The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-13
s. c.,
Exemption OF Tax en- manuhcturfng q
Capital. .,a,

Mr.. Bowley, Chairman OF the Com.
mittee of Ways aud Means, il tbe House
OF Representatives, gave notice, on
"Wednesday, Of the introduction OF g. bill
to aid ands encourage manufactures and
internal improvements. We have had an
opportunity of glancing at this bill, and
find it to be we'll adapted to promote the
prosperity of the people of this State.
In tho first sect ION it states, that for the
purpose of inducing the investment and,
employment of capital In the emanufac-
ture OF cotton, woollen and paper fabrics,
and OF agricultural implements, and for
encouraging internal improvements in
this State. any individual. or as ,iation
Of individuals. who shall hereafter invest
capital in these manufactures, and in
railroad enterprises within the State,
shall be entitled to receive from the State
Treasury, annually. q sum equal to the
aggregate amount of State taxes, which
shall be levied and collected upon the
property or capital employed or invested
directly and exclusively in such mauufac-.
ture or enterprises. It is devolved upon
the Comptroller-G General to Or and de-
termine the sum 30 TO be paid, according
to the tax returns, and it is to be paid by
the State Treasurer on the warrant of
the Comptroller. The second section
makes it tho duty OF County Treasurers.
and those Of municipal corporations, to
pay to snch individuals or associations
engaged in manufactures, &C., O sum of
money, annually. equal. to the aggregate
amount of County or municipal tax dur
ing any year. In the third section the
provisions OF the frat are limited ex-
clusively to Investments to be made here
after. It is Furthermore declared that
they shall not operate until satisfactory
evidence has been presented to the Comp
troller General that the property or capi-
tai, for which the benefits of this Act are
claimed. has been actually employed,
paid in, or invested in this State. The
fourth section limits the benefits to the
property and capital 80 invested to
period of ten years.
In our judgment, this is well-con-
ceived bill, and framed in conformity
with the general wishes of our people of
both races. We think it calculated to
attract capital here from abroad, and to
bring into wholesome use much that is
now comparatively idle snd unproduo-
tive at home. The business OF manufac.
turing having been demonstrated by ar
gument, by fact= and the results Of expe-
rience, to be the best in which capital
can be used, still there has baen seen
some hesitation in entering upon there.
It is new pursuit to most persons, and
has cortain amount of prejudice or
obstacle to overcome on that account.
But the principal impediment to the in
PRODUCTION of capital from abroad springs
from the fear Of heavy taxation. The
State is known to be deeply embarrassed.
1t has large bonded debt and heavy
load Of deficiencies to carry. It adds to
the distrust that these are uncertain in
amount The State has also to revive
out OF their PROSTATE condition all it's
public institutions-a task hardly less
difficult and expensive than their origi-
nal creation. It is thought by those who
understand this to be the state OF things,
that taxes now heavy must necessarily
increase here in the future. Hence,
with all the attractions which manufac-
turing offers in oar favorable climate,
with the reeults demonstrated before
their eyes, and palpable to the view of
all. capitalists stay away. The old adage
says Plutus is timid. and we know that
capital is shy thing. It does not like
uncertainties and contingencies. II We
are not mistaken, it will appreciate ex-
emption from taxation for limited
time, and hasten to fill the places so in
vitingly offered to it. The passage of
such a measure as the one we are consi-
dering by our Legislature will be taken
as an earnest that our colored people
have liberality of views, and are dis
posed to cultivate an enlightend policy.
It will be considered also as evidence