The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-07-20

all; he said some men were fortunate and
| others unfortunate; that We applaud the
success of tho fortunate and frown on
the failures of the unfortunate, when
really the judgment exercised by tho
latter was rs conscientious as that of the
former, but unluckily not 80 accurate or
correct; and this was tho case with tho
Financial Board; they saw the ruin that
was fast coming upon tho State, yet they
kept all these damaging fncts to them
selves, in the hopo that, by 30 doing, the
credit of the State might not be yet more
| impaired, and that in some way money
might be raised to pay tho few millions
we had borrowed md redeem the many
million dollars of bonds which were
pledged for their payment; prior to Oc-
to5cr g., 1e?1, the Financial Board had
every reason to keep from the world the
true magnitude of the State debt, and,
consequently, it would be expected that
If there was to be any cooking ut all,
Parker would under-state instead of over
stating tho interest on the public debt;
why would Parker make out the interest
at higher figure than it really stood ut?
They make great deal out of tho fnct
that tho interest was payable in gold !;
but suppose tho bonds were hypothe-
Gated, tho holders of them were getting
their interest on the money loaned and
had no cause to bring out the coupons
on these hypothecated bonds; but when
tho State stopped paying interest, they
brought out their coupons and raised
money on them by selling them into
other hands, which now present them
for payment; the law will not warrant
the presumption that they were stolen, if
any other reasonable theory con account
for them; but they resort to another shift; !;
there werc two issues of 81 1000, 600 each
for tho payment Of interest on the public
debt; tho last issue was to be substituted
for tho first; now, if the last issue
was to take tho place of the first,
and the first had tho coupons
attached to them, it is only reasonable to
suppose that the coupons were not cut
off the last issue; but they say, where are
they? although we are not sued on them.
Tappan says some we're cut off; but no
one says that SSH 900 of them were cut
off; If there is anybody in the world who
is interested in shifting the responsibility
of this transaction from his own shoul-
ders to-those of Parker's, it is Kimpton,
and he says, with the rope around his
neck, SO to speak, that on the greater
part OF the bonds sent to me, the cou-
pons were not cut off; now, in order to
plaintiffs 8 counsel have to assume thatall
these coupons were cut off before they
were sent to Kimpton, when Kimpton says
that the coupons were on the greater
number of bonds sent to him; but we
want no assumption; We will have no
guessing in this case. Now we will soy
that Parker cut off S79,2 200 of coupons,
| which are in his boxes, accounted for;
that Kimpton cut off s432, 600 of coupons,
and we will put to the account Of the
State 81, 161 168 of coupons; but they say
| that some of the States portion is in
| valid; that some are blue, when they
| ought to be red; that some are irregular,
when they should be regular; but at this
period, 1871 and 1872, there was no dis
tinction between these red and blue
bonds, and whatever difference TINT may
have previously existed, had been re-
moved at that time by the Act of the
Legislature, which declared the blue as
valid as the red; the State was made
aware of these alleged Irregularities, and
yet the Legislature declares one class to
be rs good and lawful rs the other; the
Legislature of 1874 repudinted these
blue bonds, but this line of distinction
was not marked out until after the cou-
pons had been paid, and when they were
paid, they We're as valid as any others; if
they say that these s528, 5000 of coupons
are invalid and were never paid, then
Kimpton, instead of sending Parker
$500, 900 of coupons, should have sent
him 100000 of coupons; if there
was fraud, it was with Kimpton,
not with Parker; Parker's boxes are
acknowledged to be all right, and they
sny that these invalid coupons, which
they allcge were substituted for good
ones taken ont, were found in Kimpton s
boxes; Parker cancelled NIL the coupons
he cut off; Kimpton says he paid
the interest on the public debt as long
as the State gave him money to pay it
with, and if he paid for these blue cou-
pons, or substituted dead for good cou-
pons, the fraud is with him, not with
Parker; kimpton and Parker both say
that no distinction was made in paying
the blue and the red. Their next Shift is
to prove that Parker had coupons in
1873, but they cannot connect these
coupons with any that were ever in the
treasury; he then called attention to the
| tenderness md care with which odmis-