Year: 1877

THE WORK OF THE BOND COMMISSION.


The labors performed by the Bond Com
mission are of much greater magnitude than
was expected, when the joint resolution was
adopted which directed the investigation into
the public debt. The pains-taking system
which was necessary to thorough examlna-
ton has kept the members of the Committee
actively and constantly engaged for three
months, and their labors will not be complet'
ed when the Legislature convenes month
hence, for the floating indebtedness will re-
main unexamined to q considerable extent.
In rendering an explanation for not writing
letters for publication in the Abbeville Press
and Banner, Hon. William Hood has given
clear and concise view of the work already
done by the Bond Commission, of which he is
valuable and efficient member. and in justice
to the gentlemen who have labored 80 assidu.
ously in behalf of the State, we copy herewith
so much of his letter as relates to their work:


I'm the earlier part of the work, when the
committee would come together in the morn
ing, many points were presented for consid-
GRAFTON by the different members. Each mem
Der had to examine these points for himself,
and night was the only time that could be
used for that purpose. The committee has
had to rely almost entirely on its own re-
sources for information. The State Treasurer
could show US only the more prominent books
and vouchers. This work was about as new
to him as it was to US. He and bis clerks are
as busy as they can be with the current busi-
ness of his Office, and about all he could do
was to open the vault and allow us to hunt
for curse Ives. Much time has been lost in
searching for the vouchers needed to verify
certain transactions, and books to ill all the
links in the records. Then it must be re-
membered that there is no light in the vault,
except what is put there by artificial means.
Not a clerk of the former Treasurer (Cardo-
zo) to show US anything; they are all gone
from Columbia. So that the committee has
had to study from the nature of the work
what papers, books and vouchers ought to be
there, and then without aid, in dark. hot,
unventilated vault, amid multitudes of pa
pers and books, the accumulations of hun
dred years, search for the thing needed. In
the meantime, only two of the committee be.
sides myself had a practical knowledge OF
bookkeeping, and this knowledge did not
cover the classes of accounts involved in our
work, viz. The registration of bonds and the
entries incidental to stock, in its transfers,
divisions, revisions, conversions, consolIda'
tions, &c.


Be it remembered, moreover, that we have
examined the parentage of every conversion
and consolidation bond and stock the State
has issued during the Republican admiuistra.
tions, represented by over $11,0OO,O0O of
vouchers together with all the coupons and
interest questions involved. I have never
seen body of men work harder, nor greater
difficulties to be overcome in an investigation.
In looking back at what has been done, it now
seems almost incredible that such financial
labyrinth, intricate even under the best care
and management, but in this case, doubly so
apparently by design, has been made compar
atively plain by patient study and labor. 1t
is very questionable whether any State in the
Union, whose bonded debt has become 80 in
yolved as ours, can show such an extensive
and complete analysis of its debt as our State
will be able to show when the committee's
work shall have been finished.


As the judgment of the committee is in nc
case final, it has felt that it has no right tc
make public any opinion that would either
appreciate or depreciate the bonds in the
hands of present holders. Everybody knows
that the bonds are undergoing an examination
because it is believed they are tainted with
fraud, and, where the fraud is detected, the
committee is directed by the resolutions thai
created it to report the same, with view te
its expurgation. As soon as the General AS
aembly convenes, the committee will lay, be
fore it report setting forth what has beer
discovered, with an opinion as to all question
able securities. That is as soon as the com
mittee feels that it could be justified in pub
fishing any opinion on the subject, properly
, considering its magnitude, and hundreds o


persons it materially affects will agree with
the committee that it has been better neither
to excite fear nor hopes, while the examination
: is progressing.