The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-08-30
SOUTH. eaROLINA,s DEBT.
Examination of Bonds BY the State III.
nance Coramission Dissa tlsfaction OF
New York Creditors.

nance Commission Dissa tisfaction OF
! New York Creditors.
The Commission appointed by the
General Assembly Of. South Carolina to
investigate the Indebtedness Of the State
is now In session at Columbia, but so fal
their action has not met the approval oi
bondholders in this city. Under the res
! olutions creating the Commission, it was
their duty to "make a complete. and
thorough investigation" Oh. the following
and kindred matters. and to report the
results to the next session of the General
Assembly,.
The entire amount of consolidated
bonds and certificates of stock that have
been issued under the act to reduce the
volume of the public debt and provide
for payment of the same, so as to show.
under proper heads, the number in the
series, the letter, date of issue, date of re.
,demption, rate of interest, &C.; and the
Commission was authorized to require
the holders of said bonds to produce the
same feE inspection.
/, Another section provided that such oi
the bonds as "shall be found to have
been issued according to law, and that
are valid, bona fide bonds, coupons and
stocks, shall be registered by their mum.
.ber, letter, denomination and such other
distinctive titles as may be best suited to
the object in view and shall be certified
as correct, in such form as the Commits
sion may deem proper"
Under the provisions of this act the
Commission have been calling upon the
bondholders to send their bonds to Co
lumbia for examination, and those who
have complied find that their bonds are
now being returned to them again without
having been certified, as it was under
stood they would be. MIR. John B. Man
ming, Of Il Wall street, when spoken to
upon the subject By . Baldetia reporter,
said that some of the creditors of the
State here were indignant at the way in
which they had been treated in this mat
ter. He had already written to gentle
man III Columbia, asking him to lay the
matter before the Commission and get
their reply. In his letter, Mr.. Manning
CQ3LAct6EEeS tuc aCtlOu VI tNS SomuAo'
sion in returning the bonds without be.
ing certified as an imposition" and says
they have not performed the duty for
which they were appointed. He also
adds that cit lis q very heavy tax on
bondholders to send their bonds to Co.
lnnnbia on useless business" and that
there is no guaranty given that the bonds
will not have to 60 down to Columbia
again.
Mr.. Manning states that the entire
amount of South Carolina 6 per cent.
consols now outstanding is about 81 $780,
900, of which about one-half is held in
New York. Of this amount $243, 600 are
tainted, that is bonds which are regarded
as questionable, and of these 500, 600 are
held in New York. These latter are the
bonds which it was particularly impor-
tant should be certified or rejected by
the Commission, as otherwise there is
much uncertainty as to their real value.
The last payment Of interest was made
in July, 1876, but the coupons are re.
ceivable for taxes, and great many of
them have been paid in that way.-Neao
York Bulletin.