The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-07-18

was so great that he left me the whole
burden to bear, and went to the
springs, being completely Frustrated
During the time he was absent the
stripgency in the money markets aud
the impossibility of obtaining curren-
cy was so great that the last week in
June money on call in New York,
commanded so per cent. interest and
but for the fact that we had bonus
of $l50,OO0 as a forfeit should the
Baltimore Trust Company fail to take
the bonds, and but for the further fact
that l assumed the responsibility OF
shipping the bonds G. 0. D. by ex.
press, so that they could be deposited
as collateral upon which to borrow
the money to pay for them, there
would have been failure to complete
the transaction. Gen. Buffers lament
able ignorance of the financial condi-
tion under which the transaction was
completed shows that he isn't even
fit to go to the Legislature.
Georgia's State debt is much small.
er than ours, she is twice as large and
her assessed value is over $3.50, 900,
600, while South Carolina is assessed
at s17o, 900, 900. Georgia has white
majority ensuring continuation of
good government, while we have
1000 negro votes i'll excess OF the
whites. This means that under Ger
tain conditions which have at times
appeared imminent there might be a
struggle between the white factions
which would make the negro vote the
arbiter that would inevitably bring a
return Of the condition of affairs
which caused John Patterson to say
there were five more years of good
stealing in South Carolina. Georgia
owns the Western and Atlantic Rail-
road worth s9.000,000 and which
rents for $450,000 an asset nearly
double her entire public debt SO that
any comparison of the financial stand
ing aud credit of the two States is
simply farcical.
! say it in no boasting spirit that
we consummated the finest financial
deal ever made by ssfarmer and a
clodhopper"-Dr. Bates and your
farmer Governor-in reducing the
annual charge by $4,000 and every
man Of any character or honesty in
the State whose heart is not gan
grened with political venom gives us
credit for it As to the yelled charge.
or insinuation that received any of
the commission, l denounce as
malicious slander and I can only say
that those who are ready to make the
charge only display the corruption of
their hearts and confess indirectly
what they would have done had they
been entrusted with this important
and delicate matter.
Further, Jonn e. Haskell is on re-
cord in speech before the Legis-
lature as not believing South Carolina
could float four per cent bond and he
had introduced in the General Assem-
bly, which authorized the issue of the
4 IL per cent. bonds, a joint resolu.
ton continuing the interest on the
State debt at 6 per cent. for three
years. The only offer we ever
received from Charleston for any
bonds at all was made BY Mr.. P,ingle
who offered 81 per cent for $3.50: 900.
If Col. Haskell's proposition had
received the endorsement of the
it would have been con-
fession that the State was unable to
refund her debt, while the interest
for the three years would have
entailed burden on the taxpayers of
1886, 900, twice the commission
which we paid, and then there would
have been no guarantee that the debt
could have been refunded at 4 l-2 Or
4 per cent. without paying just as
much commission as we paid. Such
large blocks of bonds can't be ham
died in any but strong houses aud
such men do not work for nothing. l
happen to know, having received the
from banker in Balti-
more, that many of the weaker mem
bers of the syndicate lost money by
reason of the enormous interest they
had to pay for the currency to meet
their obligation aud take the bonds on
time.
The Governor declared that there
was ring forming in Colletou county
to send some fellow to Congress and
the people must see that he was not
one of Cleveland's "me-too :" 1t
there was reform ring in South
Carolina he must be in it for he was
the centre of the clock, the lyncl, pin
upon which the hands of reform have
revolved for four years and the peo.
pie were the balance of the ring.
~ Z j.