The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-02
distlUesly remember determini[nr unon t,s

'sDessxso 0e COotQtnedfu N SectiOuS2 OY
the act with regard to the funding of the in
terest upon The debt. knew from the man.
nor in vhishour bonds had besn hypotAeoated
in New York. It would probably be, ,diHicri,s to
trace the coupons belonging 70 them in every
instance. 3. 8 Y y q
/, therefore, decided that it would be better
Tor the welfare Of the State, and the restora-
ton oil our credit, by the resumption Of the
payment Of the interest which had been ss.
pended for several years, to include the inter.
est outstanding, and it ia 80 included in Sec
ton OF the act in distinct and emphatic
terms
When the legislature was considering this
section OF the act, TINT was the proper time to
examine this subject. But the general assem.
oily then wisely concluded that it was far bet
ter to settle the whole general subject than
to be wasting the time on comparatively
tr'hng features of it, especially as they
compelled the holders, just on account of such
irregnlarity, as well as the inability Of State,
through the misfortunes of the wsr, and the
extravagances subsequent thereto, to take
honde equal to e-half only Of those they sur
=
rendered.
The law has elected from the Charleston
Ne'os and Courier this compliment, that it was
framed by the ablest lawyers and most dis
t'ngulshed fnanciers of the State. The
editors did not, perhaps, know who were the
real authors Of the law, and to whom, there
fore, this compliment was Justly applicable.
1t was appreciated, however, all the same.
The bill was then introduced in the legsla-
ture, and it's passage carefully watched and
urged with all the power and influence which
my position as treasurer gave me.
1t was passed by the legislature substan-
TALLY as prepared on December 20, 1873.
And now 1 began to experience the effect
Of one of those mistaken views of economy
practced by the legislature. had asked the
general assembly for an appropriation of
$4,000 10 have plates engraved and bonds
and stocks printed, the records necessary for
such elaborate transactions, the additional
clerical force necessary for the careful exem.
tion OF the law, and making the proper adver-
tisements 20 the bond.holders, scattered all
over the country.
The general assembly appropriated just one
half Of the amount that my most careful esti-
mates called for, although the execution of
this law will save the State Sl3, 900, 900, by
the reducing the volume of the public debt
from twelve to six millions of dollars, and
saving the State twenty years interest at six
per cent. upon that amount of principal
The consequence was, that after having the
plates for the bonds engraved and tho bonds
printed, and obtaining the necessary records
and stationery, and making such advertise
ments as were absolutely essential to com.
mence the execution Of the law, had no
money left to employ the only3tne who was
thoroughly prepared, by fourteen months of
study OF this subject, to act as clerk, end I.
therefore, lost his valuable services.
then spent several months with the in.
valuable aid of my book-keeper, in devising
a system for the execution of the law. and
the preparation of plan of records for the
transactions, and selecting the style and class of
bonds and stocks. 1t was June l, 1874, eigh-
teen months after entered my Office, and began
carefully to study the subject before was
prepared to enter upon the actual work of
funding.
l then had to depute my chief clerk, who
had not given special attention to this sub
ject, to perform the work Of funding, in addi.
ton TO all his other duties, and it has only
been by most earnest and unremitting vigi-
lance that no more mistakes have occurred
under the circumstances than the probable
one which I have acknowledged.
This leads me to mention certain facts
which the committee might have referred TO
in their report as an oct of simple Justice to
me and my assistant.
They examined 1864, ,O36 of detached cou-
pons, put up in fifty or sixty different packages
as vouchers, and hundreds of thousands of
bonds, nnd compared them with the trausac.
tlons as recorded in the books, and found
them in every single case to be perfectly cor
roct.
But, moro than this, the law positively for
bids the funding Of SIS, 965, 900 of the conver-
sion bonds and the coupons belonging thereto,
who it requires Sl,577,5OO of the same class
OF bonds and coupons to be funded These
bonds and coupons were distinguishable by
their numbers and the color of their nun
bers.
Senator Dunn. the chairman of the Joint
committee, watched for tho bonds and cou.