The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-04-01


REMARKS OF CAPTAIN WALTER.
Gentlemen of fths Board of Trade The pur-
pose of your meeting is to take into considerar
ton the present financial condition OF the
State, and by deliberation to devise such
measures as will enable US, By cooperation
with our fellow-cltizens throughout. this Com
;sonweaath, to relieve, ourselves OF the intoler-
able burdens which now oppress us in
the present, and with an ominouB prospect OF
their being increased in the future, unless
prompt and decisive action at once be taken.
IL Is only necessary to look at the alarming
increase Of the debt OF the State, and the reck-
less expenditure which has marked the his
tory of the State for the past five years, to
satisfy us at once, that, as taxpayers, we are
bearing o burden too 'grievous to be borne'
and which must inevitably result In bank
ruptcy and ruin. IT means cof.fsedtaon, and
there are those who do not hesitate toan-
nounce that such is the purpose. We are to
be ta1ed out of our property.
I am unwilling, with others, to submit to
this condition Of affairs, without an effort to
lSucuy tn0: 0:oTu' .,.esg-s ;-..E ,,
In 1866, With the taxable property Of the
State valued in round numbers at FIVE hundred
millions, the people of South Carolina support
ed an economical and honest government at Q
cost of about four hundred thousand dollars,
while the debt of the State was about five mil
lions. To-day we are taxed upon property
wA,ch at an over-estlmated assessment Is less
than one hundred and ninety millions, and are
told that we will be called upon to raise four
millions of dollars to pay the Interest on debt
Of fiftsen million, and the o-called expenses of
the State. Thus, while the taxable property
has decreased in value about sixty-two per
cent, our taxes have been increased ten-fold
and the debt Of the State three-fold In the
same period. II Is due to ourselves to protest
against the continuation of this iniquity, and in
unmishkable language to state that We will no
longer tolerate It. With this great fraud
perpetrated in the past, it is now pro-
posed to create new loan 70 be known as
the "Sterling debt y. It 10 only another turn
of the screw" which is already destroying us.
and it is our duty to ourselves, as well as ''good
faithn with the present honest creditors of the
State, publicly and clearly to affirm to them,
and to warn the capitalists who may be dis
posed to make such loan, that We regard its
creation as illegal, and that we will resist Its
payment by all legitimate means. / trust your
deliberations VIII be marked with harmony
and unanimity, and result in promoting the
best interest of this Commonwealth.
The meeting is ready ior business.
The applause having snhsided,. Colonel Rich
ard Lathers, of this CITY, for many years the
president Of the Great Western Marine Insur-
ance Company, of New York, arose and sub
mitted the following resolutions:
~ THE RESOLUTIONS.
Whereas, Under the operation OF the present
State Government, the majority Of the prop
erty.holders and taxpayers Of the State, from
whom the public revenue is mainly derived,
are excluded from any power in. the legislation
of The State, and from any practical influence
In the imposition Of taxes; 81. -, = -,
And, oAsreas, The moneys raised by taxa
tier. are improvidentiy and corruptly used and
expended by, persons who hold ofaee under
the State government, and the sums appro'
priated for alleged public uses are excessive
andeextrayagant; 49,. -
: And, aohereas, The credit of the State has
been pledged illegally, and 1t is now proposed
to pledge the credit OF the State for further
loans, by new issue Of bonds, (which may
be negotiated in the market 70 persons who
aisy take shsmfh ignorance sof' the{ circalml- g
stances under which they are issued. There
FORE - - :
1. Resolved, That we, the property holders
and taxpayers of the. State, residing IN the
City of Charleston, do hereby deem It; our
dnty to-. declare that the bonds heretofore
issued without legal sanction; and the so
called sterling loan, or any, other bonds OF
obligations hereafter issued purporting to be
under, and by virtue of, the authority
Of this State, will mot be held binding
on us. and that We shall, in every man
ner and at all times, resist the payment
thereof, or the enforcement OF any tax to pay
The same, by all legitimate means within our
power. IS. !.
q. Resolved, That we deem it our duty to
warn all persoDs not to receive, by way OF
purchase, loan or otherwise, any bond or ooll-
CATION hereafter issued, purporting to bind
The property or pledge the credit OF the State;
snd that all such bonds or obligations will be
held by us. to be null and void, as having been
Issued corruptly. i.providenuy, and for fraud
ulent purposes, and In derogation OF the
II
rights OF that portion of the people OF TINS
State upon whom the public burdens are
made to rest. .i -
g. Resolued, That the taxpayers Of the State
spe tpoe hereby requested to meet in their respec-
tive counties for the consideration Of this sub
,ect: and the en- ormous axleviea': the cur
rent year, and for the appointment Of two del
ecates 20 represent each county In q tgE ssEate 7
Convention, to- be held in Columbia on the
second TUESDAY in May next, Tor the same 2 ne
purpose. :;ia' -. p ..''..i.. :.
4 Resolyed, That this State Convention Of
Taxpayers be requested to confe' ''lth his En-
cellency, the Governor, Cn the dangerous d fiscal
condition Of the State and request his official
aid and cooperation in the investigation OF
accounts Of the Comptroller and the State Agent
irf New York, go that the amount and charac-
ter Of the bonded debt and all other liabilities
of the statAcan be clearly stated, with. a view
IL such further action as may be necessaryfdr
the protection OF the public creditors and Of
1he taxpayers OF the Commonwealth.