OF repudintion.
eau well understand that the people OF
South Carolina lock elum and feel sore
over their debt, just us husband often
does, when called upon to pay an extra
vugaut wifc's bills. though t.le law AN 4
his own honor demands its being paid.
My connection with these bonds fell
about in this wise: In all, I have only
made one purchase. aud that ut the
time when they stood as high us any
Southern securities. AS the interest be-
came due, it was pai! to me by the au.
thoriZed agent Of The Sthte in this city.
Ia May, 1871, your Tax. Plyers' Con.
vention sanctioned by their pledge and
approval The debt ~ 1t stood then. They
cautioned the public against the pro.
jscted sterling loan. aud any further
loan that might bn Issued. without the
concurrence aud approval OF the tax
paying portion OF the people of the
State. They did not utter single
word about the conversion bonds,
thcu6u III ttit SIatcUtuC OF ueOt S0 D.
mitted to then there was an item of
81 ,265, 500 Of bonds converted, aud the
whole Of the outstanding debt could be
converted ut any time. ut the option of
the holder. In October, 1871, when
these bonds were depressed by forced
sales, wrote to one Of your leading
Conservative gentlemen in Charleston.
He advised me not to sell, but to wait
for better times aud better prices, (price
then being iifty.) He was kind enough
to furnish mo with an official copy of
the Tax Payers Convention, and re-
marked that the bonds then being
pressed on our market here were proba.
bly, some of those hypothecated for
loans granted the State. aud referred to
i'll the report Of the convention. One
peculiar feature OF my bond purchase is.
that moic some are said to be good and
some are not, though the numbers are
all right. and they are all signed and
sealed by the samo authorities. I re.
spectfully claim that they are all good,
and would be willing to leave the issue
with any twelve honest. intelligent men
i'll any State OF the Union. Sir, re-
muin your obedient servant,
W. S. B.