The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-26
Tln.K.uss.,

I.COmm1ttee OF tn0 WnOl0SOnstn@ W dnAu-
DIAL condition ofthe State. Nj. Crittsn,
den bald: s. 'tss;&f, AZ
Mr.. CHA1RslAN:. The Legislature soi
South Carolina has been3 convened In
THE, an extra session, by his Excelleucy
the Governor, upon what may, we'll DO
termed an Extraordinary occasion. /
conceive it, sir, to be the most impor-
tant session of tho General Assembly
which hos occurred since reconstruction.
We are now discussing within these
walls questions which affect the vital
interests of the whole people of the
State. We will soon be called to vote
upon those questions involving larger
peouniary interests than any which have
preceded them. Our action, therefore,
upon the financial affairs of South Ca.
rolina will be, and is, an object OF the
deepest interest, both within and with.
out her borders. What is the condition
Il Thich we find ourselves to-day? With
an overwhelming debt above our heads.
We are here, sir, with an empty trea-
sury, with many OF the appropriations
made at the last session wholly, or in
part, unpaid, our salRried officers in
arrears, our charitable institutions Ian
gushing for funds, with the public
schools of the State still due much of
the appropriation for their support.
Ibis, too, in the face Of tax levy for
the present year which is aoku owledged
by all parties to have been onerous and
heavy. Further, sir, the ''e1traordi-
nary occasion" which has called rs to.
gether is the issuing of writ of man
damus from the highest judicinl tribu
nal OF the State, compelling high
functionary to levy, on or by the 10Th
day OF next month, q tax, in addition to
all other taxes. sufficient to pay the
three years of accrued interest which
will be due on the first of January next,
on five different classes of our State
bonds, amounting to So, 100000. These
are the circumstances under which we
meet. The Governors message. with
his recommendations in the premises,
is before US. hnye read that MESSAGE
and examined it cafefully, and have no
hesitation, sir, in pronounoiug it the
most lucid exposition wo have vet had
OF the State liabilities. It could be the
result only of much labor and research,
and Is peculiarly valuable as historical
narrative of the State debt from period
! but little esubsequentt to the revolutionary
war. Its figures are authoritative as
coming from the highest official sources.
With regard to the statements contained
in 1t OF purely partisan character, I
feel disposed to pass them entirely by.
1t is sufficient to say they are fallacious.
But, sir, in considering the great
question which is before ug, desire to
sink every thought of political differ
ence, and to rise above every considera-
tion of party. What can we do, in good
faith to the creditors of the State, to re-
ileve our people of the overwhelming
load OF debt and taxation with which
they are oppressed is the question. To
accomplish this. am ready to unite
with any man. and to sustain any plan
which promises success. Tie Governor
hos suggested plan. Although, in my
opinion, this may not be the best one
which might be suggested, still take it
to be. as the plan of the administration,
the only one which can be advocated
with prospect of it's being adopted by
this EeSislature. In his recommends
tions upon this subject, there arc three
prominent points: First, that large
portion of our bonded debt was con.
tracted illegally and without authority
OF law. Secondly. that the whole vo-
lume OF our debt is more than our
people can bear without virtual confis-
cation of their property. Thirdly, that
the Legislature has the right to scale it
down, meeting the demands of justice
and the ability OF the State to pay. On
page II of the message it is shown that
SOU, 600 of bones were issued to re-
deem what are known as the bills re-
ceivable of the State. These were sold
at seventy cents on the dollar, realizing
$3.50. 900. But S29S. TOP of the bills
have ever beon redeemed, and the Co
vernon has been unable, with oil the
official records, to Gnd ont to what pur-
pose the balance of S57, ,29S has been
applied.
On page 13, it is shown that, under
the Act of August 2G, 1868, to authorize
a loan to pay interest upon the public
debt, two issues Of bonds were printed
OF 81 600, 600; the second only intended
to take the place of and supply m omis-
sion in the first ISSUE But S550,OOO of
the first issue were ever cancelled or
destroyed. SO that 81, ,45O. 900 OF those
issues still exists as debt against the
State. On pago II, the message says
'the entire amount OF bonds issued
under the said ACT for the conversion OF
State securities was S7,576,5OO." It is
known that the letter and intent of this