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

after), there would be no objection TO the
funding of these coupons, inasm,ch ns the
spirit and intent OF the law contemplated the
funding OF ail outstanding coupons, exsopt the
coupons Of the conversion bonds declared to
be illegal.
II is due to myself to state moro fully the
circumstances attending the rejection of the
1900 or ST. 400 Of coupons referred to in this
connection by the committee, and which, in
the manner referred to, might place mo at a
disadvantage in the opinion of some
When my attention was called bv CAPTAIN
Little TO tho 81 300 or 81, 400 of these cou-
pons presented for funding was surprised,
and stated to him that was not aware that
any coupons at all had beeu cut off those
bonds, rs | understood tho term unused" to
mean that they had not been used at all by
my predecessor, and, therefore, had never
boon issued from tho treasury. then in
qnircd of him if any coupons of those bonds
had previously beon presented for fund
ing, and he assured me that none had been
as he had list OF them before him always
and would have detected them.
then obtained list Of the numbers of the
bonds, and gave Instructions to my clerk not to
fund any coupons belonging to them.
There arc five coupons cut off each particu-
lar bond. The bonds amount to SlOl.OOO.
and arc seven per cent bonds, thus show
| ing that Sl7,G75 Of coupons have been taken
| off
| The committee assert that So 2O5 of these
consolidation bonds. Captain Little assured
| me, as | have stated above, that none of
these coupons had been funded When that
| question of fact is settled, stand ready to
| give to the State One-half of the S4,GO2 SO Of
| consolidation bonds issued in exchange for
tho S9,2O5 Cf coupons surrendered when a
court Of law shall decide, in view oi the spirit
and intent of the law, that should do SO.
The comptrollcr-gen will doubtless
remedy his mistake also, if necessary, by
| giving his half OF the bonds required. 1t is
singular fact that Notwithstanding the
comptrollcr-general is equally responsible
| with me for the faithful execution of the law.
the committee visit their ccnsuro upon mo
alone, while he is not referred to in tho most
distant manner.
still maintain, however, as n matter of
justice. that the holders Of these coupons have
just as much right to fund them as those who
funded other coupons issued in tho same
manner AS question Of law. however 1t
may very properly be questioned.
| These very Sl0l 900 Of bonds, now marked
Cancelled, unused" in the treasury, were
issued to Mr.. Kimpton in 1862 and afterwards
returned by him in October, 1871, as INV
Journal shows. The coupons which matured
while they were in use were doubtless cut
of, as was the case with tho coupons OF all
other bonds.
Tho committee have made a very serious
mistake i'll the numbers Of these bonds given
by them in their report and instead Of giving
Sl0l 1000 of bonds, they have given Sl3l. 900
The numbers, as my journal shows, are III
to SIS SO TO s27, $50 to 9O6, ss3 to 9s5,
and not $40 to 90G-a difference of thirty
bonds.
| If the committee have estimated from
S29 10 90G, instead of $50 to 9O6, in
making up tho number of coupons,
| '"NS n"'o S'"t6cu hc Will Inc wrongful
funding of the coupons of thirty bonds, which
would make very great difference in their
aggregate Where is the committcc's 8 expert?
6. | am charged with want Of vigilance
in the execution Of the funding law"
The best reply to this Charge which is
very singular under the circumstances, is to
relate briefly the history OF this law, and then
mention certain facts which tho committee
might have referred to in their report.
When | became treasurer III December
1872, Immediately sought an interview with
Governor Moses and conferred with him on
the financial condition of tho State. told
him of my earnest desire to place tho finances
OF the State in as sound condition as possi-
be under the circumstances, and restore the
credit OF tho State and that if our debts
were adjusted and settled in an equitable
| manner, and the payment of interest Oh our
bonded debt resumed, and our assessment of
property and rate of taxation reduced, and
tie tax levy made in specific manner, n GER
tain amount for each particular object or class
| OF objects, and then collected with more care
and strictncss, and, above all things, if the
disbursement Of the taxes was made in ac
cordancc with the levy, that is when the On.
tire amount raised from the levy was dis
| bursp1 parll class nF ul,io.tc ,In,il