The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-02-14
<.OLUMBI1A,sSS s.. G.;
shaaaya a1Iorning. February Il, 1875.
The Hypothecated Honds.

The Hypothecateti Bonds.
We observe, that,the report Of che
special joint committee TO ascertain
what bonds OF the State were pledged
By the Financial Agent Of the State as
collateral security for State bonds, will
come M fc- consideration in the House
t,.morrow. The committee raised
uader o concurrent resolution Of De-
cember 4. 1874, was composed Of Thos.
@. Dunn, chairman, aud Lawrence
Gain on the part Of the Senate. and N I.
B. Myers, p. Simkins on the part Of
the House, with T. 8. Lavender as
clerk. They examined Ex-Governor
Scott, ex-Tfeasurer Parker, ex-Attor.
ney-General Chamberlain, ex-Oomp.
troller- General Neagle, and Messrs.
Hardy Solomon and J. L. Little as
witnesses. Subsequently the chair
man, accompanied by the clerk, ex.
amined Mr.. 81. 81. Kimpton, the
Financial Agent, as. q witness, in New
York, and also ex smined sole Of the
aocounte Of the agency. In order to
ascertain the facts which they were ap-
pointed to investigate more intelli-
gently, sle committee found it neces-
sary to make some Investigation into
tho whole matter of the issue nd use
OF what are known as the new State
bonds. The immediate result of the
investigation was reported to the State
Preasufer;bH the chairman OF the COM
mitteei on E11sh June, 1874, and we
have here presented to the General
Assembly full report OF the testi-
mony taken, by the committee, aud a
brief reference to such facts of it as
are Immediately connected with the
subjeot Of their Investigation.
The report lie ) valuable one, and
the most complete aucoinct history We
have of the bonded debt. It is FROM
she handa OF Mr.. Thomas Cavender,
and shows al the @arka Of careful ess
in statement, iuiiness in ali essen tiai
particulars, thoroughness of research,
and ealearness jn,aarEangement aud
styles-9hioh aisEbgessh. the producta
OF hia pen. The narrative OF faote.
and the running commentary upon
shem. sully sustain the conclusions of
the committee. sTu r,ordaF that the
whole matter may bo betsor appreci-
ated by our readers, and the merit OF
their sagGeatipns better oompsehonded,
We give below aoms pertinent portions
Of the report. First as to the Acts of
the Legislature aud the deposition of
the bonds raised under them by the
Financial Agent:
The Act to authoriz loan to redeem
the obligations known as the bills re-.
Yeivable OF the State of South Carolina.
ratified on the 26th August, 1868, su.
thori9ed the Governor OF the State to
borrow. on coupon bonds, within
twelve montha from the passage of the
Act, cum not exceeding $500. 900, or
as much thereof ae he might deem ne.
oeseary, to redeem the bills receivable
Of the State Of Sonth Carolina.
The Act to authorize State loan to
pay Interest on the public debt, ratl.
fed on the 26th August. 1868, author
lied the Governor Of the State to Dor.
row, on coupon bonds, within twelve
months from the passage of the Act, O
sum not exceeding 1000. 600, or as
much thereof as he might deem necea.
sary. to pay interest OH the public
debt.
The Act TO authorize loan for the
relief Of the treasury, approved on the
18th February, 1859, gave authority
to borrow, on coupon bonds, within
twelve months from the. passage of the
Act, sum not exceeding $1,000, 900,
or as much thereof as might be deemed
necessary. for the relief Of the tres.
sury OF the State. rae
The Act to provide for the appoint
ment OF" q Land Commissioner and to
define hio powers and duties, ap-
proved on the a7th March, 1899. au-
Q thorized and directed the Treasurer OF
the State to Issue TO- the Land Com.
missioner bonds of the State in the
sum Of $200. 900. il, in the opinion Of
the Advisory Board, SO much should
be necessary.
The Act TO amend the last reoited
Act. approved on the Lat March, 1870.