The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-26

carefully excluded from Mr.. Gulick's
statement of the city debt, md for what
reason we are left only to conjecture.
City currency, too, forms ON item of
considerable difference in the two state
ments. MT. Gulick includes only S1G,-
2O4. 10, while I include $31, ,877. IS, for
tho reason that, during the first year of
Mayor Alexander's administration, SILL
693.75 more of this currency was re-
deemed and destroyed than Mr. Gulick's
table shows was then outstanding, and
in the two succeeding years upwards of
Sd, 600 more Of this old currency was de-
stroyed; making tota! Of S31, ,S77. 80, in
stead of SIG, ,204. 10, as stated by Mr..
Gulick. But, then, S15 600 is ''snnll"
amount, and perhaps we ought not to
Democratic Council Those records,
according to tho committees re1.ort,
show only SIG, ,204.1 10 outstanding in
May 81, 1870, while the facts prove
clearly and conclusively that nearly
double that amount was redeemed and
destroyed during thnt same year by
Republican Council. Now, I contend
TINT this latter amount Of city currency
formed part of the city debt mt that
time, whether the records show its ex-
istencc or otherwise
Now let us examine Mr.. Gulicl's Sc
cond statement of the city debt, which
is as follows:
Debt JLnrh 81, 1872.
Five per cent. bonds .....S 15, 500 90
Six per cent. bonds ........ l67. 9OD 90
Seven per cent bonds . 161, ,450 90
Bills payable c...... 81, 600 90
Totnl. ............... Sl25, $50 90
By comparing this with the last pre-
ceding table, it will be found that, in
stead of the debt being increased Mt all,
it was really decreased by upwards of
S1O,OOO-which decrease was brought
about in this way: The city currency,
to the amount of S31, ,877.35, was re-
deemed, and interest past due, to the
amount Of S35, ,G31, was paid; which two
items alone come within $4,000 of the
full amount of the decrease; and in ad-
dltion to these amounts, 'bills payable"
were paid--enough to more than make
up the difference. 1t will be observed,
upon scanning this Inst table, that it diff
fers from the first in two items, viz: Past
due bonds $50, $50, and city currency
SIG, 204. 10. Both these items disappear
from the second table, because both we're
redeemed by the first Alexander Council.
And here might just MS we'll mention
tho Charlotte, Columbia and Augusta
Railroad stock, of which DIr. Gulick
treats In subsequent paragraph. This
stock wns sold to satisfy Judgment of
court for these identical "past due
bonds" which appear in Mr. Gulick's
first table. Not only were the bonds and
coupons paid, but interest upon the past
due coupons also, or compound interest.
Because these bonds were paid by sale
of city property, l do not mention them
among the items which made up the de-
crease Of the city debt.
Mr.. Gulick desires ''to eat his cnke
and bake it, too" for he classes these
bonds rs debt against the city, and
finally proceeds to put the railroud stock
which paid the bonds in the same cate
CORY among city debts. In palmer terms,
he puts the assets of the city among its
liabilities. There may be no :cross en-
tries" in this instance Of Mr.. Gulick' s
bookkeeping, but it savorS very strongly
of "doublc entry" upon only one side OF
the account.
This brings lis down to the period
when the new city bonds were issued for
the purpose of constructing the CITY
Hall, new market, etc. 1t must be horne
in mind, that when these bonds were au-
thoriZed by the Legislature, il debt to the
amount of SO, 600 had already been ere
ated, by borrowing that sum from J. l..
NcnSle, Esq, for the purpose OF CON
structinG Il new City Hall and market.
When the Council which had control of
these bonds came into power. il fOnnd
this debt outstanding, in the shape of
notes held by sundry persons. Upon
consulting eminent legal authority, it
wns found that the Legislature intended,
when these bonds were issued, that the
proceeds should 60 to liquidatc the debt
already contracted with DR.. Ncagle, and
to this purpose they were applied. Upon
consulting Mr.. Gulick's second table, it
will be found that bills payable" are
put down at $Sl 200. These bills con-
! sisted of three notes of $50, 900 each to
DR.. Ncngle, and one of $4,000 TO one of
the city hunks. The three former notes
were for money borrowed to build the
new City Hall and market, and sufficient
Of the proceeds of the bonds were used
to pay them, and the balance applied to
the construction of the hall. Now lei us
] fhc l,onI L..