The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-02-14

Without IN clement OF value or Vitality
should be galvanized into life Just long
enough % DO passed over the Treasurer
counter aud filed away as vouchers for
consolidation bohds issued 'in their place;
There are four other Glasses of vouchers
which were consolidated hinder the act In
accotdance with its provisi6ns, butwh;ch
the commiasion, under the authority con-
tanned In the joint resolution providing
for their appointment, respectfully report
70 your honorable bodies as not having
been ISSUED In accordance with lsw.hT1
6.--As TO THE KYPoTKEcATED BONDS
~ iDf AND COUPONS. 1r-il ran
Amount of ali clasaes of bonds. 81, ,718 800
Amount Of attached coupons. ,263,759
Amount Of detached coupons. lSa,sS0
~ Pr = 't ~--44...@-----------....
Total amount of all bonds and -; - y,''
coYPoGs.............. ................$2, l66 ,039
BY the act TO authorize Stats loan to
pay interest on public debt, ratified the
18th August, 1868, the Governor was au.
thorized to borrow 81 COO, 600, or ca much
thereof as he might deem necessary, on
coupon bonds, within twelve months
from the passage of the act. .ml
by the act TO authorize h loan tore.
deem the obligations known as the bills
receivable Of the State of South Oarolif,a
ratified the 26fi August, 1868, the Gov.
ernor was authorized to borrow $500. 900
or as much thereof as he might deem
necessary, on coupon bonds. within,
twelve months from the passage Of the
act, ~ Da'ip. III. '-'ea, ~ ~. lefr a.
By the act to authorize a loan for the
relief Of the treasury, approved the 18th
February, 1863; authority was given tol
borrow 81 ,00O, 900, or as much thereof ;as
might be deemed necessary, on coupon
bonds, within twelve months from the
passage of this act. = - .es.s' 80 -
Under the directions of the uficerE
mentioned in the several acts, tho Fihan.
ciai Agent might sell the bonds provided
for in she first and second acts and use its
collateral security for loans, or sell the
bonds provided for in the third act.
BY the act to authoriSe the Financial
Agent Of South Carolina, in the city OF
New York, to pledge State b6nds as col
lateral security and for other purposes!
approved the 26th March, 1869. the II,
nancial Agent was authorized to pledge
the bonds of the State which the State
thep had or might thereafter have in its
possession, as collateral security for State
loans, provided that 10 all transactions
he should conform to the provisions Of
the act to authorize a loafi to redeem the
obligations known as the bills receivable
OF the State of South Carolina. Aud the
act to authorize d State loan 10 pay the
Interest on the public debt and the act to
authorize loan to redeem the obligations
known rs the bills receivable of the State
OF South Carolina were SO amended as to
extend the time during which said loans
might be negotiated to'twenty- four months
from the passage Of said acts .1
Whether the authority, thus given to
the Financial Agent gave him onIy the
same authority 10 rpieixe tie bonds 20
pay the interest on the public debt and
the bonds to redeem the bills receivable
as he already had to pledge the bonds for
the relief of the treasury, or whethor IL
gave him authority to pledge other bonds
besides; it is not necessary in this connec.
-tion to determine. Even if it gave him
the authority, TO pledge other bonds be.
sides, the proviso limits the time within
which he shall exercise such authority To
twelve months from the passage OF the
act, so that, while he might pledge bonds
to pay the interest on the public debt and
bonds to redeem the bills receivable until
the 26th August, 1870, fhe could not
pledge any hands he4ide asfe. The 2sth
Aarghs 1siG. Ind get the Eei,ofs OF The
special joint committee appointed by the
General Assembly to ascertain what bonds
of the State were pledged by the Finanl
cial Agent of the State as collateral secul
rity for State loans, shows that the bonds
in question were all pledged by the FL
nancial Agent for State loans bet5aen
the 2lst September, 1871, and the 10th
September, 1872; moro than one wear
after the iatest time for ~piedging any of
them had exEiredl
Thereis no eviagnda withint the kfi6sgl.
edge Of the consl issiSn Giatfhese b5nds.
any IF them, Aad ever been pledaed
within the times limited by law. Al.
though the. very act which authorized
the Financial Agent to pledge the bonds
of the State as collateral security for
State loans directed him, to make and
forward to the Comptroller General re.
port Of his transactions quarterly, yet he
made no mention of any pledges Of theee
bonds or of any Bonds in any Of the Re.
ports he made, and forwarded to the
Comptroller General during his term of
Office. is sfs. ~ -,
But even If these bonds had been pre-,
viously pledged within the dates limited
by law, it, would not, Justify another
pledge ,of them after those dstes had
expired. It would be difficult to define
the legal principle or: public, policy by
which compliance with law il, one in.
stance can be construed to legalize q vio.
latior Of law in anothGr. II the bonds
In question we're pledged by the Financial
Ageat within the times limited by law.
the fact would establish nothing moro
than thai the law'in such cass ih;;tii 81 i2 ,1s7fi
complied with |; it could not possibly have
any healing effect upon subsequent by.
pothecation after the date limited by law
had expired. 6 If It had u any effect ne ali.
1t would rather be, to show that the au.
theEity. conferred upon the Financial
Agent had been exercised and exhausted.
lift be suggested that these bondsmay
have been previously pledged within tho
date limited By law, and that their last
hypothecRticn was necessary, TO redeem
them from the. frat, and Consequently
that the 4!e y 5fo pIlscti.
caliy only one, it is to- be answered, that
there is no evitience such was the case.
but conclusive syidehce to the contrary
for the records of the COMPTROLLER GEN.
erals Office and the Troasitrer,s. Office
ahnw rhel the a.: ,,,5
authorized 70 be raised by The aale and
hypcthecatlonn OF bonds was aiiSand
more than raised bytheasaiez OF other
bonas than those now in question: n
Waving all discussion Of the question
whether the several acta authorizing
soans authorized the fssning of bonds to
the amount Of the esyeral sums named
in them, or the Issuing OF as many bonds
as would produce those snnls BY sale OF