The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-08-01
The Bond 8eseaepsnt. So
rha fact. Of Kondsaiaemeu

transaction ar4Ab0Nf' aesolloVg: V
The bonds. bearing 4 l-2 per cent.
interest, we're aoid dollar for dollar, bot
the payment OF interest on them began
six months before their date. In other
words SIX months. or 2 1-2 per cent.
of the total amount of the bond issue.
was given as bonus for selling the
bonds. This arrangement made the
bonds cost the parties into whose hands
they first passed dollar for dollar less
2 l-2 per cent. or in other words 81
3-4 cents on the dollar
We forget the exact amount Of the
issue. Let u. call $5.300.0 600 1t
was Somewhere along there. That
amount of bonds cost the parties into
whose hands they FIRST passed collar for
dollar less the 2 Ia per cent. or So
800, 900 lees $3.50. 900. The English of
it is that the bonds cost the first holders
$5.170.00u.
The syndicate formed By Messrs.
Lapcastee, Williams and others bought
the bonds at along abou: SO 3-a and
SO. They would have paid the State
that much directly. giving her the
profit that went to the midd'emsn who
stood between the State and the syodi-
cate. That profit was. We understand
it. about per cent on about $5.225.-
600, between $50. 900 and $53, 900.
This profit is supposed to have gone to
Mr. Rhynd OF Augusta He VAS kept
or managed to keep himself between fhe
syndicate which bought the bonds and
the State which sold them and in the
clean ap ought to realize about $50. 900
on the trade He had a lead pipe ciuch
on the transaction. Before the last bill
authorizing the settlement had ,assed
through the Legislature, the editor Of
the Greenville News was told by
Treasurer Bates that no bid for the
bonds could be considered upless it
went through Mr. Rhynd Mr.. Rhynd
himself told ,he people who we're or
gaDising the syndicate and securing the
money to buy the bonds that the State
could be .raded With only through him.
The people Who organized the syn
dicate we're entirely willing to pay the
State the same price they paid Mr..
Rhynd. or. perhaps, little more.
They did not care who got the profit.
In fact shere we're half dozen profits
between the State aud the final invest
ors. It vas understood from MIR.
Rhynd that Of the $50. 900 be was to
get some ..expensesn we're to be paid.
Nobody enquired particularly as to.wbas
they we're.
It is all over aud done with now and
The settlement. taken as whole. was
remarkably good one 1t will be
we'll, however. for Governor Tillman
and Dr.. Bates and Mr.. Evans aud the
rest of them. while Dragging about the
settlement to explain the fact that with
all their boasted shrewdness Mr.. Rhypd
got them SO tangled up With him that
they we're compelled to allow him
profit Of $50, 600, which might as we'll
have gone to the State.
A little slip of $4,000 or $50
900 in million dollar trade is not
very great loss and will not be much
felt by any one individual Nobody
has lost much and Mr. Rhynd is a very
fortunate man to realize moderate
fortune on cne transaction the greater
part of the work in which was done by
others. But the transaction indicates
a lack of sbrewdnesa and fore sight aud
some very loose trading somewhere.
It is part Of the irony of fate and
politics that this reform" and farmers
administration bas done more to en-
rich brokers and lawyers than all the
others we have had since 1876 COM
bined -G.eeoville News.