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

rms concludos the history OF the bonded in
debtedness of the State.
FLOATING DEBF.
The interest Tue and payable upon the
bonded debt on the 3lst OF 0c,ober
iS'2 rs appears blythe treasurer's
books, pmOints lo.......... Al IoR o,o as
L ho interest duo and payable ON the " -
alst of October, 1873 amounts To. -. 9i9ssO 8s
Total interest, accrued and aceruiug.
Osioner, ~ lsl31-.- -. ...s a. 8s2 q9S
There is also an unfunded balance or Sjf6
75l. .G3, fundable under the acts OF September
ana December. 1866, which may properly be
included in the floating debt of the State
The special committee appointed by the
Legislature, session of ls72-T3, TO invest. gate
The amount of outstanding pay certificates
ami bills payable, reported TINT they had ex
amIned outstanding pay certificates and bills
payable to the amount Of S40l ,S69.9s. Tie
committee asked for further time to continue
their examination. which was granted n Ia
assumed that there is an additional amount
outstanding. which the committee will prob
aoiy examine and report upon at your
present session. The total amount outstand-
ing may be safely estimated ut S5oo,OOo
IL is also estimated that there is an unpaid
balance oil pay certificates OF the session of
lSI2-T3, amounting 70 about 500, 600.
IL appears by the treasurcr's books that
the State s charged with the sum of 81 .797
352.9I, on account Of So, 1876. 600 of bonds
surrendered by the Blue Ridge Railroad in
accordance with the provisions of an act of
tile Legislature, approved March . 1872
Iherc Is also upon the treasurer's book n
largo miscellaneous floating debt, Including
unpaid free school fund, and all unpaid ap.
preparations, not payable as deficiencies after
October 81, 1879, which is estimated at about
S45O,OO0
EECAPITuLArioN
Interest upon Bonded Debt TO October 81
io"'.. ACKNOWLEDGEMENTS. 40 $40 2aS I9
Debt 'andale u!rr Acts september and 80
December, 1866. ........ ....... IIgI6I N
Pay certificates and bills payabi. sessions ''' "
"i lsIo-Il, STl-I9............ 500 oOo M
Ray certificates session of IsT2-I3 iOoeO0 no
Debt due Blue Ridge Railroad ~ ITyT'sSs o.
Miscellaneous Floating Debt - $4,000 90
T"tal'-...."................... .sosOe.s01 rs
FI%siiny F%naGa Psss. bLn, sisS3. sCa ss
F'o"''"s prr'.'..........-... aS06S S9I 20
Aggregate Floating and Funded Debt &9nsss sOi 10
mas shs GnssySm in or md dopehRR PSSSS EhSh
debt, since 1871. has unquesiiouably proved
disastrous to the credit of the State
The tax payer, relieved for the time being
from the payment of an extra tax, regarding
the bOndlolder as parasite, living at tho ex-
pensc OF forced contributions from his small
nni insufficient revenue, ''reaping where he
has not sown,' has beon disposed 10 let the
debt and the holders thereof take care OF
themselves; hoping that some beniticent
providence would ultimately relieve him of
The burden; caring little whether relief came
from population or the assumption of the
debt by The national government But In the
meanwhile tho unpaid interest sccunlulatea;
The probability Of the assumption of our debt
by the national government is remote: threats
oil reputation begin to assume tangible shape
and citizens are found bold enough 10 give
them utterance; the bonds of the State are no
longer cnquired for mt the stock exchange;
the credit Of the State is lost almost beyond
redemption. ..
IL Is patent TO tho unprejudiced mind that
unless we propose 10 adopt in this State that
policy which has made tho name OF the once
proud State of Mississippi infamous in tile
commercial markets OF the world, such prompt,
immediate action is imperativey demanded as
will demonstrate 10 the creditors Of ths State
orr honest determination to adjust and settle
our entire indebtedness according to our best
ability
No one doubts TINT to levy at this time a
tax large enough TO cancel our floating indebt-
edness, or even to pay the accrued and accru-
ing interest upon tho bonded debt would
parNlyZe the business energies Of the State, aud
wouli be equivalent to an actual coniiscation
OF the property of eyory citizen.
TO fund the whole of the floating debt at
pdf would increase the public debt of
the State. This is expressly forbidden by
recent amendment 10 tile constitution,
unless two-thirds of the qualified electors
of the State, voting upon tho qucs-
tion, should give their assent 10 such
increase. Even assuming that their assent TO
such Increase could be obtained, the present
condition and resources of the State do not
warrant tho collection of an annual tax OF
about nine mills on the dollar ia addition to
all other taxes, to pay interest upon tho public
debt
The question then arises what is TO be done
under the circumstances There are those
who oven object strenuously, TO the levy of
any tax ut all for the present to pay interest;
6H are must eiIher pay o. rephdidtc. IL from
January 1871 to October 1873 does not lurn-~
isll the tax payer sufficient breathing spell 10
prepare the way for the resumption of the
interest payments then three additional years
with all their interest accumulations will not
afford it, But am satisfied that this class of
grumblcrs comprises but a small minority Of
the tax payers of the State.
They would grumble whether tlc tax be
one mill OF ten.
Taxation is considered an evil always 10 be
stunned; but there are evils much ieorse than
that. The loss of credit, public aud private,
the continuation Of such action as win bring
discrcdit upon the fair name of the State and
cloud tho honor and ultimate good intentions
OF the people with suspicion OF disllonorabie
reputation. History is pregnant with Hits
traions of the fact that such n remedy is far
worse than tho disease It is irrelevant TO otfr