The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1878-02-14
Editorial Correspondence
CoLuMB1A, S. C., Feb. 8, 1877


submitted their long looked for report.
TO go into "a detailed statement of
the facts concerning the bonded in
debtedness of the State, as presented
by the commission, would require too
much space for one letter, and I must
content myself by giving you the gen-
eral result. The amount of bonds,
stock and unpaid interest, authorized
TO be funded and scaled SO per cent,
under the provisions of what is known
as the funding act, is $11,508, ,938.41.
OF this amount there has surrendered
and consolidated $S,792, ,779.OO, leaving
q balance outstanding, or unfunded, OF
R71f,059.41. Of tho $8,702,779OO
the commission put down as good
1913, 1862, Or one half this amount,
(scaled) So, 1868, 1926; bad or fraudulent
$4,o54,927, or half, $2,O27 ,463. So
When the outstanding bonds are sur
rendered and consolidated, taking it
for granted that they arc all good, they
will amount to $1,3l8,029.70. This,
added to that which IS set down as
good, will make the total bonded debt
OF the State, eliminating the frauds,)
$3,726,955.70. But of the amount put
down as good, the commission says
there is a certain amount of fraud in
some of the bonds, amountingin somo
to probably 80 per cent, and in 9TH
ers pershaps to not more than 5 per
cent, This fraud crept in by the con-
solidation of fraudulent bonds with
good or valid bonds, and if the per
cent. OF fraud is eliminated from these
bonds the amount of the debt will be
reduced TO the extont of probably ono
hunered thousand dollars. am also
informed that the commissioners,
though not authorized, under the Joint
resolution, to investigate any but con-
solidated bonds, have discovered that
there is at least one hundred thousand
dollars of the outstanding bonds
fraudulent, which will still decrease
the public debt to that amount. OF
course these calculations are made
upon the presumption that the Legis-
lature will vote to exclude all the
fraudulent debt from tho settlement,
which, from the expression of opinion
from all the members I have convers>
ed>with on the subject, I think they
are likely to do, though there will ov-
identity be a long and hot contest over
the matter. The bond-holders have
their representatives on the floor and
they are not going to succumb until
they have contested every inch of
ground over which fight can be
made. As for myself, I intend to
fight and vote against every bond that
has the least tainG of fraud about it.
This is my platform and I intend to
tight it out on this limo.
The concurrent resolution of tho
House to go into an election for
Judges, to fill the six vacancies on
the circuit bench, has been postponed
from day TO day by tho Senate and is
not to come up for consideration in
that body until next Tuesday. If The
interest of the State is made to suffer
on this account, the responsibility will
be with the majority of that body
who have caused the delay. Candi-
dates for these positions arc as thick
around the State Capitol as pig tracks
around barn door. 1t is hoped that
none Of them will be elected, for, of all
thesofices in the gift of tho people,
(through their Representatives. this
ia ono that should seek the man, and
not the man seek tho office. In con-
nection with this subject, l will state
that have received a very strong
petition, numerousIy signed by re-
specta6le citizens of Central, opposing
tho $e,election of Judge Cooke. /
LAYS si:sTtS 30 personal preferences or any
axe to grind, and intend to be guided
solcly by q sense of duty and vote in
the, caucus for the men best fitted, by
aoral standing and legal ability, to
oil these responsible and exalted 30
aitions.