The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22
Legislature (sessiop Of 1860, nado tho follow.
Ing recommendations in regard 10 tho public


Legislature (sessiop Of 1860, nado tho follow.
Ing Recommendations III regard 10 tho public
tlrht: ~ ~ stg
TIT Sis Lowoyor,s eniaeaii.ly proper thu.
E6om6 financial scheme sllpuld5 be now adopted
Sto prepare tho State 70 itierts stho principal OF
the debt as it falls dues Ifsthe interest is
regularly paid on the debt, $l00, 600 annually
set apart as a sinking fund for twenty Years,
invested in safe securities yielding six per
cent por unnum, the principal being further
increased by the investment Of tho interest
annually accruipg, will accumulate the sum of
$3,S90,3l2, which will bo llcarly adequate
to the payment OF the, eptiro debt then due ::
end q krecommond that proper legislation be
adopted ut the present session to inauy,raie
this scheme.
"Under tho act of September, 1866. provi.
sion was made to fund tile interust OH stock
issued under the authority Of tho act Of 8G3
to conlinue tho construction of tho new
State House; the Whole amount issued was
$24, S20. Tho issue was not made until
some tilno duriug tho year 1854, wien tIIero
was heavy depreciation Of the currency
and when labor aud inateriul wore il, cor.
responding degree appreciated; 100000
were issued in 1852 under authority Of the
act Of 1861. when labor aid material had
appreciated worry littIo. In nv PROCLAMATION
excepted these two issues from immediate
funding until the General Assembly met and
determined whethur these stocks should be
scaled 10 tho real value received by tho State
tor them wleu issued. The convention
adopted rule for the government Of trans.
actions between :individuus during tis time,
which was just aud honest, and no reason il
perceived why tho saimc rule should not be
applied III transactions betwer,, the Stat. and
its creditors"
FROM tie above, II appears that Governor
ORR acknowledged that no provisions had
been made lor the payment Of tho principal
OF tho public debt, aud rcalizcd tho necessity
tor nnd wisdom oi, making immediate pro.
visions therefor. llo also conceived il to be
Just and proper to sc,lc portion of the
public debt, aud took tho responsibility upon
liitnseli to exclude them from the benefits of
tho funding acts, until the Legislature might
meet aud tako uction thereon.
Wlilo IL is true that tho Legislature dis.
regarded his recommendations, every one will
ndmlt their soundncss. They mrc q,Iote. hero
Tor the purpose OF showing That a precetlout
has been established for tho Recommendations
which follow
recommend:
First. That all the bonds of tho State fur
which tho State is actually liable, lcas S3S. 900
State capital bonds Of 1861 past due, to be
otherwise provided for, he scalod in tho fol.
lowing manner, TO wit:
That Tho State treasurer be authorized, and
instructed to receive from tho holders ,yiiling
to surrender tho samu all tho bonds ami
stocks OF tho State previously issued and now
outstanding against the State, mot including
the State capital bonds before referred to. and
hotids known as Conversion bonds Issued
directly by sale or hypothrcation, tl,e numbers
ana denomination of which will moro fully
appear oy reference to the treasurer's registry
OF bonds md stocks converted or Issued
directly, amounting to 1906, 0OO,) md shall
therenpon in exchange for and in lion OF said
oonas or STOCKS 80 surrendered. issue u said
iioiuers otlier bonds or certificates OF stock,
ns they may desire, equal in amount to -
OF the face value Of The bonds or stocks ao
surrendered
That the State treasurer be authorized md
instructed 10 receive from tho holders willing
to surrender tho same, all tho bonds OF the
State, known aS Conversion bonds" issued
directly by anlo or hypo,I,cca,iou, Tie number
nnd denomination Of wlicl, will fully appear
ny reference to The trcasurer's registry OF
oonds n'ld stock converted and issued direct
~, nnd shall thereupon in exchange Tor aud
In lieu OF suclI bonds so surrendered, issue to
SAID holders bonds Or certificates of stock
equal in amount to - OF tho face value
ON tile part Of the State is rccoYnzod further
than is herein limited and expressed
That tho Stnte treasurer be authorized and
instructed TO receive from tho holders willing
70 surrender the same MI the coupons upon
TIC bonds before mentioned, which huvo nc.
crued or will acc:uo OH tho 3Ist OF October,
1913, and the interest orders upon interest
due upon cortiticatos of stock as aforesaid 10
the datc aforesaid, and sllnll, tforcupon. in
exchange for and in lieu Of such coupons or
interest orders Ao surrendered, issue TO aaid
holders bonds or certificates OF stock equal in
amount TO -- Or tho face yaluo of
tho coupons or interest orders 70 aur.
rendered ns follows Coupons aud intcrvs,
orders Of the principal Of bonds and stocks
acule'i nj ---- To he scaled in tho same
proportion. aud coupons and interest orders of
the principal OF bonds scaled at to
be scaled i'll the same proportion
That the Stnto treasurer 10 instructed TO
receive fToiii tho llnicrs willing 10 surrender
the snme all tho pay certificates, bills PAYABLE,
scrip or other evidence OF State Indebtedness
outstanding against tho State OH the 3lst of
octohor l8I3-c1ccpt appropriations payable
as de'ic'nnces-aEd shall thereupon, in ex-
change for and in lieu thereof issue to said
holders bonds or certificates Of stock equal in
amount to ---- Of tho face ynl,o Of the pay
certificates, bills payable, scrip. or other evi-
dcnco OF State indebtedness go surrendered:
Provided that no labity to pay the aforesaid
pay certificates. bills payable, and scrip or
other evidence of State Indebtedness is rocov.
nHed otlicr than is herein limited and CT.
pressed
Second. Tho bonds and certificates of stock
herein authorized to he issued shall bear upon
their face tho words '.bonds and certificates
oil stock" and shall also bear upon their faco
a declaration to the effect that tho paymeut Of
the interest is secured by tho lovy of an
annual tax, and the redemption OF tho princi-
pnl is likewise secured by sinking fund pro.
vidcl for the purpose. which declaration shall