The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1866-12-05

| iOr each Election District. The alui.
tional numbers REQUIRE an increase OF
! the'books to be furnished by tho
Treasurer, and a larger number of re
turns. The commissions are INSULT
cicnt to induce business men to accept
of these small places in one of tn,
Parishes, the Collectors commissions
are less than fifteen dollars; and in an,
| other (St. joints, Collcton), no Col,
lcctions have been made, because nc
one, witlin my knowledge would .ac.
ccpt the Office. /! recommend that
the law be SO modified as to provide
for the election Of one Tax Collector
Tor each Election District.
TIE PUBLIC DEBT.
The Comptroller General aud Treasl-
rcr, pursuant to the requirement of the
Act Of 2lst September last, prepared
anG forwarded me statement showing
the aggregate amount Of the principal
and interest, calculated up to July |,
1867, on the stocks and bonds past due,
Which the Net provided for funding, a
cory Of which is herewith communca.
ted and my proclamation has been is.
sued, calling on these bond-ho,lcrs to
fund their demands, conformably to the
Act. A contract has been made to
have the bonds printed, and it is agreed
! that they shall be delivered here bY the
! loh Drcember, when the funding may
be commenced. The. amount reported
- due, on he lst day Of July, 1867, by
the Comp'rollcr and Treasurer, is one
million two hundred aud ten thousand
eight hundred and two dollars and
"jghly.ivc cents, (5l,2lO,S02.Sj. J
Provisions must be made, at the present
session, to pay the scmi-annnal interest
Oh this sum on The lst,, Of January,
1868. Itransmit their statement here,
with
There was no provision made by The
Act 10 fund the interest now due on'the
Stocks and Bonds Of the Fire Loan--
The principal Of the former. rcdccmablc
in 1870, and the latter in 1868. The
interest due on Tie lst day Of October
last on stocks and bonds, was sixty
eight thousand two hundred and twenty
, dollars and filly-ivc cents ($GS, ,22O55)
and recommend that authority be grant
cd to fund tho interest now due, and
that which will accumulate up to the
lst January, 1869.
Tie whole amount Of tho public debt,
r::mc;r&N and interest, of this State. not
incu'lmg the debts contracted Tor, or on
account Of the war, was, on the lst day
OF CN'"bcr last, FIVE million two hundred
and five thousand two hundred and
twenty y.srvpN dollars and sevcnty-four
cents (;5, 90, ,2es.7i) Ol.%'is amo'int
Tpnr hundred and cigh,y.lonr lheusanl
ronr Hundred and (orIy-fYpr lol&Wss~And
aud iIry one cents (4SI,4i4.5I,) is re-
d"cmahle n lSGS. and lhre, hundred
and eighteen thousand one hundred and
Iitry nine dollars and twenty FIVE cents
(3lS, 1925 i'll 1870.
The remainder of the debt, mot in
cluilMg three hundred and ten thousand
dollars (3l0,000) already provided for
by The Act Of 2IStS r'cmbcr last, att
rhorizins its fsnding) is redccoable from
| iSI5 10 1890.
The interest or the whole (cxccpt The
Fire Loan, is provided for (lthe hold
crs OF the securities will conscut to fund
IT'D up to the lst day Of January, lSGS,
by which time it is hoped the State will
be in condition to promptly pay inter.
est rs It falls due. The statement OF thc
Comptroller General, showing the debt
AID The several periods when it lalls due,
is herewith communicated.
1t is, however, eminenlly proper that
some financial scheme should be adoptcd
TO prepare the Statcto meet the primes.
pal of the debt as it falls due. II she-ia--
rrrcst is regularly paid on the debt one
hundred thousand dollars annually set
apart as Il sinking rsnd for twenty year,
Invested in safe securities yielding six
per cent. per annum, tho principal being
farther increased by the investment of
The interest annually accruing, viii ae-
cumnlatc tho sam Of three millions eight
hundred and ninety nine thousand thrce
hundred and twelve dollars, which viii
be nearly adequate to The payment of
tho entire debt then due, and recon-
mcna that proper legislation be adopted
at the present session to inaugnratc this
scheme.
Under the Act Of September 2lst,
already referred 10, provision was maze
to iuNd the interest on stocks issued m.
der authority Of the Act Of 5G3, to con-
time the construction ef rhc new State
llonsc. The whole amonlL issncd was
,wcnty-fonr thousand eight hundred and
twenty dollars (S24,820). Tho issue
was not p'aHe until some time during
lie year 1868 when there was heavy
appreciation olthe currency, and when
labor and materials were in n CORES.
pondlng degree appreciated. -Four hun.
lred thousand dollars were issued in
1862, under authority Of the Acr of SCI,
when labor and material laG appreciated
very little. In my proclamation ex.
ccptcd these two issues from immediate
funding until the General Assembly met
and determined whether these stocks
should be scaled to tho real 70 luo received
by The. State for them when issued. The
Convention adopted a rule 70. the gov
eminent OF transactions between individ.
uals during this time which was Just and