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

"o "heie III me world Is default In publ
trust regarded with such universal and ute
abhorrenre. All these necessary elements O
past success cunnot be expected TO co-exist for
ever. As men, we may be permitted to indulg
the hope that they may As Legislators, yol
would be forgettnl of history AID human natur,
10 calculate upon it. Was it now an origina
question. few voices npprehend would b,
found III favor OF Bank of the State. Having
run arareer of Thirty years, might it not be wis'
to apply at this time an active and searching
les, TO its success and soundnrss But tut
much depends upon the fact.io admit of mucl
longer delay IN ascerlainimg it beyond all CUES
ton Nor is ii a matter for less grave consider
alion, whether the State is to borrow money
loleyel, ia order 10 loan it ont at the saue, OF
nearly The same rates ofintereSt subject TO all
The expenses fluctuations aud disasters of Bank
img-a business which OF all others has proved
the most uncertain and ruinous to States and
individuals
The strongest objection that see to the plan
have suggested for the speedy payment O!
the Public Debt, is the doubt whether The State
Stock can be purchased TO such amounts ut
par. Within the next seven years however
nine hundred and sixty thousand dollars (S960,
OO0) oil debt will be redeelnabIe, at par. OF
the Stock now held by the Bank, there was on
the Both September, certainly sixty.four thou
sand dollars (64,0O0,) perhaps more, not re-
decmable within tia, time. hut already obtained
ut par. A million more, redeemahe in 1860,
IL held III Europe, and is there quoted below
par, though il is matter of pride for US to
know that il stands higher than the Stock of
any olhei State, save one. In the present con.
dItlon of Ameiican credit abroad. this Stock
might probably be purchased at par. Could
SO much be obtained, lnur-sevenis of thc debt
would be rxtingushcd, and time and circum-
stances might place the balance within reach.
On most OF these Stocks the State obtained
premium, and it would not be unfair for her 10
pay similar one to redeem thprl.
Should the attempt 10 purchase all the debt,
however. fail, The mex, best that could be done,
slo!, OF actual payment, would be to shift the
balance of it on The other States Of the Union.
by purchasing the Stocks of such ps arc un-
doubiedy sound, and faithful 10 their engage
mens. ltis not probable thai an abundance of
snch stacks may not be o6!ained at any time
within the next seven years. below par. And
provision might be made for procuring them
instead of our own Stock, if rises much above
par.
If the scheme have recommended for pay.
ing The debt Of the State should not NEE, your
appreciation, it seems to me important that you
Shonld al least make arrangement ior 4 Sinking
Fund in fact as we'll as in name. The find
now distinguished by that name, does mot differ
practically, IN the slightest respect. from, any
r.c-,.... 4f ,I.A p.-.-
paratc item in the books Of The Bank; The sur.
plus profits are norninaily turned over to il,
and the interest of the State Debt snblracted
from H. But TO keep mp this distinction is a!l
unnecessary labor. since Ike whole fund is
loaned ont precisely on the same terms as the
other Bank funds. The fundamental principal
of real Sinking Fund is compromising inter-
est for a special purpuSe. II shonld be set n.
part its dividends re-invcstcd rs they are de-
cIarrd. and the whole of It sacrrdly pledged
fur the redemption of the principal of the debt;
The interest heing pald i'll the meantime from
other resources. II is manifest that Sinking
Fund whicn Is expected to pay both the princi
pal and interest OF the ,leb,. musl he rs large
as the debt Itself or far more piofitably invest
ed. Our Sinking Fund amounts at present 10
little over ome-fiith of the State Debt and if
y"u do n": think proper 10 pay the debts as |
have proposed | suggest the expedrncy oil
Withdrawing that fund from the Bank, and
with ii the two hundred thousand dollars of
surplus revenue still on depose there; that
the whole amount he placed in the hands Of
Commissioners, to be invested. and made |"
accumulate by compound interest for the dis
charge of the principal Of the public debt, not
including any instruments due within The next
seven years. unless rendered Absolutely neces-
sary from The want of other means; and that,
in the ,nran time. The Bank shall be required
10 pay the interest on the whole debt, and such
instalmenls of The principal as shall fall due
in seven years. TO the Sinking Fund thus
constituted. all the surpls funds Of the State
Treasury might be- added These measures
would draw from the vortex of the Bank,
such portion of The resources OF the State as
would enable it rerIainly to meet the greater
part of the public debt: and if combined will,
a iudicons economy. and an unaltcrable reso-
luton never under any circumstances TO Issue
more stock until the debt was wholly discharg-
ed, would furnish safe ground for the hope
lict there wopld ultimately be an end TO our
present burdens
The receipts of the State Treasury during
the past fiscal year, have amounted to two
hundred and ninety-nne thousand, one hum
drrd and ninety-six dollars and sixteen cents
(S299. 1856 lG) and the expenditures during
the same period, amounted 10 two hundred
and seyenty.eeven thousand, eight hundred
and ihrty.thrre dollars and seventy-spven
cents (S277 1888 77;) leaving balance OF the
transactions of the year, Of twenty.one thou
sand three hundred and si1ty-two dollars, and
thirty cents (S2l 1862 39) This balance,
a,l,Ied to the balance accruing during tho year
1912. will leave after due allowance for nn-
drawn appropriations. about forty thon-
sand dollars ($aS,0U0) at the disposal of the
Legislature. This amount will be further in
creased by nine thousand dollars, being the I'M.
expended balance of the two contingent funds,
committed Ia my hands. Before any extraor-
dinary appropriations are made out of this
sum, It should be considered that there will be
no further receipts into the Treasury until
June next, when the taxes become due, and
that tits wholly inadequate 10 defray the ordi.
nary expenses of the State mp to that period.
Notwithstanding similar balance reported to
yon in 1912, the Bank was in adva ce TO the
Treasury, to the amount of twenty.four thou.