The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1892-05-05
IKE STATES CREDIT.
New Yotk journal Of Finance in ~ Bad
Light.

New York journal Of Finance in n Bad
Light.
| STATE IHEASURERS OFFICE.
CoLUMEIA, S. g., April 27, 1892.
EDITOR REGISTER: On the 11th of
April addressed the following letter
to the editor Of the New y Gork Journal
of Finance:
I'm the Charleston News and Courier
OF April the 7th there was copied an
article from your journal of the 7th of
Niarch which is unjust and calculated
to iDjure the State of South Carolina in
the financial world. Among other
things you say: Laws have been
passed which throw it backward at
least Il century. The one dominant
idea OF its Legislature and its eXecu-
tive, Judging 10y what they have done,
has been to lax the wealth and business
OF the State to the exemption of the re-
malnder OF he people from bearing
their share OF the burdens OF the com.
| mOnwealth'
Gas Il member of the present State
government, who claims TO have been
Just and conservative in his official acts.
let me ask: What laws do you refer to
as having thrown the State backward
TOR at least centuryT and what acts
have the Legislature and the executive
committed which go to prove their
dominant idea to be to tax the wealth
ana business of the State to the ex-
empt1on of the remainder Of the people
from bearing their sh re Of the burdens
OF the commonwealth An answer
viii oblige
1ouS respectfully,
| w. II. &. BATES,
State Treasurer"
Nothing was heard from the journal
OF Finance until this morning. | re-.
crived copy of the paper. Its editor
dld not DO me the courtesy OF publish
ing my brief letter, but acknowledges
It's reception and comments on it in q
political not a financial editorial, which
Is rs unjust and full of error as his first
article. Here is the editorial:
GRANGEEISM DOESN'T PAY.
An editorial In The Journal of
Flnance' OF March II, entitled "South
Carollnas LESSON, having been widely
copied by the South Carolina press. has
elected from Hon. w. ~. G.. Bates,
Treasurer oil the State, II letter of re.
monstrance, in which it is asserted that
It's statements were unjust and cal
culated to injurc the Stat. of South
Carolina in the financial world"
Treasurer Bates also calls torspecific
| replies to Sundry questions, which The
Journal OF Finance" will be glad to
make as soon as the official data have
been received from South Carolina.
Meanwhile 2 few statistics from
financial records may possibly open the
eyes Of Treasurer Bates to the fact that
som eihing occurred as early as 1888
''calculattd to injure the State Of South
Carolina In the financial world"
Ihe bonded debt of that State is rep.
resented chiefly by the Brown consols
of 1874" due July 3. 1893. These bear
interest at the rate of 6 per cent, which
for more than ten years has been paid
promptly, and consequently these secu.
rites at one time c, mmanded large
premium. During the year 1887 they
were SOLD on the market at from IO4 to
lo' - , and until November, 1888, prices
ranged from 1O4 to 1OI; but within a
week after the result Of the State cleo.
Ilon was announced their price fell off
several points and it has continued TO
decline until they are at present quoted
at from 93 1-2 to 81.
1t was IN November, 1888. that the
agrarian party Of South Carolina
trlumphed and elected the Tillmtn ad-
mlnlSlratlon and a Legislature 20 do it's
DeheStS.
If Treasurer Bates will consider
lhC lOT Inc lallllTD or
his efforts to induce the holders of the
Brown consols to exchange them for
per lent. bonds in 1896 he will dis
cover that an administration which
makes war upon banks and compels
them to apply to the courts for pro-
lection cannot command the confidence
OF capital, however great may be the
resources of the State. This is precise
~ what has occurred III South Caro-
lima"
Every intelligent man knows that no
such laws as he refers TO were passed
by the recent Legislature. Indeed, I
90 not believe any changes have been
made in the general tax laws since 1882
ct this editor Of Il New York financial
paper charges unqualiliedly that laws
were passed which have thrown the
State backward for at leust century,"
Shameful.
In the above editorial he says: cit
was in November, 1888, that the
agrarian party of South Carolina
triumphcd and elected the Tillman ad.
ministration and Legislature to do its
beheSts." Now, we all here in South
Carolina know that Governor Richard
son was elected to his second term of
oilice as Governor in 1888, and it will be
news to him that the agrarian party
of South Carolina elected him Cover
nor, etc. 80 this pOhtcal-linanciaI
editor makes himself ridiculous In his,
attempts to lnjlre this States credit
South Carolina has no agrariah Darty.
though an effort has been made by Ger
tain disposed officials and certain /. .ews-
papers to create that impression abr oad, |
State bonds did go down as low as !) |
III August, 1880, under Governor Rich |
ardSonS administration and rose to pa, |
IN month after Governor Tillman's |
inauguration.
How Can our newspapers, which pro- |
TESS to have the good of tho State at |
heart, copy such an article from such a |
Journal and send 1t out unchallengcd to |
thtlr readers? The truth Of the matter |
Is that when it was made Known by the |
Act Of 1889 that the State intended, if |
possible, To retire her bonds bearing 6 |
per cent. interest, and maturing in |
1893, by issuing bonds bearing only 4 |
per cent. interest, the price of the per |
cent. bonds declined; capitalists and |
holders of these securities in and out of |