The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-04-19

sense q blessing to the people, for it opens
the door to those who have Inc means
and are disposed to pay, during the fall, while
it is still at the discretion OF the Executive 10
extend the time Of the general taxpayer VINO
pays a large amount, without suejectlng pam
to the prescribed penalty. Indeed, am free
to say that the taxpayers may rest well assured
there will be no more cause of complaint on
that score in the future than there has been ID
the past: for in every Instance within my re-
collection, where an application has been
made, the time of collection has been extended
without the addition of,the penalty.
@. While that Is a comforting assurance,
/ GoYernor, is 1t not nevertheless true mai tne
assessments OF values have been greatly exag-
serated. and that property Is frequently taxed
for two or three times its real worth!
The Governor. That may be true IN some
instances, but I am certain 1t Is not the rule.
IN all cases Of excessive assessment, "here
an application has been made, the matter mas
been considered; and an. abatement ordered,
if the circumstances justified such a course.
DO THE PEOPLE PAT?
O. Up to the present tine, have the taxes
generally been paid promptly
The Governor. I must confess that | nave
been surprised at the extraordinary dispose
ton manifested by the people in the payment
of their taxes. Even vt this moment, while
there is apparently so much ill-feeling con-
cerning the. expenditure of public moneys,
citizens In al parts Of the State are meeting
the demands OF the tax collector with q unanl-
nifty and promptness which not only deserves
the highest praise, but favorabiy Illustrates
their character as q law.abiding people: l
cannot blame them for desiring TO Know now
these moneys are expended, and, 30 lar as lies
In my power, l shal always afford to the pub
lie the information ON this and other subjects
TO which It is entitled.
THE STERLING FUND BILL.
O.. So much has been said about the ster-
ling fund bill, Governor, that would ike 70
hear your version of the matter.
The Governor. Well. 1t Is simply this:
The bill was conceived chiefly by credi-
tors of the State-parties Interested In the
stocks and bonds that are past due, and are
soon to become due. Every business man
knows full well that it is impossible for the
state, BIZ direct taxation, to take up these
bonds. 1t was therefore believed to be good
policy to create a sterling loan, which could
be negotiated by the proper parties at such
prices as would Justify the exchange for the
old debt. And when there was Incorporated
In the law %a.provision which barred even the
possibility of adding q dollar to the State debt
at any time In the future without a two-thirds
vote Of the people, It offered, in my Judgment.
a sufficient guarantee to the purchaser Of the
new bonds, that he would be prot. cted against
new liabilities. Under these circumstances. l
favored the measure, and the best sfnancla!
men 0ftEe State agreed with me. With only q
difference of opinion concerning details.
Some gentlemen Of high reputstbn
thought and expressed the belief that trustees
ought to be appointed by law, who should be
charged with the negotiation OF this loan. To
this I had no personal objection. On the con,
trary, / was anxious to see any plan adopted
that would engender confidence III the honesty
of the negotiations to be made. 1t appears,
however, that the Legislature differed from
these gentlemen and myself In regard TO the
matter, and when the bill passed, the appoint
ment OF the agent was left to certain officers
OF the State government, including the Exec
cutige, and to the Executive was committed
the duty Of signing the bonds before they
could possibly be- put upon the market. The
bill was signed and approved with the hrm Do.
lief that q sufficient check was thus put upon
any disposition-f such existed-t0 give the
negotiation OF the bonds into the hands OF ire
sponsible men, who would not insure that
credit for the State which was desirable. In
other words, to the Executive was left the
power OF refusing, absolutely, to permit any
bonds 10 go upon the market unless they shall
90 through the hands OF q trustworthy and
competent representative OF the State.
O.. Do you mean 70 say that you, az an indi-
vidual, can control the Issue Of these bonds m
the event Of q dishonest agent being ap-
pointed?
The Governor. Yes, sir, most emphaticalg,
for 1 do not. intend to sign a bond unless the
bankinC.house. selected is one entitled to the
fullest confidence Of the people. There Is no
power on earth taiet can compel me TO DO
otherwise.
Q. Suppose that after the sclection'o of a bank-
tbs fnsncial board should determine TO make
a.ehangs and select a party who agrees to car
,rV out their own plans? T. .
The Governor. In the first place. no honest
banker would surrender his claim upon the
bends for any such purpose; and, In the second
place, they would have to. be bold and despe-
rate men who attempted 10 tamper with the
State credit for their own dishonest purposes.
Q. N1may be permitted TO ask, VINO IS
YOUR nominee as a banker, Tor the especial
Management of this fund
The Governor. / have no nominee at pres
ent: but he will be a man who will inspire con-
hlence among the creditors and the people OF
the State. In making up my mind | shall con-
suit both their wishes and interests, and | feel
assured that the members OF the board ap-
pointed by law to make this selection Will CO.
operate with me in accomplishing that Object.
o. What amount Is To be covered by this
funding bill ?
The Governor. Just six millions OF dollars.
The bill provides for the issue Of twelve hun
bred thousand pounds sterling, but do not
understand that the bonds are 10 be used, eY-
cept for the purpose set forth in the bill, name
", to take up the past due debt OF the State,
and debts that are soon TO become due. do
Northumberland that the agent appointed for
the negotiation Of these bonds will have any
authority TO sell q single bond except in eX-
change Tor the purpose named. Some per-
sons have sought u create the impression. for
personal or pohsical purposes, that these sterl,
irg bonds can be put upon the market and
sold, and the funds be transferred to the State
treasury 10 meet the expenses ofthe Slate, or
for other objects than those referred To-. Such
is not the case. With my consent 1t shall
never be done.
THE BOARD OF TRADE AND CHANEER OF cox
MERGE.
20. I would like to hear your Views concern
irglhe recent action Of the Board Of Trade
and Chamber OF Commerce in this city?
The Governor. l can only say That the ale
cations made BIZ both It. those bodies on the
subjecs of the State debt; rest. IN nc truthful
foundation. These gentlemen have unQnes.
tioDaby been miBled, orthey have themselves
misinl trpreted facts and figures, for will not
be sonnciarilable as to suppose that two Or
CARNATIONS representing the wealth and COM
merce OF Charleston have assumed such S:.u eS-
traordinary position tor merely political or
partisan purposes, / have given You a full
statement Of al! the obligations due by the
State, aani IL Is my nswer 10 their proceedings.
o. What has been the influence of the ac-
ton of the Board oil Trade and Chamber Of
Commerce on our bonds In New York and
elsewhere?
The Governor. 1t has been decidedly PERM
cious. The value of the bonds on the market
has been deprecated, and II is more difficult
H. L.c.,x -, -p ~ - n Aia npanf 10 n a 20 fIA