The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-08-08

nnd Section Of this Act says: "The
Hectlon OF each Of the Acts under which
aa'd oonds purport to be issued, which
PROVIDES ior an annual tux to pay the in.
tereat, ls hereby declared to be u part of
this ACT. and an annual tax in addition
TO all Others named shall be levied upon
the property of the State, sufficient to
pay tue interest on the bonds named in
or provided for by this Act nnt;l tha M
prluclpal OF said bonds shall become
due; such payment to be made in United
States currency only"
This Act was intended to remove oll
doubts as to the validity Of bonds issued
ut any time by the State, which were COZ !.
talned In the Treasurer's report of Octo-
Der Il, 1871. and to fully comply with
the constitutional provisions in reference
10 the payment of the interest, said most
emphatlcally that the tax shall be lepied
Ihe amount of the debt is hero fixed: ::
any citizen or officer can take his pencil
ana see what his portion Of interest tax
IN, ana tell the gross amount required.
NOW, slr, clnim that every provision
has been made for the levy and collec.
tion OF sold tax, and that the Auditor of
state should be instructed by you to exc
cute the law. and place the necessary
funds IN the Treasury to meet this inte-
rest without delay. 1t is but lust, Der
haps. to the State Auditor for me to say
that have no knowledge Of his views on
this subject, but my convictions on this
point are BIZ strong, that am free to say
that if the General Assembly had seen
ht to have imposed these duties upon
this ONCE at an earlier period than the
lst OF November, 1872, I should have
proceeded to enforce the law with the
least possible delay.
as have had but little to do with the
issuing Of the bonds. and even had but
little knowledge of the transactions of
tue Financial Board, from October,
1869, to October, 1871. I might, with
proprlety, have remained silent on this
subject, but feel it my duty to do all
In my power, while remain in Office. to
nave nave the State meet her Just obligations.
Ihese past due coupons and bonds are
considered as such, and 1 so accept
snem' ana feel that every citizen would
rather bear his part of the burden OF the
taxes, than have this crying shame upon
the State.
This administration is held up to the
scorn and contempt of the country evorv
day, on account of the financial difficult
ties into which it tas allowed itself to be
forced, and in many respects it deserves
censure, and one of the principal causes
OF all of this trouble has arisen from an
attempt to run the State Government on
borrowed capital; and now, when the
whole credit of the State is broken, wo
stand here without money, the bonds
worthless, confidence destroyed, and no
one making the least effort to relieve the
embarrassment, which could be done in
less than twentyfour hours by the
prompt action of yourself. in forcing the
State Auditor to collect the tax for the
payment OF the interest on the public
debt. think it is incumbent on the
Governor Of the State to see that This
part OF the law is executed.
L consider your action in approving
the last named Act as the strongest eyi.
dence that you could give in favor of the
validity Of this debt.
Now, sir, there il ono other oonsid.ra.
ton which I desire to present to YOUR
mind, and that is, that an Act of the 7, ,e.
glslature, which met your approval, re.
CURED all insurance companies doing
business in the State to invest largely in
the bonds of the State, and under that
Act there have been placed in this Office
81 100000 of State stocks and bonds.
IL seems to me that there is double
obligation on the part of the State to
these companies, as they are connected
largely with the mercantile and banking
interests of the country. / do think
that this consideration should move you
to at once proceed in direction that
seems so clearly pointed out by your
duty. Ii reputation of the interest of
tae State debt is to take place, am anx-
lous that others should do it, and not the
present administration.
If the opposition party in this State
we're placed in power tomorrow, they
wonld make hot haste to pay every obli-
CATION of South Carolina, md would
soon plnce her credit above suspicion.
The Executive Department has all the
power that they could have, and why not
act? The debt of tho State is little less
than $4,000, 900. the annual interest
little less than 81 900, 600, and the State
is abundantly able to pay. Now, sir,
have this tax levied, aud allow the peo.
PIE the chance to meet their obligations.
they pay their taxes as promptly and as
we'll rs 1t Is possible for any people in
the world to do under their difficulties.
and feel sure that they are more than