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

L
lsnass ns Esu,emttted that the sbonht realised
/ foon sSs vaFa6ds siis; fssies -fsh Inorssof shs
ldssouna sppseg{ {stsds ssdE Z Sleh iisYyS %
eyefy instance, except In che case 6f interest.
4 here present 4 statsinent Of the dsficen-
ciess Shich will show the amounts appropriated
10 exoess of tho amount realized froiti the par.
ticular levy: AF.t
Salaries. So. $685. 81
Penal charitable and education in
sVtitions.. -. .......... 1900 90
free schools. .................. 29,7T9 90
Legislative expenses. ........... 87,318 90
Public printing. ......... l25,400 90
Claims South Carolina Bank and Trust
company. 23,664
During the last fiscal year nearly every
man who had claim upon an account In
which there was deficiency tried to persuade
me TO pay him out of the balance on hand
to the credit Of interest, and 1 declined
hundred times to thus divert the interest
fund.
remember we'll that several members of
this very same committee were very much
inoensed at my refusal to do 3d. But now
they blame me because I borrowed S5O,O00
this fiscal year out of that balance of interest
fund while 1t was lot wanted, to pay legisla-
tive expenses and the interest on the copsoi;.
dation bonds due January !, 1875, which
sums were repaid by the receipts on account
OF both Of these objects in less than thirty
days after.
Is it not natural that should feel that the
committee have condemned me from personal
motives?
And now I am compelled by the cir
cumstances surrounding me to disclose the
secret history Of my action in reducing the
balance of State funds in the bank to a lower
point than I would have done otherwise
which is the occasion of the committee's un.
measured censure. ! deeply regret tile neces-
sity of this, and would have preferred to ex-
tend to Mr.. Solomon and his bank the mercy
ofimy silence.
When took charge of my Office in Decem-
Der, 1872, in conjunction with the governor.
Hon. F. j. Noses, jr., and the comptroller
general, Hon. 8. L. Hoge, we, as board,
designated the Central National Bank, of this
city, as depository for the State funds, and
continued the South Carolina Bank and Trust
Company as depository, which it had been
Tor several years previous In November, 1873,
was summoned by Gov. Moses to his Office
TO meet himself and the comptroler.general.
When assembled was Informed by him that
they had determined to make the South Caro-
lima Bank and Trust Company the sole and ex-
elusive depository for the State funds.
earnestly protested against such action but it
was useless, and was over.ruled, and was
compelled to deposit the funds in bank in the
management Of which I had not the fullest
confidence.
When Mr.. Chamberlain was inaugurated
governor, we Immediately conferred on this
important subject, and decided it was highly
imprudent to place the entire moneys of the
State, amounting at times to $1,000, 900 of
cash on hand, in the South Carolina Bank and
Trust Company, or, more properly speaking,
with Mr. Solomon himself its president who
owns nearly all the stock of the bank, and is
solely and exclusively responsible for its
management.
I then stated to the governor that we
might possibly meet with come difficulty that
Mr.. Solomon might possibly attempt to retain
the State funds to reimburse himself for the
State claims he owned, and for the payment
OF which there was no provision made by law.
1 reminded the governor of the circum.
stances under which he had attempted once
before to do this, by dishonoring my official
check, because refused to pay an illegal claim
which he presented. am aware that Mr..
Solomon attempted to justify his own illegal
action by alleging that was violating the
law, and. therefore, arrogating to himself the
restraining power of a judge. I am also
aware that he did this under the advice and
instruction of the comptroller-general
With vivid recollection of this extraordi.
nary and illegal conduct of Mr.. Solomon, I
expected a repetition of it when it should be
determined to increase the number of deposito-
ries. l, therefore, decided to run my balance
down in bank as low as was consistent with
safety and my posoer under the la,o, keeping
due regard to the demands that might be
made upon the treasury in the meantime.
There were other and much more serious
reasons, however, why did not deem it pru.
dent to make Mr.. Solomon's bank the sole de.
pository Of State funds