The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-11-25
Governor scotrs nIessnre.

Governor ScotI's Message.
We make the following extracts from
the message of Governor Scott to the
Legislature:
1 am gratified in being able to inform
You that much progress has been made
during the past year in securely placing
the finances of the State on firm and
healthy basis. This is owing greatly to
the decided stand taken by you at the
close Of the last session, in declining to
jeopardizo the State credit by yielding to
the pressure brought to bear upon you
by individuals and corporations for State
aid for the construction of railroads
The following statement exhibits the in
debtedness and the assets Of the State
October 81, 1869: Funded debt of the
State, Sc, 183, 449 II; the total amount of
assets held by the State, ON that date,
50, 754, 6G0.00; interest falling duo during
the fiscal yenr, ending October 81, 1870,
1888, 693. S6. The State debt is, compare
lively, small, amounting in the aggre-
gate to Sc, 183, $40; the taxable property,
ut low valuation, will amount to $780,
OOO,OOO. During the past fiscal year, at
n season, too, when our capitalists, mer-
chants, farmers, mechanics, and others,
had all their money invested in their va
rious branches of business, $1,O2O,0OO
for taxes was received into the State
Treasury. To more fully illustrate the
ability OF onr people to meet all neces-
sary taxes, may refer also to the pay
ment by our citizens, in the Federal
Treasury, as internal revenue. of a tax
amounting to the sum of $2,622, 600,
making an aggregate of taxes paid into
the State and Federal treasures the past
year of over S3,5OO,OOO I would here
recommend that You memorabilia your
members of Congress to Use their efforts
for reduction of the internal revenue
tax collected to such an amount as will
meet the liabilities of the General Go
vernment, but relieve our people rs much
Us possible of the tax collected to pay
the national debt. + believe that the
present generation should not be COM
PEELED to pay too much of the debt of
great country that is TO be left by them
rs rich inheritance to posterity. The
present tax system was new to our peo-
pie, aud it could not, perhaps, but be
expected that much dissatisfaction would
be felt III consequence Of the change.
But it is gratifying to bo able to state
that the taxes have been paid as
do LhOSc ol au1 Otus6 III tuc
Union. When the present State Govern
ment came into power, found that the
provisional Government controlling the
State from the close of the war, had con-
tracted many debts, for the prompt pay
menL of which, as we'll as to meet the
current expenses of the State Govern
ment, it was necessary to provide; among
these liabilities was floating debt,
amounting TO $477,9G 80. This debt
wns due to various County. officials,
Sheriffs, Magistrates, Coroners. and
other claims against tho State. BY au-
thority OF law, there had also been put
into circulation bills receivable to the
amount of $222,O00. In addition to this
was the past duo interest on the State
debt, which had accrued from the first of
July. 1867.
We have escaped from the disaster OF
lending the State credit to railroads, so
earnestly pressed and demanded ut the
last session of the General Assembly.
Whatever the opinions of individuals
may be, or however much they may feel
that their interests have suffered from
the failure or refusal of the Legislature
to comply with their wishes, ell must
concede that the examples by which we
are surrounded of the libcrality Of other
States in this direction, and the financial
results of their action, justiies your
course in refusing to comply with their
demands. It is to be hoped that the
same care and the same course will con-
tinue to characterize the nction of the
General Assembly. There is in the State
Treasury 50, 754, 900 of railroad bonds
and other securities. which recommend
be held and ultimately used as sinking
fund, for the liquidation of the State
debt, as they are of class and character
which must increase in value In addi-
tion to this. I would suggest the propri.
ETY. of taking into consideration the very
able plan devised by Prof J. G.. Holmes,
OF Charleston. to provide for small
sinking fund, by which the entire State
debt may be paid off, by the redemption
annually of small amount of State So
curities. It is believed that this plan
would enable US to pay our entire debt
i'll n few years, and wonld convince
monied men at home and abroad of our
determination to provide for the prompt
payment Of all our securities rs they be-
como due. The State being sovereign,
no action can be brought against it to
enforce payment of claims against it,