The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-01-09

mant of land commissioner was passed
27th March, A. ID. 1869.
The act establishes an Office, and tho
officer WAS to be known rs the land com.
missioner OF the State of South Carolina
He WAS TO be appointed by an advisory
board, which consisted Of the Governor.
comptroller'general State treasurer, sec
retary of State and attorney general.
The appointce was to give bond in the
penal sum of S'20,000 for the discharge OF
the duties Of his office, and WAS to receive
salary OF $4,000.
To this land commissioner, who could
scarcely think without the sanction of
the advisory board, the Legislature d-
rected the treasurer TO issue Bonds of
this State in the sum of TWO hundred
thousand dollars, with coupons attached" ;"
The plain intent of the act WAS that the
Ends should be placed in the hands of
the land commissioner; his duties in
,olving purchases and sales of lands, the
direction in the 7th clause Of the act as
to investment of moneys from sales. to
constitute sinking fund for the rcdemp-
tion of the bonds indicate, u separate
management, and that they were not to
be merged in the general funds of the
State.
Except the direction that the bonds
were to be issued to the land commits.
sioner, there is no direction rs to their
sale, nor any limit in the act of the time
within which they could be sold.
The bonds issued under this act bear
upon their face the words, "Issucd under
an act approved March 27, 1869"
The next act in relation to the Land
Commission was passed lst March, a. d..
1870, for an issue OF S50O,00O. These
bonds were issued without limit as re-
CARDS time, but the power of negotiating
them was withheld from the land com,
missioner.
The bonds were to be negotiated by
the advisory board in such form and
manner rs the board should determine.
The bonds issued under this act bear
upon their face the words Loan under
act approved March LIST, 1870"
On the Goth of March, 1869. the day
before the passage OF the first Land Com
mission act, the Legislature, by act, au-
thorized the auaIcial agent Ito pledge
the bonds of the State, which the State
now has or may hereafter have in its
possession, as collateral security for State
loans" with the proviso, THAT in all the
transactions he shall conform to the pro-
vision OF An act entitled an act to au-
thorize lonn to redeem the obligations
known as the Bills Receivable of the
State of South Carolina" ratified the
Goth day of August, A. ID. 1868.
There was, by the section of this act,
an amendment of the acts of August.
1868, extending the time for loans to two
years.
Waving the question whether, under
the first act, any one could negotin,e th.
bombs but the land commissioner, and
consequently whether their hypothec.-
tion by the financial agent was not illc.
gal, it seems plain that the pledgiur of
the bonds issued under both acts is d.
jectionabe.
The bonds we're impressed with all the
restrictions attaching to other bonds
pledged by the financial agent.
Nrither the loans nor the hypotheca
tion were made within two years-the
time limited
For the reasons stated above, in regard
to the hypothecation of other bonds, the
conclusion is that the land bonds hy-
pothecated were not issued in accordance
with law, nor authorized to be consoli-
dated under the act of Assembly a. d.
1873.
The defehuant objects that the coupons
detached from bonds between the 10th
June, 1874, and 24th June, 1874, amount
ing to 1881 1886, have not been issued in
accordance %ith law, nor authorized to
be consolidated.
The testimony of Henry L. Tappan,
(parol testimony, p. 73) shows how cou-
pons accumulated in the treasury until
November, 1872. lie says they were put
away in the vaults of the treasury, and
when he left the Office, 1st November,
1872, they had not been disturbed.
James o. Ladd, in his testimony (par.
test, p. 72) says that while he was in the
treasury there were maturcd coupons
clipped off from bonds sent to Kimpton.
These coupons were put in packages and
put away in the fireproot vault inside Of
the safe in the treasury. They were not
cancelled at the time. They were put
away, and so remained uncancclled up
to the time he left the Office"
According to John l.. Neagles state-
ment (par. test, p. 82) he received in the
early part of A. d. 1878, from Niles G..
Parker, about 100000 of coupons for
his action in and as his share for the
funding of the coupons. His doubts
were quieted by assurance of Parker that
the thing was all right.
He turned over to Y. j. p. Owens for
funding large part of the coupons, be-
tween $4,000 and $4,000. lie again
was disturbed about the character of the
transaction, and having "asccrtained that
they (the coupons) were wrongfully in
his hands destroyed them, viz: the bal
ance, about $4,000, within the last
twelve month";"
In the settlement with the financial
agent, journal House Representatives,
1S72-1873, p. 307, } it is stated the agent
had returned to the State all coupons not
paid, excepting on outstanding bonds
owned by third par.ies or held as collat-
eral as hereinafter mentioned.
The coupons of bonds owned by third
parties would be the property of the
owners of the bonds, and out of Kimp-
toms reach, unless upon payment. The
proof is, the bonds aiid coupons pledged
were never paid by Kimpton. The
above facts co.roborate the testimony oi
Parker, (par. test, p. l9) where he states
at length the scheme between Scott
Chamberlain, Neagle, Kimpton and him
self to fund the coupons through Owens
or Others. Aside from the testimony
nothing can be more significant of the
transaction than the conduct of the par
tics engaged in it. There is no pretence
that the State owed them who were then
its present or late officers or that they
obtained the coupons in any business
transaction. Why fund through IN.
other? They are dealing with tens o.
thousands in n manner so free. as to sug
gest the idea of come easy, go easy
Does it accord with human conduct tha