The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-09
valuation and Taxation.

valuation and Taxation.
The fourth section Of the Validation act
eiyes the answer to what has been pro-
vokins puzzle.
At the beginning Of the legislative session
it was well understood that the State ON
cials: for their own protection, would attempt
to pass a bill declaring. all the bonds and
stocks of the State, already issued, legal and
binding; and that they would, for their own
benefit, levy tax sufficient to meet Inc
overdue and accruing interest, and the den-
ciencies in the appropriations OF previous
years. The tax bill, in all its naked delorm'
ity, came hrst before the people. Although
the taxes OF 1870 and 1871 had been coilec1-
ed between January, 1874, and January
1870 # was shown by the Comptroller Gen.
eral that more than two million dollars were
REQUIRED to meet the liabilities OF the STATE
Government for the year 1872. During the
wear 1871 the State levied taxes amounting
to over four million dollars; and, neVerthe-
less, 1872 would require nearly three mil
lions. It was proposed to levy tax OF Six
teen mills for State purposes and three mills
for county purposes, which would give tne
State upon taxable property amounting TO
$50. OO0, ,OOO) nominal sum Of So, 400, 600,
and the counties nominal sum OF $3.50, ooo
This proposition caused some show OF re-
sistance to be made by the virtuous Repub-
licans who declaSs that "they must draw the
.line somewhere, " and who do it by levying
any tax neediul to pay their six dollars day
and mileage, and by refusing any pecuniary
solace to those victims Of misplaced conh'
"dence," as Governor Scott calls them, the
public creditors OF the State Behind all
this was the serious fact that the tax assess
meuts Of previousyears could not be collect
ed in full. The delinquent tax lists we're In
creaslng In bulk, and some Of the members
OF the Legislature had sense enough to see
that, with an impoverished people, doubling
taxation does not double income. All that
the taxpayers could do was to wait. They
waited; and, TO their establishment, the slx'
teen mills tax bill was put out OF sight. The
Blue Ridge swindle bribed it's way through
the Legislature, involving q tax OF three
mills on the dollar; but on the heels OF this
came joint resolution imposing modest
tax of eight mills for the counties and three
mills for the State. This, with the Blue
Ridge tax, could be borne, and the public
began to breathe more easily. Alas! for
them who hoped for either wise counsel or
prudent action on the part OF our Radical
General Assembly. As soon as the tax OF
eleven mills was safe, the Vulidation bill
was brought from its hiding place, which
bill includes the provision that 'tan annual
"tax, in addition to oil other'taxes, shall be
'leYled upon the property OF the State
=. :. sufficient to pay theinterest on the
s.bonds named in, or provided for in, this
..act." This is the famous fourth section OF
the Valuation bill, which explains the mys-
terious conduct OF the Legislature in levy
ing tax OF only eleven mills when Comp
troller Neagle and the rest were pleading
niteously for tax OF nineteen mills or more.
The sum total OF the debt acknowledged
In the Valuation bill is SIS, s5l, ,327 of
this debt a sum OF S38,s36 bears three per
cent. interest, sum OF s4sl, sA bears i've
per cent. interest, and sum Of $3.50, 600
bears seven per cent. interest. The re-
mainder bears interest at the rate OF six per
cent; I; SO rhatt annual interest is about
ss54,O For the payment OF this Interest
an additional tax ls to be levied, at the rate,
we will say, of four mills on the dollar; which,
with the tax for redeemlng the revenue
scrip, issued to the Blue Ridge road, will
make the taxation Of the year:
mills for State purposes. ........sl, ,2Oo,ooo
8 mills for county purposes. 45O,ooo
4 mills for intereet or iebt....... 600,ooo
8 mills for Blue Ridge. 4oo,ooo
ls mills amounting ......S2, ,7oo,ooo
This is exclusive Of the stamp and license
bills, which are expected to produce reve-
nue. OF 100000 or more.
We make no other comment than is e1-
pressed in the statement that the average
taxation for ten years before the war was
s4Oo, 600 year; that the State debt, under
three years of Radical rule, is increased
from $4,000 to SIG, 100000, and that
the taxable. property Of the State, valued in