The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-06

the year ending October 81, 1871, shows that
the receipts Of the year were 81, 87,ol1 46,
and the payments $1,s5s,s ,s76 81. Among
the receipts we find that taxes produced
sl,24s, 663 IA. This seems small amount
in view of the enormous rate OF taxation,
but it must be borne in mind that this &C
count does not include the tax OF 1871
amounting to $1,2Sl, ,O00-due before jan
uaty Is, 1872. Nor have the huge tax levies
met the expenses OF the government; for We
have the authority Of the Columbia Union,
as well as of the State officials, for the state
ment that the deficiency, in the current rev.
enue OF three years OF Radical rule, is over
two million dollars. The redemption OF
lands sold for taxes brought 1896 Al into the
Treasury, and the Marine and River Phos-
phate Company paid the State ST.
From the Financial Agent of the State $751;
55s were received, and from the conversion
of State securities IS. Among the expendi-
lures the Legislature figures for $3.50, s6l,
salaries consume s15s,243, the militia take
So, l74, the free schools are charged with
$l36, 5O4, the printing and advertising come
to s1s3, 65l, and interest on the debt takes
only sl76,37I. The State paid SIS, ,l55 for
arms and ammunition, So. 600 in fees to coun-
sel in railroad tax cases, $33, 473 for sundry
claims, and $500, 700 to the Financial Agent
But, already enough!
In the nominal value OF the assets of the
State, there is no change. The assets in
clude l3, 100 shares in the Blue Ridge Rail-
road Company which, Comptroller Neagle
says, have been sold by the Sinking Fund
Commissioners, although the fact had not
been officially made known. II we are not
mistaken Governor Scott, in his last annual
message, informed the Legislature that the
Blue Ridge stock had been sold at 81 q
share, and that the purchasers undertook to
liquidate the floating debt OF the company.
The State stock is majority Of the whole,
and controls the road. 1t was sold for sl3,-
100, which amount may not yet be paid, and
the Legislature gives the purchasers ST.
800 900 with which to cancel the very float
ing debt which they had agreed to pay. The
sale OF the stock at the 1idiculously low
price OF one dollar share was only excused
BY the plea that the purchasers had agreed
to pay off all the debts OF the road, and
right upon the heels Of this transaction, the
Legislature passes the Blue Ridge bill, which
bestows upon the Ring nearly two million
dollars with which to pay off debt OF six
or seven hundred thousand. Why are not
the Ring held to their bargain The pur-
chasers Of the stock have failed to provide
for the debt Of the company, and the sale
should be entirely void.
The official statement Of the public debt,
already printed in these columns, makes the
total State Indebtedness sl5, $751; 1927; it be-
Ing asserted, however, that s3,773, 900 OF
the bonds OF the Stete are held in New York
as collateral security for loans aggregattpg
less than sl,0O0,0O0. Would it not have
been cheaper to apply sl,o0o,OOO to the ex-
tinction of this debt and the release OF the
collaterals; than to give sl,soO,ooo to a
swlndling Ring in exchange for obligations
OF very doubtful validity?
The accounts Of the Financial Agent dis
close nothing more than the fact that dur
ing the year he received e520, 700 and ex-
pended SSH, 1858, leaving balance to his
credit OF $685. This painfully simple
account is certified to be correct by Treas
urer Parker.
The contingent liabilities OF the State,
arising from the endorsement OF railroad
bonds, are set down at ss,7s7, eos. or this
amount the s2,O93. 3l2 OF South Carolina
Railroad bonds have been exchanged for
new bonds OF the company without the State
endorsement, and the s4,OOO,0OO OF Blue
Ridge Railroad bonds are expected to be
cancelled upon the delivery to the company
of 81, 800, 900 under the Blue Ridge bill.
The estimate Of supplies for the fiscal year
beginning November l, 1871, amounts 10
s1,32O,7l5, including 100000 for free
schools aud $7ls,7l5 for interest on the
debt. 1t seems that the Legislature is in
clined to absorb for Its own purposes all the
money that can be raised, and allow the
public creditor to shift for himself. This is
Radical integrity and good faith.
The accounts Of the Financial Agency, in
connection with the Land Scrip and the
Arms business, will be considered upon
another occasion.
What aupusta Thinks OF MIR. Wadley's