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


as this sum of S., 1896, ,290. Al represents
the actual, amount Of consolidation bonds
and certificates of stock issued in {e1-
change. for old bonds, coupons, certifi.
Gates of stock and interest at the rate OF
fifty per centum of'the face value of the
latter, tile entire amount of the latter In
the treasury as vouchers should be s., 1872
$50. g.; The investigation ofthe commits
sion shows the actual amount of vouchers
to- be s8,7 8,792,779.
Amount of all classes of bonds..$6, ,261 $50
Amount of attached coupons. 878,17I
Amoaht ofidstaehed coupons.a t603, $50
Total amount of bonds and i, -
ta Of these $s,79277s: of vouchers. the
commission find that s4,793,6S3 were
"issued in accordance with law and au-
therized to be consolidated by the act
above recited.n They consist of the fol-
lowing vouchers issued in accordance
with law and authorized to be consolida-
ted by the act:. ..af-,.i i
Amount Of al Glasses Of bonds. So, ,246, $40
Amount Of attached coupons. 435, ,756
Amount of detached coupons. 56,569
g5sdi h.:i .F --
Total amount dof bonds and
stocks. ..s !als @ 81 ,793 633
The remaining, IS, S,999;146 of these
vouchers, in the Judgment of the COM
mission, were not ISSUED in accordance
with law and autherized to be consolida-
ted BY the act tabove recited.p They con-
sist of the following vouchers not issued
in accordance with Law and authorized to
be consolidated BY the act: -
Amount Of all classes of bonds.$3 ,014,710
Amount of attached coupons. 4S7 ,415
Amornt.of detached coupons. 81, ,02l
Total amount Of. bonds and
stocks Observation-Disclosures. ,S9i5 20
, The grounds on which the commission
adirldge part of these s., ,999, ,146 of vorch-
ers TO benot authorized to be consolidated
by the act above recited are respectfully
submitted as follows:
l.. As to detached coupons from relief
Of. the treasury bonds, numbers ~ to
-SllS, .S20-so s27, .s59. to 906 and 9s3 to 985,
amounting to $9,1S5.
b EesWeeG March 16, 1885,, and asFril 81
1854, ;nciusive, the State Treasurer
charged the FinanciaF Agent with relief
of the treasury bonds amounting to
$1,000 ,O0e,, and ,tnnder date of October
81, 1871, the State Treasurer credited the
Financia1 Agent .EithCf f0I Irelief of treas.
ury bonds numbered as above, for 81 900
each, amounting to SOL 900, "they never
having been issued as q chsrgeagsinst
the State" and in recognition of this
fact these $10i 900 Of relief of the treas.
ury Bonds were not included amongst
those tauthOrized to be consolidated2 BY
the acts above recited."
gAssuredly, as the bonds we're never is
sued as charge against the State, the
coupons on them could never have be-
Come charge against the State, and
tbefe was no authority for c6nsolidating
them under the act. .-,y.,r.- !,
3. AS to. detached coupons from con-
version bonds, numbers s, ,271,to' 3a469,
3,47t and 3,476 to 3,496, amounting TO
S., 9,9s0A - -,
Under the act to provide for the con-
version of State securities, it Mas the uni
fotu practice in the treasury, on the
surrender of an y coupon bonds of the
State, to issue in lien thereof certificates
Of siock0f like amount, and on the sur
render of the certificates of stock to, issue
in lien thereof coupon bonds of like
amount, the coupons already matured on
the latter bonds beng detached from
them and attached to the certificates oil
stock and fled away as vouchers. The
conversion bonds in question were:issued
between November 16, 1871, and May
IA, 1872, Inclusive. The coupon bonds
surrendered for certificates, Of stock in
the transactions in question are filed
away as vouchers in the treasury, with all
the coupons. which matured previous to
Etheir surrender taken off; the certificates
Of stock issued in lieu of'these bonds
bore interest only from the date Of the
maturity of the last of these coupons
and the conversion bonds issued in. lieu
of these certificates of stock should have
carried only5ths coupons maturing after
their issue, while the coupons which pre-
yiously mafured should have been de-
tached from them. attached 70 the certif-
Gates ofstock and filed away as vouchers,
The facts are, however, that-the cou-
ponB matured on these conversion bonds
previous to,their issue, are not. attached
to the certificates of stock surrendered
for them, and do not anywhere appear as
youchersin these matters oi conversion
On the contrary, the certificates of stock
are without any mark or sign of any cou.
ponsshaying ever been attached to them
and this coupons in question appear a;
vouchers sin matters Of consolidation
Whether they were fraudulently issued
| with the conversion bonds to which they
were originally attached, or whether
they were detaGbed from the conversion
bonds and abstfacted from the treasury
\ afterwards, the commission are unable
to state; !. but as they matured before the
bonds TO; which they were originally at
tached were issued from the treasury
they never become valid claim agains
the State, and there was no authority TO-
consolidating them under the act.
| 3.-As to detached coupons maturing
on or before July /, 1871, from
State Capitol bonds, amounting
L., .s............,........... SlL,uo'