The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-08-09
OF5E51op q = fu,. OF CoMprRoLLER GENERAL,

q tax sufficient TO pay the elnCeresI OnIne oouueu
debt of the State In every act authorizing the
formity with section 2, article 9 tpage 2l) oi
the constitutions where the following occurs
as condition Of every act authorizing the
creation of debt: sand every such law shall
levy q tax annually, sufficient to pay the an
nual interest of such debt"
The first act passed under your aamlnlstra
tion authorizing the Issue OF bonds, is an act
entitled IAN act to authorize loan TO re-
deem the obligations known as the bills re-
celyable of the State Of South Carolina" sec
tIon of said act, mo. 49, page II, acts OF
special session, 1868, says that an annual lax
In addition to all other taxes shall De leV,eo
upon the property of the State sufficient TO
pay the interest on the loan herelnDelore N a1,
thorized, at the times when such interest Snail
fall due. Now, SIR, this language is emphatic,
and as far as the the legislative department OF
the government is concerned, they have die
charged their duty and fulfilled the require
ments of the constitution. This act also au-
thorized you, as Governor Of the State, 70
negotiate the said loan (sec. l.) Though the
financial agent and the treasurer's report OF
the 3lst October, 1871, shows that these bonds
were Issued and sold by the financial agent OF
tie State in accordance with law, aad yet the
auditor of State tails TO enforce this part OF the
act which is Imperative, the constitution and
act both declaring that 1t shall be done
although when these bonds were being Oher,
, ed on the market these clauses 10 the act and
the constitution were both paraded as the
strongest evidence, OF the value Of the secu-
If Won will continue the Investigation you
will find the very next statute, No. IL. page IL,
authorizes you 10 raise through the ananclal
agent one million OF dollars OF money In cou.
.pon. bonds, anu not only authorizes the levy OF
a snfficient tax 10 pay the interest on the
bonds, but declares that 1t shall be levied ID
yery strong terms. Section 6 provides 'that
an annual tax. In addition to all other taxes,
shall be levied upon the property OF the State
sufficient to pay the Interest on the loan mere
inbefore authorized at the times when such ln-
terest shall fall due. Almost every other pro-
Vision of this act gives the executive officer
scretionary5 powers; except that just quoted,
which is mandatory; and If this loan has been
Issued, then the holders thereof have clear
title 10 their Interest. But Instead OF thelr
getting 1t, we see every other provision OF this
act executed except the one which the acl II
self declares shall oe enforced tnihk nase ~
gone tar enough into details to establish the
fact that 1t Is clearly the duty of the auditor o.
State to levy and collect a sufficient tax to pay
the interest on the public debt; but for your
own satisfaction, will refer you to page l82,
act No. l02, section 6; page 275, act No. ie6,
section s, acts 1863 SO; and page 1885,, act mo-
27S, section l, acts l869-70, Wheze otner ac,s
make the same provision as quoted In the acts
cited above; and I believe that every one ol
the said acts received your Official aEproval,
and, as matter Of fact, every bond Issued 10
accordance Herewith received your omcial
signature. ss.e
auditor of the State falls to levy and collec[
this tar, you are certainly standing In the way
rof parties obtaining their vested rights, I'M
less you demand the execution OF the law,
and thus remove all doubts as to the Legality
of the acts themselves and the bond, used IN
accordance Herewith. But II there nad re-
NAMED any doubts as to the Intention Oh the
General Assembly on the subject OF paying the
interest on the publit debt, all those donDts
could be at once removed by reference to the
acts of 1s7l-'72, page 278, No. 2l5, which not
only enacts the constitutional provision In
reference to the new bonds Issued since Its
adoption, but goes stil further, and declares
all bonds and stocks, old and new, enumera-
ted In the State treasnrer's report OF october
3lst, 1871, valid and just obligations against
the State; and section of this act says ''TLe
sectionof each of the acts under which said
bonds purport to be Issued, which provides
for an annual tax to pay the interest, is here
by declared to be part of this act, and an an
.nual tax in addition to all others named shall
be levied upon the property OF the STATE,
sufficient to pay the interest on the bonds
principal OF said bonds shall become due, such
payment to- be made In United States cur
sency only" -, '.st ga .,.1
This act was intended to remove oil doubts
as to the validity Of bonds Issued at any time
by the State, which were contained In the
treasurer's report Of October FL, 1871, and to
fully comply with the constitutional provisions
In reference to the payment of the interest,
said most emphatically that the tax shall be
levied. The amount Of the debt is here fixed;
any citizen or officer can take his pencil and
see what his portion of interest tax is, and
tell the gross amount required. Now, sir,
claim that every provision has been made for
Jhe levy and collection OF said tax, and that
the auditor of State should be Instructed BY
you to execute the law, and place the neces-
sary funds in the treasury to meet this Interest
without delay. It Is but just perhaps TO the
State auditor for me t. say that l have no
knowledge of his views Oh this subject, but
INV convictions on this point are 90 strong
that am free 10 say that, II the General AZ
duties upon this Office at an earlier period
than the lst of November, 1872, should have
proceeded to enforce the law with the ieas
possible delay.
ing OF the bonds, and even had 6nt Nttl'
knowledge of the transactions OF Inc noaacia
board from October, 1869, to October, 1871,
mlRnC, with propFietys naEo le,f aiuSo 49, -
on this subject, out feel it my duty to 40 al
in my power, while remain in office, 10 have
the State meet her just obligations. These
past due coupons and bonds are considered a.
such, and 80 accept them, and ieel that ever!
citizen would rather bear his part of the bur
den of the taxes than have this crying shame
upon tie State.
This administration Is held up to the SCOTT
and contempt of the country every day. on &C
connt of the financial difficulties into which /
has allowed itself to be forced, and 10 man!
resneets IL deserves censure, and one of thu
principal causes of all OF this trouble ma
arisen from an attempt to run the State gov
eminent on borrowed capital; ana nov nov, wneL a,L
stand here without money, the bonds worth
less, confidence destroyed, and no one max
ing the least effort to relieve the emoafrass