The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1855-12-04

that unless these are largely Increased tor the
future, large portion Of this interest must fall
on the State Treasury, and be met by an in
crease of our annual taxes. In view of this
exhibit, | think it must he admitted that We
have made sufficient progress in the way OF
getting In to debt to justify at least Temporal
ry pause. You will certainly not offend the
tax-paying portion of your constituents by
declining to embark in any new projects re-
quiring new loans to any considerable amount.
In enumerating the items Of the public debt,
have omitted 81 1861, ,420,O9, the amount Of
surplus fund deposited hy act of Congress,
because have no apprehension that the State
will ever be called upon to pay it. The public
debt, so far rs it respects the payment ofthe IN
terest, is divided into three classes:
|. That, the interest of which is chargeable
upon the Bank This consists of the 3 and 6
per cents of 1888.
g That portion of the debt the interest of
which is chargeable OH the sinking fund. 1t
consists of per cents of l794, and 5 per cents
Of 1888, rcdermable in 1859.
g. The new debt, the interest on which is
payable ont Of the curren. funds of the Trea.
sury, viz: the bonds issue to provide for the
erection fthe new State Capitol. The amount
issued is S250,00O; interest SIS ,OC0. The bonds
issued to provide for the payment of the State
subscription to the Blue Rid ge Railroad Com
pany. Be dis to the amount of 100000 have
already been issued the interest on which will
be $4,000. There must be during the ensu
ing year further issue Of bonds to provide
the means for carrying on both these works. =
| Tho or tho Stoto f,, tho puI,l lip
debt consist Of stock in her various railroad,
and the surplus assets of the Bank. The no.
mna value Of these stCcks is Sl,542, ,300;
their present value in market is S77l ,l5O.
The surplus means Of the State in the Bank,
over its liabilities, is Sc, ,922, ,320.64.
On reference to the Report of the Comp
trollcr General, it appears that the payments
for the year 1855 were s65l ,692,93, and the
receipts at the Treasury were Si40, 1880.
My predecessor called your attention to the
claim Of Mr.. Anthony Hyde for commissions
as agent Of the State for claims on account Of
losses in the Florida war; but on reference to
your journals, | find that no action was had Oh
the subject. Shortly after your adj rurnment,
Mr.. Hyde urged on me the payment of his claim
Upon examining the papers in my department,
found that the late Governor Scabrook had
appointed Mr.. Hyde agent of the State with a
stipulation on the face Of the power ofatlorney,
that Mr.. Hyde was to receive as his compensa'
ton five per cent. on all sums collected. Out
Of the s. ,5S3 to the credit of the State at the
United States Treasury,.l have paid him his
compensation at the rate of five per cent
and small charge for copying, in all s97S45
| JJ,I, ,b .l,.h L. o,titI,1 70
more for his services. Huw much equity there
is in his claim you will he enabled TO determine
by an examination of the papers and cores
pondencc, which are herewith transmitted
The balance, after dedHctug brokerage, amount.
ing to s600.59, together with Sl7,TS6,O5
previously received, have deposited with the
Treasurer ofthe Upper Division.
4 Report from the Commissioners Of the
New State Ca ptol will be found among the
documents accompanying this message In
accordance with your instructions, they have
changed the site OF the building, and modified
their plans so as to remedy the defects in their
former structure. The walls for the 'founda-
ton have risen above the surface Of the ground
and, as more than one huGdred and forty la.
borers ar employed on the work, its further
progress will he rapid aud gratifying. 1t ap.
pears 70 me, though pretending to no skill in
such matters, that the new masonry is very
much superior 10 the old. The large regular
hammered stone, arranged in horizontal layers
of equal thickness, gives it a solid and substan-
tial appearance, which forbids any fear of a
catastrophe such as befei the former struc-
ture. The bonds oflhe State issued for this
building have all been disposed Of, and oi their
proceeds only enough remann on hand to meet
the wants Of the present year. Although the
finances of the State demand the sricteSt econ
omv and the most careful husbandry of our
resource, as the Capitol has been begun by
your authority and is much needed hy the
State, would suggest liberal appropriations
for its progress and completion. There is no
prnpriety in protracting the work for six or
cight wears, when it may be finished in three
or four The longer the time of building this
structure, the greater will be the expense t."
the State. SO that true economy will recommend
its speedy completion.
The South Carolina College is in more
Furnishing condition than it has ever been
since its establishment It's administration is
able and faithful, and am assured that the
spirit Of study has never been more general,
nor the bearing Of the students more manly.
1t is objected by some to institution that
its advantages are confined to a particular class,
and calculations have been m ade to show at
what cost to the State the these advantages
have been enjoyed. respectfully submit that
its benefits are not to be estimated by the
standard of dollars and cents. If its founders
had made it question of arithmetic, it wonld
npver hovo bocn established And If it is to