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

"A A1AB ASoeA AAOAAA y N0sH1 k&CCUKus
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 tue action of the FL
nancidl Board. in which Mr.. Chamber
lain was the conspicuous and principal
figure. In 1870, he became, Tor the
second timo. Attorney General of the
State. accepting the burdens of the
position, no doubt, "as matter of
grave and urgent duty" In the course
OF his administration it became appa.
rent that the frauds OF the ''Land
Commission" we're but coup d'essai.
which soon paIed into insignifioance
before the ma,ter-strokes succeeding
them. There is no need to describe
these ''bond swindles." We all know
tho particulars. Ono WHO knows more
about them presumably than any one
else. cave two or three, perhaps-in
fact, Hon. D. q. Chamberlain himself
has lately told US that, in the short
period OF three years, the bonded debt
OF the State WINS increased by $IO,-
100000, without equivalent or benefit
to the State. In sane condition OF
public sentiment, no one who could, in
The remoteet degree. be suspected OF
connection with such stupendous vii
lainy would dare to offor himself for
public trust. But we save our COM
ments. Mr.. Cham berlain, in his very
specious and disingenuous letter ito
the public" has sought to cxonerate
himself from the responsibility attach
ing to his membership of the Financial
Board-nn attempt in which he Houn-
ders until he has brought his position
to it's logical reduclio ad absurdum.
For, by his own showing, the reason
ing which persuades us of his iuuo-
ceucs must convince us also that the
conduct OF "ibe other members of the
Financial Board, both ns members of
the Financial Board and individual
Stale 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 mo more weighty obligations
or trusts rest upon or have besn con.
fded in any officers OF the State Go
vernment than the persons comprising
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, i'll whose hands shall be placed
all the bonds Of the State authorized
by law to bo 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 und controls the
Financial Agent: 'Whut have been
their directions? How nave they con
LAoACu WIZ hlnpdSetucuL Ol Lu6 SLALe
finances in New York2 Have they
ever examined the books Of the Finun
cial Agent and nude themselves con.
versant with the manner of his bust
ness operations, as we'll as the charges
therein made, 80 universal and exorbi-
tant that IL true record was directed not
to DO writteu? The Financial AGENT
says they have
What. then, must be- the conclu-
sion? Have they been faithful to the
high trusts rcposed in themf 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 fuct, seize the
opportunity to relieve themselves of
NIL that attaches TO such rnin, and then
aoash their hands Of account .biiHy, nnd
defy as others haze done, Investigation
or retlyeSS?'
latter naming the members of this
Board. e., the Governor, Attorney.
General aud Treasurer and, in some
instances, tho 'Comptroller. General
and Secretary Of State, and charging
their gross dercliction in the choice of
an obscure and irresponaihla man 40