The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-04


ing this year.. ......... 2,9o7 30
10 ne accounted for. or............$ 1911 60
Cancelled as follows:
Juno 30, 1870. 7O........... III 90
March 81, 1871. 16.O59 80
March 81, 1872. 4.0s3 35
March 81, 1873. l6 l5
April "a, 1873. 73............... 9 30
BY w. X. Jones'. & 10
$2o,265 GO
Canceied more than issued. 1854 90
Issued by G. Barnum, city treasurer:
Issued from September q, 1873,
10 January "a, 1874, as per
ledger account ..........S 2l.555 so
Credits claimed as follows:
November 81, 1873, destroyed. S l28 40
January 81, 1874, l,4l4 sheets,
So each, returns. s............ 4,242 90
march ., 1874, redeemed. ..... 20 80
March II, 1874, destroyed. 625 26
March "a, 1874, destroyed. 49,. 204 90
April "a, 1874, blank notes re-
turned. Observation-Disclosures. 78 90
April %. 1874, blank notes re-
deemed, not destroyed. 49,. s,74o 90
July 81, 1874, blank notes re-
deemed, lot Cancelled. 80. 4,os3 65
$ls,l35 20
December 81, 1874, balance out
standing, per ledger. 1920 80
In order to verify as nearly as possible
the accuracy Of this result, an effort was
made to ascertain how many city bills were
in the hands Of tho public. So far as ascer.
tanned there were in circulation on the 3lst
of December last $4,203.60, showing an over
| issue Of $7S3.30 Of this issue. The commit
tee have reason to suppose that all outstand-
ing were not reported to them, and that the
over-issue is really greater than this.
Referring to the account of credits claimed,
it will be observed that two large sums are
entered as redeemed, not destroyed. These
sums are as follows
April 2s, 1874. redeemed ....$ s,740 90
July 81, 1874, redeemed 4,0e3 65
sl2.sss e5
Which are accounted for as follows: '.
Used as collateral with Carolina
natlonal bank. ............S $4,000 90
In hands Of city clerk. s03 66
MOI accounted .or. 80 90
$l2,s3s G5
OF the $l2, 600 used as collateral the COM
mittee understand that $1,000 were pledged
for loan Of $1,000; that so many of them
have been sold as were required to pay the
debt and interest, and that the bills were
uSeu lOI puylucuL vi tRNcS.
Upon this subject Of the issue OF cty cur
rency the committee beg to say that in their
opinion it should be positively prohibited.
Tie original authority for the issue of these
notes was limited by the legislature to S25.-
OOo. This authority was fully exercised long
ago, and all subsequent issues beyond that
sum were strictly without authority Of law.
The several issues Of bills during the past
ten years lave en,ailcd q direct loss to the
city treasury OF not less than $1,000.
10 nix tie oIcr-issue on the proper persons
is, perhaps, now impossible. The original is.
sue OF bills. and the more recent ones. have
neen carelessly done, and no accurate ac-
coun: kept of the amounts issued The issue
known rs ''new issue" beginning in March.
1857. seems to have been carefully entered
ard Cancelled until May, 1870, after which ad.
ditional notes were issued while Mr.. w.
Ettcr was city clerk, and the cancellation of
these bills was not kept separate from the
cancellation Of bills issued by Mr.. McMal,on
as clerk. Hence the inability to fix the re-.
sponsibility for this over issue. With respect
I" the over-issue Of bills while Mr.. Barnum
was clerk, it is plain that the amount of over.
issue should be charged to him, and he be re-
4nircd TO account for its use.
SrECIAL INTEREST FUND.
y separate account OF the special tax 10
pay interest on Tie city debt was commenced
Oh the lst Of january, 1873 The amounts
credited ~ this fund for the two yenrs end
ins December II, 1874, are. IS Gl,47s Is
Coupons taken up by tie Carolina
national tank AID delivered to
city clerk. ................. 1864 20
balance. .................. $l7,793 30
From this should be deducted ,gi;
coupons taken up by the Caro- -!
lina national bank. not ieliv. 49, '%-
cred until this year. So. 1925 so
Balance to credit Of this fund. So. s69 40
This balance. not having been used for the
payment OF coupons, has been diverted from
this r,ind to other uses. 40
In this connection the committee asked the
Carolina national bank for transcript of its ac.
count with the city for this fund, but the request
was refused on the ground that tho bank could
not expose the accounts of It's customers. The
account could not therefore, be compared with
the entries by tho bank, and the committee