The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-06-24
THE WATCHMAN AND SOUTHRON. JUNE "a. 1896.

and the extensive correspondence and
all easily accessible. The act of 1892
under which the refunding took place
appropriated the money in the sinking
fund for the payment Of commission.
Not dollar of this money was used,
and strictly speaking, no commission
was paid by the State to anybody
The interest fr2m January. to July,
1898, as required by the contract, was
paid (every cent Of iD to the Balti
more Trust and Guarantee company. or
to the subscribers of the syndicate
upon their order. How the syndicate
settled With Mr.. Rhlpd was bis aud
their own affair and one with which
the State had nothing to do. The
State would gladly have saved this SIX
months Interest, but her danger and
extremity were such that she had to
pay it and under the circumstances she
was glad to pay it 10 order TO be pre-
pared to meet her debt maturing 10
July, 1898. She had not the money
10 her treasury and was obliged to sell
bonds in advance in order to raise it
Had an offer to take gold bonds beec
accepted, | believe she would have
been forced to pay interest from Janu-
ary to July, 1898. jus: the same.
The act of the legislature authorized
the payment Of this interest, ,tbe contract
was sustained by the supreme court.
The bill was introduced and passed by
the financial com nittee after ali the de-
tails of the contract bad been submitted
to him aud approved. The only bona
6de offer made by any responsible baOk
or arty, before the cont:acs with the
Rhiud syndicate was sighed, was one
by Mr.. Z. H. Pripgle Of the Bank of
Charleston. to take s250,000 Of the
bonds at 81 per cent. This vas much
less than we sold the whole lot at.
Any assertion that members Of the
syndicate offered to take the bonds for
S.4 Of one per cent, is false, and some
Of the Charleston holders Of old bonds
antagonized the State throug hout.
Gov. Til!c1an was convinced that
they scbemed 10 every way possible to
keep us from refundiug the debt at all:
aud desired to get Us in their power acd
then dictate hard tetr:s. The editorial
colums of TIE News AID Courier at the
time, were cited b. hin to sustain the
truth of this conviction. There was
doubtless deep chargrin when they
found ve succeeded ia refuoding the
debt withou, them.
AS for Mr.. Rhind's commission. it
was a matter that concerned him and
the syndicate. Every banker and cap
italist in the State knows that the State
debt was refunded to great advantage
and as economically ss could be expect
ed under circumstances in the face
Of such stroog opposition at home and
abroad
The charges or insiuuations that |
have shared in tie commissions allowed
by the State are false and without foun-
dation. After earnest solicitation to do
the work, aud when I saw that it
would not conflict with my duties as
State treasurer, did render the syndi-
cate much responsible aud valuable ser.
vice, for which | accepted compensation,
Dot dollar of which came cut of the
State. These services we're some extra
official and Others unofficial, aud we're
services could not have been expected
or required to render as State treasurer.
They facilitated and expedited the
work of refandipg, and il rendering
them | protected the interests Of the
State. The matter vas not oae to be
published ir an official report but was
known AID approved Of BY personal
friends and acquintances Of beth fac,
tions, who are as honorable as any
critics in the land have in no way
violated my official trust; on the cco-
trary the compensation received by me
vas for services rendered the syndicate
upon matters growing out Of an upprece-
dented financial panic then raging over
the entire country and threatening to
defeat the contract ioto which we had
entered.
Matters arising after the contract bad
been made and which, but for the SER
vioes I rendered, would have imperil-
led the settlement and disarmed the
State from meeting its maturing obl1ga-
ton.
The records and vouchers in this re-
funding matter have been carefully ex.
amined by two committees-one Of the
legislature and the other of the sinking
fund commissioners Transactions
covering the recording, cancelling and
fling away nearly FIVE and half mil
&c D..-, N.,,o1c oo0 Tho hopd.