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

asser), there would be no objection TO the
funding Of tllese coupons, inasm,oh as the
spirit and intent Of the law contemplated The
funding Of Notwithstanding coupons, ex,opt The
coupons of the conversion bonds declared to
be illegal. 3 =
II Ii due TO myself to state moro fully the
circumstances attending the rejection of the
$1,000 or ST. 400 Of coupons referred to in this
connection by the committee, and which, in
the manner referred to, might place ME at
disadvantage in the opinion of some
When my attention was called bv Captain
Littlo to tho $1,000 or Sl,4OO of these cou-
pons presented for funding I was surprised.
and stated to him that was not aware that
any coupons at all had been cut off those
bonds, as I understood the term ''unused" to
mean that they had not been used at all by
my predecessor, and, therefore, had never
boon issued from the treasury 1 then in
quired 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 tho numbers Of the
bonds, and gavo instructions to my clerk not to
fund any coupons belonging to them
There are five coupons cut of each particu-
lar bond. The bonds amount to SlOl,OOO.
and are seven per cent. bonds, thus show
ing that Sl7,675 Of coupons have been taken
off.
The committee assert that SO, 2O5 of these
coupons have been funded into $4 COZ SO of
consolidation bonds. Captain Little assured
me, rs 1 have stated above, that none Of
these coupons had boen funded When that
question Of fact is settled, stand ready to
give to the State one-half Of the S4,GO2.5O of
consolidation bonds issued in exchange for
the $92O5 Ct coupons surrendered when a
court of law shall decide, in view oi the spirit
and intent of the law, that should do 3d.
Tho comptroller-general will doubtless
remedy his mistake also, if necessary, by
giving his half OF the bonds required 1t is
a singular fact that notwithstanding the
comptroller-gencral is equally responsible
with me for the faithful execution of the law.
tho committee visit their censure upon me
alone, while he is not referred to in the most
distant manner.
still maintain, however as a matter of
justice. thnt 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, It
may very properly be questioned.
These very Slol, 200 of bonds, now marked
1oH -, &I~
issued to Mr.. Kimpton in 1862 and afterwards
returned by him in October, 1871, as INV
Journal shows. The coupons which matured
while they wero in use were doubtless cut
of, as was the case with the coupons of all
other bonds.
The committee have made a very serious
mstaAe i'll the numbers of these bonds pivsn
by them in their report, and instead of giving
$4,000 of bonds, they have given Slal, 900
The numbers, as my journal shows, are TT
to SIS, $50 TO s27. $50 to 9O6, ss3 to ss5.
and not 500 to 9O6-a difference of thirty
bonds.
If the committee have estimated from
S29 to 906, instead of $50 to 9O6. in
making up tho number of coupons.
they have charged mo with the wrongful
tnnding of the coupons Of thirty bonds which
would make very great difference in their
aggregate. Where is the committees expert?
6. l am charged with want of vigilance
i'll the execution of the funding law"
The best reply to this charge, which is
very singular under the circumstances ia In
relate briefly the history OF this law, and then
mention certain facts which the committee
might have referred to in their report
When l became treasurer Ill December.
1872, Immediately sought an interview with
Governor Moses. and conferred with him m
the financial condition Of tho State. told
him OF my earnest desire to place the finances
OF the State in as sound a condition as poss;
bic under the circumstances, and restore the
credit OF the State; and that if our debts
were adjusted and settled in an equitable
manner, and the payment of interest on our
bonded debt resumed, and our assessment of
property and rate Of taxation reduced. and
tie tax levy made in a specific manner, n cer-
tain amount for each particular object or class
OF objects, and then collected with more core
and strictness, and above all things. if the
disbursement Of the taxes was made in ac
cordanco with tho levy, that is, when the on.
tire amount raised from the levy WAS dis.
L.. Il.