The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-07

TEE FINANCIAL Po1Iox.--A CORES
pondent of the Charleston Courier has
intsSsieYsds Gov. Moses and we extract
1.-THE following from his report: i
j. Reporter !xTOi oourse you are aware
Ipf The most Importance to the people Of
fBonsh Carolina ia the question OF taxa
tion. Z.
The Governor-I, know that; and I
| would: eay,. right here ,Tthat although the
Sax ordered to- be- levied by The late
l,Comptrnlle-,Ge General was epjoined at the
instigation Of the new administration, it
t,uas not -beeause ii aasttoo great q, tag,
but simply becsuse the Act which au-
thorized the l5vV was. unconstitutional.
It attempted to levy q tax for, the, fiscal
year ending November Ii 1879, when o
tux for that year had already been levied.
This would, of course, have been Ievyug
two taxes in ono year, which Is contrary
to tho letter and spirit of the Constitu-
ton. ..1.rtt
Reporter-Can your Excellency give
me an idea Of the amount Of tax that is
to be levied?
The Governor T don't think
that the people need look for less tax
than that attempted to be levied by the
late Comptroller: General. It would bo
! almost impossible to carry on the Gu
vernment with less tax. 1 have not yet
determined upon the exact amount
shall recommend, but think it will be
| not less than thirteen or fourteen mills
In my message, which will be transmit
ted to the Legislature in few days, the
lott h.
amount will be determined on by the
Committee on Ways end Means of the
House Of Representatives.
Reportcr-1s it the purpose of the ud-
ministration to levy tax for the pay
ment of interest on tho public debt?
The Governor-By no means No
thing whatever will be said about iute.
terest on the public debt in the tax levy,
and no provision will be made for it
until the debt is reduced to tangible
form.
Reporter-DoI understand your Ex-
cellency to intimate that it is the inten-
ton OF your administration to repudiate
the debt?
The Governor-No, we do not intend
to repudiate. 1t is not right that the
holders of our bonds, who {even if there
was fraud connected with their issue) are
innocent. should be made to suffer.
They have some rights, which should be
respected, and think an equitable ar
rangement can be effected, which will
satisfy oil parties
Reporter-What is the arrangem ent to
which you allude?
The Governor-Well, you see, our OBJ
ject and endeavor will be not to restore
the credit of the Stute. for that is almost
beyond restoration. We intend to try
and build up a new credit. And We pro-
pose plnn something like the follow
ing: Let committee he appointed, to
bs composed OF gentlemen Of known in
tegrity and financial ability. who are in
no way connected with the State admi-
nistration; men like Governor Aiken,
Let this committee go to work and call
in the bond holders, ascertain the precise
amount of bonds that is outstanding,
and when this is definitely ascertained,
let them propose to the bond holders All
arrangement by which they will surren-
der their bonds in exchange for q new
issue of bonds, at rates corresponding
with tho prices which they paid for their
bonds. This will reduce the debt of the
State to something like tangible form,
say about $1,000, 600 or So, 600, 600. And
on our part, if they consent to this ar.
rapgement. We will pledge ourselves to
pay the interest promptly; if not. We
stand pledged to make no appropriation
for the interest on the debt as it now
stands.
Reporters your Excellency aware
that six millions of these new conyer.
sion bonds, which are said to be fraudu.
lent, are held by the savings banks in
New York, and that it is said that their
credit will be seriously impaired by this
arrangement?
The Governor-I was not aware of it;
but if it be 30, they will have to take
the same offer that is made to the other
bond holders.
Reporter it is ackn o wlcdgcd that
these six millions of conversion bonds
are fraudulent. At least such is the in.
ference, from the fact that the late Comp.
troller-G General made no provision for
them in his attempted tax levy. Do
understand you to say that these fraud.
ulent bonds will also be redeemed pr0
rata with the others in your new scheme
The Governor-As said before, evel.
if the bonds are fraudulent, the holders
of