The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-02-26
sELBY ooLUMB1A MoRNEiG FEBRUARY 2 1875

S. O.. FRIDAY Nj
and he declined to fund them for thst
reason. But when he learned, from
the Chairman of the Committee. that
tho committee hal asoertained some
OF these coupons had been actually
| funded. he testified ''tliat the coupons
on those bonds. perhaps, have Just as
much right to be funded as the cou-
pons on any other bonds that we're
hypothecnted. It is to be observed.
IN connection with the $1,000 or
VI, 400 OF these coupons which the
State Treasurer alleges ne declined 10
fund, that the objection to funding
them does not appear to have oriei.
mated with him, but that they passed
through the treasury in the regular
course OF funding, and were thrown
out by Captain Little when they
reached the Comptroller Generals g
Office; and yet Captain Little testifies
that he had called the State Treasurer's g
attention to the probability OF these
coupons being presented for funding
some time previously, and the State
Treasurer himself testifies that he had
really had list of these bonds before.
The State Treasurer did not explain
to the committee why he wanted list
Of these bonds, if 1.-THE coupons on
those bonds, perhaps. have just as
much right to be funded as the cou.
pons on any other bonds that we're
hypothecated;" nor why, if suoh were
the case, he declined to fund the
81, 800 or 81 400 of coupons wheu pre.
sented for funding.
The committee feel bound to state.
as their unanimous judgment, that, in
tho whole matter of the funding OF the
several classes of bonds hereinbefore
particularizsd, the State Treasurer has
shown singular want of vigilance in
guarding the public ;nte:es!e coafidsd
to his cure, and that. without q singu-
lar want of vigilance on his part, the
frauds which the committee have
mentioned as having been perpetrated
upon the State could not have been
perpetrated at all. Nor is that singu-
lar want of vigilance rendered any the
less culpable from the fact, that by far
the larger portion of the coupons
which have been fraudulently funded
we're funded by the Chairman Of the
COMMITTEE appointed by the two
houses to examine the accounts of the
treasury for the last fiscal year. Sena.
tor Ovens Is not known as a banker,
or broker, or business man OF expert.
enoe or capacity; and the committee
can Imagine no reason for his being
chosen as agent for the funding Of
nearly $500. 600 OF fraudulent coupons
outside OF the calculations; that, as
Chairman of the Examining Commit
tee, he would not be likely to make q
troublesome or incouvenient examina-
tlon into the character of proceedings
to which he had himself been O party.
In courtesy to him, as O member of
the Senate, the committee invited his
attendance at one Of their moetings,
for the purpose of affording him an
opportunity OF making an explanation;
but. as he failed to attend, the COM
mittee assume that he had no explnna-
ton to make
AS TO THE FUNDS FOR THE PAYMENT
OF INTEREST. Tho committee find thot
there has been collected, up to tho 18th
instant. inclusive, under the levy of
one mill for the payment of interest
due July l. 1874, Sl35, ,I449 81. and
N0NSA VIZ AOsy Oi GHO lux Luo
payment Of interest due January l.
1875. and July l, 1875, Sl93, 835. 80.
making total of 1913. .977.8I: and
that there has been paid out for inte.
rest due July l, 1874. S44. $40 SO. and
for interest due January 1. 1875. $45,.
46l SO, making total Of 800, lO7. 28,
and leaving balance of 1928, $40. SO.
The committee are compelled to
state that these funds shave not been
kept separate and apart from all other
funds, as provided for in the said Act,
and as otherwise provided by law." 1t
is true the State Treasurer testifies
that the interest account has been kept
separate on his books; but lie also test.
Ties that the funds themselves have
been kept in bank along with all other
funds, Sin one account, not in sepa.
rate accounts. Although the Act to
reduce the volume of the public debt
expressly provides "that the fund 40
created shall be kept separate aud
apart from all other funds;" and al.
though the Acts which levied the taxes
to pay the interest both expressly pro.
vide that the proceeds from the taxes
levied thereby "shsll be kept by the
State Treasurer separate and anart