Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-11-28
GEO. P. RowELL &Co, NEW YORK AGENTS.
EDITORIAL CORRESPONDENCE.
COLUMBIA, Nov., %.

disastrous to many Of it's merchants OF
course. every one in business in state
capital is more or less dependent upon
the condition Of the treasury. Mer-
chants sell goods to officers, legislators and
employees. They take certificates, orders
and claims as payne for their goods.
These kind of securities are used as col
laterals with the banks. Then too the
banks dabble in such securities, some
times by lending money on them and
sometimes by buying directly at dis
count.
During the past year more of this kind
of business has been done than ever be
fore because the margins Of discount have
been larger. Probably no merchant is
without some of this state paper; certa n
" no bank is without it.
The Blue Ridge scrip also counts it,
victims. Two of the banks and one of
the private bankers are heavily loaded
with it. Two Ofthe banks in Charleston
are reported to be let in for $50, 600
each.
Three merchants here are known to be
ruined by endorsements and advances
made sn the faith of Blue Ridge. From
the banks no money can be had; balances
are drawn down to the lowest point :
brokers are as dry as punk; and there is
every sign of panic.
The iniunctionS which prevent the col
lection of the tax levied by the cOmptrol-
Ter postpone the payment Of all these
claims again the state.
To give notion of the amount and
character of the claims thus postponed
we recapitulate some Of them:
The judges salaries, unpaid, most OF
them for nine months, amounting TO at
least $4,000; the salaries Of school
commissioners, most of them for year,
$4,000; county auditors, $4,000 !;
lunatic asylum, $4,000; penitentiay,
$4,000: deaf and dumb asylum, Sl0,-
900; the school claims unpaid, about
100000; solicitors, $4,000; quaran-
tine expenses, $4,000; enrolment of
militia. $4,000; claims for printing held
by newspapers, $4,000 claims for state
printing, S3OO,OO0: election expenses,
$4,000; school records, $1,000; con-
tingent funds Of state officers, S2O,0)0
unpaid; executive officers and clerks
$4,000; university, $4,000; total
$967, ,000
Thus, without counting single claim 0
a doubtful character or one not justly
due for services rendered, We have nearly
million of dollars to be provided for by
deficiency bill.
In addition to these claims there a'e
issued by the state treasurer 800, 900 OF
notes to pay legislative expenses; pay
certificates still out, unpaid by note or
otherwise 100000 armed force youch'
crs 100000. interest on public debt,
one year and a half, to Jan. /, 1873, on
the ten millions of undisputed debt,
5000, 900: or being total Of 81 600, ,00c.
The grand total of these claims against
the state then will amount to 81, ,567 900,
without counting the interest on the con-
version bonds which would amount to
$50, 600 more.
Then, too, we have the Blue Ridge
matter to settle. The state cannot eS-
cape from paying something to lay this
uneasy ghost The four millions Of
securities have been taken up by the
state and cancelled. The debt for which
they had been hypothecatcd and certain
other debts aud expenses will have to be
paid by the state in order honorably and
thoroughly to get quit of the Blue
Ridge business. This will take at the
very least 100000 more.
The actual and contingent aside from
HE bonded debt, liability Of the State
is therefore shown to be about 50, 900, 600.
This may be called floating debt.
This large sum it will be impossible to
pay By a tax levy, and at the same time
provide for the current expenses OF the
State. To do so would require a levy Of
at least thirty mills To fund it is not so
easy, for bonds cannot now be issu d
without the consent of the people, and
it is doubtful if a majority could be had
in this State for bill proposing to allow
the Moses government TO enter upon a
course Of bond issuing.
There is no justice in treating the
claims enumerated in The first paragraph
Of this recapitulatiCn as any less obliga-
tory on the State than THOSE for services
Of the same kind to be rendered. Thc
legislature ought to rise superior to the
dread of laying high taxes, and should
provide at once for the payment Of this
part of the deficiency.
The interest, notes, pay certificates,
armed force and Blue Ridge, as parts Of
the debt may be allowed to FAoAT.
MUTATIONS!
The change Of State officers briggs