The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1871-12-06
rgRY VITA. LEE AND HUGH WILSON.

the one Whlcn nau, III thc uisV III
stcnce, been issued under the severa
Acts referred to, the remainder Of the
. bonds required TO raise the amount'
of money authorized by the severa
Acts were prepared, in accordance
with the Act for tho conversion o
State securities, to the amount above
named.
"Tho Indebtedness of the State
being rs above stated, the State au
thoritics now hope to be able to retire
tho bonds in New York, and to save
tho securities now hypethecated from
sale. 1t is also intended to dlscon
tinue the Financial Agency in Ne"
York, except to designate some bank
ing institution as the place for the n
payment Of tho interest on the public
debt"
TAX LEVY, &C.
Many extravagant statements have
been made regarding the assessment
and collection of taxes, and those not
familiar with the actual facts, when
compared with collection of revenue
for the same purposes in other States,
are doubtless frequently led to believe
that taxation is extravagant and un'
usual. undertake to say that not
State in the Union has collected less
tax in the same length of time in pro-
portion to it's population and resour'
ces. The following is q correct ex'
hibit of the appropriation of moneys,
the levy of tax, collection revenue
per annum, and the delinquent list
for the years 1868, 1869 and 1870:
Total taxation for 1868, rate of tax
alton, State, ~ mills, 81, 1898, 42.1e
total amount collected, 1853 ,053.28
delinquent, IT'S, 5,68S.9l; total appro-
priations for the year 1868, exclusive
of interest on public debt, for which
no appropriation was madc' 8l7,96S'-
%. 49,
Total taxation for 1869, rate, State,
5 mills, $l.014,901.s3; total amount
collected, 66,73G.0S; delinquent, 24S,-
I65.75; total appropriations for the
wear 1869, including interest on pub
lie debt, sl,191, ,so5.o9.
Total taxation for 1870, State, 9
mills, 81 ,67O,06366; ; total amount COL
lected, !, 1,146,037.o6; delinquent 524,-
O26.6O-total appropriations for the
wear 1870, S1,6O4, 4,O53.54.
Total delinquent taxes, S947, ,s8l.26; !;
twenty per cent. penalty, 1S9,576.25
total, 81, ,137, ,457.51.
If the taxes, rs shown in the fore
going statement, had been PAID, as
they should have been, it would have
saved the State at least $2,50O,O0O OF
bonded debt.
BONDED DEBT.
It must not he presumed that the
increase in tho bonded debt OF the
State is the creation, in any consider
able degree. Of the existing admins
tration. THIS increase represents
mostly liabilities contracted under
previous administrations, the form OF
the obligation, in some cases, alone
being changed, while large fraction
consists of bonds issued to meet the
matured principal and accraing inter-
est of the antc-war debt, in order to
maintain the faith and credit Of the
State. The 100000 Gf bonds issued
for tho Land Commission form the
only portion of tho debt actually
created by the present administra-
ton, and for this the State has an
ample equivalent in the lands ptr-
chased, which will ultimately repay
both principal and interest.
By reference to the various Acts
cited in the foregoing statement OF
the Treasurer, it will be seen that,
with tic exception of those author
izing the issue of bonds for the Land
Commission, they severally provide
that specified sum of money shall be
raised on bonds of the Slate, and not
simply that a given amount of bonds
shall be issued. The amount of bonds
to be issued for this purpose was Lot
specified by law, as our securities were
nntried, and, therefore, had no deter
minable market value. If the Cen
eral Assembly had attempted to ap-
proximate the probable market value
of the new State securities, they
would doubtless have rated them at
not moro than five or ten cents on the
dollar, provided that in this they had
been guided by the views of the op
position press, which, in its efforts to
break down tho State credit, fastened
upon these securities, in advance, the
stigma of a threatened reputation
and declared that they would be
worthless to the holder. But it was
believed by the Financial Board that
our securities might be so made to ap'
preeiate rs to be negotiated at par:
and that Sl,OO0.0O0 in our bonds
would thus purchase $1,000. 900.
AS the result of the financial policy
adopted, these new bonds command.
ed, in the early part Of. 1870, from 8?
to S5 per cent. Of their par value, and
| SO we'll satisfied was I that our secure
tics-bcaring, as they did,. six pei
cent. interest, payable in gold
1 womId, in7the natural order of things
further appreciate, that refused te
sell even at those comparatively high
rates. This apparent confidence o.
capitalists in the State Government
aroused it's opponents to combined
effort to depreciate the bonds, and moi
only were the most active individual
efforts made to discredit our securi'
ties, but even the Chamber of Com
merce and the Board of Trade O.
lCharleston lent their aid TO 3this
lschemo of depreciation. The ex
changeable vulue of State bond de