The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-07

TIE FINANCIAL Pol1ox.-A CORES.
pondent OF the Charleston Courier has
intersieYedsq Gov. Moses and VIC extract
the following from his report: ,
-Rsporter4Of course you are aware
lthaEthe qu9ttion that Ia at tthis moment
lpf the most Importance to the people Of
f6outh Carolina ia the question OF taxa
lion. :.
The Governor-I know that; and
would: say,,right here rthat although the
tax ordered :to:.:be levied by the late
Comptrnlle71 General W9s epjoined at the
t,uas not because ,it.Wastoo great a-tax,
but simply becspse the Act which au-
thorized the ivy was. unconstitutional.
It attempted to levy a tar, for, the, hseal
year ending November l.. 1879. when o
tax for that year had already been levied
This would, of course, have been levying
two taxes in ono year, which is contrary
to tho letter and spirit Of the Constitu-
ton. ,.r4,!'i
| Reporter-Oan your Excellency give
me an idea of the amount of tax that is
to be levied?
The Governor-Well, I don't think
that the people need look for less tar
than that attempted to be levied by tho
late Comptroller: General. It would bp
almost impossible to carry on the Gu
vernment with q less tax. have not vet
determined upon the exact amount
shall recommend, but I think it will be
not less than thirteen or fourteen mills.
In my message. which will be transmit
ted to the Legislature in few days, the
recommendation will be made, but the
amount will be determined on by the
Committee on Ways and Means of the
House of Representatives.
Reportcr-Is it the purpose of the ad-
ministration to. levy tax for the pay
ment Of interest on the public debt?
The Governor-By no means. No.
thing whatever will be said about inte.
terest on the public debt in the tax levy,
and no provision will be made for it
until the debt is reduced to o tangible
form.
Reporter-DoI understand your Ex-
cellency to intimate that it is the inten-
ton OF your administration to repudiate
| the debt?
The Governor-No, we do not intend
to repndiate. It is not right that the
holders of our bonds, who (even if there
"oo AAnda SobACSISu Will tuGlE l6Suel are
innocent, should be made to suffer.
They have some rights, which should be
respected, and think an equitable ar
rangement can be effected, which will
satisfy all parties.
Reporter-What is the arraugemen ent to
which you allude?
The Governor you see, our OBJ
ject and endeavor will be not to restore
tho credit Of the State, for that is almost
beyond restoration. We intend to try
and build up new credit. Aud we pro-
pose plan something like the follow
ing: Let committee be appointed, to
be composed OF gentlemen of known in
tegrity and financial ability, who are in
no way connected with the State admi-
nistration; men like Governor Aiken,
and Others whom I cannot now name.
Let this committee 60 to work and call
| in the bond-holders, ascertain the precise
amount Of bunds that is outstanding,
| aud when this is definitely ilsuertaineG,
let them propose to the bond-holders an
arrangement by which they will surren-
der their bonds in exchange for a new
| issue Of bonds, ct rates corresponding
| with the prices which they paid for thei r
bonds. This will reduce the debt OF the
State to something like a tangible form,
say about S7,000,0 900 or So, 900, 900. And
on our part, if they consent to this ar
rangement. We will pledge ourselves to
pay the interest promptly; if not. we
stand pledged to make no appropriation
for the interest on the debt as it now
stands.
Reporters your Excellency aware
that six millions of these new conyer-
sion bonds, which are said to be fraudu.
lent, are held by the savings banks in
New York, aud that it is said that their
credit will be seriously impaired by this
arrangement?
The Governor was not aware OF it;
but if it be 80, they will have to take
the same offer that is made to the other
bond holders.
Reporter-But it is acknowledged that
these six millions of conversion bonds
are fraudulent. At least such is the in
ference, from the fact that tho late Com D.
troller- General made no provision for
them in his attempted tax levy. Do
understand you to say that these fraud
ulent bonds will also be redeemed pro
rata with the others in your new scheme 2
The Governor-As said before, evel.
if the bonds are fraudulent, the holders
arc innocent of any fraud. md thew