Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1843-12-06

II is highly probable the Stale will nc,
yer be called on 10 refund The Surplus
Revenue, though her liability for ii should
never be forgotten, in an estimate Of her
Debt. is to he hoped that her guaran-
tee of the Rail Road Bonds is ouly Y nom.
inal. and ,ha, in due season they will he
discharged by the Rail Road Company.
| therefore deduct these items, in stating
the Public Debt for which certain and
early provision must be made, at THREE
MILLIONS ANn a HALF
Ii will be perceived that the payments
of This debt rum through period Of TWEEN
ty-six wears, aud that The heaviest install
men,s are the last. Admitting tha The
State will punrtualIy discharge il as ii
falls due, without creating another. II is
yet a serious question whether she should
not use every effort in hcr power 10 dis
charge it earlier. A public debt is no Ion
ger regarded any where As Il public blrs
slug, AMI such mass of i, hansins over
her for such a period must press heavily
upon the enterprise and resources Of the
Stale.
| feel called on however to declare, |
do uol believe the debt will be paid even
as il falls due, without creating fresh
one in lien, or large portion OF it. un-
l.ss import changes are made in
the financial arrangements of the State.
AID 80 these changes might, itcllcc
d IL all, be so made a, 10 di charge
il d, a much earlier period, il seems tu me
the wisest policy To relieve The people as
speedily as possible of this Immense pres
sure. The debt can be bona .Ede paid on
Iy by levins taxes 10 ine amount Of II. or
by using the funds Of the Stale already IN
existence. Although have not The least
doubt that the people, would, without a
murrnur, submit to be taxed 10 any
amount, rather than that The slightest i'm
pulation should rest upon the good faith of
the State, YET while there exists any other
means of meeting her obllga'ions. | pre-
sutne no one will propose 10 resort TO
onerous taxation. The only alternative.
is to use The funds of the State now COM
united 10 the management of the Bank.
The ida has been often aud recently
pravely pu, forth, that the Bank would
pay The debt as il became due out OF i!e
profits arising from The operations oil Bank
ing. TO shew the fallacy Of such an
iden. it is only necessary TO compare the
| interest on the debt with The profits ol the
Bank. The interest amounts at this time
to one hundred and eighty six thousand,
six hundred aud thirty one dollars and
ninety six cents Is lS6,63l 96) per an
mum, exclusive of expenses, which must
raise the expenditure for This purpose to
al least one hundred and uiuety thousand
dollars (SI9O,O0U) annually. The nelt
profits OF he Bank, for the fiscal year oi
| 1912, we're reporicd AT twn hundred aud
ten thousand, seven hundred aud sixty
nine dollars and lorry-two cents, (S2lU,'
! 769 AZ Weaving ii baiunce OF twenty thou
sand seven hundred and sIXty-nine dollars
aud forty TWO cents (S2O,769 42> The
melt profits ofthe last fiscal year amounted
to Two hundred and twen,y-six thousand,
seven hundred aud thirty .tM o dollars and
seventeen cents, (S226.732 ~ leaving q
! balance in favor Of the Bank, OF thirty slS
thousand, seven hundred aud thir,y-l~u
dollars and seventeen cents, (S36.732 H.,
Ii is obvious that an annual accumulation
10 the amount of largest of these sums
would not discharge the debt in nuci
less than century. Nor is there ANY
lust ground for anticipating a great IN
crease of profits for The future. The pc
riod for immense returns from Bankin,
operations has passed away, and il is Il
hoped. forever. Such is especially tn
T case with This Bank. since the monopoly
which it SO long enjoyed in this State
, has ceased, and cannot be revived again.