The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1873-10-21
sJRy TO TIE LEGISLATURE OF SOUTH CAROLINA.

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act of March |. 1870, for the same purpose.
to $500.000, making a total Of S700. Geo. OF
The first issue SIS, 900 nave been cancelled. ard
conversion bonds issued in lieu. and of the
second issue Sl51, 900 have changed their forra
IN the samem manner. leaving S467 600 ontstand
ing ia ticir original form
This concludes the history of the bonded in
debtedness of the State.
FLOATING DEBT.
The interest due and payable upon the
bonded debt, ON the 9ist OF October, ;4s
isIg as appears blythe lreasurer's ~
Tho interval due and payable on the %
dist of October, 1873, amounts to-. 9isss0 ss
To.al Interest. aeeraed aed aeeruine.
oe1"pFr ~ elsl s.ss t23f2eqs 7s
There IS nlso an tinfindcd baIaneo OF 81 fg.
.63, fundable unier tile acts OF Se1iefs,bey
and December. 1866, which may properly he
included IN the floating debt of the State.
The special committee appointed be Tho
Legislature, session of ls72-73, 10 invest. .oato
The amount OF outstanding pay certificates
ana bills payable, reported that they Ind ex
amined outstanding pay certificates ana bills
payable TO the amount of S40I ,s69.9s. The
committee asked for further time to continue
their examination. which was granted. It is
assumed that there is an additional amount
outstanding. which the committee will prob
ably examine and report upon ut your
present session. Tie total amount outstand.
ing may be safely estimated at $500 600.
lt is also estimated that there Is an unpaid
balance OF pay certificates OF the session of
lsI2-13, amounting to abont 100000.
1t appears by the treasurer's books that
1a.n oh 81. =. -
3o2-94, on account of So, ,395, 900 OF bonds
surrendered by the Blue Ridge Railroad IN
aecordance with the provisions of an net OF
the Legislature, approved March 2, 1872.
There Is also upon the treasIIfer,s book n
largo miscellaneous floating debt, including
unpaid free school fund, and all unpaid ap-
preparations, not payable as deficiencies after
October Ri, 1873, which is estimated at about
$3.50, 900.
EEoAPIrULArtoH.
Intercst upon Bonded Debt TO October 81
Deb; fandabie under Acts scpteindsr aad =
December, 1866. tts4kt ea
Pay eeItILisatss and bills payabis sessions S''- =
of lsIo-Ii, lSTt-T2.... go o0O 90
Fay certificates session Of IsTs- Ioo000 90
nebt due Blue Ridge Rallroad. lig7,yoa % !
Mscriianeous Floating Debt. bt........ 4SO0O0 90
Total. .asses sOTTS
Funded Debt a,Aoo- .ns os
Floating Debt...... ,...... - s0s son ~
Aggregate Floating and Funded Debt SaBSss,9 ,9Oi 40
nus ns gassysm in or md aone.hRR PaGs g s BbSh
debt, since 1871 has anquestiouabiy proved
disastrous to the credit of the State lh =
The tax payer, relieved for. the time being
from the payment of an extra tax, regarding
the bondholder as parasite, living at the ex-
pense of forced contributions from his small
and insufficient revenue .'reapin0 whore he
has dist,. ooH ~, l.tk kt,a.
debt and the holders thereof take care Of
themselves; hoping that some benifcent
providence would ultimately relieve him OF
the burden; caring little whether relisf came
from Reputation or the assumption Of tie
debt by The national government. But IN The
meanwhile tlie unpaid interest accunnlates;
the probability OF the assumption Of our debt
by the national government IS remote; threats
OF reputation begin to assume tangible shApo
and citizens are found bold enough To give
them utterance; the bonds of the State are no
longer enqlired for at the stock exchange
the credit Of the State is lost almost beyond
redemption. aa
|, is patent to the unprejudiced mind that
unless we propose 10 adopt in this State that
policy which has made the name of tho once
proud State of Mississippi infamous in the
commercial markets ofthe world, such prompt,
immediate action Is imperetively demanded AZ
will demonstrate to the creditors of the State
our honest determination to adjust and settle
our entire indebtedness according TO our best
ability. ,7iFssa 81 ~ ~
No one doubts TINT to levy nj this time a
tax large enough to cancel our floating indebt-
edness, or even to pay tho accrued and aecrti-
ing interest upon the bonded debt, would
paralyze the business energies Of the State, and
would be equivalents TO an actual conilscation
Of the property OF every citizen.
To fund the whole Of the floating debt az
par would increase the public debt OF
tho State. This Is expressly forbidden by
recent amendment to tile constitutions,
unless two.thrds Of the qualified electors
of the State, voting apon the ques.
ton, should give their assent 70 such
increase. Even assuming that their assent 10
such increase could be obtained, tho present
condition and resources of the State do not
warrant tho collection Of an annual tax OF
about uno mills on tho dollar, In addition 10
all other taxes, to pay interest upon tho public
dcbt. 3 III!
Tie question then arises what is to be done
under the circumstances 2 There are those
who evea object, strenuously, 10 tile levy Of
any tax ut all for the present TO pay interest;
but are must either pay eT YeEHdiGte. II from
January 1871 20 October 1878 does not ftIrn.s
isi the tax payer a sufficient breathing spell 10
prepare The way for tho resumption OF the
interest payments, then three additional years
with all their interest accommodations will not
afford It. But am satisfied that this class Of