The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1897-01-13
Mr.. RHIND'S REPORT
About the South Carolina Bond
Commission Matter-Governor
Evans Did no Wrong.

II last Mr. Golden Rliod, tie :Au-
Susta, Ga, broker, who could not be
located during the last campaign, IL
this State when the question Of the
sale of the State bonds and Governor
Evanss connection Herewith was the
order OF the day, has spoken. lie
made his appearance in Augusta some
time ago, but interest in the commits
sion charges having decreased, no
one paid particular attention to bis
return. Mr.. Rbind has now made
public the following statement IL re-
gard to the bond matter, which might
have been made of peculiar interest
bad d few plain questions been asked
him while lie was making it, bat us 1t
is, the statement, being tie first oi
auy description to come from Mr.
Rhiud, will doubtless be carefully
read by hundreds of people in varl-
Gus portions OF the State:
The transaction was a business
one, and my first interview with Gov
ernor Tiliman came about from a let
ter which I had received FROM Wall
street banking house to which | had
written, calling attention to the South
Carolina bonds, the letter saying that
they had bought and sold SlO,OOO,-
900 of bonds within the last three or
four months, and would like for me
to get for them all the information l
could get in regard to the South Car
DINA debt and present the bonds for
their consideration. This letter |
showed 70 Governor Tillman and it
resulted in his giving me contract
to sell at 1 per cent. 44-year bond for
the State The Wall street house, af-
ter looking into the bonds, decided
that the credit of the State did not
warrant it in expecting to float Il 4
per cent. bond, but said that if a i u
per cent. gold bond were issued, they
would probably consider it. | en-.
gagged Mr.. Evans to aid me in gath
ering information necessary to put
the bonds properly before the bank
lug houses. Mr. Evans at that time
had been member of the lower
house OF the Legislature, which :nen
stood adjourned, and was afterward
elected to tue Senate Of the State.
The 4 per cent. bonds had been a2-
vertised for sale, bat no satisfactory
bid had been received when the time
for the opening OF the bids came.
The bonds were refused considera-
ton by many prominent houses
in New York, and it was with
great difficulty that any OF them
could be induced to give tie matter
a hearing. and l gave up the idea Of
selling them.
"After the / per cent bonds had
been offered in vain by the State
through various people. [ was au-
thorized to negotiate for ( l-2 per
cent bond at par, the negotiations to
be made subject to the approval Of
the Legislature, and after trying some
time in vain to find a buyer for the
bonds, ! spoke of them to Mr.. Lam
caster, VITO said that be thought he
could find man who would organize
a syndicate to take the bonds. [ Of
fered him one-third of my commits
sion to introduce me to such man
and was introduced to Mr.. F. O.
French of the Manhattan Trust Com
pany, who undertook to organize a
syndicate, and had nearly completed
it when he was stricken with illness
and withdrew. In the meantime,
money began to be stringent and
others withdrew from the syndicate.
Then Mr.. Lancaster organized a syn
dicate that made an offer for the
bonds at the price and on the terms
at which they were finally sold, be
agreeing that my commission should
be paid by the syndicate and not by
the State in consideration of the con
cessions made by the State of the in
terest accruing between January and
July This contract was accepted by
the State late in December, 1892,
about the 24th, think. Subsequent
ly, l am told, some Of the members
OF this syndicate withdrew and then
Mr.. Lancaster organized the Balti-
more syndicate, which undertook
and fully carried out the contract
with the State that was made by the
original syndicate, but had NO di-
rect transaction with the syndicate
II can only add that have never
paid a dollar to Mr.. Til.man, nor has
one word in relation to the transac-
ton passed between US which I
would be unwilling for the public to
hear. Mr. EvanS'S connection with
the transaction has already been
stated, except that he confined Of
counsel in this litigation till elected
governor.
q would say in conclusion, that
anyone who will dispassionateiy COM
pare these 4 II per cent. 20-4O bonds
(that is the State has the option Of
redeeming them in 20 years and can
then probably refund them at 3 10
per cent. with the old 1 per cent
A-year bonds will see large saving
to the State and further, the sinking
fnnd will rednca tie 1alnt IN thn fret