Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1872-12-12

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to levy special tax. 800. 3. .'.
Mr.. John Wilson introduced bill to reg
ulate the pay of County Treasurers.
Message No. of His Excellency the Gov
ernor, relating to the finances, was read and
received as information.
A bill authorizing and directing the Comp
troller-General and County Commissioners to
levy certain taxes, after very exciting de-
bate, was postponed until Wednesday.
THE FINANCIAL POLICY.
A correspondent of the Charleston Courier
has interviewed Gov. Moses, and we extract
the following from his report:
Reporter-Of course you are aware that
the question that's at this moment Of the most
Importance to the people of South Carolina is
the question of taxation.
The C, iernor-I know that; and would
say, right mere, that although the tax ordered
to be levied by the late Comptroller General
was enjoined at the instigation Of the new ad-
ministration, it was not because it was too
great tax, but simply because the Act which
authorized the levy was unconstitutional. 1t
attempted to levy tax for the fiscal year en-
ding November 1, 1872, when tax for that
year had already been levied. This would,
of course, have been levying two taxes in one
year, which is contrary to the letter and spirit
of the Constitution.
Reporter-Can your Excellency give me
an idea of the amount of tax that is to be
levied? .........
The Governor-Well, don't think that
the people need look for a less tag than that
attempted to be levied by the late Comptrol-
ler-General. 1t would be almost impossible
to carry on the Government with less tax.
have not yet determined upon the exact
amount I shall recommend, but I think it
will be not less than thirteen or fourteen mills
In my message, which will be transmitted to
the Legislature in few days, the recommen-
dation will be made, but the amount will be
determined on by the Committee on Ways
and Means Of the House of Representatives.
Reporter-Is it the purpose of the admins
tration to levy tax for the payment of in
terest on the public debt?
The Governor-By no means. Nothing
whatever will be said about interest on the
public debt in the tax levy, and no provision
will be made for it until the debt is reduced
to a tangible form.
Reporter-Do understand your Excellen-
cy to intimate that it is the intention of your
administration to repudiate the debt?
The Governor-No, we do not intend to re-
pudiate. 1t is not right that the holders Of
our bonds, who (even if there was fraud con-
nected with their issue) are innocent, should
be made to suffer. They have some rights,
which should be respected, and think an
equitable arrangement can be effected, which
will satisfy all parties.
Reporter-What is the arrangement to
which you allude?
The Governor-Well, you see, our object
and endeavor will be not to restore the credit
of the State, for that is almost beyond resto-
ration. We intend to try and build up new
credit. And we propose plan something
like the following: Let committee be ap-
pointed, to be composed ofgentlemen of known
integrity and financial ability, who are in no
way connected with the State administration ;
men like Governor Aiken, and others whom
I cannot now name. Let this committee 60
to work and call in the bond-holders, ascer-
tain the precise amount of bonds that is out
standing, and when this is definitely ascer-
tained, let them propose to the bond-holders
an arrangement by which they will surren-
der their bonds in exchange for new issue
of bonds, at rates corresponding with the pri-
ces which they paid for their bonds. This
will reduce the debt Of the State to something
like tangible form, say about 100000 or
s8,000O00. And on our part, if they consent
to this arrangement, we will pledge ourselves
to pay the interest promptly; if not, we stand
pledged to make NO appropriation for the in
terest on the debt as it now stands
Reporters your Excellency aware that
six millions of these new conversions bonds,
which resaid to be fraudulent, are held by
the savings banks in New York, and that it
is said that their credit will be seriously i'm
paired by this arrangement?
The Governor-I was not aware of it but
if it be so they will have to take the same Of
fers that are 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 inference,
from the fact that the late Comptroller. Gen.
eral made no provision for them in his at
tempted tax levy. Do l understand you to
say that these fraudulent bonds will also be
redeemed pro rata with the others in your new
scheme?
The Governor-As said before, even if
the bonds are fraudulent, the holders are in
nocent of any fraud, and they should not in
equity be made to suffer for the wrong doings
ofothers. Should the plan that have rough
ly sketched for the reduction of the debt be
carried out no discrimination against these
bondswill be made. They will all be treated
alike
Reporter-It is probable, then, that no pro-
vision for the interest on the public debt will
be made this year?
The Governor-None at all, and no appro-
priation or tax levy will be made for that
purpose until the arrangement that [ have al
luded to, or something equivalent, is made.
The platform of tie Republican party pledges
it, and we intend 20 be governed by that plat
form.
Reporter-Have the Committee of Ways
and Means of the House made any provisions
about the taxes, ytt?
The Governor believe the committee had
a meeting last night, but am not aware that
they agreed upon tie figures. am Informed
however, that fourteen mills will be the figure
exclusive Of the county tax.
Reporter-For what purpose will this enor
nous tax be used?
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