The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1866-11-30

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where. the seal is used, the party procuring
the paper being required to reimburse the
officer for the same.
And lastly, tax should be levied on all
salaries and incomes exceeding five hundred
dollars.
! A Tax Bill embracing these new features
would raise: a. sum abtsndantiy sufhcientro
meet all the current wants of the State, and
provide for tho -gradnal redemption Of the
public debt. The payment of taxesthusaev-
led would full principally upon the wealthy
and-t those whose employments =yie'a ta.eu
ready cash, and would occasion, comparative
| ly little Inconvenience to the taxpayer,
| Heretofore, tielihtercst on the public debt
has been paid by the Bank of the Stats-es
South Carolina, but its loss Of assets grow
ing out of the war, together with its large
outstanding circulation, precludes the possi-
bility of relying further upon it; and rhe debt,
principal and inteacst, must be met by taxa
| tion. -
The Treasurer, with the assistance of, an
| additional clerk, can pay out, in future, OIL
/ claims from,his own counter; and recon-
| mend that On appropriation be made omeet
the salary of such clerk, and that the Bank
be discontinued. as the fiscal agent of the
State. = m, ..,.. .rc:c~F'.
The loss of assets, and the imposition. by
| the general banking law Of Congress- Of so
heavy o tax on the circulation of all other
than National Banks, make It manifest that
the Bank on the State q. South Grplna can
never resume business ;:and ! recommend
that its charter be revoked or declared for
feited, and It's books, papers and ssscts put
in the hands of Commissioners for as early
liquidation as may be practicable. ~.
~. - Z. TAx-coLLEcroRs.
The Tax-Collectors have heretofore been
elected for the Election Districts in which
they reside. Since the abrogation of. the
Parish system, the former legislation has not
been changed, and Collectors are still elected
by the voters within the former Parish lines:
Beaufort; constituting, now, but q, single
Election District, still has four Tax -CollecT
ors; and Berkeley Election. District has
eight Tax Couector The reason for Tax
Collector in each Parish ceasing to. exist, the
law shou,d be- so modified as to elest one for
each Election District. The additional num-
bers require an increase Of the books to be
furnished bysthe Treasurer, and . larger
number of returns. The commissions. are
insufficient to induce business men to accept
of these small places in one of the Parishes,
|
teen dollars; and in another, ST., Johns, Col:
lcton,) no collections have been made, be,
cause no one, within my knowledge, would
accept the Office. I recommend that the.1aw
be SO modified as to provide for: the election
of one Tax-Collcctor for each Election Dis
trict.
THE PUBLIC DEBT.
The Coraptroller-Gencral npd Treasurer,
pursuant to the requirement Of. tire Act OF
21st September Inst, prepared and forwarded
me statement shcwingth aggregate smount
of the principal and interest, calculated up
to.July !, 1867, on the stocks and bonds past
due, which the Act provided. for funding, O
COPY, of which is herewith communicated
and my proclamation has been issued, calling
on these bond-holders to fund their demands,
confornably to the Act. "A. contract hasbecn
made to, have the bands, printed Iand It is
agreed that they shall he delivered here by
tile 10th December when the funding may
be commenced. The amount reported as
due, on 1.-The 1st day of July, 1867, by the
Comptroller md Treasurer, lis one million
two hundred and ten thousand eight hun
drcd and two dollars md cighty-fve cents,
lSL2l0, ,802 SAT- Provision must be made,
at the present session, to pay the semi-annual
interest on this sum oil the 1st ofSsJanuary,
1868. / transmit their statement herewith.
. There was no provisions made by the Act
to fund the interest now due on the Stocks
and Bonds of the Fire Lcan--the principal Of
the former redeenable in 1870. and the Inter
in 1868. The interest due On the list Of Octo-
ber last, on stocks and,bonds, was sixty-eight
thousand tive hundred and twenty dollars
and tifty-fvc cents 1853, S,220.55, and T re-
commend that authority be granted to fund
the interest now, DUE. and TINT which will
accumulate UP to the. 1st January, 1859.
The whole amount of the public debt, prin-
cipal and interest, Of. this State, not including
the debts seatracted .for,tor on account Of
the war, was, on the 1st day of, October; last,
five millions two hundred and Ave thousand
two hundred and twenty y-seven dollars end
seventy -four cents; IS, ,2O5, ,227.74.yi OF this
amount, four lnhdrcd' and eighty -four thou,
sand four hundred and forty.four dollars
and ffty-onc cents, (S484.444.51,) is redeen,-
able in 1868, and, three hundred and eighteen
thousand one hundred and ffty-nipe dollars
and twenty-five cents, (sSls, 159.2s in
The remainder of the deh, (not including
three hendrcd nnd ten iboasara dollars,
(3l0,000,) already provided for by Act Of
21st Sep, ,ember last, authorizing its fundlng)
isredeemable from 1875 to 1890. .s-s
The interest on the whole Except the Fire
Loan is provided for (if the holders Of the
securities will consent to fund it, up to the
1st dag Of January, 1868, by which time il is
hoped the State viii be ia q condition to
promptly pay interest as it falls dae. The
statement of the Comptroller General shoW-
ing the debt and the several periods wheH II
falls dae, is herewith communicated ~
1t is, however, cminently proper that some
financial scheme Should be now adopted to
prepare the State to meet the principal Of the
lcbt'as it falls due. If the interest is regu'
larly paid on the debt one hundred thousand
dollars Annually set apart as a sinking fund
for twenty years, invested in safe securities,
yielding six per- cent. per annum, the priuci
pal being further increased by, the invest.
mcnt Of the interest annually acerniag, viii
accumulate the sum of three millions eight
hundred and ninety-nine Thousand three
hundred and twelve dollars, which will be.
nearly adequate to the payment Of the entire
debt thcn dino and I rocnmDaASd that nropec