The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22
Aggregate Flouting and Funded Debt :,
si.4es,sIa IS
ols.sso SO

Aggregate Floating and Funded Debt $au ss3 ovl II,
The passive, or do-nothing policy which
| has obtalned in tho treatment Of the public
dobt, since 1871. l,us unqnes,ionably proved
| u'snstrO''s to the credit Of the Stats
| The tax pnyer, relieved for the time being
| from the Inytnont Ut an extra tax, regarding
The bondhoder ns II parasite, living at the ex-
pcisc OF forced contributions from his small
ana Insufficient revenue. 'reapuK where lie
! ms not SowiI, has beon disposed 10 Let the
! debt aud tho Il, lders thereof t,ks fura of
ti'einsclvcs hoping tl,nt some benficent
providence would ultimately relieve him OF
llic burden; cnring little whether relief came
rom icptidlation or the assumption of the
debt ny Tho national government But in tho
meanwhile tho unpaid interest ucculnulates:
the probability OF the assumption of our debt
ny tile u"tionnl government is remote; threats
ol Reputation begin to assume talgible shape
anu ciliZels are found buld enough to vive
them ntterancc; the bonds ot the Statu are ITO
longer cnqured Tor ut tie stock exchange.
the credit Of the State is lost almost boyond
redemption.
IL is patent to tllo unprcjuiiced mind that
"hiess we propose 10 adopt in this State that
pol'cy which has made the name OF the once
proud State OF Mississippi Infamous in tho
commercial markets Of tho world, such prompt.
Immediate action is ilnperntively demanded az
VIII demonstrate to the creditors Of the State
our honest determination to adjust and settlc
onr entire Indebtedness according to our best
ability.
No one doubts that to lovy at ilIis time a
t"x large enough TO cancel our floating indebt-
cdIcss, or even to pay tho accrued and accru.
ing interest npon tho bondod dobt would
pnr"lyze The business energies Of tho State, and
wonli be equivalent to an actual confiscstion
OF the property Of every citizen
10 fund tho whole Of tho host;pr ,lot% -
par would increase the public debt OF
the State. This is expressly forbidden by
recent amendment to the constitution.
unless twothirds Of tho qualified electors
of the State, voting upon tho ques-
ton, should give their assent to such
Increase Even assuming that their assent to
s''cli Increase could he obtained, the present
condition aud resources Of the State do not
warrant tho collection of an annual tax of
about nine mills OH the dollar, in addition to
all other taxes, TO pay interest upon tho public
debt,
Tie question then arises what is to be dono
under the circumstances There arc those
who even object, strcnuously, 10 the lovy of
any TAX nj all for the present TO pay interest:
mt nc must ctMer pay or repudidte If from
January 1871 To October 1873 does not furn.
ISL the tax payer sufficient breathing spell to
prepare the way for the resumption of the
interest Fnyincnts, tlicn three additional years
with all their interest Accommodations will not
afford it. But am satisfied that this class of
grumblcrs comprises but u sinull minority Of
the tax payers OF tho State.
7hry would grumble whether tho tax be
One NIL ~ fen
Taxation is considered an evil always 10 be
stunned; but there are evils much ,oorse than
that. The loss Of credit, public and private.
the continuation Of such action as will bring
discrcdit upon the fair namo Of the State and
cloud tho honor and ultimate good intentions
OF the people will, suspicion Of dishonorablc
rep'n"tion History is pregnant with illus.
tratIons OF the lact that snch u remedy is fur
woIso than the disease. II il irrelevant to our
present purpose To reflect upon the way the
debt has hocn contracted, or To estimate what
consideration the State received IN return. The
deht exists, and sound public policy demands
that some provision be made at once for i,s
adjustment.
The language Of tho treasurer of North
Calol''a III his annual report Of November,
1872 applies will, peculiar lorce 10 tho prosent
conditions of affairs in this State. eau do no
better than quote his words and recommend
their careful lcrusal and consideration:
much fear, while l do not apprehend