The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22
Legislature (sesaiop Of lsGG), mado tho follow.
ing recommendations III regard 10 tho public

Legislature (sesaon Of 1861. mado tho follow.
ing recommendations in regard 10 tho public
debt: . 3ES 0'Ss y g.,
! !'SIt sis, lowovorS einibciitly, proper thst
ysomd. financial scheme sllpuldb be now adopted
sto prepare tho State to meet gtho principal Of
the debt as it falls Iuc3 Iftthe interest is
regularly paid on the debt, $lo0,0 annually
set apart as sinking fund for twenty vears,
invested in safe securities yielding six per
cent. por unnun, the principal being further
annually accrliipg, will accumulate tho sum of
$3,S99,3l2, which will bo ncurly adequate
,c tl:3 psy;rea: c. the entire debt then due:
and freconnond that proper legislation be
adopted ut the present session to naugl,rate
this scheme.
''Uudcr tho act Of September, 1866, provi.
sion was made to fund tile interest on stock
issued under the authority Of tho act Of l8Ga.
to conlinue tho construction of tho new
State House; the Whole amount issued was
1924, $40. Tho issne was not made until
some timo during tile ycar 1854, when there
was heavy depreciation OF tho currency
and when labor md material were in cur
responding degreo appreciated; 100000
wcrc issued in 1862 under authority of the
act Of 1861. when labor and material had
appreciated very little In my proclamation
/ excepted these two issues from Immediate
funding until the General Assembly met and
determined wlethur thcso stocks sIuuld bc
scaled to tho reai vnlue recciv.d by tho State
tor them when issued. Tho convention
adopted u rulo for tho government of trans.
actions between individuals during this time,
which, was just and honest, aud no reasou is
perceived why tho same rule should not be
applied III transactions between tile State and
its creditors"
From the above, it appears that Governor
Orr acknowledged that no provisions had
been nado Tor tho payment Of tho principal
of tho public debt, and realized tho necessity
tor, aud wisdom oI, making Immediate pro-
visions therefor. lIe also conceived il to be
just ana proper to scale u portion Of the
public debt, md took tho responsibility upon
himself to exclude them from tho benclits of
tho funding acts, until the Legislature might
meet and tak0 nclion thereon.
Whilo II is true that tho Legislature dis.
regarded his recommendations, every one will
admit their sonndIIcss. They nrc quoted here
for the purpose OF showing that prccedout
las been established for tho recommendations
which follow.
l recommend:
First That all the bonds of tho State for
which tho State IL actually liable, less S3s, 600
State capital bonds OF 1853 past due, to bc
otherwise provided for, be scaod iii tho fol-
lowing manner, 10 wit:
That tho State treasurer be authorized. and
instructed to receive from, tho holders ,oiilino
TO surrender tho same all the bonds and
stocks OF tho State previously issued and now
outstanding against the State, {not Including
tho State capital bonds before referred to, and
honds known as Conversion bonds Issued
directly by sale or hypothrcation, tile numbers
ana denomination of which will more fully
~ rn(a trNf
OF bonds and stocks converted. or issued
directly, amounting to $5,065, ,0OO,) and sl,nll
therenpon in exchange for and in ien OF said
bonds or stocks so surrendered, issue To said
holders other bonds or certificates OF stock.
as they may desire, equal in amount to -
e. the face value Of the bonds or stocks 40
surrendered. 4N
Tint the Stntc treasurcr be authorized md
instructed 10 receive from tic holders willing
to surrender tito same, all tho bonds OF the
State, known as "Consersiou bonds" issued
directly by anlo or hypo,icca,iot,, Tho n,imler
nnd denomination OF which will fully appear
Ivy reference to the trcasui registry OF
bonds and stock converted, ana issued direct.
~, nnd shall therenpon in exchange for mud
in lieu OF sucli bonds 80 SURE .iderod, issue to
said holders bonds or certificates Of stock
equal In amount to - OF tho face value
OF tho bonds 40 surrendered, und no liability
ON the par, of lie State ia recognized iurthvr
than IN herein limited and expressed
That tito Stnte treasurer be authorized md
instructed TO receive from tho holders willing
to surrender the shIne, MI the coupons upon
tho bonds before mentioned, which huvo nc.
crued or will accrue on tho 3Ist oil October
1919. anu the interest orders upon iuterest
due upon certificates Of stock NJ aforesaid 10
tho dac aforesaid, aud sl,ull, lhurcupon, in
exchange for and in lieu Of such coupons or
'ntcroSt orders NO surrendered issue TO Haid
holders bonds nr certificates or stock equal in
amount TO -- OF tho face valuo OF
tho coupons or interest or,lors 70 sur.
rendered ns follows: Coupons aud interest
orders Of the principal Of bonds and stocks
proportion, aud coupons and interest orders of
tho principal OF bonds scaled at - to
oe scaled in the samo proportion.
That the Stntc treasurer 10 instructed to
receive from tho holders willing TO surrender
the hnrle NIL tho pay certiAcatep bills payable,
scrip. or other evidence Of State Indebtedness
outstanding against tho State OH the 3Ist of
October lS13-oxccpt appropriations payable
as doticioncies-and shall thersupon in e1-
change for and i'll lien thereof issue to said
holders bonds or certificates OF stock equal in
amount to --- OF tho face valuo Of tie paw
certificates, bills payable, scrip. or other evi.
dcnco Of State indebtedness 80 surrendered ::
Provided thnt no liability to pay the aforesaid
pay certificates, bills payable, and scrip or
other evidence of State Indebtedness is rocog-
nlzed other than is herein limited and cx-
pressed
Second. The bonds and certificates Of stock
herein authorized to bc issued shall bear upon
their face Tho words bonds aud certificates
of stock" and shall also bear upon their faco
declaration To the effect that tho payment of
the interest is secured by tho lovy Of an
annual tax, and the redemption OF tho princi-
pnl is likewise secured Ly sinking fund pro.
rilnIl