The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-02
pledged by the financial agent of the State as
collateral seourisysfos State loaus.n &c. stated

-
tesw York for the SUN q ttY,522.6U.
Ebofrowed BY the financial agent at ,yariousy
dates between September, 1871, and October
ls72 This sum was secured ~ $l,s4s, 500
Eaf Ssetss bonds. The, two years and a half
interest due on the amount borrpwed would,
| aggregate, at the rats Of seven; per cent. per
annum, about $4,000, making total of
about $643,0oo. Now. the real question ia,
whether it is best to issue about $s25,0O Of
consolidation bonds IN lieu Of the bonds by
potliecated. or to levy tax now to pay this
debt Of about $643,0OO.
| In conversing with that distinguished
Hnancier, Hon G. A Trenholm, as to which
Of these two courses it would be best to pur-
sue, he stated that 1t would be best for the
State to pay the debt it owed by the issue
| of consolidation bonds, in lieu of the bonds
outstanding, rather than to levy additional
taxes upon the people OF present; or, at any
rate, he remarked, that the State did not lose
the equity Of redemption by funding them.
But downright repudiation, which 1.-THE
unanimous voice of the senate" attempts,
seems to me violation of one Of tile COM
mandmentsi
2. Tho committee regard the funding of
coupons that matured on or before July /,
1871, fraud upon the State, because as they
affirm, the State was paying interest on its
public debt in gold, land as there is every
reason to believe that the whole of the inter-
est due by the State from 1868 to July, 1871,
or after, was paid previous to October 81, 1871,
the committee are compelled TO believe that
these coupons were not valid claim against
ths State, and that, therefore, it was fraud
to fund them"
This is the substance Of the committees
reasons for making SO grave charge as
fraud against the State-a mere Inference that
inasmuch as the State was paying interest, it
vas highly probable that if the coupons were
outstanding at that time, they would have
been presented for payment, aud paid. 1
grant the probability of their being presented
for payment, but their non;presentation is not
prespmpt,ve,. evidence of fraud; there is
another aud more certain method of proving
fraud than relying upon such possibilities or
probabilities.
The question of the payment of interest and
ne legality of outstanding coupons is not
subject of copjecture-it is matter of positive
record in the Office Of the treasury; and, as
have said In my testimony, I made the subject
OF the interest upon the public debt matter
Of careful study before funded any detached
coupons. ascertained that there were
eoupon5 In the treasury as vouchers corre-
spending to the amount of interest recorded as
paid. would here remark incidentally that
all coupons, and Indeed all vouchers, in nv
Office were Cancelled before entered it, as
Captain Little testified before the committee.
then saw from the records of the treasury
that there was large amount due to the ac.
count of the interest on the public debt.
| The committee state that they discover.
from the reports of the mptroller-generaL
tnat the. state treasurer paid $l4,3s4l6 more
interest for the four years, 1868, 1869 1870.
1871 than the comptroller generals estimates
called for. This may or may not he true. I
nave not taken the trouble to verify it, as it is
tmmaterial. The comptroller-generars esti.
mates are not the proper sources from which
the account OF interest on the public debt may
be ascertained. This account, as we'll as all
others, is upon the ledgers of the treasurer's
and comptroller generals offices, and appears
upon the debtors and creditors statement of
che comptroller-general's and rreasurer's he.
ports, whore 1t will be seen that instead of
the account being ouer.patd S14,as4.l6, the
State really owed, October 81, 1871, the sum
of 1897, ,57l.o5, less $430. 0.s24.75, the amount
paid by Mr.. Kimpton, and accounted for by
the treasurer in his account of tho following
fiscal year.
present here an account of the interest
on 5the public debt from 1858 to October,
1871:
- AMOUNT OF INTEREST DUE.
oc- Sl' AooS...... ....$ S43,078 IL
Oct. 81, 1870. 6l9.447 so
Oct. 81, 1874. 6a2,2el 81
~ $l,s94,7S7 SO
AMOUNT PAID BY N. @. PARKER.
Got 81, 1869. -. .$62s.269 IL
Oct 81, ls70..... lsO,s79 A
Oct 81, ls7l..... l77,Oe7 9s-Ss97, PIG 81
See comptrollergeneral report
1871-72. ....... ........ s97,57l Ob
Amount paid by II. H. Kimptou,
TIM