The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-09-29
$I3,9l2,34l sc
100000 90

Total debt OF the State. ..Sl3, ,662, 81 SO
We deduct the $3.50. 600 which is do
clared to have been paid; but how are
we to know that the floating debt hns
not been increased by an equal amount?
The State owed it's Financial Agent, in
May last, $500, ,000 How much does the
State owe him now? The only additions
we make to tho figures given by Govern
or Scott are: ~ the difference between
tue true and the published amount of
the debt due on the Fire Loan bonds,
and ~ the amount Of the bonds Of the
Blue Ridge Railroad guaranteed by the
State. We do not take into account the
other contingent railroad liabilities OF
the State, amounting (see Scott's report)
to S2,7l2, Cos 20; because we hope that,
as Governor Scott says, sin the event of
any OF the. above roads failing TO meet
the interest on the guaranteed bonds,
the State is perfectly secure" But the
81, 1000. 600 of Blue Ridge bonds cannot
be included in this category, the State
having in their cnse little or no security.
One statement made by Governor Scott
in regard to the Blue Ridge bonds is
particularly disingenuous. He says
none OF the bonds have yet been put on
the market" This is literally true. No
Blue Ridge bonds have been ''pnt on the
market but at least SO, 100000 Of the
whole 81, 600. 900 are hypothecated to Sc
cure contracts made by the company, or
the money which it has borrowed.
The attempt to fasten upon preceding
administrations tho responsibility for
80. l62, 40 of the entire direct debt of
the State, will fail now as it has failed
before. Gov. Scott reports, for instance.
that $500, 600 Of bills receivable, issued
by the Provisional Government, have
been redeemed by the present admins
tration. We do not doubt that $500, 600
was paid out in this money; but the bills
which were redeemed were issued by
Gov. SCOTS administration, or were re-
deemed thrice over. Gov. Orr, in his
message presented to the Legislature
when the Scott administration took
office, says: "On The 1st day of May,
1868, there was outstanding and in cir.
culation of these bills receivable only
S135, ,687," and Gov. Scott himself saws,
III his message, that the amount out
standing on May l. 1868, was 1920, 600.
How was the Sl35. 687. or the 1920, 600,
conjured into S500,000? Nor will tho
statement made of the past due interest,
and other debts of preceding admins.
tra,ions, paid by the Scott admini,tr
ton, bear tho least examination. 1t is
rnther cool, for example, to place upon
the convenient backs of preceding ad.
ministrations the responsibility for inte-
rest on the State debtup to July l, 1869,
when it is IN indisputable fact that the
Scott administration came into power in
May, 1868, fourteen months before.
But we are not disposed 10 push the
Scott financiers to the wall, nor do we
desire to take gloomy view OF tho stu
alton. 1t is sufficient to know that tho
RMlical government Of South Carolina,
in three years, have, in round numbers.
doubled the public debt of the State.
Upon tho subject of taxation VIC have
only few words to say. For ten years
previous to the war the average annual
taxation was S43l ,000 During the past
three years, according to Gov. Scott's
own statement. the appropriations have
been rs follows:
1868-Total taxation. L. 81, ,339, ,742
18G0-Total taxation. .... l,O14, ,9U1
167O-Totnl taxation. -. 1870. U63
Total taxation. ..... 81, ,O23, ,7OG
Annual average. 81, 341 ,235
We are glad to see that Gov. SCOTT is
confident that tho Legislature, at the