The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-08

April l6; $50, 500. S62, 500.
Col. McBIaster and Col. Wallace after
few remarks, submitted series of pro-
ambles and resolutions; which, after dis
cussion, were substituted by the follow
ing, prepared by Major Gulick:
Whereas, it is provided by the first
section OF the Act Of the General Assem-
bly,, approved March Is, 1872, that s.tho
outstanding indebtedness of tho CITY
OF Columbia shall not exceed the sum Of
sG0O, ,00O;' and whether by bonds or
otherwise, shall at no time be increased
beyond the said sum-" and it is further
provided IN the seventh section of the
same Act, that upon any attempt being
made to increase the debt beyond the
sum mentioned. ''any bond-iolder or
corporate taxpayer shall have his action
to enjoin the said Mayor and Aldermen
from so DOING" and it further appears
from the report Of Committee of Inyesti-
gntion, TINT the debt now outstanding ex-
ceeds to considerable amount the limit
prescribed by the General Assembly. It
is, therefore,
Reso'red, That the interests of the citv
OF Columbia require that tho restraint
authorized to be imposed upon tho
Mayor and Aldermen in the contraction
OF debt should now be applied, so that
no new liabilities may be incurred, and
the income from taxation shall be ap-
pliea to the payment of the legal debt,
and its reduction within the legal limit
Rcsolrea, That m application be made
to his Honor Judge Carpenter, for nm in
junction to restrain the Mnyor and Alder
men from increasing the debt of the city
OF Coiumbin in any manner whatever. or
binding the city to any payments be-
yond those already authorized or estab-
llshed by law; to continue in force until
satisfactory evidence shall have been
submitted to him that the debt has been
reduced to the limit established by the
Act Of the General Assembly.
Resolrci, That legnl proceedings be
commenced against the Mayor and AL
dermen who may be responsible for the
diversion of the interest tax, the diver
sion OF the proceeds of the bonds sold
from the objects first prescribed by law,
and against all those who may have com
United breaches of trust in accepting
contracts with the city while hofdinG
positions of trust.
Resolred, That. the Chairman of this
meeting appoint committee OF twenty
hvc corporate taxpayers, to foym q
standing committee on the finances of
the city. who nre charged with the duty
OF carrying out the purposes embraced
IN the second and third resolutions, and
OF protecting the financial interests of
the city generally Mt their discretion, in
any and all ways that they NAV deem
practicable; and that the Chairman of
this meeting be one Of the members and
the Chairman Of said committee.
A resolution by Capt. Bachman, that
the members of the City Council resign
forthwith, was adopted.
Several other resolutions and motions
were discussed and finally withdrawn.
RESOLUTIONS of thanks to the Committee
OF Twenty, for the faithful manner in
which they had discharged their labori-
GUS and grntuitous duties, were unani-
mously adopted. After which the meet
ing adjourned, subject to the call of the
Chairman.
CoTToS Factories AT THE SouTn.-It
Is not only Mt Columbus, Ga, but nlso ut
Augusta, IN that State, that Southern
success in cotton manufacture is bril-
liantly illustrated. An Augusta CORES
pondent relntes the history of three large
cotton factories there, all Of which have
proved exceedingly profitable ventures,
and shows that Augusta is becoming
quite an industrial centre. One of these
factories was opened about the com
mcncement of the war, after n cash ex
penditure of 100000. 1t paid enormous
dividends in Confederate money during
the war, ranging from 700 to 900 per
cent This, however, was a somewhat
fictitious prosperity, and it remained to
be seen whether the enterprise could
stand the competition of the North and
England. This it has done. From July
l, 1865, to April. 1874, it paid annual
dividends Tin greenbacks) averaging 200
per cent. on the original capital. The
factory consumes 200 bnles of cotton pcr
week, runs 22,448 spindles and 722