The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1868-07-15

Department, S2OOOO; for the Lunatic
Asylum, 500, 900; for the University, Sl5'-
EOO0; for claims against the State, slO,OOO;
for other expenses, ordinary and extraorc
dinary, $4,000 making-a a sum total OF
SAFE, ,224 to which add for expenses OF the
Legislature; Sl5O,00O; for deficit the pre-
sent year under Ger. Canby's tax order,
ending October /, 1868, 100000; and
S33l ,414. .59-being the. interest on the
State debt due 1st October, l86S-and the
amount to be raised by taxation will reach
the enormous sum of 81, ,G57 ,6S8,59, with
out one dollar being appropriated for tree
schools.
To redeem the Bills Receivable, which
may be outstanding on the lst day OF Oc-
tober next, to pay the interest upon the
State debt which may be due at that tlme'
and to furnish suficientfunds TO carry on
the operations of the State government
until the taxes may be collected in the
Snrip,c of 1869, l. recommend that 81 ,OO0,-
O00U be borrow by the State upon bonds,
nrov;ded the bonds can be disposed of at
no greater discount than twenty per cent.
It is now believed by the financial Off
GERS of the State, in which opinion con-
chr that the tax order of Gen. Candy, to-
,oether with the taxlevied by the Conven-
tion Wilt realize To the Treasury more
than S375,OOO. There is one striking and
even alarming fact with reference to Tho
.pecunialy and financial condition OF the
State. to whichaitiS here proper to ad',
vert notwithstanding the order OF Gen.
Candy provided fora more particular ano
accurate assessment oi real estate the
present year, than has been made hereto
fore. a revision of the assessments shows
very considerable decline in the value
of all real estate and town property.
Lands in the country are worth from
ffty to one hundred per cent. less than
they were on the. first of September,
1855. Nearly as great q depreciation
exists in the villages, towns aud cities OF
the State, especially where the lots are
not, yielding rents. The above estimate,
which it will be necessary for You to pro-,
vide for, embrace only the ordinary ox-
penses of the State governments and does
|. not include tho amount necessary for free
or public schools. 1.-THE taxes OF the pre-
sent year proved oppressive 10 all branch,
o. of industry ginolhe State, and yielded
but S375, 900, the expenditures OF the
next year should. if possible, be cnrtaied
bv tile reduction of salaries and otter-
wise. SO as not to exceed that sum, excln-
sive of interest OIL the public debt.
By the new Constitution. the poll tax
is required to be appropriated exclusively
10 educational purposes and, under the
circumstances, it would be unwise, to ap.
propriute any other sum-. s44
The taxing power is always a delicate
one to manage, and is invariably regarded
by the tax payer with jealousy. In the
recent political changes that havc occur
red, tho fact cannot be denied that the
General Assembly are the representatives
of q very incoasid derable proportion ct the.
property holders and taxpayers of the
State. The colored population. who con.
sttute the large majority OF voters, have
little property; and yet, all the expensive
machinery OF courts, juries, jails and TIE
Penitentlary, is as much 10 give protec,
ltion to their persons and property ms to
the taxpayer himself and it would seem
| to Le only right and proper that some
portion OF this burden OF taxation should
be borne by this most numerous class OF
society. IF the General Assembly, re-
eardless of these views, should levy the en-
tire tax Of the State upon property, it
would necessarily lead to much dissat-
iSfaction and discomfort among the class
thus taxed-very many of whom are not
only prohibited from filling any official
position in the State, but are actually ex-
cIuded from the privilege OF the elective
franchise.
THE eREENvILLE AND COLUMBIA RAILROAD
- COMPANY.
This Company issued its bonds in 1852,
1853 and 1854, TO the amount Of sS00,0U
and secured payment of the same by first
mortgage upoftii the road. In 1861, when
the dcGt was about falling due, tho Cen
eral Assembly authorized the Comptrol-
ler.General to endorse tho guaranty of
the State upon the bonds of the Company
to the amount OF 100000, thereby plcdg-
ing the faith and funds cf the State for the
payment of the principal and interest OF
said bonds $500, ,000-to redeem and can
eel the mortgage bonds, and the remain
ing SlOO,0 600 to liquidate the then floating
debt of the Company. In conformity TO
this Act the first Mortgage bonds were all
redeemed except S326,OUO.
The Act provided that these original
mortgage bonds, when taken. up and de.
posted with tho President of the Bank OF
the State, should stand as security to the
State and give the State lien under the
first mortgage until all the bonds now Sc
cured by mortgage should be retired;
These mortgage bonds were deposited
from time to time as they wero exchanged
with the Bank of the State of South Car
olna. The Act further provides. that
when the whole of the mortgage bonds
shall have been redeemed by the gnaran-
teed bonds, tho whole estate, property