The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1869-12-01

| posV uuCN lulClCSU ou tuO OUdtt u0Dl,
which had accrued from lst July, 1867.
| All of these various amounts have
been paid, and the bills receivable re-
| deemed. At the present timo there
is but small floating debt that the
State Treasurer will be compelled to
meet. Owing to these payments the
expenses of the State Government
were heavier last year than they will
be for tho present fiscal year, and the
assessment of taxes may therefore be
considerably reduced for the coming
year, and the tax burden upon tho va
rious branches of industry made light
er than the taxes of almost any other
State.
Ills ACCOUNT OF THE STATE DEBT.
The leading figures of the State
debt arc givon rs follows:
Funded debt October 81,
1869, Sc s3,349 II
Total assets held on that
date, 2,754,66o 90
Interest falling due dur
ing the fiscal year
ending October 81, :
1870, 389, ,693, SO
The taxable property he
estimates at $l9O,000,000 90
The Governor adds:
During the past fiscal year, at a
season, too, when our capitalists, mer-
chants, farmers, mechanics aud others
had all their money invested in their
various branches of business, mil.
lion Of dollars for taxes was received
into the State Treasury. 10 more
fully illustrate the ability Of our pco-
pie to meet all necessary taxes, We
may refer also to the payment by our
citizens into the Federal Treasury, rs
internal revenue, a tax amounting to
the sum of $685. 600 80-making an
aggregate of taxes paid into the State
and Federal Treasures the past year
of over three and q half millions Of
dollars.
THE CREATION OF A SINKING FUND.
There are in tho State Treasury
$2,754, 900 of railroad bonds and 9TH
er securities, which | recommend be
held and ultimately be used as a sink.
ing fund for the liquidation Of the
State debt, as they are of q class and
character Which must increase in value.
In addition to this, I would suggest
the propriety of taking into consid.
Grafton the very able plan devised by
j. G. Holmes, Esq, Of Charleston, to
provide for small sinking fund, by
which the entire State debt may be
paid off by tho redemption annually
of small amount Of State securities.
1t is believed that this plan would en-
able us to pay our entire debt in q few
years, and would convince monied
men, Mt home and abroad, Of our de-
termination to provide for tho prompt
payment of all our securities as they
become due. The State being sover-
cign, no action can be brought against
it to enforce payment of claims against
her. It's credit, therefore, and the
price of its bonds, depend upon its re-
sources, the honor and good faith of
the State Governments, Tho, credit
| of the State should be regarded as a
sacred trust.
| oI EClT IN
| The Governor advocates the policy
of the State paying tho interest on it's
| debt in gold, urging that this course
y would assist very materially in bring
ing gold and currency on par. This
measure, he says, would attract for
eign capital, and encourage immigra.
ton, and lift the credit and prosperi-
ty Of the State. No section of couh
try he adds, Is so wcllprepared toFpay
in gold and demand gold in return
for the products Of the soil furnished
to tho markets of. the world.
INSURANCE COMPANIES AND hanks.
The message recommends that. al
insurance companies doing business in
the State, as we'll as all banking in.
stitutions other than national banks,
be required TO deposit with the Comp
troller General sufficient security tt
protect the policy.holders or deposi
! tors against loss. 3Ft "a
ABOUT. TIE blue RIDGE RAILROAD
: In regard to the Blue Ridge Rail
i" road, the Governor says: % g,8gt
At the special session of the General
Assembly in September, 1868, an ao
, was passed authorized the endorsement
and guarantee of four millions of dol.
, lars Of bonds of the Blue Ridge Rail
road Company, which bonds constitute
) q frat mortgage onYall the propert.
. Of said railroad company in South Ca
: rolina, Georgia, North Carolina ant
! Tennessee. At that time it was be
0 iieved that four millions Of dollars
/. thsuoh assistance as could be pro
| cured from other sources, would b
0 sn&cient tdto complets p tho' gfea
9 thoroughfare aud open communicable
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