Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-12-06

July, 1901, Dy the Comptroller and Irea-
surer, is one million two hundred and ten
thousand eight hundred and two dollars and
eighty.fve cents, (s1,210,S02.S5.) Pro.
vision must be made, at the present session,
to pay the semi-annual interest on this sum
on the Let Of January, 1858. I transmit
their statement herewith. ."
There was no provision made by the Act
to fund the interest now due on the Stocks
and Bonds of the Fire Loan-the principal
of the former redeemable in 1870, and the
latter in 1868. The interest due on the 1st
of October last, on stocks and bonds, was
sixty. eight thousand two hundred and twen-
ty ~dnllars-uud 6ffty=6ve ecuts cess; ;228:55,1
and l recommend that authority be granted
to fund the interest now due, and that
which will accumulate up to the LIST Janua-
ry, 1869. -s....... =. -
The whole amount of the public debt,
principal and interest, of this State, not in.
cluding the debts contracted for, or on &C.
count of the war, on the LIST day of October
last, five millions two hundred and FIVE
thousand two hundred and twenty. seven
dollars aud senveuty-four cents 5,205,
22774). Of,this amount, four hundred
and eighty four thousand four hundred and
forty.four dollars and ffty.one cents (s4s4,.
444 81, is redeemable in 1868, and three
hundred and eighteen thousand one hun
dred and fifty nine dollars and twenty-five
cents (S3ls:159 25,) iu 1870
The remainder of the debt, (not includ.
ing three hundred and ten thousand (3l0,-
0OO) already provided for by Act of 21st
September last, authorizing its fnuding) is
redeemabe from 1875 to 1890.
The interest on the whole (except the
Fire Loan,) is provided for (if the holders
of the securities will consent to fund IT'D
up to the lst day of January, 1868, by
which time it is hoped the State will be in
condition to promptly pay interest as it
falls due The statement of the Comptrol.
ler.General, showing the debt and the
several periods when it falls due, is herewith
communicated. .........-.....
1t is, however, emineutly proper that
some financial scheme should be now adop.
ted to prepare the State to meet the princi.
pal of the debt as it falls due If the
interest is regularly paid on the debt, one
hundred thousand dollars annually set apart
as sinking fund for twenty years, invested
iu safe securities, yielding six FER cent per
anDum, the principal being further increased
by the Investment of the interest annually
accruing, will accumulate the sum Of three
millions eight hundred and ninety-nine
thousand three hundred and twelve dollars,
which will be nearly adequate to the pay
meDt of the entire debt then due, and Ire.
commend that proper legislation be adopted
at the present session to inaugurate this
scheme. 10y
Under the Act of September 2lst, al,
ready referred to, provision was made to
fund the interest on stocks issued under
authority of the Act of 1858, to continue
the construction of the new State House.
The whole amount issued was twenty-four
thousand eight hundred and twenty dollars
(S24, ,S2O). The issue was not made until
some time during the year 1864, when there
was heavy depreciation Of the currency,
and when labor and materials were in cor
responding degree appreciated. -Four hun
dred thousand dollars were issued in 1862,
under authority of the Act of 1861, when
labor and material had appreciated very lit.
tie. 10 my Proclamation | excepted these
-tma.is.uuu-from Immediate fuoding until the
General Assembly met and determined
whether these stocks should be scaled to the
real value received by the STATE for them
when issued The convention adopted
rule for the government of transactions be,
tween individuals during this time which
was just and honest, and no reason is per-
ceived why the same rule should not be ap-
piled in transactions between the State and
its creditors
Ifthe General Assembly should determine
to scale these stocks of either or both issues,
commission must be appointed to fix the
rates, and the interest can be then computed
accordingly. Should the General Assembly
take no action upon this subject during the
present session, the funding will be execut-
ed in conformity to the provisions of the
Act aforesaid.
THE PENITENTIARY.
Pursuant to the provisions of the Act of
the late extra session, to establish PeDi.
tentiary, l appointed Messrs. VIM. Gregg,
of EdgefeId, William R. Robertson, of
Fairfield, and Archibald Cameron, of
Charleston, "Commissioners of the Peniteu-
tiary" "to select and procure site and to
erect a suitable temporary enclosure and
cells" They have performed
the duty of selecting and procuring the site,
and have ordered the work on the cells to
commence I submit to you herewith their
report, together with plans, estimates and
drawings of the entire establishment, pre-.
pared by Capt T. B. Lee, the Engineer and
Architect The site is within the corporate
limits of the city of Columbia "a plateau
of several acres of level surface, with bold.
bluff on the canal, rising some sixty feet
above the level of the river A track less
than half mile, nearly at grade, will con-
meet the building with the Greenville Rail.
road at a point one.half mile from the
donots Of the South Garnlina and Greanl