The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-05
The Municipal Finnnces-A Precious
MIDDLE.

A pamphlet was published some time ago
whicls contained full statement OF the
financial affairs Of the City of Charleston for
the fiscal year ending August 81, 1869. 1t
was somewhat late in making its appear
ance, and should have been supplemented
by statement showing the operations Of
the last four months of 1869; but it was
step in the right direction, and was accepted
as an evidence that Council intended to give
the taxpayers fair opportunity Of acquaint-
ing themselves with the exact condition OF
the city.
The taxpayers Of Charleston, who are re-
sponsible for every dollar of its debt, are
naturally anxious to know what progress is
making, whether backward or forward. They
desire to be informed as often us possible of
what is doing, and they desire also that all
public >ments be made so clear that the
humblest taxpayer may easily comprehend
them. In this particular the municipal ac-
counts might easily be changed for the bet
ter. What is wanted is not statement OF
accounts ineligible to skilled accountant,
but clear and simple statement which any
shopkeeper or tradesman can, at glance,
take in and understand.
Take, for instance, the statement OF ex-
penditures for the year ending August 3lst,
last. In this account S35S,62l is stated to
have been paid out as interest upon the 6
per cent. stock. This amount is equal to
one years interest IN s5,9OO,O 600; and the
amount of 6 per cent. stock reported as out
standing is only 5,l34,737. Why was so
much more paid than the interest for one
year? The answer may be that large part
of the amount paid out was for interest due
in preceding years. But if that be the rca-
son, it would be pleasanter TO read on the
face of the account that certain sum had
been paid for interest due i'll 1869, and other
sums for interest due in 1867 and 1865. Aud
this brings up another question. Nearly all
the city debt seems to be in the shape OF
registered stock. Tie certificates OF large
amount of stock have been lost or destroyed,
and we presume that, in consequence,
large amount of interest fails to be called
for. 1t would be a satisfaction, then, TO know
what is the present amount of unclaimed
interest, and for what period of time it has
remained unclaimed. Certainly it should be
unnecessary to tax the city to death to pro-
vide interest-money which is not called for.
And it seems that the whole statement of
receipts and payments could be made more
plain. What is the meaning of setting down,
in the report of 1869, the sum OF Sl42, III as
received from tissue of per cent. stock OF
'.1s6s." A taxpayer very naturally asks,
Where did this stock come from? Was it
stock owned and held by the city? II so,
by whose authority was it sold. Was it
new issue OF stock? ii so, by whose au-
thority was it issued? And, whether new
issue or an old issue, at what price was it
sold2 Did the city run in debt nearly $780,
900 and receive only sl42,ll7 in money?
These are the questions that people will ask,
and surely it is just as well to answer them!
Then, again, it is asked why the city keeps
in its Golfers s23O,OUO Of city bills. These
bills arc not expected to he issued. Why,
then, are they not destroyed?
There are other questions OF the same Kind
which suggest themselves; but we have said
enough to show the drift of opinion. The
taxpayers want to know exactly how they
stand, and they hope that Council will at
once come to their assistance and throw all
the light possible upon disagreea5le SUBJ
iect