The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-15

only the sum of SG5, 19G was paid out for
interest, when the actual sum for that
time amounted in round numbers TO
upwards of $4,000. Now let US look
at what was done by the Republican sue
cessors, who administered city affairs
during the four years from 1870 to 1874.
and in this statement I shall take my
figures of expenditures exclusively from
the report Of the Committee of which
Major Gulick was Chairman:
1S70-Interest ON bonded debt S22,-
o96; interest paid 81, CSC; over paid inte-
rest $3.50. 1871-Interest on bonded
debt S22 ,09G; interest paid "a, ,536; over
paid interest $500. 1S72-Interest on
bonded debt s32, ,O9G; interest paid C5.-
227; over-paid interest 33, 131. 1873-In-
terest on bonded debt S37, ,O0G; interest
paid 2,T01; over-paid interest 5.G95.
lS7i-Interest on bonded debt S37,OOG:
interest paid Co., over-paid interest
~, ,79l. Total over-paid in four wears
S71,117.
SO that it will be seen from these
figures, that not only did the Republi-
cans pay all the interest which was left
unpaid by their Democratic predeces-
sors, for five years, but they paid large
sums for this purpose which had been
accumulating for n series of years pre-
vious to 1866. I, myself counted cou-
pons dating back as far as 1860 and 1861,
which coupons were paid by the Council
of 1872 to 1873, or more than eleven
years after they were DUE Now let us
draw the parallel. The two Councils
from 1866 to 1870 defaulted- is, re-
fused to pay, upon one single item of
city Indebtedness, to the amount of up
wards of s45,000 while Republican
Council, covering an equal period of
time, actually over-paid upwards of S7O,-
OOo upon this same item, which was
handed down to them from administra-
tlons IN which they had no lot or part.
And now desire to call the attention of
the citizens to another very instructive
feature Of this report for from this, I
think, we can draw some verv correct
deductions in Our efforts to discover the
actual condition of the city finances, and
that is in regard to the issue of city scrip,
better known rs city money. By care
ful examination of this report, it will be
found that much OF tho money realized
during the years from 1865 to 1870 was
realized from this source-a source fruit
ful of more evil than any other from
which money has been derived The
following figures are taken exclusively
from Major Gulick's report, and, of
course, are regarded rs reliable. I have
simply made n statement of the amount
issued and destroyed each year, without
regard to whether they We're called "old
issue" or "new issue:'
18GG-City bills issued, So, ,O30. 90; re-
deemed, 1902. 50; over-issue, 1887. 10.
1SG7-City bills issued, $4,000; re-
deemed, 5,C38,85; over-issued, 6,3G115.
lSCo-City bills issued, S11,475; re-
deemed, 1858; over-issued, 3,117. 1867
City bills issued, sG,48O; redeemed,
4,852.90; over-issued, 1927. TO- 1870
City bills issued, $17,G45; redeemed,
10,588; oyer-issued, 1857; total more
issued than redeemed, 21, 1,999.35.
Here we find another debt of $4,000,
handed down from Democratic admi-
nistration' which I suppose even the
most violent partisan will not deny.
Now let us see whit the Republican ad.
ministration did, which followed this:
1S71City bills issued, S2,9O7. so; re-
deemed, 30, 705. 35; more redeemed than
issued, 27,797.85. 1872-City bills
issued, none; redeemed 81, O63. So; more
redeemed than issued, 4,063.35. 1873
City bills issued, none; redeemed,
$16.15; more redeemed than issued,
1915. 1s74-City bills issued, $21 ,555 SO;
redeemed, 14,041.55; more issued than
redeemed, 7,5l3.a5; total more redeemed
than issued, 31,77735; from which de-
duct more issued than redeemed,
7,5l3.95; leaving total more redeemed
than issued, "a, 2G3. 40.
During the first year Of Mayor Alexan-
der's administration, we find it redeem
ing nearly $500 of indebtedness of
former Councils, and yet we are told the
public funds were squantlered and mis-
applied. These two items alone, OF inte-
rest and city money, are enough to con-
vince any candid man that the Republi-
cans made record for fairness in the
disposition Of city funds far superior to
thnt nude by the Democratic Councils
preceding them.
And now, Mr.. Chairman and gentle
men, having already detained You too
long with so dry subject as figures,
propose to cut my remarks short, with n
brief allusion to that portion of this re-
port devoted to the city bonds author
lied by the Legislature TO construct the
new City Hall, new market and for such
other purposes ms Council might deem
for the interests of the city; and this, sir