The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-02-26

i !. The following coupons matured
ID the years 1858, 1869, 1870 and 1871,
to wit: Coupons on Blue Ridge Rail-
road bonds. S25. $40; funding bonde,
S36, 800; redemption bills receivable
bonds, S3l 1000; payment interest pub
lic debt bonds, $32, $50; funding bills
Bank OF the State bonds, S57, 427; con-
version bonds, $57, ,944-$24l,Oll. As
all these coupons matured on or before
July l. 1871, and during the period
that the State wss not only paying the
interest on the public debt, but paying
1t in gold, and as there is every reason
to believe that the whole Of the into
rest due by the State from 1868 to
July l, 1871, or after. was paid previ-
ous to October 81, 1871, the committee
ore compelled to believe that these
coupons were not q valid claim against
the State, and that their surrender and
receipt for the purpose of funding,
and the issuing of consolidated bonds
or certificates of stock in their place,
was fraud upon the State. It is true
that the State Treasurer says, "the in
terest account does not show that the
full amount of interest due at any one
time was ever paid, to the best OF my
recollection" But the committee are
not limited in their means of informa-
ton to the recollection of the State
Treasurer.
The annual reports hitherto pre-
sented TO the General Assembly, show
that the Comptroller. G General's esti-
mates of the sums required to pay the
interest on tho public debt for the four
| fiscal years ending October 81, 1868,
October 81, 1859, October 81, 1870,
and October 81, 1871, amounted in the
aggregate to 81, ,5S6, 762 q, and that
tho payments OF interest on tho public
debt made by the State Treasurer and
the Financial Agent for the same four
years amounted in the aggregate to
81 ,601, 14G. 40, being S14,3S4.16 more
than the Comptroller. G Generul had esti-
mated for.
2. The following coupons matured
between April, 1869, and October,
1871: Coupons on payment Interest
public debt bonds, 500. .660; relief of
treasury bonds. 3131, 1876: Land Com
mission bonds, $Hs6O-$l96, ,s45.
| As the report Of the Special Joint
Committee appointed 80 ascertain
what bonds OF the State were pledged
by the Financial Agent of the State"
shows that these bonds were pledged
by the Financial Agent for State loans
after the maturity Of these coupons, it
is evident that these bonds must have
been the property of the State ut the
time these coupons matured. OF
course, these coupons must have been
the property of the State as we'll; aud
their surrender and receipt for the pur-
pose of funding, and the issuing Of
consolidated bonds or certificates of
stock i'll their place, was fraud upon
the State.
The following coupons matured in
January. 1871, and July, 1871: 232
coupons on conversion bonds, mum.
bered in blue. between 327l and 340S
SO. $50. AS these bonds are shown
by the records in the treasury to have
been issued ut various dates between
November. 1871, and March, 1872, it
IL evident that these coupons, which
matured many mouths before, were
the property Of the State ut tho time
OF their maturity; and their surrender
and receipt for the purpose of fund
ing, and the issuing OF consolidated
bonds or certificates Of stock in their
place, was fraud upon the State.
The presumption of the State Trea-
surer, that these bonds might have
been issued with matured coupons ND.
on them "because the bonds presented
for conversion may have had the oou-
pons on of that date" is fully met by
the testimony OF Captain Little. the
clerk in the treasury at the timo of the
conversion, that ''all matured cou-
pens, up to the time of the conversion,
we're cancelled and attached to the Ger.
titicRte Of stock, and filed away as
vouchers, and that he does not know
how it would 'be possible for any
coupons to be presented for funding
which had matured prior to the issue
OF the conversion bonds" Beuides all
this. the committee find, on exsmina-
tion, what the State Treasurer ought
to have known before he funded these
coupone-that "the bonds presented
for conversion" are filed away in the
treasury, without having ''tho oou.
pons on Of that date"
4. The following coupons matnred
between January. 1870, and July,
1871: ,263 coupons on bonds for relief
OF the treasury, numbered TIT to 818,
$40 TO 827, 800 Is 9O8. 9S3 to 985-
SO. .205. As these bonds have been
uniformly reported By the several