The independent press. (Abbeville C.H., S.C.) 1853-1860, 1855-12-07

To the above sum of Si2,2S7,156.2S must
be added sSOO,O0O, the amount of State
subscription yet to be called for to the Blue
Ridge Railroad Company. This will give
US, in principal, s3,0s7, 56.23, and all an
nual interest Of $l72,47GG1. If to this is
added the sum Of 81 100000, the amount
of bonds of said Company to be endorsed
by the State, bearing seven per cent. interest,
the entire debt of the State may be set down
at 81 ,OS7, seas, with an annual interest of
S242, ,47G6l.s When this sum is increased,
as it most probably will be, by another mil
lion for the completion of the State Capitol,
the whole debt will be s5,Os7, ,15G.23, with
an annual interest of s3O2,476.61.
As the gross profits of the Bank for the
lastyear were only 3,O5Co2, it is apparent
that unless these are largly increased for the
future, a large portion Of this interest must
fall on the State Treasury, and be met by an
increase of our annual taxes. In view Of
this exhibit, I think it must be admitted
that we have made sufficient progress in the
way of getting into debt to justify at least
a temporary pause You will certainly not
offend the tax-paying portion of Your con-
stituents by declining to embark in any new
projects requiring new loans to any consid-
cradle amount. So. ~
In enulncrating the items of the public
debt, have omitted &l,05l,4 ,42O.O9, the
amount Of surplus fund deposited By act of
Congress, because have no apprehension
that the State will ever bo called upon to
pay it. The pubic debt, so far as it respects
the payment of the interest, is divided into
three classes:
i. That, the interest Of which is chargeeble
upon the Bank. This consists of the s and
per cents of 1888.
2. That portion of the debt the interest
of which is chargeable on the sinking fund.
It consists Of the per cents Of 1904, and
the per cents of 1888, redeemable in $50.
3. The new debt, the interest on which
is payable out Of the current funds of the
Treasury, viz, the bonds issued to pro-
vide for the erection Of the new State Capi.
tol. The amount issued is $780, 900; inter
est $4,000. The bonds issued to provide
for the payment Of the State subscription
TO the Blue3 Ridge Railroad Company.
Bonds TO the amount Of 100000 have
already been issued. the interest on which
will be $4,000. There must be during the
ensuing year a further issue of bonds to
provide tho means for carrying on both
these works. s85Z
The resources of the State to meet the
public debt consists of stock in her various
railroads, and the surplus assets of the
Bank. The nominal value of these stocks
is 81 $40, 300 their present value in mar
ket is $7zl,15O. -,
The surplus means Of the State in the
Bank, over its liabilities, is $3,922,32O.64.
= On reference to'the Report Of the Comp
troller General, it itappears that the payments
for the, year 1866 were 1851 ,6s2.93,. and
the receipts at the Treasury were $44o;-
1929. y 4 ~ ~ = . Il
My predecessor called your. attention to
The claim Of Mr. Anthony Hyde for com
missions as agent Of the State for claims on
account of losses ia, the Florida war; but
on reference to. your journals I find that no
action was had on the subject. Shortly
after Youf adjournment, Mr.. Hyde urged on,
me the pay,nsnt of his claim. 81 Upon exarra,f
ming the papers. in. my. department; / found
that the late Governor Seabrook had 40.
poipted Mr. Hyde agent Sff the. State, with1
q stipulation on the face Of the poEersbft
attorney tha Nj Hydas was 10 receivs aslt
bis comp pensatiS1 fvs Per cent. On an sutrist
Out of NE S8s sto fhS 5Srssd5ikE
Of thu Stats at the United Sat TssssiS 81
have spaid HIN BIG snSel ion ae Shsf
salso 8 N ss s sse !. sa & s
III snh ap G ss piS esEls5