The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-02

o.
the act with regard to the funding of the in
terest upon the debt. knew from the man.
nor in which our bonds had been hypotheoated
in New York. it would probably be difficult to
trace the coupons belonging to them in every
instance.
/, therefore, decided that it would be better
tor the welfare of the State. and tho rcstora-
ton of our credit, by the resumption Of the
payment Of the interest which had been s,s-
pcnded for several years to include the inter-
est outstanding, and it is so included in Sec
ton OF the act in distinct and emphatic
terms
hon the Legislature was considering this
section OF the act, tint was the proper time to
examine this subject. But the general assem-.
bly, then wisely concluded that it was far bet.
ter to settle the whole general subject than
to be wasting the time on comparatively
trifiing features Of it, especially as they
compelled the holders, just on account of such
irregnlarity, as well as the inability of State
through the misfortunes of the war, and tho
extravaRances subsequent thereto to take
bonds equal to one-half only of those they sur
rendered.
The law has elected from the Charleston
Nsns and Courier this compliment, that it was
framed by the ablest lawyers and most dis
tlnguished tinanciers of the State The
editors did not. perhaps. know who were the
real authors Of the law, and to whom, there
fore, this compliment was Justly applicable.
1t was appreciated, however, all the same.
Tho n a.,
turc, and it's passage carefully watched and
urged with oil the power and influence which
my position as treasurer gave me.
1t was passed hy the Legislature substan-
TALLY as prepared on December 90 1873
Aud now began to experience the effect
Of one Of those mistaken views of economy
practiced by the legislature. had asked the
general assembly for an appropriation Of
$4,000 TO have plates engraved and bonds
and stocks printed, the records necessary for
such elaborate transactions, the additional
clerical forcc necessary for the careful execu-
tion of the law, and making the proper aiver-
tisements 20 the bond holders, scattered all
over the country.
The general assembly appropriated just one
half OF the amount that my most careful csti-
mates called for, although tho execution Of
this law will save the State $4,000, 900, by
the reducing the volume of the public debt
from twelve to six millions OF dollars, and
saving the State twenty years. interest at six
per cent. upon that amount Of principal
The consequence was, that after having the
plates for the bonds engraved and the bonds
printed and obtaining the necessary records
and stationery, and making such advertise.
ments as were absolutely essential to COM
mence the execution Of the law, had no
money left to employ the onlySt,e who was
thoroughly prepared, by fourteen months of
study OF this subject, to act as clerk, and I,
therefore. lost his valuable services
] then spent several months, with the in
valuable aid Of my book-kceper, in devsing
system for the execution of tho law, and
the preparation of plan Of records for the
transactions, and selecting the style and class of
bonds aud stocks. 1t was Juno /, 1874, eRh-
teen months after entered my Office, and began
carefully to study the subject before was
prepared to enter upon the actual work of
funding
then had to deputo my chief clerk, who
had not given special attention to this SUBJ
JecI to perform the work Of funding, in addi-
tion 10 all his other duties, and it has only
been by most earnest and unremitting yie.
lance that no more mistakes have occurred
under the circumstances than tho probable
one which have acknowledged.
This leads me to mention certain facts
which the committee might have referred TO
in their report, as on oct Of simple Justice to
me and my assistant.
They examined 1864, O3G of detached cou-
pons put up in fifty or sixty different packages
as vouchers, and hundreds of thousands of
bonds and compared them with the transac-
tions as recorded iii the books, and found
them in every single case to be perfectly cor
rect
But, moro than this, the law positively for
bids the funding Of Sd, 965, 900 of the CONVEX
'on bonds and the coupons belonging thereto,
while it requires $751; 500 of the same class
of bonds and coupons to he funded These
bonds and coupons were distinguishablo by
their numbers and tho color of their nun
bers.
Senator Dunn. the chairman Of the Joint
committee, watched for tho bonds and cou.