The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1877-09-21

ly issued. This point was involved in some
doubt, and when they also discovered that
there were more than million of bonds
issued under the act to provide for the pay
ment of the public debt, they refused to
deal in these bonds, or rather to take them
in any way.
In this oxigency recourse was had to the
act authorizing the issue of conversion
bonds. The act provides that these bonds
shall be issued for the redemption of other
State securities, but it was contend ID by
Chamberlain and Kimpton that these bonds
aeauld. also be issued directssss seEag is; t6eey
could be put on the market and sold like
ordinary bonds, aud the proceeds devoted
to the redemption of outstanding claims
and to meet other State expenses. Scott
and were prevailed upon by Chamberlain
and hlmpton to countenancc This issue of
bonds. When, therefore, these conversion
bonds were put directly on the market they
were sold quite readily, for bankers had no
means of knowing how many were issued or
could be issued in one year. So they secured
these bonds as collateral security and pur
chased them in preference to the others.
Perhaps this was not exactly fair, but we
went on the principle that outsiders were
bound to look out Cor themselves. The OBJ
jcct Of the Financial Board in this was to
secure money at the least cost to the State.
and there was no intention to dcfraud the
State thereby. During the four wears in
which VIC were in Office the bonded N&bt of
the State was increased about $40 900 900.
All outstanding claims were provided for
and wiped out, so that at the end Of the
four years the only outstanding debt was
for the current expenses of the State during
1872.
This board has been consurcd for causing
these acts to be passed. Who drew up and
presented the acts ? Chamberlain drew up
every one of them and Kimpton presented
them The proposition for the issue of
conversion bonds directly was made by
Chamberlain. | looked unon this issue as a
necessity. look upon it now rs did then.
My first opposition to the issue of uonds in
the constitutional convention was due to the
belief that the State expenses could be pro-
provided for without this issue, by taxation.
Vixen fund, however, that inc Statc ex.
penses were extravagant and demands were
made upon the Treasury by law for money, |
acqulcsccd III the measures proposed by
Chamberlain and Kimpton.
A SERIOUS CHARGE AGAINST EN- GOVERNOR
MOSES.
There was a terrible increase of expeu.
ditures at each succeeding session of the
Legislature. Frank Moses was in the chair.
and | am told by trustworthy persons that
he has acknowledged to having signed away
5000, 900 dishonesty, though am sure
that it was a much larger sum. l believe
that three or four millions of dollars were
spent in excess of the necessary expenses
for the meetings of the Legislature during
these four years. Both Senate and House
were responsible for this. The first Presi-
dent of the Senate was pret..::n god man,
Boozer. They soon got him out, however
He was elected Judge and went out dur
ing the first session. Ransicr, colored
man, took his place He was equal to the
occasion. Corbn was President pro tenn.
of the Senate when Boozer, the Lieutenant
Governor, was absent. paid Corbin
good deal Of money. Still he held large
number of Offices aud received large sala.
ries and regular perquisitcs therefrom |
know nothing, therefore, to inculpate him.
l had no doubt that number of charges
brought against the treasury were improp.
erly passed by the Legislature. In particu-
lar, there were number of $1,000 claims
presented which though; were outrageous;
certificates issued by those who purchased
Senators and Representatives. The certif-
icates were properly authorized, however,
and l had to pay them. Suppose J.had re-
fused to honor them, what would have been
the result? Why, should have been
kicked out for not doing ny duty as Trea-
surer. There was too much influence
brought to bear against me. If l had stood
out alone it would not have made any diff.
ference. Why, | have been to Frank
Moses with tears in my eyes, and said to
him: "You will have no money at all in the
treasury if you 60 on in this way" Frank
Moses would only look up and laugh
"Talk about these Republican reformers,"
he would say; ''you never heard me say any
thing about reform" "No," said l, 81 new
er did"
Invent out of Office on October 81, 1872.
Scott went out the same time, and Moses
came in as Governor. Samuel Melton sue
ceeded Chamberlain as Attorney General,