Historical Newspapers of South Carolina

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?im. m I W S H 'rj' (1 il j COLUMBIA. Hg B&urday Horninfc, Hay 13.1871. t Ttn^v?Btlon-AdJournmcHt-KciulUi Tho Convention, of tax-payers of thia Sta to c. ou eluded ita present business on y oat er any, nh Pt a ?)> to$ days, adjourned until again called to? gether ander the resolution adopted by tho body. Aa our readers aro aware, wo , haye not sought to intimate to the mom bera tho courao of action Which to os eoemed advisable. We felt satisfied that tba ysry able and patriotic men who had assembled in earnest council would do all that was ?agaoious and befitting, in view of the ?Vila tha.fr; they came to con? sider aud allevi?i?^^nd;"?ow that tho Convention has dono ita iminodiato work, we would refer onr teaders to the proceedings of the bo?y, that they may themselves pasa judgment upon its notion. The Convention wes composed of the best citizenship that the State affords. Its deliberations were conduct? ed in a grave, .impartial and deliberate spirit. No partisan-liko considerations were permitted tc influas es its patriot io counsels. . The publio good was sought, and the honor and welfare of Sooth Ca? rolina were the paramount considera? tions.; Apart fr mi any practical results, we believe'. that thia Convention mnst accomplish groat good. The moral result mast provo eminently advantage? ous. Tho Convention hoi planted itself upon high ground. Whilst fully recog? nizing the gross abusos ona greut evils connected with our political condition, it makes no appeal to the spirit of vio? lence, bat invokes those moral forces which it does not yet forego as the means of relief aud the instruments of reform. I\ has exposed many of the unfavorable and abnormal circumstances connected with our local affairs. It has. rebuked the spirit of public - corruption and g?n?ral ma?-admfuistration. It has made important and valuable suggestions. It baa sought to strengthen and repair the edifice of our State government, and thus to make harmony and development possi? ble. It liftfl renR?ved from fhn ftnvnrnnr nf tho State' valuable nsuuraueoa, which, faithfully curried ont, mast tend greatly to ira provo tho local administration of affairs. What it'.haa , dono, it.has done With 'fairnc3s and j??deration. Wo oau not but think that its v?ioo will be hood? ed. At least baa tbi? Convention ac? complished'this mach; - It basreoalled the publio mind. to. a souse of publio honor, and liftud baforo the eyes of the people a standard around which all may gatherwho?good-faith* desire to see ro-oBfablisbed in South Carolina an era of virtuous dgndlint, of intelligent rule, aj?d peaceful development. Let us trust that its o?unsols may ho heeded. Let us hope that th? dominant party and the State officials will respond to .its just claims, und "recognize- tho strength and influence that it embodies. - It has adjourned, but reserves the privi? lege to meet n'galu, ifnecessary, for ?he ... interests it seeks 'to protect.. It remains ." a moral power in the State-the ally of . the powers that bo in0.11 legitimate func? tions-the tupi al guardian of .the rights and property of all c??ssea of tho people. Tbe President of tho Convention, at its clono, made un eloquent and impres? sive,, address. The just 'nontimenta, the fait spirit and the high : tono that it em? bodies were suitable ?to"the speaker nud T; the occasion. / -?-. ."??'?-??? .??;?-.. ' The Tdx-Pttytrs' Curt veut inn. lr . - JffOUBTH DAV. ijyi , . IFnuuv, May 12. ' Tbe Convention met at 10 o'clock A. j M., President Porter in the Chair. Tho journals of yesterday's proceedings were road and oonfirmed. The Chair announced the following gentlemen as the Committee to memori? alize the Legislature on. the subject of cumulative- voting: James A. Hoyt, D. . H. Chamberlain, M. W. Gary, Edwin J. Scott,. W. H. Wallace, B.' H. Wilson and Henry Gourdin. Mr. Chounut, for the Ereootive Com? mittee, reported upon certain resolutions relative to the sterling funded debt, re .- commending tho adoption of the follow? ing, io substance: That this Convention, representing the .property-holders aDd tax-payers of the State of South Caro? lina, deem it their duty to declare that the so-called sterling loan, or any other . bouda or Vobligations hereafter issued, Supporting to. be by authority of this tato? will nr)t he held binding on ns, and tbufc wo will resist the payment thereof, or the enforcement of, any tax to. . 'pay tho same, in every lawful way. Aleo, that a committee or Ave bo ap? pointed to investigate and report a plan to restore tho orodit of the State, and to oonfer with tho representatives of the ' "fire loan securities" of the State, which have been practically repudiated, with a view to repair tho damages to tho good faith and honor of the com Dion wealth. Also, reported upon the resolution to 1 appoint a committee of five to ezamlue into the oooditlou of the State, now and at the close of the war{ recommending that Messrs. Aldrich, ?nrt, Manning, Butler and Porter be appoiutod os such oOmmittee. So ordered. Mr. Tresoott offered a resolution, that Messrs. Porter and Connor, to whom . had been referred tho question of tho fwality of ibo postponement of the statutory l?^n of -tho tyatyr^a^bjtBluo Ridge M by tUo L?gt?ituie. M c%" tain bon? and rhortgafei, io!^?Ff6^ 'Clews, Cameron ?nd WaWi9\F^,,?.(g be reqafftod to give tMir legkb otp?t? at trio e?tUeaUpr?oticaolo - boraen?, sup? porting bia resolution by B strong line of argument? showing the unwisdom of the Convention in tampering with the busi? ness of a private corporation. He held that tho aotion.of the Convention, uniese ?he matter bo decided ?toado5, was calon 3ated-to disoredit tho honda, ol the Blao Ridge Road* to the serious injury of tho company ana damugo to, tho Sta te. in crippling an enterprise, the successful issue of which would' determine, to a large extent,vthp future prosperity of tho State. 'He thou- .'maintained jtliUjt, in point of fuet, tho postponement of the statutory lieu of the State, to a mort? gage given to secure bond?endorsed by the State, oould not possibly work harm to the State, and was ari equally good, if not better, form of Beoarity thun tho statutory lien wonld bo.' Ho also stated that the mortgage Of the road to secure the funds was recorded prior to (he attachment of tho statutory lion of tho State, and that, consequently, in point of law, the mortgage must tako prece? dence. ' ' \\i Mr. F. F. Warley replied in nn affect? ing and eloquent speech, depleting in touching terms the desolated condition of the country, and tho deplorably cor rupt state of tho Legislature, by reason of which, as ho held, the passage of the Blue Ridgo Road bill had boen effected. The amendment-was laid on the table. Mr. Edwin J. Scott offered tho follow? ing, which was considered at once une adopted: / Whereas, it is oustomary and propel that persons entrusted with large amount? of the public funds should guarautee th? safe keeping and faithful disbursemen of the same; and, whereas, H. H. Kirup ton, Esq., the State Financial Agent ii New York, who holds about $2,000,001 worth of State bonds,'has given no th inf but his own personal obligation for th? discharge of his duties; therefore, be i Resolved, That the, attention of th Governor and the Attorney-Genera be specially directed to the risk of los by the death or default of said agent and that they bo requested to require b him a bond with such good and sulBoien security as wiU protect the publio inte rests i u his oh arge. . . -.Geh.' Gad. Jones offered the following which was read and referred: . . ,. . Whereas by the Aot of August 26 1808, en ti tied j * An ' Aot; to authorize arate loan to pay. the. interest ion tu pnblio debt," tho Governor was author i zed to borrow on tbe credit of the State on con pon' honda, a, sum not exceed in 8 L,OOO,000, or no.much thereof aa may b : necessary, to pay tho in tor eat on the put lio debt; and' whereas it appears that io stead of $1,000,000, 82,000,000 of cot pon bonds weih created-the one wit -the'words "for interest", engraved ther< on, and tho other without these wordi and whereas, although it ?B now state that $900,000 of the $2,000,000 thus ii sued has been recalled; therefore, .Resolved, That this Convention canin but deem this transaction.us uncalled fe undTwithout legal authority, and os esh biting an irregularity and capacity f< fraud which merits its stern condemn; tion. Judge Aldrich, for tho Executh Committee, reported upon the resolutio of Mr. W. K. Greenfield, relative to oe tain.irregularities in drawing funds fro; the State Treasury, by tho committee a] pointed to investigate election frauds i the Third Congressional District, recur mending that the attention of tho Atto noy-Gene ntl be directed thereto, with view to a judicial investigation. At 12 o'clock M., the Convention toe a recess of an half hour. Wheu tl Convention met again, Gen. M. C. Bu 1er, for.the committee, appointed to co fer with the Governor, made a lengtl report. Mr. Cannon, from the special commj tee, made a report, recommending, th the Legislature repeal tho law reqairii all legal notices to ho published in oe tn in papers. Mr. Warley introduced a resolutio which was adopted, that the Con ven tit express their disapproval of all seer political organisations, and that th oaU upou the good citizens of tho Sta of' all parties to discountenance all suo Mr. Baldwin offered a resolution, th the question of the legality of the pot ponement of the statutory lien of tl State on the Charleston and Savanrii Railroad be referred to certain emine lawyers. Agreed to, Mr. Woodward offered a hu moro resolution, that theOovernor be calli upon to defray the expenses of the Co vention out of tho contingent fund the State. The resolution was wit drawn. On motion of Judge Aldrich, t thanks of tho Convention v??? tender to tho various railroad companies 1 Courtesies extended. . Mr. B. W. Bali, for the special coi mitteo appointed to examine into a report to what extent County and Stt offices have been unnecessarily increase reported as follows: The committee to whom it was - rofl red to investigate and report to this bo to what extent State and County o flic have been unnecessarily inoreasml sir the inauguration of the Stato Govej ment in 1868, and, with tho view to trenohment and reform, to what cxtt they might be dispensed with, fa leavo to report, that they have examin and considered the matters embraoed tho resolution ns folly as the limit timo, at their disposal, would admit. ' They ere satistiod from this exatnii tion that the number of offices, State a County, have been unneoossarily oreased; and that tho salaries apportai ing to the same have bren fixel amounts largely in oxceas of n fair oo Pensation for tue services rendered; a that as'to those offices absolutely ncc sary to a duo administration of tho C vern m eut, ibo salarles^ hat?, in rv- Jibe ?IPVH b<fWis ?ie|Sfej? oommitto?. r !<mv3 to:8ubm?trthofoUow?0g^n^ atiyo statement o? ogees 6^4 ?UtrieiS t?* years 1066 ..tWlW^'i^^^^i'. 3q'mp?rntlve statement ol ?fl?cj?r^a? salarios ?D (ho yo?rs i860 and 187117- ' V Governor. 88,oiQ0i;8i600L:v::IWM^' arotary, 1,200; 2,000.. Messenger, 100; 300. Reu t, 300; 000. Sec re tary of State and Clerk, 600 and fees; 4,000. Adju? tant and luspeotor-Generel, 000;< 2,500. Comptroller and'dorks, 2,700; 4,499. Tronsu'rer nod Clerks,' 3,200; 5;800; Au? ditor of State and Clerk, 000; 4,000. Su? perintendent of K location and Clerk, 000; 3,500. Chief Justice, 3,500; 4,000. Associate Justices, 000; 7,000. Judges, 30,000; 28,000. Attoruoy-Gonerul and Clerk, 1,100; 4,000. Clerk Court of Ap? peals, 830; 1,600. Attendant Oonrt of Appoals, 250; BOO. Solicitors, 4,500; 8,000. County Auditors, 000; 31,500. School Commissioners, 000; 31,500. Codo Commissioners, 0U0; 1Q,500. Lo gislativo expenses, i5,85?; i??.?OO. Con? tingent Funds: Exooutivo Department, 25,000; 20.000. Treasuror, 000; 1,000. Attorney-General, 000; 500. Comptrol? ler, 000; 500: State Auditor, 000; 600. Adjutant and Inspector-General, 000; 500. Superintendent of Education, (:00; 500. Socretary of State, OOO; 500. Slate Librarian, 000; 150. This slntemout is not intended ns a full comparison of ali publio expouses during tho two periods oompured, but is made with the view of exhibiting to the Convention tho relativo scale of expen? diture by the present Government, so far as herein exhibited. /'"Upon a conference with his Excol !^lenoy Gov. Scott, iu nocordnuco with the terms of the resolution under which this committee was rained, his Excel? lency made substantially the following suggestions, in which your committee concur: 1. The ofiloe of Comity Auditor maj be dispensed with, except in Charleston County, and the Tronaurcr discharge ni tho duties now performed hy tho Audi tor and Treasurer. 2. The duties of State Auditor ma] with propriety bo discharged by th< Comptroller General. 8. Tho duties of tho Commissioner o tho Bureau of Agricultural Statistic) may ha transferred to the Secretary o State, without additional compensation 4. Tho place of Assistant Adjutant GenOral cnn bo dispensed with, and th duties performed by the Adjutant dene ral. . 5. Assistant Librarian of the Suprom Court may bo dispensed with. ELECTIVE OFFICES. * * : * 1. Tho compensation of School COUD missioner may bo reduced in nil th Counties,, to an equivalent for their soi vices. ' ' '* 2. Tho 'compensation of County Gpqi missioners should be reduoed, tho nura ber of days for duty fixed by law, an the per diem allowed only for days actu ally on duty; their accountability fo moneys received for licenses, ?c., shani ho regulated by law, requiring them t report to competent authority th amounts reocivod, as heretofore sue moneys have not been accounted for i many Counties. The fees of Trial Justices, Solicito] aud Constables might bo proper mattet for legislation. Tho Adjutnut-Geuorul's salary shoul be reduoed to a oommonauratu union i with his services. lu addition to tho cases abovo part cularizod. your committee aro of opinio that $10 per diem, during the sitting < the Hen a to, is ample compensation ( tho Licutenant-Governor, While, tin offloor rucoives tho. further salary < 82.500 per annum. In conclusion, your committee woul say, generally, that they are of opinio that the rate of compensation now pai to the various State and County office might be very, materially reduoed, wit great advantage to the people of tl State and without detriment to the pul Ho service. ? - . Mr. Trenholm, for the committee nj pointed to investigate tho lloancinl cm ditiou of the State, submitted n repor which was adopted. . . The Committee of Eleven, to who was referred tho following resolution ask leave to submit their report theron The r?solutions aro in the followh words: Resolved, That a committee of cleve be appointed hythe Chair to confer wi1 his Excellency Gov. Scott, in pursnan of the fourth resolution of the Chamb of Commerce-, and of the Board ? Trade, of Charleston, and report to Iii Convention in writing or otherwise. Resolved, That it bo referred to tl Oommittoo of Eleven to inquire of tl Governor how many aud what amount bonds he has signed under tho vario Aeta authorizing tho same, and wh disposition bas been matle of Bald bond The committee proposa to consider, tho first placo, the subjects embraced the first of the foregoing resolution These are better explained by the resol tion No. 4 of the Chamber of Coi meroe, and of tho Board of Trade, i ferred to therein. Thia is in the folio ing words: Resolved, That the .State Con von ti of Tax-Payers bo requested to oonl with his Excellency the Governor, ? tho dangerous fiscal condition of t State, and requostMs official aid and c operation in tbe ii.v istigation of tho t oounts of tho Comptroller and of t State Agent in New York, eo that t amount and character of tho bond debt and all other liabilities of t State can bo clearly stated, with a vii to such farther action as may be neo snry for the protection of tho publio o: ditor.H, and of tho tax-payers of t Commonwealth. This resolution having been publish in the newspapers before the assemhli of tho Convention, your committee we promptly apprised by hisExoellenoy t Governor, and by tho other State fui tionnrios referred to, of their roadin< ti> furnish tb o required information. ?T0?'?'! Q?mptrollur-Genoral furnished to tljQ ' Convention" thfms?lt/es " Bf/printed ?&t?ment of tim "-'.fundeft debt of tte StaU>i>rSooth Od?lina, old information relative- thoroto. -'-A copy, of this paper (tDark?d A) ia annexed;, to this report. 'In this statement the - total fa nd efl debt of tho State is set down at the sum of $7, 605,908.08. To the sam of tho fonded debt, viz: $7,665,908;08, mast be added? in order to exhibit the sam total of the debt of tho State, the cash advanced to tho Treasury, bv the Financial Agent. This is sot down ny Mr. Ktmpton afc the round-sum .of $800,000-88.405,908.98. And also tho farther sam of $400,000 for bonn's Bold'by- Mr. Jttmpton since the dato of tho Comptroller's report,' viz: $4U0,000, making a grand total of debt of $8,865,908.98. Trio sum total of bonds remaining tiusoM in tho banda of tho agent, as already shown by tho (Jomptroll??r'?.8tatoment (A) was $2,200, 000. From this amount must bo now deducted tho amount cold os above stated, 0*00,000-01,800,000. This amount of bonds, viz: $1,806,000, is' pledged for tho security of the $800,000 of cash ad? vanced by tho agent. lu view of thia conditiou of thu nuances of the State, your committee would respectfully make tho following recommendations, viz: I 1. That his Excellency tho Coven.ui ' bo respectfully requested to ooufor with tho Financial Agent-who is now in Co? lumbia-and to telegraph to Now York not to sell ony more bouds of tho State ut less than 80 por cent. 2. That his Excellency be respectfully requested to proceed to Now York und to make the most economical arrangement possible for holding this Sl.tOO.OOO of bonds until tho above limit of 80 per cont, become.') attainable. 3. At 80 percent., $lr000.000 of honda will discharge the debt of 8800,000 due to tho Financial Agent, nud release $300,000 of the hypothecated bonds. This sum of bonds your committee re? commoud that it may bu respectfully suggested to the Governor to use in thc following manner: Tho amouut of funded debt now pay? able, and that approaching maturity, combined, is as follows: Firo loan bonds, Baring loan, $40(3,000; Aro loau stock, $304,000; amouut overdue, $744.000 State House bonds to mature ou the lal July, 1871, $250,000-^904,000. Your committee recommend that tin $800,000 of surplus bonds above refer red to, as soon ns they may be release* from- hypothecation, bo applied to th? flUtiafaction. in part, of the above deb ?if ACi'* ' nun Til. = nnn -?i nJ.V.?.i.V. Ul 4Wt,uuu. mo v11 II,wv,,/ ?_.*. OVCru.S! bonds constitute so much of tho fin loan debt-for which the oopital of tin Bunk of the State is pledged, and you committee indulge tho hope that it maj be discharged from that source. If tho arrangements suggested by th< committee can be carried into effect, th? result will be as follows: Sum total o debt as already stated, $8,865,908.98 add the bonds now in tho hands of th< agent and proposed to he issued, $1,800, 000-$ 10.665,908.98; deduct the nd vanees mnde by the agent and proposei to bo paid, $800.000-$9,865,908.98; de duot the amount of funded debt propos ed to bo paid by tho $800,000 of surplu bonds on tho basis of eighty per cent for the bonds, viz: $610,000-89,225, 908.93; should .tho remainder of th 3904,1)00 of fuu'dcd debt, now prussia, for payment, be discharged out of th assets of the Bauk of the State, viz $354,000-$8,871,908.98, tho Anal SUE of the funded debt will be $8,671,908. ?S It may bo reasonably objected to thus suggestions that the present marke price of the bonds is only sixty-?vo pe cont., while the calculations made pro coed on tho basis of eighty per cent, fo the bonds. But it is quito rcasonab) to expect that upon this exhibition c the exact condition of tho dob ts of th State, and upon tho concurrence of hi Excellency the Governor, in tho genere course of management herein' recorr fnhoudod, there will be an immediate an considerable ad vauco in the market valu 7)f the bonds, anti groatly increase facilities for holding them off the mm keti Referring now once moro to tho sui of thu funded debt, the committee deer it proper to state that they had expeete to verify tho account by tho ovidenecs i the, Comptroller's office, but they wei disappointed. Tho Act of August 2i 1368, authorizing au issue of bonds fe the payment of the bills receivable c the State, provieied that the boee should be signed by the Govornor au the Treasurer. Subsequent Acts follov od the same course. Io consequence thero is no recorel kopt in tho Corni troller'8 office; tho preceding Btatomon nuder the authority of thia officer, ?B d< rived from tho Treasuror. It is confira od by tho Governor, who united wit tho Treasurer, Mr.' Parker, in giving t the committee every assurance of i correctness. Anti it appears to yoi committee that tho several issues an Bums of bonds described, are of Ul questionable legality and force as obligi tions of the State. It seems prop? further to explain that the bonds undi tho Aot of August 26, 1868, "for tho pa; mont of tho interest on tho public debt', were at first issued with tho above won embodied . in tho form of the bond That these words being docmcd objo tionable, another set of bonds for a lil arnon nt ($1,000,000) was prepared an executed, and woro sent to Hie Finauci Agent to supply tho ??bice of tho obje tionable issuo. Of (his objectionab issue of bonds $500,000 wero long sim returned and oancollnd, as appears by tl assurances given to your committee I tho Comptroller nnd Treasurer. Upc thc authority of Mr. Kimpton, Agen and Mr. Parker, Treasurer, it appen also that a further sum of $400,000 hi beau returned within a fowelays. Thci havo not yet been cancelled. Mr. Kim] ton nlso assured tho committee that tl romaiuing $100,000 would soon bo r turned; that thero was not any lougi delay in effectiug tho exchnngo thr aroso from the necessity of waiting notil the several loanB matured, for wliioh *ho first bonds had boen. pledged. The nrrhogomeM qt having h financial agent in Now Yx>rk doe? not moke a favorables impression upon tho coajmit too. Copies ol tho accounts rendered 4>y *iiim.-for the fiscal.yearjj\.18Gl)l and 1870 nre annexed' to this report for reference, marked respectively B; aud C. The large sum in money or bonds always in the hands of the agent is attended with unusual risks in the management o( the finances of a State, and tho difficulty of keeping, tho uccouuts of the agency and of the Treasury In constant and regular accord if great. ;It will be seen.'.for example, by account B, that nt the end ? of (he yoar, the total of tbe-suma.obnrg??? to.the" Treasurer by Mr. Kimpton wa? $1,007, 921.54; while tho Bums credited to* Mr; Ki m pt on by tho Treasurer amounted Cb only 8623,000; exhibiting n di sorepauov, 8384,924.50, Or disagreement of 8384, 924 54. In liku manner, account O ex hibits a disagreement of 8294,726.92. It is true tba*, these accounts were re? cently bronght into reconcilement, or rather iuto conformity with the accounts of the agency. Thore is added to both an account o? the subsequent entries by which this was effected. Nothing ap? pears in those accounts to impeach their correctness; but it will bo seed how wide open tho door is thrown for errors and dis? putes, if for no graver misfortunes. For example, it wiii be soon that among the items brought to the credit of tho ac? count by the snbsequent entries referred to, nro those, viz: Account B. Fiacal year, 1869. For expenses, (including interest, as explained to the committee,) 864,996 71. Account C. Fiscal year, 1870. For expenses, (including inte? rest,) 8194,977.42. Total, $159,974.13. These appear to have boen passed to the credit of tho agency, without being audited. The committee understood Mr. Parker, tho Treasurer, to say that ho had not received an account of the several items of expense that go to mako up tho two Bums of $64,996.71 and $04,977.72. These charges, as will hvre uftor be shown, add enormously to the interest of tho public debt. Nor is tin? thc end. The committee learn from Mr. hampton that his own proper commis? sions, as agent, aro not included in thc above suma, aud that tho rate of com? pensation is not even determined oi agreed upon. Your committee would havo preferred to show with precision what rate of interest results from th? addition of these charges, but it is seer that the full sum of the expenses' is no vet known; .neither do tho ' acron uti show the exact average Sum of' thc casi advances mado to the Treasury. Somi approximation to the' .truth may, how evor, bo made in this way. By tho re port of tho Comptroller-General fo: 1870, pp. 101 to 104, the following ap pears to havo been the,'quarterly balanicei duo".to Mr. Kimpton by the Treasury October 1, 1869, $515,424.54; January 1 1870, 180,009.54; April J, 1870, 543, 347.84; July 1,1870, 573,317.21; Octobc 1,1870, 880,843.95. Total, $2,697,943.08 This sum, divided by tho five periods gives nu average of $539,538.61 as th sum of tho advances, and seven and :. half months as the period of time fo which they were made. Tho inter?s and other charges, as is shown in anothe part of this report, was, for twelv mouths, $94,777.42, or $7,914.78 pe month. For seven and a half months, j is $59,360.85, or at tho rate of aeventcei per cent, per annum. And to this is ye to bo added tho agent's commissiont Mr. Kimpton is under the impressio: that hip average advance was grctitc than the sum stated by your committee But even if it was $700,000, instead c $539,588.61, the intorest, (without hi commissions,) would amount still to th high rate of thirteen and a half percent per annum. The loss sustained by thi State iu this mode of dealing is obviout aud it is aggravated apparently by th fact that ail this risk, expense and trot ble resulted in the sale of only 81,000,00 of bonds, and these at the moderate rat of seventy per centum. Tho Act pu viding for tho payment of tho intorest o the funded debt in goldfind been posset and had ndded very largely to the ennui charge Tho interest paid by the Corn* troll er, according to the report of I87( is $190,679.44. Tho coupons paid h Mr. Kimpton amounted to $209,014 51 Total, $309,898.99. The premium o gold paid by Mr. Kimpton, and charge in tho Kamo account, (O,) is $84,36! Total, $484,255.99. Thus raising the int rest on the fonded debt that year to abos sovon and a quarter per oent., insten of six per cent., nud adding $984.362 t tho expenses of the State. The price < the bonds, it is true, roso to eighty pi ceut. and upwards, but the State derive uo benefit from the expenso she had ii curred to produce the advance. On; ouo million was sold, and those at seven! per cont. In reviewing tho financial conditic of to.o State, it was impossible to fail < hoing gravely impressed by tho ono mous expenses of the present day i compared with the economy of tho poe Your committee oarnestly appealed : his Excellency Qovornor Scott to use r his power to onforoe retrenchment overy department It was imposait) for your oommitteo, in the short tin allotted to their arduous task, to exat ino into tho varions accounts that ext hit these expenditures, and to suggest what particulars they may bo ourfaile They procured from tho Treasurer, in compendium form, and attach to tL report, accounts (D and E) showing tl receipts and disbursements of the Tre su ry for tho y oars 1869 and 1870. Thi commend theso interesting dooumon to the careful examination and came consideration of the tax-payers and the Legislature. They believe that i imposing retrenchment of expenses' mi bo . ! ected, and that it is tho Bhortc and best nvenno of osoapo from tl li na no al difficulties wo suffer, And tl surest means of restoring quiet and co fldeneo omong tho pcoplo of tho Stal Los? than ?6fH},OO0AriIl pay tho jq*<>re?$ in gold on tho fonded debt, sod.$1,20?>--..' OOO of revenu?? should nbundftntlyieaf- 7, flee to defray the interest and all .other expenses;. ' The committee believe that - hy a Vigor?os and persistent epouoiny,. . our expenses may-be reduced 'to thie sn rn, and the tuxes proportionably . abated. .. \, im The examination of Mr. KirnptonV account in detail waa found impossible, aa his books of nceounte ora necessarily in New York. Tho importance of quoll UQ examination ia, however, recognized, in the interests of the Slate, aud for the , satisfaction of the Financial Agent, by . whom it is courteously and oordially in- ' y i ted. Tho same moy be aaid.of the se- . Temi officers of tho State, to whom appli? cation for information was made by your iopmmittep. ;?^r. N?ogle, tim Comptrol? ler,\w as particularly preBB?ng' in hie aoll-\. citatioua that all Iiis books and accounts might bo thoroughly and critically ox amincd. - As tho result of the deliberations o! , the committee on the matters, referred1 and now reported on, they would re? spectfully recommend to the-Convention tim adoption of - the following r?solu.-' tions. M.'O. BTJTLEB, Chairman, G. A. TRENHOLM, G. CANNON, -i . W. H. WALLACE; i / GAD. JONES, B. W. BALL, ? - W. B. SMITH. - BICH ABD -LATHERS, - ~~ EDWJN-J-SCOTT, p Resolved, As tho Reuse of thia Conven? tion, that the funded debt of the State, as described in tho report of the Com? mittee of Eleven, ot tiiis body, ia a vajid debt, and that the ? honor and funds of - the State aro lawfully pledged for the re? demption thereof. ., . Resolved, That the general plan, for tho management of tho funded j debt', suggested by tho committee, be recom? mended to the favorable consideration of his Excellency the Governor. j \ f Resolved, That to complete the exami? nation of the accounts of the Financial Agent in New York, the Committee of Eleven be authorized to sit during the recess of the Convention, aud to send a sub-committee to New York, for the purposes indicated; and tbet tho said committee and sub-oommittee be farther authorized, il required by Gov. Scott, to assist, by their counsels, at home or in New York, in the proposed negotiations for the fiual adjustment of the funded debt.- j v ' ] ? I ? < i j ,-Jp Resolved, That"' bis Excellency* Gov. Scott bo, aud be is boreby, earnestly so? licited to'make a; Bjstemntio . review of the varions disses o! expenditures .?or tho public service, and .to UBB his autho? rity and influence ia arresting the pre? sent extravagant expenditures, 'nud - in substituting a oyejem of rigid eConottty and accountability.in every department of tho public service; that to this end ; his Excellency lie earnestly and respect- . folly arg ed. to adopt the sum of. S J,200, 000 aa the utmost limit of expenditure? and exert all bis power and influence, io reduce tho expenses, iuoluding'tbo inte . rest on the funded debt, to this sum, ' and to diminish the .taxes in the same extent. ".. Resolped, That the Comptroller and the Treasurer be required, by his Excel? lency the Governor, not to destroy the $400,000 of objectionable bonds referred ?to in the report, but to cancel and .'file thom, so that the fact of the cancellation 1 thereof may at any time be demon? strated; and that the same course be I pursued in reference to all redeemed .obligations of the State of any character j whatsoever. I The special committee, directed by the Convention to ooh fer with the Governor ! of the State' in relation to the postpone I ment of the collection of the taxes' in ; November ensuing, reported at follows: I . That impressed with the conviction, I uuder the peculiar circumstances of the I case, and in view -of..the fact that the people of the State are'illus called upon to pay the taxes for two separate years ?in ono, of the justice of the reason' of j relief proposed, they have had on inter? view with tho Governor, who has-au? thorized them to state to the Conven? tion, that while the various offices will be open in November for the reception lof taxes at that time, for such.of the I citizens ns may bo then prepared to ; pay them, yet that the period' for their I payment will be extended to the first of ! March, A. D. 1872, within whioh time, if payment is made, no penalty will be attached. Respectfully submitted, TROS. Y. SIMONS, Chairman. 1 Mr. Woodward introduced a r?solu I tion, which was adopted, that > the - Ex? ec ntive Committee be charged with a thorough and minute investigation of the Laad Commission. The Chair appointed Mea',ra. Edwin J. Scott, J. P. Thomas ar d Riobard Lathers as a special committee to attend upon the Legislature and assist by their counsel and advice in the examining of ac counts. Col. J. P. Thomas asked to be excused from serving, and Col. Wm. Wallace was appointed in bis stead. On motion of Judge Aldrich, tho Con? vention resolved itself into committed of tho wbolo, Gen. Cbesriut in the Chair. A resolution of thanks to Hon. W. D. Porter, President, . waa unanimously adopted. Mr. Porter responded to tho resolu? tion in fit and becoming terms; at the dose of which, the Convention adjourn? ed, having passed a resolution of thanks to Governor Scott and the other pnblio officials for their courtesy and attention. Admission to any part of the House is only 50 cents and 25 cents lor children to Chapman Sisters' matinee to-day. The eighty-first annual oonvontion of tho Protestant Episcopal Church for thc Diocese of South Carolina convened in St. Philip's Church, Charleston, on thc llth. If you want a hearty laugh, go to Chapman Sisters' matinee to-day. ?.