Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-10-30

approved March ., .loiZ. ineIe 10
also upon the treasurer's 8 book large
miscellaneous floating debt, includ.
ing the unpaid free school fund, and
all unpaid appropriations, not paya-
BILE as deficiencies after October 81,
1878, which is estimated at about
$3.50, 1000.
pECAPITULATIoN.
Interest oessSsr Hpos IHHaed is4a debt g IS
Debt funded under acts Septem-
Paw certificates and bills payable
sessions of 1901, lS71-72. 0O,OOO 90
Pay certificates session of
1928. 100, 1000 90
Debt due Blue Ridge Railroad 1,797, 1852 "a
Miscellaneous floating debt. 100000 90
Total. $500, ,397 IS
| Funded debt. 1902, ,5O3 50
| Floating debt. 5,3O6,397 10
Aggregate floating and
funded debt. 1888, ,9O1 10
The passive or do-nothing policy
which has obtained in the treatment
of the public debt sine 1871 has
unq questionably proved disastrous to
the credit of the State. The taxpay.
er, relieved for the time being from
the payment of an extra tax, regard
ing the bondholder as parasite, liv-
ing at the expense of forced contri-
buttons from his small and insufficient
revenue. "reaping where he has. not.
so Sn," has been disposed to let the
debt and the holders thereof take
care of themselves, hoping that some
benefcent providence would Ultimate
ly relieve him of the burden; caring
little whether relief came from repu-
diation Or the assumption of the debt
by the national government. But in
the meanwhile the unpaid interest
accumulates; the probability of the
assumption of our debt by the ma
tional government is remote; threats
Of reputation begin to assume tan.
gible shape, and citizens are found
bold enough to give them utterance
the bonds of the State are no longer
inquired for at the Stock Exchange;
the credit of the State is lost almost
beyond redemption. 1t is patent to
the unpreludiced mind that unless we
propose to adopt in this State that
policy which has made the name of
the once proud State Of Mississippi
Infamous in the commercial markets
of the world, such prompt, immedi.
ate action is imperatively demanded
as will demonstrate to the creditors
of the State our honest determine
tion to adjust and settle our entire
Indebtedness according to our best
ability. No one doubts that to levy
at this time tax large enough to
cancel our floating Indebtedness, or
even to pay the accrued and accruing
interests upon the bonded debt, would
paralyze the business energies Of the
State, and would be equivalent
to an actual confscation of the prop
erty of every citizen. To fund
the whole of the floating debt at
gar would increase the public .dobt
of the State. This is expressly for
hidden by recent amendment to the
constitution, unless two-tilirds of the
qualified electors of the State, voting
upon the question, should give their
assent to such increase. Even as
suming that their assent to such in
crease could be obtained, the present
condition and resources of the State
do not warrant the collection of
AN ANNUAL TAxoF ABOUT NINE MILLS
ON THE DOLLAR,
in addition to all other taxes, to pay
interest upon the public debt. The
question then arises, what is 10 be
done under the circumstances? There
are those who even object, strenuous
ly, to the levy of any tax at all for
the present to pay interest; 6m 'Oe
must either pay on repud'ate. Il from
January, 1871, to October, 1873, does
not furnish the taxpayer sufficient
breathing spell to prepare the way
for the resumption Of the interest
payments, then three additional years,
with all their interest accumulations,
will not afford it. But I am satisfied
that this class of grumblers comprise
but a small minority of the taxpay-
ers of the State. They would grum-
BILE whether the tax be one mall or ten.
Taxation is considered an evil always
to be shuned; but there are evils
much auorse than that The loss Of
credit, public and private, the con-
tinuation of such action as will bring
discredit upon the fair name of the
State, and cloud the honor and ulti-
mate good intentions of the people
with suspicion Of dishonorable repu-
diation. History is pregnant with
illustrations of the fact that such q
remedy is far worse than the disease.
It is irrelevant to- our present pur-
pose to reflect upon the way the debt
has been contracted, or to estimate
: what consideration the State received
in return. The debt exists, and
} sound public policy demands thai
; some provision he made at once fol
its adjustment. =
PLAN OF ADJUSTMENT.
, 1t is a well established principal 0
political economy that an individua
!. having money to invest will make Al