The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1873-10-21

lWslsiftuhp lecbSloh III @SOhJtlnttie tDtltthloW'
iiig reeomhcndalioIs ID rogard 70 4iIS public
G %It is, however, eniihcnuy proper that
some financial scheme sllonld bp now adapted
10 prepare tie State to- meet tho principal Of
the debt as it falls due. If the interest is
regularly paid on the debt 100000 annually
set apart as "A sinking fund for twenty years,
invested in safe securities yielding six per
cent. per annun, the principal being ftirthe.
Increased by the Investment of tho intercs.
annually accrulng will accumulate tho sum of
$3,s9s,3l2, which viii bc nearly adequate
20 tho payment of the entire debt then due;
and recommend that proper legislation be
adopted mt tho present session to inaugurate
this scheme.
"Under tho act of September, 1856 provi-
sion was made 10 fund the interest on stock
issued under the authority of the act of 1868
to continue tile construction OF the new
State House; the whole amount issued was
S24, $40. Tho issue was not made until
some time during the year 1854, when tiers
was heavy depreciation of tho currency
aud when labor and material were in a cor
responding degree -apprcciated 100000
were issued in 1862 under authority OF the
act of 1851, when labor and material had
appreciated very little In my proclamation
/ excepted tlicse two issues from immediate
funding until the General Assembly met and
determined whether these stocks should be
scaled TO the real tuiur received by the State
for them wien issued. The convention
adopted rule for tho government Of trans.
actions between individuals during this time,
which was just and honest aud no reason il
perceived why the same rule should not be
applied IN transactions between lilo State and
its creditors"
From the above, il appears that Governor
Orr acknowledged that no provisions had
been made for the payment OF the principal
of the public debt, and realized the necessity
for, aud wisdom Of, making immediate pro-
visions therefor. 1lo also conceived il to DO
Just and proper 10 scale portion of the
public debt, and took tho responsibility upon
himself to exclude them from the bcneAts of
tho funding acts, until the Legislature might
meet aud take action thereon
While II Is true that tho Legislature dis
regarded his recommendations, every one will
admit their sonndncss. They are quoted here
for the purpose OF showing that a precedent
has been established for the recommendations
which follow.
/ recommend:
First. That all the bonds Of the State for
which the State il actually liable. leas $3s, 900
State capital bonds of 1853 past due, TO be
otherwise provided for, be scaled in tho fol-
lowing manner, TO wit:
That the State treasurer be giItorizod and
instructed to receivc from tile holders ceiling
to surrender the same all the bonds and
stocks of the State previously issued aud now
outstanding against tho State, (not including
the State capital bonds before referred TO, and
bonds known as "Conversion bonds" issued
directly by sale or hypothccation, the numbers
and denomination of which will more fully
appear 10y reference to the treasurer's registry
OF bonds and stocks converted, or issued
directly, amounting to So 965, OOO,) and shall
thcreupon in exchange for and in lieu Of said
bonds or stocks so surrendered issue 10 said
holders other bonds or certificates of stock
as they may desire, equal in amount to
OF the face value Of the bonds or stocks so
sutrrndrird
That the State treasurer be authorized and
instructed TO receive from tho holders willing
to surrender tile same, all the bonds or the
State, known as Conversion bonds' issued
directly by sale or hypo,hecatiou, the number
aud denomination of which will fully appear
by reference to The treasurer's registry of
bonds and stock converted, aud issued direct
~ aud stall tlcreupon in exchange lof aud
in lieu OF such bonds so surrendered, issue To
said holders bonds or certificates OF stock
equal in amount to -- OF the face yrlue
OF tho bonds so surrendered and no liability
on the part Of the State is recognized further
than is herein limited and expressed
That the State treasurer be authorized and
instructed to receive from the holders willing
TO surrender the same, all the coupons upon
the bonds before mentioned which have ac-
crued or will accrue OH the 31st OF October,
1873, and tho interest orders upon interest
due upon certificates of stock MS aforesaid 10
tue date aforesaid aid shall, thereupon, in
exchange for and in lieu of such coupons or
interest orders so surrendered issue TO said
holders bonds or certificates OF stock equal in
amount to -- of the face value of
the coupons or interest orders so sur
rendered as follows: Coupons and interest
orders OF the principal OF bonds aud stocks
scaled at - 10 DO scaled in tho same
proportion, aud coupons and interest orders Of
the principal OF bonds scaled at - to
bo scaled in tlro same proportion
That the State treasurer be instructed to
receive from tho holders willing TO surrender
the same all the pay certificates bills payable,
scrip, or other evidence OF State Indebtedness
outstanding against tho State on ihe 3lst of
October, lsT3-excspt appropriations payable
as deiiciences-and shall theroupon, in OK.
change for and in lieu thereof, issue to said
holders bonds or certificates of stock equal in
amount to -- OF the face value of tho pay
certificates, bills payable, scrip, or other evi.
dence of State Indebtedness so surrendered
Provided that no liability to pay the aforesaid
pay certificates, bills payable, aud scrip or
othcr evidence Of State Indebtedness is rccog-
nized otlier than Is herein limited ana or.
pressed
Second. The bonds and certificates of stock
herein authorized TO be issued shall bear upou
their face the words "bonds aud certificates
of stock" and shall also bear upon their face
a declaration to the effect that lilo payment Of
the interest is secured by the levy Of an