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

| Treasurer ns for the market and cent d.
rectly Go the Financial Agent for aale or
hyp0thecatiou, without authority Of Law.
and the total amount is $4,000, ,O00..
.1Ther reports made end forwarded by
the Financial Agent to the Comptroliar
General show the proceeds Of the aale cS
bonds 70 have beer as follows: N .a.ss
$500, 600 bills receivable ,ia
bonds, at70c................$ 2le,000 90
SOC, 600 bonds, OF 70c........ ri 490, 600 90
$2,843, 900 bonds. ,508,5S3 SO
&4,2l4 500 bends.... ], l,2S8,344 oil
'tN t9 "a. 81, 3,4z2, ,l27 80
Showing that S242, 1859 moro money
was raised by the sale of bonds than
= ~ Z was authorized to be raised
under the most latitndinsrian construc.
hnn &c The aaccssss aaccssss ~~i;;;ct; ~~i;;;ctt; tie tie Financial
Board, the Financial Agent or the paw
nees could desire. 81, .,s.,5..'.
The pledging of the bonis ia question,
therefore, was absolutely without author.
ity and without necessity, and utterly
null and void. 4 The right of the State in
them was Got. and could not DO lost by
such proceeding. They did not, and
could not thereby become valid claims
against the State, and should not have
u. )
While these considerations apply 10 all
the bonds in question, there are addi-
tional considerations which apply 40
some of them with particular signifi-
i. BY the act to provide for sinking
fund and the management of the Same It
was provided that all revenues derived
from the sales 10 be made by the commits
sionera, should be applied 70 the extin-
guishment of the public debt, by invest
ing tho same in the public securities of
the State. Sales were made by the COM
snissioneEs, and the revenues derived from.
them invested in State bonds. By the
terms Of the act, this was the extinguish.
ment of the public debt to the amount OF,
the investment-that il to say. the bonds
in which the proceeds of sales were in
vested, in, contemplation of lav', were
paid, retired and cancelled, and were not
subjects of hypo.hecation by the Finan-
il2. BY the act cs Congress donating
lands 10 the several States and Territories
which may provide colleges for the hene-
fit of agriculture and the mechanic arts.
it was provided that the land scrip therein
directed to be issued to each of the States
saould be sold BY said States, and the
proceeds thereof applied TO the useS and
purposes prescribed in said act, and for
mo other purpose or purposes whatever;
and that all moneys derived from the sale
of the lands aforesaid by the States to
which the lands were appropriated, and
from the Gales of land scrip therein pro-
vided for, ahould be invested in stocks Of
the United, States, or of the States, or
some other safe stocka, yielding not less
than 5,per ccntnrs upon the par value Of
said stocks; and the, moneys SO invested
capital of, which should remain foFaTss
provided for the expenditure of q sum
not exceeding 10 per. rentum upon-the
amount received by any State under the
provisions of. the said act, for the purl
chase ,,of, lands for sites or experimental
farms whenever authorized by the respeci
tive Legislatures of said States. ....f.
: u by the, alt nf the General Assembly
arlepting tine donation OF lands Tor the
State of South Carolina for tho endoy-
melt of agricultural colleges, the Statd
of South Carolina accepted all che hrol
iyisiona the eaid net Of Congress and cs
subsequent acts, and, consented to the
conditions specified in the said acts the
ss--sEssf ;s=s7Fs vsTs siitE.o=;ze,s g Eece:-s.
sell and assign the ssrip or land ,warrants
issued TO this State by virtue of the act
of; Congress referred TO, and it was pro-
yided that the proceeds of sale ehould be
invested either in bonds OF the United
Suites or. ib 6. per cent. interest bearing
bonds Of this State, the principal of which
bonds should be forever held sacred for
the purposes directed in tho act cf Co.,
.gress aforesaid. TX ,,.ts,,s i, .,.-.-.,..
The agricultural land scsip issued to
tbs State, by virtue of the 1aaid net Of
Congress was obtained by officers author!
lied to receive it and sold by them
through the Financial Agent, and the
pEo:eeds Of sale were. inyeated in bonds
of. this State. ys st.,,,,{s.lil 8,
/, According 70 the express proyisions Of
tho said act Of Congress, eud by the OBJ
legations Of tho State of South Carolina
assumed by, the act OF the General Az
saembly aoSepting its, provisions, these
bonds we're held by the State, not .inia aci
-tnais ownership but in sacred trust, for
che. purpose of endoYing, supporting and
maintaining at least one, college in, thia
State where the leading object should boi
without, excluding other scientific and
classical studies, and including military
taetics, TO teach such branches of Iearnl
ing as are related 10 agriculture and ;thd
mechanic arts, and for, no pther, purpose
or purposes Whatsoever, and were not
subjects of hypothecation by the Finan-
oial Agent. s...i ... .Fsss
But the report Of the special Joint
committee, appointed by, the General
Assembly to ascertain what bonds. OF the
State were pledged by the Financial
Agent of the State as collateral security
for Stats loans, ehoWsi that the bonda In
which the proceeds of the GALES made by
the Commissioners of the Sinking Fund
were invested, and which were so as afore-
said paid, retired and cancelled, and the
bonds In which the proceeds of sale of
the agricultural, land eCrip were iisYested,
sud which were so 40 aforesaid held by
the State in sacred trust for the purposes
prescribed in the said act of .ConGrsasi
were all included in the, bonds pledged
ky the Eisss;:.;e.!t t.ysis % fpr State icSns;
between the, 2lst September, 1871, and
10Th September. 1872. ,ir.5 ,ta
!. AS 10 bonds for. the payment Of inter-
est on the public debt, second issue:
936!bouds FOR $1,000 each. - ss6. 900
Ovtarv,Is. ...ts............ IIo,oy5
Detached, c0upors@.1............ 90,S4J
sts.lz T. Itp{ ss.-li inE ;9s--4A----4S--
Amount of bonds and coupons 81 ,6.9 ,440
The net To iauihqrize d State loan to pay
interest on the public debt. approved
August 20; 1868, authorized the Govern.
or of the State TO borrow on the credit OF
the State of South Caroliiia, on coupon
bonds, within twelve months from: the
passage OF the act, s eum not Exceeding