The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22

act of March !. 1870, for the same purpose
TO $780, 600. making a tutal Of S70O 900: or
tic hrst isano $16, 600 have been cancelled and
conversion bouds issued III lieu, and siof3 the
second issue $I67, 900 have changed tleir form
in the same mauner. leaving $AG7, 900 ontstand-
ing i'll their Original form = KS -
This concludes tho history of the bonded in
dcbtedness Of The State. ~ 81 q
rroAfa DEBr .2st555
Tho interest duo and payable upon the s. VS. IS
hon,c,l debt the 8ist OF Ociober
1872. As "ppears by the Atreasurer's
~, ''.'-s aiiiiso i. NJ az
s''' Of OCTOBER 1878. an'csa's ,o,... o,ssss o
T"lal interest. accrued anil acrruinr j. = ;!-,T-
oct"ocr 81, lS1S........... -. -. 428S24Q3 l8
There IL also an uniundcd balance OF $II6
75i.G3, tntdnble under tho acts Of September
and December, 1866 which may pronerlv Ia
included in tho floating debt Of the State ~ :,
The special committee appointed by The
Legislature. sessions Of I812-73. to invest pate
The amount Of outstanding pay certificates
and bills payable, reported ti,nt they, i,ad a.
am'ned outstanding pay certificates and @bills
payable to tho amount Of $4UI, ,869.98. ss Tie
committee asked for further time to continue
their examination. which 4was granted. s It. il {
assumed that there ID all additional amount,
outstanding. which the committee will prob .
ably examine and report ,,pulla ae Z your
present session. Tho total amount outstni,d-.
inE may be s,itely estimated ct $500 GOO .,l,,
II IL also estimated that there is an tinnaid
balance ot pay certificates OF the, session or
ls72-'3, amounting to about $tOo, 900. aTslSi &
IL appears by the treasurer's books that
tho State IS charged will, the sum OF SI.797..
ao2.S4, Oh account Of 3.395, 900 Of bonds
s.!ss:;ac'ed y ;i,o 1iue Ridge Railroad in (
accordance with the provisions of an act OF
the Legislature, approved March 2, 1872. ~ Z.
There is also upon the treas,lrer's hook - s
large miscellaneous fioating debt. Including
unpaid Tree school fund, aud all iuupaftl s mn.
preparations. not payable as deficiencies after
October 81, 1879, which Is estimated AZ about
$45O,OOO. - - 80. .-ts,,,'''f
nkcAPfruLATlox. g.i g.
Interest upon Bonded Debt to Octuber 81, ",
Deb, fanaahle un,!sr Act. september and -
Pay esltiasats. ami ili: ps;ai. ....ion. 'o'0l 9
OF lSlO-11, 1S1l-72. sDo 0O0 ~
pay certificates session NJ IS7z-7u. 900 O0
Debt due Blue Ridge RaiIr,,a,l 17o7 S59 al
hiscelaneons Floating Debt. i5itON, m
f"'a'' .aasoass1 IS
Funded Debt. :. .s1aoq1 500 sb
eo''......''....... ........ hSu6.S9T7b 10
Aggregate Floating anil Funded Debt gol lD
inc passive, or do-nothing policy which
has obtained in tho Treatment of tile public.
doht, since 1871. llas unq,lestionabiy proved
disastrous 10 the credit OF the State.
The tax pmyer, relieved fur the time being
from tile pnymUnt Of an extra tax, regarding
uR n ousta A."
pense of forced Contributions from his amall
n'd Insufficient revenile ''reaping where lie
has not sown, laa beOn disposed 10 lat the
debt aud tho holders thereof u,ko care of
themselves; hoping that some benifceut
providence would ultimately relieve him or
tlie burden; c,'ring little whether relief came
from rcplldIation or the assumption Of tile
deut ny tho national government. But in tho
meanwhile tho unpaid interest acc,,mulates.
tile probability OF tho assumption of our debt
NY the national government is remote; threats
oi Reputation begin to assume tangible sl,Apo
hnd cllizehs are found buld enough to Qiye.
them ntterancc; tho bonds of the State arv no
longer enquired Tor ut tile stock exchange:
the credit Of the State is lost almost boyond
redemption
1t IS patent to tho unprejudicsd mind that
unless we propose 10 adopt % .h:s State lhae
policy Which has made the uame of the once
comlnercia markets OF tho world, such prompt
immediate action is ilnperntiyely demanded az
VIII demonstrate to the creditors OF the Stata
our honest determination to adjust and settle
onr cntirc Indebtedness according to our beat
ability.
No Que doubts that to lovy at this time a
tnx large enough to cancel our floating indebt-
edncss, or even to pay tho accrued and accru-
ing interest upon the bonded debt would
tl,t,h ~. O.
woul'i bc equivalent to an actual confiscation
ol the property OF every citizen. .
10 lnnd tho Whole of the floating debt at
par would increase the public dobt Of
tho State This is expressly forbidden by
recent amendment 10 tile constitution.
unless two-thirds Of the qualified electors
OF tho State, voting upon tho ques-
ton, should give their assent to sucli
increase. Even assuming that their assent to
s'cl, increase could be obtained, the present
condition aud resources of the State DO not
warrant tho collection Of nn annual tar of
about nino mills OH tho dollar, in addition to
oil other taxes, to pay interest upon tho public
debt.
The question thon arises what is 10 be douo
under the circumstances 7 There arc those
who even object, stronuously, 70 tile levy Of
any tax ut all for the present to pay interest
baf nc must eiMer pay or repudidte II from
oa"n"y io'i 10 OctoOer 1878 does not furn-
lsil the tax payer sufficient breathing spell TO
prepare tile way Tor tho resumption Of the
interest payments, then three additional years
with all their interest accurnulations will not
Afford It, But am satisfied thnt this class Of
grumblors comprises but a su,ull minority Of
the tax payers Of the State.
They would grumble whether tho tax be
one mill 0r ten.
Taxation is considered mn evil always 10 be
stunned; but there are evils much ,oorss than
thnt The loss of credit n,hljc aud ,,r;,,nta