The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-08-23
SOUTH CAROLINA,S BONDS.
Information Of Great Interest In the
Holders Thereof.
Correspondence Of The Ner York Suu.

OhihNLT-''O-Nj -. ~, ituS. 1V
In 1873 the debt Of South Carolina,
which was not repudiatcd, was made
fundable at fifty cents on the dollar, in
consolidation bonds. These consolida-
ton bonds do not rate with those of
Louisiana, nor meet with the cxpecta-
ton of the holders. The fact is, there
have been grave suspicious hanging over
many Of these bonds for Il lcng time.
! From their issue Cardozo, who was Treas
urer, and AS such was running the con-
solidation mill, was suspected of being
addicted to stufling in any kind of mat
ter which was at hand, as long as it paid
| him. 1t appears that the testimony of
committee was directed partially to this
point, and that thereby so much light
was thrown upon the makeup of some
of the consolidation bonds that the COM
/ mittee have thought proper to recon-
mend the reputation of those bonds by
the next Legislature as fraudulent and
void.
1t becomes interesting to the holders
of these bonds, and the public generally,
to know which lot of the consolidation
| bonds are to be repudiated, and as the
committee are mum on the point, cir
cumstantial evidence alone can solve the
problem. Moses recommended the Con-
solidation act, and it was passed during
his administration. Before he wen. out
of Office he signed and had sealed from
No. to No. 400 of these bonds of 81 900
each. The most Of them were funded
by State officials, and are thought from
the names Of the parties to have belonged
to the Bond Ring of the State. During
| this period Senator Y. j. p. Owens fund
ed the $3.50, 900 of stolen coupons, which,
during the Parker trial, were found to
have belonged to Scott, Parker, Kimp-
ton, Neagle, and Chamberlain. An
other element in these bonds was the
Land Commission bonds, which only
netted the State some thirty per cent.
The genuinencss of some other constitu-
ent bonds during this period is question
able, SO that C. large number of consoli-
dation bonds were issued which ought
not to have been. Moses could not tes-
tify concerning any bonds except those
which he issued; for during Chamber
lain's term that reformer did not counte-
nance his predecessor. Some of the
bonds issued by him were good and COM
pounded of good material, for they were
issued to some of the best and must pa
triotic men i'll the State, so as to give the
Consolidation act good send-off by
their countenance and willingness to
compromise their old gold bonds of an
ante-bellum issue. But the most of this
funding was engineered by Kimpton for
the Bond Ring. This financier at first
pretended to be very averse to the con-
solidation scheme, decrying it as repu-
diation, etc. But when the time came
for its passage he landed suddenly in
Columbia to see the boys, ss he said.
The bill was delayed until the last day
members could realize the highest mar
ket price for its passage. 1t was late at
night when it was ready for the Govern
or's signature. Gov. Moses had retired
to his mansion n mile away from the
State House, and it was feared that the
bill could not be ratified. Kimpton then
threw off his appearance of hostility to
the bill. A carriage was in waiting, and
kimpton, carrying the engrossed bill in
his hands, waited on Gov. Moses, made
the necessary arrangements for his sigma
turo, and returned with it to the State
| House in time to make it an act of that
session.
How much further than the first 400
of these bonds may be implicated is not
known. After their issue, Chamberlain's
a..::.o .rPe...s ;:ron their successors.
Even after Hampton's Inauguration.
Chamberlain continued, with Cardoza's
aid, to issue consolidation bonds to all
who applied to have their old securities
| exchanged for the new bonds.
There is division of sentiment on the
question Of these bonds in the State.
The Governor and macy others in the
State are in favor of standing to the con-
solidation bonds as they are. But there
are very many who insist upon the elm
! ination of the fraudulent bonds, accord
ing to the proposed report of the COM
mittee. These latter insist that the State
cannot pay the interest due and past due
on the 1st of January, 1878, without a
contraction of the debt to the smallest
scona possible. They figure it out that
Ills interest will amount to SI,O2O, 900,
which will require tax of ten mills. or
three mills more than the present vear's
tag, for all State purposes. This includes
| all the interest on tho fnndable bonds not
yet funded, since the 1st of January.
1874, and excludes all interest prior to
that time which is fundable, along with
the bonds as of that day. If the Gov
ernor's position prevails, it will be plain
sailing rs TO all these bonds; but if il
does not, then the pedigree of each con
soiidation bond win have to accompany
it before it is marketable. This is n
curious position for personal property
but it is actually so, that these pcdigrces
are in existence, that such bond was
funded by certain parties out of various