The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-07-08
neraion of their labor and capital is not parayzed

neration of their labor and capital is not parayzed
by such heavy burdens.
session OF your Legislature-whose abors csnnot IN
Justice to the various changes proposed IN the new
Constitution, be terminated short of four months
will of themselves, add to the expenses OF the State
not less than $3.50 000 The judiciary system, which
you are required, under the Constitution to put into
operation will prove much more expensive than that
which now exists, and add to these burdens.
To illustrate: The expenses Of grand jurors Tor the
City Of Charleston, and for the county, assuming
that they are occupied but three days at each term
will be s13824. For petit Jurors for the Court OF ses-
sions, three terms for city and county, assuming an
average OF FIVE days per term, s51, ,840 For pettju
rors for Courts of Common Pleas, city and county,
two terms, five days per term, sS4, ,56u; making toa
expenditure for Jurors alone, under the new consh
tution, of s99, ,224.
The whole expense for juro1s and constables for
the year ending 1st October 1867 apd this includes
them for the District Courtsl, amounted to only
s422 292 So; showing necessary increase Of expense
for this service alone of SOC, ,931 IL.
This evil may be obyiated to some extent by modi-
flying the law so as to provide for panels not exceed
iny eighteen in number for grand ur> and twen-
tyfour petit Jun ors with authority to supply the de-
ciepcy at the term Of the court should there any,
by drawing toles jurors
The expense Of dietipg prisoners will not be less
than $4,000; for continuing the construction of the
Penitentiary and for guarding and subsishng con-
vcts not less than $4,000; for salaries, according to
estimates s80U)0; for contingent accounts, $50 QUO;
for public print ng, $4,000; for contingent fund Of
the Executive Department, $40, 1000; for the Lunatc
Asylum, s20,0 for the University, $4,000; for
claims against the State $4,000; for other expenses
Ordinary and extraordinary, 0,000; making sum
total of s476 224; to which add for expenses OF the
Legislature s160,oo0; for deficit the present year,
under General Cauby's tx order, ending October
1853 500 0n0; and 1881 414 59-beng the interest On
the state debt due 1st October 1sesand the amount
to be raised by taxation will reach the enormous sum
OF 81 6S8 &c. without one dollar being appropriate
ed for free schools.
To redeem the bills receivable, which may be out
standing on the Let dny of October next to pay the
interest upon the State debt which may be due at
the operations Of the State Government until the
taxes may be collected in the spring Of 1859, re-
commend that 81, 100000 be borrowed by the State
upon bonds, provided the bonds can be disposed OF
at nd greater discount than twenty per cent.
It is now believed By the financial officers Of the
State in which opinion concur, that the tax order
of General Candy, together with the tax levied by
the Convention, Will NOT realize 70 the treasury more
than 1916 000 There Is one striking and even alarm
ing fact with reference to the pecunary and financial
condition Of the State, to which 1t is here proper to
advert Notwithstanding the order OF General Canby
provided for more particular and accurate asseas.
ment of real estate the present year than has been
made heretofore revision ofthe assessments shows
very considerable decline in the value of all real
estate and town property. Lands in the country are
worth from hfty 10 one hundred per cent less than
great deprecia ion exists In the villages, towns and
cities Of the State especially where the lots are not
yielding rents Inc above estimate, which t VIII be
necessary for you to provide for embraces only the
ordinary expenses Of the State Government and does
not include the amount necessary for free or public
schools If the taxes Of the present year proved op.
pressive to all branches Of industry the State and
Yielded but 1915 600. the expenditures OF the next
year should, If possible, be curtated by the reduc-
don of salaries and otherwise so as not to exceed
that sum, exclusive Of the interest on the public
debt.
be appropriated exclusively to Educational purposes;
and, under the circumstances, 1t would be unwlse,
In my Judgment, to appropriate any other sum.
lhe taxing power is always delicate one to man.
age and is Invariably regarded by the taxpayer with
Jealousy. In the recent political changes that have
&C urred, the fact cannot be denied that the General
Assembly the representatives OF very tnconsid-
cradle proportion OF the properly holders ana o Ian
constitute the large majority OF voters, nave little
property; and yet, all the expensive machinery OF
courts jures ails and the penitentiary Is as much
to give protection to their persons and property as to
the taxpayer himself; and 1t would seem to be only
right and proper that some portion of this burden Of
taxation should be borne by this most numerous class
OF society Ethe General Assembly ofthese
views should levy the entire tax Of the State upon
property 1t would necessarily lead to much dissas
faction and dis oatent among the class thus taxed
very many Of whom are not only prohibited from I'LL
in any official position In the state, but are actu.
ally excluded IRON the privilege OF the elective rac.
chise.
THE BANK OF THE STATE OF SOUTH CAROLINA.
In estimating the contingent liabilities of the State
the notes issued by the Bank OF the State of South
Carolina, amounting according to the report OF the
Pres dent to the Legislature. dated 1st October 1866
TO 867 $40 were not embraced, for the reason
that in my Judgment, there is no legal liability de-
yolyed upon the State to make good an portion OF
this issue This report shows that the issues Of the
bank Of notes under one dollar, up to and since 1861
amounts alone to the enormous SUM OF $780, 600. 1t
is not stated what sum in bills above the denomina-
ton Of one dollar were issued after December 1850,
but it is believed that very large amount was ad-
yanced to the Confederate Government.
The new Constitution, in one Of Its clauses, eI-
pressly prohibits the payment OF nny debt "cor-
racted in behalf Of the late rebellion In the pros
ent instance, it Is impossible to distinguish what
bills were Issued prior TO and since the beginning OF
the war II, however, no objection OF this sort ex.
isted there would be- in my'opinion, no liability on
the part If the state to redeem any portion OF these
bills tits true that the capital was originally fur
nished by the State, but the bank was an incorporat
ed institution liable to sue and be sued and the bill
holders can enforce the remedies against and
make its assets liable against auy other bank. The
obligation OF the State to receive banK bills IN the
payment Of taxes s qualified by the provision that
the banks must be specie paving institutions, and no
such obligation exists unless the notes are redeemed
in specie.
Dill has already been filed in the Cour. OF Chan
cery for Charleston District, by Dabney, Morgan &
Co.. billhoders, against the PREF 1t and Directors
OF the Bank OF the State of Sou,- Carolina. The
General called my attention to the fact and
an answer filed in behalf of the State. Entertaining
the opinions already expressed, that there is La
biity on the part Of the state, instructed the Atto-
neg General that it my determination to take no
notice whatever of the proceedings. II the General
Assembly should arrive at @ different conclusion,
they can adopt such q course as wall ensure the rep.
resentation OF the State BY counsel upon the trial OF
the cause.
THE EI.v1ILE AND COLUMBIA RAILROAD COM
PANY.
This Company issued its bonds in 1362, 1858 and
1884, to the amount of 100000, and Secured pay
ment Of the same BY first mortgage upon the road.
In 1861 when the debt WIS about falling due, the
General Assembly authorized the Comproller-Gene-
raj 10 endorse the guarantee OF the state upon the
bonds OF the-eofnpany to the amount OF 100000,
thereby pledgng the faith and funds Of the State for
the payment of the principal and interest of said
bonds-S500 000-to redeem and cancel the mortgage
bonds, and the remaining 100000 to hquidate the
then floating debt OF the Company. In conformity
10 this act the first mortgage bonds were all redeem
ed except 1926, 900.
EsThe act provided that these original mortgage
bonds, when taken up and deposited with the Pres-
dent Of the Bank of the State should stand secur
ty to the State and give the State Hen under the
fret mortgage until all the bonds now secured by
mortgage should be retired. These mortgage bonds
were deposited from time to time as they were eS-
chsnged with the Bank of the State OF South Caro-.
lina The act further provides that when the whole
of the mortgage bonds shall have been redeemed by
the guaranteed bonds the whole estate prop-ry and
fu. dis of the Company within the State which they
ehal. then have, W afterwards acquire, shall stand
pledged and mortgnged to the State without any