The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1869-11-26

to use their efforts for a reduction q
tn" Internal Revenue tax collected, tc
such All amount as will meet the lia
bllitIcs Of tho General Govern
mont, but relieve our people as much
rs possible Of the tax collected 10 nav
the National debts. We believe that
the present generation should rot be
compelled topay too much of the debt
OF Il great country that is to be left
by them as II rich Inheritance to pos
terlty. The present tax system was
new to our people, and it could not,
perhaps. but be expected that much
dissatisfaction would be felt in consc
1nence Of the change. But, is graft
'yin$ to be able to state that the taxes
huve been paid as promptly as those
or any State in the Union.
When tho present State Govern
ment came into power VIC found that
the Provisional Government control
, ling the State from the close of the
war, had contracted many debts, for
the prompt payment Of which, as well
a' 10 meet the current expenses Of
the State Government, it WAS ncccs-
sary to provide. Among the lial,ii-
ties WAS floating debt Amounting 20
S4T, ,9G5.90. This debt WAS due to
various county officers, shcriffs, MAJ.
iStTatrs. coroners, and other claimants
AGAINST the State. By authority ~
Jaw there has also be.n put in circrla-
ton bills receivable to the amount Of
w., ,00o. In addition TO this was tho
past due interest on the State debt,
which had accrued from the Ia. OF in.
ly, 1867. All these various amounts
have been paid, and the bill. rcceiva-
Die have been redeemed. Attic pres
ent time 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 tn. present fiscal
year, and the assessmcnt Of taxes NAV
therefore be considerably reduced for
the coming year, and the tax burden
upon the various branches of industry
made lighter than the taxes OF almost
any other State.
STATE AID TO RAILROADS.
We have escaped from the disaster
Of lending the State credit to railroads,
so earnestly pressed and demanded at
the 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 Leg
lslature to comply with their wishes,
ell mu-t concede that the examples BY
which we are surrounded of the libcr-
ity of other States in this di-
rcction, ana the financial results
of their action, justify your
course i'll refusing to comply with
their demands. 1t is to be hoped that
the same care and the same course
will continue to characterize the nc.
tion Of the General Assembly.
| THE CREATION OF s1NKINa rUSp.
There are in the State Treasury e2,755.
90 Of railroad bonds and other aecurities.
which recommend be held and ultimately
used rs sinking fund for the liquidation
Of the State debt, as they are Of class
and character which must increase in val
~. In addition to this, I would suggest
,he 2ropriety Of taking into consideration
the very able plan devised y, ]. G.. Holm es
E-q.. of Cha:lestnn, to provide for a small
s'"Hing tnn'', by which the entire Seate
debit may be pail off by the redemption
annually Of = small amount of State &C.
curuies. 1t is believed that this plan
would snabl. ua to pay onr entire deb. in
A few years. anil would convince moneved
men. at home and abroad of our determ
nation to p"vide for the prompt payment
ii all our SECURITIES a. they become due.
ihc S. being sovereign, no action can
''- bought agains, it to enforce payment of
r'n'n- against he. IL. credit, therefore
~" the prie" Of its bonds. depend upon
'rs 'nrs-s. 'hs honor and good faith OF
IL, : +'e G"vcrnm-ne. The credit of the
: ate sanud tre REGARDED rs a cacred trust.
/ trsrMr1iuS of SPECIE PAYMENT.
a az" par OF our deb, was incurred
hr;"" th" passage Of the Legal Tender
Act. The creditors of the State loaned
'..eir money when gold Was the legal ton
der uf The country. The creditor wa
promised, and * >...d to receive the
equivalent OF his loan, both in principal
aud interest. Were this and the other
) ates of the Union to take this view oI
their responsibilities, and decide to pay
their obligations in gold, it would be q
great step towad the resumption of specie