The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1868-12-09

ons, rs portion Of tho dcbt is at
{threo per cont. and another por.
ton at five por cent.
IN addition to the foregoing in,
torost paying dobt, there is "a float:
ing dcbt Of 100000, in tho shape
ofBillsrcceivablc, authorized by the
Legislature, which aro available for
taxes, and which will all be proba-
bly, absorbed by application to
that purpose during tho present
quarter, this giving but littlo aid
to tho Treasury in tho way OF
current funds. This is tho last
quarter Of the collections for 1867,
undcr tho assessment by tho Mill
tary Commander, and it will leave
the entire collections for 1868
available for the purposes Of tho
Treasury. They would have been
sooner collected, but for tho diff
cultics attendant upon putting tho
now tax law in operation, tho col
| lection under which will commence
in January next.
Under tho now law, bringing
every class Of property on the tax
list, at its bona .fdc valuation, &fn-
cluding much Of what has boon
heretofore exempted and still
larger amount entered at nominal
value, at a moderate estimate,
there will be not less than thrco
hundred millions Of property as n
basis Of taxation. This, at a very
low per centagc, will afford abun-
dant revenue to meet the current
expenses OF tho State, the interest
on its funded debt, and consider
able margin for the establishment
Of Il sinking fund.
In this connection I would re-
commend that Il law be passed
providing for the lcvying and col
lection Of taNcs in counties to meet
their local expenditures and the
salaries Of thcir officers. This will
enable them to make such improves
ments in the way Of roads, bridges
and public buildings rs tho taste
and public spirit Of the citizens
may dictate, without drawing from
the public Treasury moneys to de-
fray the expenses Of local improve
mcnts, in which tho citizens of tho
State at large have no direct inter
est.
The Comptroilcr's estimate of
expenditures 70" tho current year
amount to S>tH .0S.13 exclusive of
interest, s330,G92.38, which in
cludcs that on portion Of tho
debt for the quarter ending Octo,
brr, 1869, making an aggregate OF
$6lo, 29051. =.
In the report Of tho Comptroller,
General you will notice the items
Of what is considered as tho war
debt Of tho State ag@rcgating ST.,
722,315.9G; and Of credits duo the
State from Sheriffs and Tax Col.
lcctors, amounting in the aggrc,
cato to s76,G04.87, which he re.
commcnds may be sunk and
dropped from the accounts Of tho
State.
l would suggest that tho Chair
man Of the Committee on Finance
Of the Senate, and tho Chairman
of tho Committee Of Ways ant
Means in the House, be associated
with tho Comptroller in invcsti
; eating and determining what
claims originated from tho prose
cution Of the war. >"~
| recommend to your consider
alton the propriety Of passing (
law for the funding Of the intcrcs
on tho State debt up to July 1
! 1868, to avoid tho necessity o
forcing the bonds of tho State OF
tho market at q sacrifice. [ have
! every confidence in the ability 0
tho Treasury to ,,neot tho future
interest upon our dcbt as it be
comes duo. \.
The following is Il list Of tho as
sets OF tho State on tho 31st day
October, 1868:
Shares iD North Eastern
Rail Road Company $4,000
Shares in Spartanbnrg
, and Union Rail Road
Company .... >. 25o,oO'
Shares in Pcndlcton
, Rail Road Company: 1850
Shares in Grccnville and
; Columbia Rail Road
Company 1886
, | Sbopos IN RIno Jp;l,.o