The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-12
A FINANCIAL SENSATION.
EHELAsr DEVICE OF THE RING.
A New D.parture-The Five Financial
Buls-vaIidating and Registering the
Debt-The Appropriation Bil-A LII
cense Law, and the FInn ncial agency
COLUMBIA, 8. c., February s.

The incident in the Legislature to-day Wnlcn
furnished the key to the whole device was the
Introduction by Dennis, in the lower house,
of TWO bills entitled respectively "a Gill In
relation to the bonds and stocks Of the State
of South Carolina" and IA bill in relation to
the financial agency OF the State OF South
Carolina In the City of New York." These
two bills complete group Of five measures
now pending before the General Assembly,
which are depended upon by the Governor
The whole qlintagonal device includes the
following measures, which will be explained
In the order named:
l. "a bill in relation to the bonds and stocks
ot the State of South Carolina"
2. "a bill to raise supplies and make appro-
priations for the fiscal year ending October 81,
1872 and to provide for deficiencies In the rev.
enue for the fiscal year ending october 81,
1s7l." .-.,.,>,
5. "a bill to further amend an act entitled
AN act providing for the assessment and tax-
sss4a,o alton Of property and other acts amen0a'0rS
l. "a bill to provide for a general license
s. "a bill in relation to the financial agency
OF the State Of South Carolina In the City OF
New York"
The first of the above named bills Is docu-
ment of formidable length, and Is at once q
valuation act, funding bill, registry law
and guarantee bond. Us first section gives.
what purports to be full Inventory of all the
bonds and stocka of the State Issued since
January l, 1868, all of ukich are declared TO De
genuine and legal issues within the intent and
meaning of the several acts which authorize
them, and the faith and credit Of the State are
solemnly re-pledged for the payment IN full OF
their principal and interest. Next 1t provides
for the funding of certain securities (Which are
kox xhn mr.
ury notes now ahoat In New York; Into Blk
per cent. bonds of the State, and the Issuing
of the necessary amount Of conversion stock
for this purpose. Another section requires
the registry of all outstanding bonds and
stocks, after due advertisement, at either the
Carolina National Bank, Columbia, or the OF.
flee Of the Commercial Warehouse Company,
New York, and makes such registry compul-!
sory by prohibiting the payment OF interest
on coupons Of unregistered securities; and
lastly, the bill affords an ostensible guarantee
against the further issue of bonds, by provld-
Ing that no further issue shall be made with.
out the consent of twc.thirds of the qualified
yotelsof the State at a gecol al election.
II is;apparent that If the above measure
should become law tremendous amount OF,
ready cash would be required to carry out Its
purposes. To supply this necessity the next
three bills are framed. The first one (num-
ber two In the above list) Is the substitute for
the general appropriation bill recently intro
duced ln the House by the committee on ways
and means, and contains the followingSr
markable provisions. In the first section 1t
requires the levy Of the tremendous tax of
seventeen and one half ne,lLs for State and
county purposes. This is divided as follows:
For current expenses for the present
For sGai IntsSEest Sesf on the public debt mills. s
For deficiencies for the fiscal year end
ing October 81, 1S71....... .........5 mills.
For county PURPOSES. y - "a Hills.
The appropriations, dr, at least, such of
them as have specified amounts, loot up as
follows: ,o
salaries. o0o
Executive department. ent............. lS,SOV OV
ordinary % civil expenses. 11l,s0o
Extraordinary expenses. .............. 60,O0u
Educational, Gn addition to the per
capita tax) ).................:..... lo3,ooo
Total of specified appropriations. 1881, 800
A very simple calculation will show that the
proposed tax of seventeen and half mills on
The dollar would yield q revenue (upon the
basis ef the assessment for 1870 ana ~ OF
$3,l72, 500, and yet the appropriation bull re-
9ures specifically the eSpeIdhass 1hs smon OF Sn
The next measurable act amendatory OF
the tax law-provides, amid o mass OF legal
verbiage. which Is depended upon to leave no
loop-hole of escape for the unfortunate prop
erty.owner, that all lands IN this state upon
which arrears OF taxation exist, at the ex-
piraHon of ninety days from the passage ri
the act, shall be sold at public auction to the
highest bidder. the State to guarantee the
titles to the purchasers by warrantee deeds;
The fourth bilr named above is another de-
vice for extorting money, and Is an insult ad-
ded to injury. It is entitled general license
law, and it provides simply for an Increase OF
from FIVE to three hundred per cent. IN the
fees for every kind of license that can be
dreamed of, while it includes among the list
of acts and articles that require licensing,
host of occupations and OF articles OF domes-
tic use that but few governments In their
times ofgreatest need have ever thought OF
taxing. II Is practical excise upon the
necessities of life, and 1t Is the most sweeping
of sumptuary laws.
The ffth and last of these devices is q meas
ure Intended to abolish that expensive luxury
known as the Financial agency OF the state ot
South Carolina, In the City of New York." IL
empowers the Financial board" to settle up,
from time to time, with the financial agent,
which power they have not hitherto possessed
although they have had authority to appoint
and discharge such agent, and 1t also empoW-
ers, although 1t does not require, the financial
board to abolish the agency as atpcesent or
ganized, and designate some New York bank
or other institution as the depository OF the
State and the place for paying Interest.
With the exception Of the intrvepction OF
business of any special Interest to-day in either
House. ,..
In the Senate, this morning, MIR. White
more introduced bill to provide for special
elections and the manner OF conducting the
same, which simply enacts that such elections
shall be conducted and managed In accord
ance with existing laws governing general
elections, aud that the expenses OF The same
shall be paid out of the funds and In the man
ner provided for general elections.
Mr. Bleman introduced bill to incorporate
the Journeymen's Mechanics Union, Of
Charleston, which is an act OF incorporation IN
the usual form, and with John Byrns,. W: q.
Berney, ]. W. Miller, G. N. Masrath, J; Z:
Howard and Isaac Reed as lncorporatols, ouC
whether the association is trades union, q
pleasure club or dependency of the Scott
Ku-Klux is left to be inferred from Its title.
PICKET.
TIE WORK OF FRIDAY.