The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-04


The note for $4,9lG TO tile Carolina national
bank was secured by the stock of the city in
the gas company as collateral, and was paid
by the sale Of the stock The balance OF
S5,3G8.40 due the South Carolina bank and
trust company has also been paid. For the
loan Of $l4,24o the bank holds $2o250 of
city bonds as collateral security The note OF
$4,000 due Il. j. Jeter is also secured by
city bonds as collateral. The two notes dis
counted April %, 1874, 10y the South Caro-.
lima bank and trust company Of So, 36s. 40
each, were endorsed by Mcssrs. Cooper l.
Taylor, and, to protect their endorsement,
other notes of equal amount were executed
by the city and given them to hold. The
notes themselves do not specify the condi-
tions upon which they were given, but their
character is freely admitted. AS one of the
notes discounted by the South Carolina bank
and trust company has been paid, it is obvi.
Gus that Que Of the security bonds should be
surrendered and Cancelled, and the same
course should be taken with the other, as
it is entirely valueless, being issued without
consideration, and not collectable under any
circumstances whatever.
In addition to these loans, tie city Dor
rowed from the Carolina national bank dur
ing last summer $4,000 in three notes, TO
continue the work on tie city hall, giving
ms security therefor $4,000 in bills OF the
city, redeemed" but not cancelled, rs will
appear in subsequent part Of this report.
OF these loans we are informed that Que for
$4,000 has been paid by the sale of the col
latera! at 80 cents on the dollar. thus entail
ing loss ot 10 per cent. upon the ax-raycrs
of the city in making this payment.
COUPON ACCOUNT.
Tic examination OF the account Of coupons
outstanding made by Mr.. Walter Il. Jones,
city clerk, in August last, after dcductng
coupons in possession Of the Carolina national
bank at that time. showed balance of about
S4o, 600. The committee lave not undertaken
10 verify this examination, as it would have
involved two or three weeks work but pre-
sen; herewith an estimate derived from the
accounts which reduces these figures some
what, but still showing the city to be largely
in arrears on this account.
beginning with the lst day O: July, 1872,
the interest on The city dett for two years and
half, euding December 81, 1874, would be
as follows
From July !, 1872, TO December 81,
1872. six months. .$li, ,0T5 %
From january ], 1878, to Decem.
ber 81, 1878, one year. ........ 3l,S9S 90
From Jannary l, 1874, 10 Decem.
ber II, 1914, one year.. ..... 31,423 90
Total interest accrued, TWO aud
han years. .$SO,3 25
The payments on account of interest Oh the
bonded debt within tie same time, not includ-
irY interest paid on the floating debt, is as
follows:
Paid from july J, 1872, TO Decem-
ber u, 1872. ................S 1889 Is
Paid from January /. 1873, 10 De.
cember 81, 1873 ............. 30,419 25
Pnid from January l. 1874, to July
81, 18Th. o5,907 SIS
Interest paid, two and half
years So. .9S0 95
Balance unpaid, two and half
years -. .$22,4lO 80
Add estimated balance due June
80, 1872. 10000 90
Outstanding December 81, 1874. ..$32,4l0 80
If we assume the special interest tax for
the current year of 1876 to produce $46, 900,
the surplus over the current interest for the
year will be about 1900, whicl, will reduce
the Indebtedness Of the city, December 81,
10 Oh r.