The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-08-21

/
but for a sum not less than should
be fixed by them. AS to the pro
priety of this Act, I was never fully
satisfied, but my recollection is that
I voted for it upon the assurance Of
the Governor and. Financial Agent
that it was absolutely necessary
It authorized, in my judgment, g
bonded debt, not exceeding one
million dollars. On the 9th Of
March, 1869, the Legislature passed
an Act to provide for the appoint:
ment of a Land Commissioner and
to define his powers and duties
This Act provided that the Treas.
urer of the State should be author
lied to issue to the Land Commits.
sioner bonds Of t,ie ttale State in the
sum of 5000, 900, if, in the opinion
of the Advisory Board, so much
should be necessary: Subsequent.
! ly, on the 1st Of March, 1870, the
Legislature passed an Act to amend
an Act = to provide for the appoint
ment Of a Land Commissioner, &c.
In this Act twas provided that the
Treasurer of the State be authorized
| to issue to the Land Commission oner
bonds Of the, State in the sum Of
$780, 900, If, in the opinion of the
Advisory Board, SO much be neces-
sary. These are the only ysActs of
the Legislature passed during the
last four years authorizing the crea-
ton Of a bonded debt on behalf Of
the State, and, if you have followed
me carefully, you will perceive that
the whole amount authorized is
four million three hundred and
eighty-nine thousand four hundred
dollars, ($4,S89, ,400.)
Now, by the official statement of
Mr.. Treasurer Parker Of the public
debt of the State at the close Of the
fiscal year ending October 81, 1871,
the bonded debt of the State
amounted to fifteen millions eight
hundred and fifty-one thousand
three hundred and twenty-seven
dollars and thirty-fve cents, ($15,-
851, ,327.35,) or, in round numbers,
sixteen millions Of dollars, ($16,-
0OO.000.) Now, take from this
amount the amount of bonded debt
in existence when the present State
officers came into power, and it
appears that the debt has actually
been increased about ten and half
millions. Now, how does this tally
with the amount actually authorized
by the Legislature. The amount
authorized by the Legislature, as
already shown you, is four millions
three hundred and eighty-nine
thousand four hundred dollars,
| (S4,389,400.) Subtract this amount
from the actual increase of the debt,
and you find that, without authority
of law, there has been added to the
State debt over five and a half mil.
lions of dollars. 60 N
Fellow-citizens, this is o true
statement of the case, as appears
from the financial report of Mr.,
Parker, and I take it that he has
made as favorable a statement. as he
possibly could. My own opinion
is, that the increase Of debt is con,
siderably more than the sum stated
but that [ may not be charged with
unfairness, F take MIR. Parker's own
statement. How shall we account
for this enormous but lawless in:
crease Of the public debt? The
amount is startling, and fills us
with CONSERVATION. What can VIC
say, what shall we do, in view O.
the facts, as they are admitted tc
be? How was it done? I vii
give you the explanation that has
been given for this increase of thu
public debt. Mr.. Parker gave tx
the public an official statement O
the debt of the State, at the close
! Of the fiscal year Of 1871. In tha
statement, I discover the deep ant
damning explanation, so far as i
goes. The Legislature, on the 90
Of March, 1869, passed an Act tx
t provide for the conversion Of Stat,
f securities. This Act provided tina
) the State Treasurer should be au
: thorized, on the application of an,
, person holding stock or bonds o
t the State, to, take the same, an,
issue in place thereof, bonds of tn
State. This Act was intended sim
, ply for the accommodation of thos
' who held one class of State securi
| ties, and desired to change then
: into another class Of State securi
: ties. It was never intended by tn
Act, and no such intention appear
) upon its face, to increase the Stat
3 debt. But in MIR. Parker's state
ment, before referred to, it appear
that there has been an issue -unde
: the provisions Of this Act of seve,
; millions one hundred and ninety