The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-03-12
COLUMBIA, S. C.,
Sunday Morning March IL, 1871.
"The Sterling Debt"

pointedly and forcibly presents the sys-
tenn Of public spoliation that has been
going on in this State for the past three
years. and which threatens absolute
bankruptcy. Before the war about
$500, 900 was sufficient for the ordinary
expenses Of the State, and now the ex-
penses of single session of the Legisla-
ture amount to $3.50, ,000-this sum being
exclusive OF the interest on the public
debt and the general support of the
State Government The Courier adds:
s:The taxes now imposed on real estate
and property amounts to its practical
confiscation. This is valued for taxation
At nearly double the price it would bring
in the market, and then IN enormous tax
imposed. The 'bnrthen is increased not
only by an overestimnte of its value, but
by an enhanced rate Of taxation. Thus
i1 is that every department Of life stag
gers under the immense burthens i'm
posed, and every character OF business is
;mpeded. And this not for Govern
nlent of right but of wrong. These are
imposed by Government not the repre-
sentative or the choice of the intelligence
or the virtue Of the commonwealth. The
whole object is that of self-aggrandize.
ment and enrichment, without the least
care or concern for the real body of the
people, out of whose pockets these ex-
Eenditures are to be redeemed.
''The debt Of the State before the war,
and even after the war, was small and
within easy compass. Sinco the war,
AID the advent of ignorance and misrule,
Il has been increased to an indeftite ex-
saat. Nearly every employee of the Co.
7ornment has become rich, whilo the
people are taxed more heavily, and
almost out of existence"
Let us come, now, to tho public debt
of the State. so largely increased of late.
WAat is it9 Can any one give def.
mite statement of the amount of this
debt? The taxpayers are robbed and
shen denied the information as to their
own affairs to which they are entitled.
Now it is proposed to create sterling
funded debt to absorb the existing pub
Tic debt. But as tho Courier we'll OBJ
serves
"When debtor proposes to fund all
OF his debts by consolidating them, if all
is right, he first makes statement of
the amount of the indebtedness for
which this new liability is to be created.
But here all that we have is that the
bonds issued under this new Act are sto
be used exclusively in exchange for, or
IN payment of, the existing public debt
Of the State. There is no specification
of amount, or what this public debt,
thus alluded to-, consists. And this is
precisely what the people are entitled to,
and what they have the right to be in
formed of.
"The Act authorizes the issue by tho
State Of sterling bonds to the amount of
el,200, 900. Tho pound sterling is esti-
mated by the Act at S5, in gold coin of
tue United States. These bonds are to
be negotiated by the Governor, the At
torney- General, the Treasuror and the
financial Agent, at New York, (AIr.
himpton,) with the aid of financial
agent in London. and are to be redeem
able, both principal and interest, in gold.
'rhe faith. credit and funds of the State
Of South Carolina are solemnly and ire
Vocably pledged for the punctual pay
ment of the principal and interest of the
s.ebt hereby created, and for the annual
redemption OF that portion thereof for
which sinking fund is authorized; and
She issue. by the Governor, of any of
the bonds hereby authorized, shall be
conclusive evidence in favor of any bona
Fas holder thereof that the provisions of
this Act have been fully complied with
by the State officers, and that such bonds
are legally and properly created
"Bnt more than this, it is provided:
That an annual tax, in addition to all
other taxes. shall be levied upon all the
taxable property within this State, aufi-
cient to pay the interest on the debt
hereby authorized at the time when such
interest shall become due and payable,
md such interest shall be romitted to
said financial agent in London, and
further similar tax shall be levied in the
same manner, sufficient to provide for
ainking fund Of por centum, in gold,
Per annurl, on the full amount of The
debt hereby created, which sinking fund
shall be remitted to the said financial
agent of the State, in London, to be ap-
piled to the redemption and payment Of
2 per centum Of the principal of tho
sail bonds at par
independent of ell the other i'm
mense burden imposed upon tho people,
this Act imposes tax of 8 por cent. per
acnum, independent of the other tayoa