The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-11-29

~ VOL. VII-NO. ZIG.
"The indebtedness Of the State being
as above stated, the State authorities
now hope to be able to retire the bonds
in New York, and to save the securities
now hypothecated from sale. It is also
intended 70 discontinue the Financial
Agency in New York, excopt to des;g-
2sse some banking ;ns.itntion ae the
pace p ds,, i1f the payment Of the interest on
TAX LEVY, 40.
Many and extravagsnt statements have
been made regarding the assessment and
collection OF taxes, and those not fami-
liar with The actual facts, when COM
pared with collection of revenue for the
same purposes in other States, are
doubtless frequently led to believe that
taxation Is extravagant and unusual. I
undertake to say that not State in the
Unlon has collected less tax in the same
length OF time in proportion to its popu-
iatlon and resources. The following is
correct exhibit Of the appropriation of
moneys, the levy of tar, collection of re-
list for the years 1868, 1863 and 1870:
Total taxation for 1868, rate of taxa
ton. State. ~ mills, $l.93S, 742. 10;
total amount collected, l,163. .053. 28:
delinquent. It's, ,688. 81; tota. appropria.
tions for the year 1868, exclusive Of in
terest OH public debt. for which no ap
preparation was made, 81, 7,968.28.
Iota! taxation for 1869, rate, State. s
mills. 81. Oh, .83; total amount col
!eoted, 766, ,73608; delinquent, 248,-
l65:7e; total appropriations for the year
la69: including interest on public debt,
81. 191, ,8O5. O9.
Total amount for 1870. State, 9 mills,
81, 67O. O63 &c; total amount collected.
l, LAG, O37.O6; delinquent 524, ,O26. 60,
total appropriations for the year 1870.
81 ,604, 053 81.
Total delinquent taxes. $947, 1881 .26;
twenty per cent penalty, 189, ,576.25-
total, 81, 137, ,457.5f.
Ii the taxes, as shown in the forepo-
ing statement, had been paid, as they
should have been, it would have saved
the State ut least SO, 500, 900 of bonded
BONDED DEBT.
Ii must not be presumed that the in
crease IN the bonded debt Of the State
is the creation, in any considerable de.
gree, OF the existing administration.
This increase represents mostly liabili-
ties contracted under previous admins.
trations, the form of tho obligation, in
some cases. alone being changed, while
o large fraction consists of bonds issued
to meet the matured principal and ao-
cruing interest OF the ante war debt, in
order to maintain the faith and credit of
the State. The $700, 600 Of bonds is.
sued Tor the Land Commission form the
only portion Of the debt actually created
by the present administration, and for
this the State has an ample equivalent
In the lands purchased, which will ulti-
mately repay both principal and interest.
by reference to the various Acts oited
In the foregoing statement Of the Trea-
surer, it will be seen that, with the ex-
ceptlon OF those authorizing the issue of
bonds for the Land Commission, they
severally provide that specified sum Of
money shall be. raised on bonds OF the
State, and not siinply that a given
amount of bonds shall be issued. The
amount OF bonds to be issued for this
purpose was not specified by law, as our
securities we're untried, and, therefore.
had no determinable market value. II
the General Assembly had attempted to
approximate the probable market value
OF the new State securities. they would
doubtless have rated them at not more
than five or ten cents on the dollar, pro-
vided that in this they had been guided
by the views of the opposition press,
which, In its efforts to break down the
state credit, fastened upon these seouri-
Ties, IN advance, the stigma OF threat
ened Reputation, and declared that they
would be worthless to the holder. But
1t was believed by the Financial Board
that our securities might be 80 made to
appreciate as to be negotiated at par,
ana that 81. .OOO, COO in our bonds would
thus purchase 81, 600, 900.
Aa the result OF the financial policy
adopted, these new bonds commanded,
IN the early part OF 1870, from 80 to So
per cent. OF their par value, and so we'll
satlsned was l that our securities-bear-
ing, as they did. six por cent. interest,
payable IN gold-would. in the natural
order OF things, further appreciate, that
l refused my consent to sell even at those
comparatively high rates. This appa-
rent confidence Of capitalists in the State
GoVernment aroused its opponents to
combined effort to depreciete the bonds,
and not only were the most active indi.
vldual efforts made to disoredit our seou.
rites, but even the Chamber of Com.
merce and the Board of Trade OF Charles
ton lent their aid to the scheme of de-
probation. The exohangeable value of
State bond depends: First, upon the
ability OF the State to pay the interest
upon it as it aoorpes, and to redeem it at
maturity; and. second, upon the recog.
nized and acknowledged disposition and
intention Of those who administer the
affairs of the State, to provide for the
punctual liquidation OF all it's Just obli-
cations. AS the resources of the State
were, and are, unquestionably ample,
even on an ordinary scale of taxation. as
compared with its indebtedness, the
class OF persons especially hostile to the