The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-12-19


have the honor to be, very respectfully,
Your obedient servant,
iS;pnedl F. L. CARDozo,
Treasurer of South Carolina
Exemption of Tax on Manufacturing Capital.
Mr. Bowley, Chairman of the Committee OF
Ways and Means, in the House of Representa-
tives gave notice, On Wednesday, of the intro
duction of bill to aid and encourage manu-
facturers and ernalimprovements. We have
had an opportunity OF glancing at this bill,
and find it to be we'll adapted to promote the
prosperity of the people of this State. In the
first section it states, that for the purpose OF
inducing the investment and employment. OF
capital in the manufacture of cotton, woolen
and paper fabrics, and of agricultural imple-
meuts, and for encouraging internal improve
ments in this State, any individual, or associa-
ton of individuals, who shall hereafter invest
capital in these manufactures, and in railroad
enterprises within the State, shall be entitled
to receive from the State Treasury, annually, a
sum equal to the aggregate amount OF State
taxes. which shall be levied and collected upon
the property or capital employed or invested
directly and exclusively in such manufacture
or enterprises. 1t is devolved upon the Comp
troller. General to fix and determine the sum
so TO be paid, according to the tax returns, and
it is to be paid by the State Treasurer on the
warrant of the Comptroller. The second Sec
tion makes it the duty of County Treasurers,
and those of municipal corporations, to pay to
such individuals or associations engaged In
manufactures, &C., sum of money, annually,
equal to the aggregate amount OF County or
municipal tax during any year. In the third
section the provisions of the first are limited
exclusively to investments to be made hereafter.
It is furthermore declared that they shall not
operate until satisfactory evidence has been
presented to the Comptroller General that the
property or capital, for which the benefits OF
this ACT ere claimed, has been actually en-
ployed. paid In, or invested in this State. The
fourth section limits the benefits to the prop
er.y and capital 30 invested to period OF ten
years. ,,u
In our judgment, this is a well:conceived bill,
and framed in conformity with the general
wishes of our people of both races. We think
it calculated to attract capital here from abroad
and to bring into wholesome use much that is
now comparatively idle and unproductive at
home. The business of manufacturing having
been demonstrated by argument, by facts and
the results of experience, to be the best in
which capital can be used, still there has been
seen some hesitation in entering upon it here
1t is a new pursuit to most persons, and has
certain amount of prejudice or obstacles to over
come on that account. But the principal i'm
pediment to the introduction of capital from
abroad springs from the fear of heavy. taxation.
The State is known to be deeply embarrassed.
It has large bonded debt and heavy load of
deficiencies to carry. 1t adds to the distrust
that these are uncertain in amount The State
has also to revive out of their PROSTATE condi-
ton all its public institutions task hardly
less difficult and expensive than their original
creation. 1t is thought by those who under
stand this to be the state of things, that taxes
now heavy must necessarily increase here in
the future. Hence, with all the attractions
which manufacturing offers in our favorable
climate, with the results demonstrated before
their ewes and palpable to the view of all, cap
italists stay away The old adage says Plutus
is timid, and we know that capital is shy
thing. 1t does not like uncertainties and con,
tingencies. If we are not mistaken, 1t Will
appreciate exemption from taxation Tor liml-
ted time, and hasten to fill the places SO invit-
ingly offered to it. The passage of such
measure as the one we are considering oy our
Legislature will be taken as an earnest that
our colored people have liberality OF views,
and are disposed to cultivate an enlighted pol
lCy. IL Will Uc nioo 90 sA1s's
the old prejudices between the races here are
dying out, and are to be supplauted henceforth
by agreeable business and other relations be-
tween them. If the party now in power In
the State will give US, as they have promised,
an honest, economical and just government,
and open way for the introduction of capital,
we guarantee that it will come, and with it
better state of things for the country. The
bill which we have been considering seems to
us, from the cursory glance we have given it,
to be a prudent and timely measure, and as
such, we recommend it to the favorable consid-
Grafton of the Legislature Columbia PhGni.r.
NEW SrATEs-It is understood that efforts
looking to the admission of New Mexico and
Colorado as States will be made at the present
session of Congress. Several years ago bill
passed both Houses to admit Colorado, but was
vetoed by President johnson. No attempt was
ever made to pass the bill over the veto, it be-
ing found that it was impossible to secure
two-thirds vote in the Senate in its favor.
The parties interested express no fears now of
veto, and seem confident that they can secure
majority vote without any trouble. Colorado
has a population of less than forty thousand,
while New Mexico has we'll on to hundred