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Reports and Resolutions of 1832. Comptroller-General's Report to the Honorable, the Senate and House of Representatives of the State of South Carolina. 1832 1 (1832.12)

handle is hein.slavery/ssactssc0252 and id is 1 raw text is: REPORTS AND RESOLUTIONS OF 1832. COMPTROLLER-GENERAL'S REPORT. To the Honorable, the Senate and ifouse of Representatives of the State of South Carolina. The Comptroller-General respectfully submits the following REPORT and Exniirs: On the 1st October, 1831, the balance in, the Treasury was $155,286, 94. The Receipts during the last fiscal year have amounted to $468,713 58, and the Payments to 351,466 94, leaving a balance in the Treasury on the Ist October, 1832, of $272,533 58. By the appropriation act of December, 1829, the comptroller-general was directed when. ever an application in writing should be made to him for that purpose, by the president and directors of the South Carolina canal and rail road company, to advance, by way of loan, to the said company the sum of $100,000 to be repaid in seven years, with interest thereon at the rate of,5 per centum per annum; provided, the said company should secure the repay- ment thereof by bond, and a mortgage or assignmLnt, to the State, of their whole assigna- ble interest, property and estate, in the rail roads and canals by them to be constructed in pursuance of their charter, and the materials collected, or to be collected therefor : provi- ded also, that the same should be paid in such proportion that when the stockholders should have paid $30,000 the comptroller should lend them, on the above security, $10,000, and so. on, until the whole sum above mentioned should be advanced. No intimation had been given that application would be made for this loan until after the commencement of the session of the legislature in November, 1831, otherwise, the subject would have been brought to view in the last-annial report from this office. Doubts existed whether the right to demand the loan had not been forfeited by the acts of the company.- But of these acts, notice could not be taken ex officio. No evidence of them existed here.. The president. in aformal communication, addressed to this office, denied that the company had rejected the proffered loan-the most material act imputed; and the terms of the latv admitted no discretion. Under these circimstances, the comptrdller-general did not feel authorized to withhold the loan. Accordiagly, satisfactory evidence having been furnish- ed, thatthe stockholders had paid $300,000, and a bond and mortgage, executed under the direction of the attorney general, having been filed, warrants were issued in favor of the company for the sum of $100,000. These instruments secure the repayment of principal and interest within five years. This loan, considered as an arrangement exclusively finan- cial, cannot be regarded as altogether unprofitable. There appears to be no sufficient ground for questioning the security, and the fund may be rendered available in the dis- charge of the public debt. The legislature, by a resolution, adopted in December'last, instructed the comptroller. general to proceed to Washington, for the purpose of prosecuting the claims of the state against the United States. In obedience to that resolution, I departed immediately, and was absent on this duty seven months. On my arrival at Washington, I found a bill providing for the adjustment of these claims. before congress. The zeal with which it was prosecuted by our delegation is worthy of all praise. But it would be uncandid to disguise the influence of a combination of circumstan- stances, frtunate in relation to this particolar meature, whatever may be their general ef-

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