The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-07-10
spvssres sae 3. ssse,s,s I. Insassre, + Aa-

Gpvernor scots's znaugnraI Ad,-
a 5GIs Gil Is dEess. z si.Fss g - 3.
.GentleIzet Of The iSeuate and House Of
Repfese ltices. g IS 8
For the brat time, In the q history 81
South Caroline, her General Assem-
bly, has convened undersa Const;tn.
tion that recognizes the rights Of
man. The monopoly of class, By
which the few governed the many,
has gone down before the soYereignty
OF the. people, and her institutions
have been founded on the broad
basis, that call Governments derive
their just powers from the consent of
the governed" Our Constitution.
recently ratified by the vast majority
OF the voters of South Carolina. qua
rantees to the citizen every privilege
consistent with the safety of the
State, and invests the State with
every prerogative not inconsistent
with the rights of the citizen. Sound
policy and correct principle thus
unite In our political system, and it
will be your duty, as it will doubtless
be Jour chief aim, SO to legislate.
that the public laws and administra-
tlon OF the State shall not discredit
the Constitution under which YOU
have assembled.
The Object of oil legislation should
be the greatest good to the greatest
number; equal and exact Justice to
oil, is, therefore, required ut your
hands; and I have no doubt that
each and every class and locality in
the State will receive their due share
of public favor from your honorable
bodies.
FINANCE AND STATE DEBT.
The financial condition of the
State will, doubtless, engage your
early and most serious attention. and
the necessary ways and means be
provided, both for the support of its
Government and to meet the lawful
demands of its creditors, foreign and
domestic.
Character is credit, and credit is
the very sinews of the State, in peace
and war. The obligation of the
State, therefore, to meet all of its
liabilities, is founded alike upon cor
rect moral principle and sound public
policy. This obligation should be
the more sensibly felt, from the fact
that State cannot, like an indiyidu-
al, become the subject of coercive
process to compel it to meet its Just
indebtedness; but the creditor must
rely solely upon its honor. The Con-
vention appointed q board of com
mlssioners to investigate the debt
and available assets of the State, with
instructions to report the results of
their investigation to the General
Assembly, at its first session; and, as
l am without any positive data upon
this subject, 1 must refer you to their
report, which will, doubtless, soon
be laid before your honorable body.
l will make this matter of the debt of
the State the subject of q. special
message to the General Assembly, as
it is one that vitally concerns the re-
putation of our people and the future
credit of the State.
The information that I now have,
places the valid debt of the State,
exclusive of the war debt, at about
SIS, 800, 900. This debt is very small,
compared with that of other States
and the resources of the State, and,
if proper measures are taken to
promptly liquidate the interest due
upon ii, the credit of South Carolina
will stand as high as that of any
State in the Union.
would recommend the funding of
the unpaid interest now due upon
the State debt, and also that accruing
up to O period when the State will,
without doubt, be able to meet her
liabilities; and would suggest the 1st
of July, 1869, as the date to which it
should be funded. would also re-
commend that all bonds of the State
should be made payable in New
York, as the financial centre of the
country; and that all stocks shall be
convertible into bonds, at the plea
sure of the holders.
STATE BANK.
l recommend an carly and thorough
investigation into the affairs of the
State Bank, with view to ascertain
the liabilities it may have entailed
upon the State, pursuant to the
terms of its charter. Its debts and
assets should be inquired into, and it
should be put in liquidation as soon
rs possible, in order that the Just
claims against it may be promptly
settled.