The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-11-29

Total taxation for 1870
State mills. .......... 81 $40 063 60 q
Total amount collected. 1,l48oS7 %
Delinquent. ......... $S24,o2s 90
Total appropriations for
the year ls7o..........$1.eo4. .o52 81
Total delinquent taxes. ......... $sl7, 1881 %
Twenty per cent. penalty. y............. lss,676 70
Total. $l,lSI<4ot oi
If the taxes, as shown In the foregoing state
ment, had been paid, as they should have
been, it would have saved the State at least
two millions and half of bonded debt.
Bonded Debt.
It must not be presumed that the increase
in the bonded debt Of the State is the creation,
In any considerable degree, Of the existing
administration. This increase represents most
istrations, the form of the Obligation In some
cases, alone being changed while large
fraction consists of bonds Issued to meet the
matured principal and accrulng interest of the
ante.war debt. IN order TO maintain the faith
and credit of the State.
The seven hundred Thousand dollars OF
bonds issued for 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 ultimately repay both
principal and interest.
By reference to the various acts cited In the
foregoing statement of the treasurer 1t will be
seen that, with the exception OF those author
izIng the issue of bonds for the land commits.
sion, they severally provide that specified
sum Of money shall be raised on bonds OF the
State, aud not simply that q given amount OF
bonds shall be issued.
The amount of bonds to be issued for this
purpose was not specified by law. as our secu.
rites were untrled, and, therefore, had no
determlnable market value. If the General
Assembly had attempted to approximate the
probable market value of the new State secu-
rites they would. doubtless, have rated them
at not more thanihve or ten cents on the dollar,
provided that In this they had been guided by
the views of the oppositontpress which. Init
efforts to break down the State credit, fasten-
ed upon these securities, In advance. the
stigma of q threatened repudlation, and de-
clared that they would be worthless to the
holder.
| that our securities might be 50 made to ap.
preciate as to be negotiated at par, and that
million In our bonds would thus purchase
million Of dollars. :.
As 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 80 well satisfied was that our
securities bearing, as they did, six per cent:
interest, payable In gold-would, In the natural
order of things, further appreciate, tnat re-
| fused my consent to sell even at those COM
paratiyely high rates. This apparent conf
dence of capitalists in the State Government
aroused its opponents to combined effort to
depreciate the bonds, and not only were the
most active individual efforts made to discredtr
our SECURITIES, but even the Chamber OF Com
merce and the Board of Trade, OF Charleston,
L 81. fha nj HanroNfQf10rt
The exchangeable value Of State bond de.
pends: First, upon the ability OF the State TO
pav the Interest upQn it a. 1T sa0cruees and 70
Eredeem it at maturity; and, second, upon the
recognized and acknowledged disposition and
| intention of those who administer the AFFAIRS
of the State to provide for the punctual liquid
alton of all It's just obligations. As the re-
sources of the State were, and are, uuques-
| tionably ample, even on an ordinary scale oi
taxation, as compared with it's indebtedness,
the class of persons especially hostile TO the
/ State Government, and the principles upon
which 1t ls founded, directed their efforts to
make it.appear. to capitalists that the State
administration was corrupt and prohIgate, and
thst popular reaction had taken place that
| would soon bear them into power. Founding
their claims to consideration upon these false
pretences, and pretending to represent the peo
| Die of South Carolina, they boldly proclaimed
| their purpose to repudiate all debts contracted
subsequent to the adopticl of our new State
| Constitution.
| AS. by this course of action on the part OIL
men protesting to have the honor and credit
'of the State peculiarly at heart the purchas'
Ing value of the bonds was seriously dim1n.
ished, thereby requiring an increased amount
In bonds to raise given amount VI money, II
follows that they, and not this administration
are responsible for any undue increase IN our
bonded debt, upon the Just legal principie tna'
tseuuences OF his own acts. Added TO these
causes for the decline In the value OF our Sc
j curitles was the manifest want OF commence
| among capitalists In the management OF our
| finances By our financial agert In New YORK.
In proof that this scheme to discredlt the
government of the State has It's origin IN pollt-
| ical causes, I cite the following extracts from
| THE CHARLESTON DAILY NEWS, widely crcu-
| lated Journal, published at the commercial
centre OF the State, The frat OF these extracts,
taken from the issue of that paper OF dale OF
July II, 1868, but ten days after the new State
Government went into operation, makes IL
evident that the determination to depreclate
our securities was formed almost slmnltane-
ously with the advent of the present admins
1 tration, and betoreit could have rendered It.
| self. by any act of Its own, obnoxious TO the
| charges of corruption or improvidence:
| ".BAYoNRTi BoNDS.-It would doubtless De
very comfortable thing II the debt OF tne state
/ could be paid or the Interest," luuueui uueli s.o
| people under legitimate government, are aole
| to meet their public obligations. But tnis cannot
| be done by the motley Legislature now 10 session
| in Columbia, nor can they, by the issue OF Day.
| onet bonds provide, as proposed, LOT the denclt
4 In the annual revenue Of the State.
l "The legislature Will; OF coure, bleed freely
/ every property holder In South Carolina, aud, as
| long as they usurp the machinery OF the iaR,
| NAV compel the payment OF taxation. Negro
| legislators negro sherifs. and negro conslaoies
| NAV distrau and there the scheme OF nuanciai
white washing will come to q premature ena:
"Beyond this they cannot go. Wnat captalsG
| would touch .bayonet bonds issued by our oogus
| Legislature, Would New York or Boston toucn
| these bords issued by authority OF horde OF
| negroes and In face Of the protest OF Lne wnite
| people of the State? Would not our Nottnern
| br, thren prefer to waint until after november
"The State debt OF South Carolina-tae deoS
now exisring-wil be paid to the last cent, Wnas
ever the General Assembly may DO; put no Day pay,
| onet, bonds, for whatever reason issueo, VIII VIII
ever be recognized by the white people OF tne
Referring to the act Of the General Assem-
bly providing for the payment OF the interest
! on our State bonds in specie, the same paper
saws, under date of December l, 1853:
| 1--WE can pay our debt as II STANDS: Tne ques,
tion ia whether one year more OF Radical rule Will
not 40 largely swell the total that the people Wll
| at the frst opportunity, shuf1e on tine we ght O!
care and repudlate every dollar OF debt contracted
| alte: the war.
| -.
uHad the Governor advised that the wa. debt
| no naid-a debt contracted for the advapcement
Of q cause in which our people embarked for.