The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-01
The Governors Message.

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to the Legislature yesterday, and published
in our columns this morning, takes an en-
couraging view of the position of affairs in
the State, and gives substantial reasons for
his belief ''that no State of the Union is
ssmore solvent, or has a fairer prospect Of
ssmeeting all her liabilities"
The bonded debt Of South Carolina at this
time is five million four hundred thousand
dollars, bearing six per cent. interest, with
the exception of small amount Of stock
which bears interest at three per cent, and
the Fire Loan bonds flour hundred and
eighty -four thousand four hundred and
forty-four dollars), which bear interest at
FIVE per cent The arrears of interest on
the whole debt to January l, 1869, ERE FIVE
hundred and fourteen thousand four hun
dred and eighteen dollars, and to this may
be added one hundred and sixty thousand
dollars of Bills Receivable, which will, how
ever, soon be absorbed in paym ent Of taxes,
making the total debt of the State, Of all
kinds, six million eighty one thousand seven
hundred and tNenty-four dollars-a debt
South Carolina can carry with ease.
Governor Scott estimates that, under .he
new tax law, which brings every descrip-
ton of property upon the tax list, at its
bona .fde valuation, there will not be less
than three hundred millions of property as
q basis of taxation. The estimate of ex
penses for the current year is eight hun
dred and twenty thousand four hundred and
eighty-one dollars, including three hundred
and thirty thousand six hundred and ninety
two dollars for interest on the debt foc one
year; 80 that an average tax of one-third of
one per cent. upon the estimated value of
the total taxable property would meet all
expenses, pay the current interest, and leave
small surplus. Governor Scott, however,
recommends that the interest on the State
debt be funded up to July l, 1868, having
every confidence in the ability of the Treas
ury to meet the interest falling due after that
date. Now, look for moment at the financial
condition of North Carolina. Governor
Holden, in his late message, estimates the
State debt at nineteen million dollars, or
nearly four times the debt of this State.
The expenses for the fiscal year are nearly
one million FIVE hundred thousand dollars, or
twice the expenses in this State, and the
value Of the property in the State is put at
two hundred and fifty million dollars against
three hundred million dollars in South Car
olina.
We are satisfied that the State is in o
sound and solvent condition, and we believe
that with economy and such wise reform,
and curtailments of expenditures as Cover
nor Scott may suggest and the Legislature
carry into effect, the credit of South Car
olina may be made as high as that of Penn
sylvania or Now York. A rapid advance
in the price of State securities must b.
looked for, and an increase of twenty or thi".
ty per cent. in their selling rate, between this
time and next July, will put thousands Of
dollars into the pockets of their holders
throughout the State, who, through good
report and evil report, have been steadfas
in their faith that tho State of South Caro-
lima would faithfully discharge her every
obligation.
Governor Scott recommends tha. law 81
passed providing for the levy and collection
of taxes in counties, TO meet their local ex
penditures, which will enable them to max,
such public improvements as the citizens o
the respective counties may desire Th
Governor also advises that final jurisdiction
be given to magistrates in all cases of pei
larceny, and simple assault and battery ant
misdemeanors of similar grade, giving tn
accused persons the right of appeal. TIL
Governor thanks General Bomford, com
manding the district, for his prompt atten