The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-12-12

of this scheme of financial sapping ano mining
by the opposition, the expenses OF the state 1or
legislative and other purposes were enormously
increased by the General Assembly, against
nv constant protest. The legislative expenses
and the cost of public printing, ana the per
diem and mileage of members durlng tne e Past pas
four years, aggregate not less than S2,25oO0O,
and Vet not one dollar of tax has ever been
levied to meet them-the chief, if not sole re-
Lance to defray them being upon sale or hy-
pothecation of bonds. The taxes themselves
were fixed at a most inadequately low figure,
averaging per annum, from 1868 to 1871, inclu-
siye. about seven mills on the dollar, on basis
of about $16O,OOO00O, exclusive of property OF
corporations exempt from taxation by charter.
The property thus taxed was assessed, in most
cases. at less than one third of Its market value.
Vet the taxpayers complained that they were
oppressed by high taxes, while, at the same
time, not more than three-fourths of the whole
amount levied was actually collected, the de-
iinquent list amounting to about twenty-five
per cent. The low rate of taxation had proyi-
ded no margin for these delinquencies.
The excess of expenditures over the revenues
was under the extravagant system OF outlays,
authorized by the General Assembly, con-
stantly widening gulf which we attempted to
bridge with bonds. as the bonds Tell IN prlce
hyposhecated, or pledged, for moneys received,
or permit them to be thrown upon the market
and sold for merely nominal sum, to the GER
tain loss of the State and the lasting discredit
of our securities. The plan of increased by
pothecations was adopted. AS member of
the Financial Board, I feel bound to acknowl-
edge, and recognize the fact with profound
regret, that this was fatal error of financial
policy. It was an error, however, committed
in the interest of the public credit 1t was
akin to that made by general who, having
company closely pressed by the enemy in su-
perior numbers, and about to be cut OF, rein
forces with regiment after regiment, in an un-
ayailing effort to extricate it, until his entire
army is crippled or destroyed. ~
The true policy was to have sacrificed the
bonds first pledged and supply deficiencies by
taxation. This mode also would have enforced
greater economy in expenditures, for the loud
and we'll founded complaints, of the people
would have then checked the prevailing ex-
travagance.
Coincident with the organized movement
against the State credit, armed bands appeared
in nine Counties of the State, and, impelled by
political hate and malice, grievously oppressed
and slew many of our citizens, thus creating q
condition of virtual war for period of nearly
three years, which was only suppressed by the
forces of the National Government on the call
OF the State authorities. AS the natural result
Of these several causes, the bonded debt of the
State has been greatly swollen during the past
two years.
The total amount of outstanding bonded
debt, and bonds in the hands of the Financial
Agent, hypothecated, &C., according to the
State Treasurer's report of October 81, 1871,
and which were declared valid by the Act OF
the General Assembly of March Ii, 1872, is
Sl5,S5l ,327.35. That amount, however, cmbra,
ces s3,773,000 in bonds, which the Financial
Agent has hypothecateed to secure the payment
of about 81 ,O60,o0o. MY own information as
ITO the total amount of the bonded debt is based
upon the report of the Financial Agent of Sep
tember 80, 1871, and upon the report of the
State Treasurer of October 81, 1871. did not
have, nor could I have had, any knowledge
upon the subject except through the reports OF
those officers.
have already given my views az iengtn IN
reference to our bonded debt, in my last annual
message, and need not repeat them upon this
occasion. :;
In reference to the charges very generally
made by the political opponents of the admin
istration, to the effect that the people have been
burdened with grievous taxation, and have been
sorely oppressed by misgoyernment in the State
and Counties, affirm that the patent facts dis
preye the allegations i.o> . ..,,, -,
.iBprdensome taxes and gross, Haisrule are IN.
variably reflected by the material condition OF
the communities unhappily subjected to them.
They paralyze the industrial enterprises OF the
people, and check the investment of capital in
business pursuits, Just as the energies and func-
tions of the whole human body are obstructed
or DESTROYED by disease in any of its vital
parts, These charges may, therefore, be prop
" answered by the testimony of the opposition
itself. as given incidentally in the columns OF
the Charleston Ne,os, the leading Democratic
Journal, aud the most authoritative and saga
cious exponent of the commercial and plant
ing interests Of the State. In its issue OF July
20. 1872, that paper holds the following Ian
gnage, in its leading editorial, entitled "Out of
The Depths" -,
1The signs are not hard to understand
They are written on broad fields and busy
streets in the store-house Of the planter, and
the ware-rooms Of the merchant When the
war ended, the State was without capital, the
railroad system was deranged and partly de-
stroyed, labor was entirely disorganized, agrl-
cultnre and commerce were alike at.a stand
still. What is the position now7 The rall-
roads of the State are rebuilt ana newly
equipped, excepting where, in the up-country
thew have fallen into the hands of Radical
rings. The banking capital, although, still
small, is largely increased, and is increasing
The labor of the State is, at least, efficient
enough to- enable the planters to make FemIpne-
rative crops. The receipts Of cotton. and the
rrincipal articles of merchandise and produce
grow larger every day, both absolutely and as
Compared with other ports. The city OF Col
umbia, which was heap of ruins Is building
up, and is instinct with commercial life. !. The
CITY of Charleston is rapidly rebuilding, and in
eve, every particular is improving her, position.
Fast steamships, admirably equipped, connect
Charleston with the principal cities Of the
North. Her trade in naval stores mounts high
er eyery Year. The business of mining and
manufacturing commercial fertilizers gives EN-;
nloyment to hundreds of working-men, and
,fIrther swells the business Of the port. Truck
farming has reached an Importance undreamed