The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-22
Legislature session Of 1860. made tbs follow
iEy recommendations in repnrd 10 lilo nuhlc

Legislature session Of 1865. made tbs follow
'ng recommendations III regard 10 tho public
debt: t'31
ut is, l,owovor,. efnincntly proper that
Some financial scheme Should bo nuw adopted
TO prepare tho State to meet Gthe principal Of
tho debt as it falls due IL the interest is
Set apart as sinking fund for twonty veurs
invested in safo securities yielding six per
cent. pcr nnnurn, the principal being further
Increased by tile investment Of tho interest
annually accrniug, will accumulate the sum of
S3,S39,3l2, which will DO ncurly adequate
tc .lo payment Of tho cntiro debt then duo !:
end recommend that proper Legislation 10
adopted at tho present session to inaugt,rate
this scheme.
"Uudcr tho act of September 1866. provi.
sion was mado to fund tile interest on stock
issued under the authority of tho act Of 8G3.
to continue tho construction of tho new
State House the whole amount issued was
S24, $40 Tho issue was not made until
somo time during tho ycnr 1864, when there
wns heavy depreciation Of the currency
aud when labor and mnterial wore in cor
responding degreo apprccialcd; 100000
were issuod in 1862 under authority of tho
act OF 1861, when labor nnd material had
appreciated very little In my proclamation
excepted these two issues from Immediate
funding until the General Assembly met and
determined whcthor these stocks should bc
scaled TO tho reat ralue rocovsd by the Slalo
for them WHEN issued The convention
adopted rulo for tho government Of trnrs.
actions between individuals during this time,
which wns just and honest, nnd no reason il
perceived why tho same rule should not Le
applied i'll transactions between the State and
its creditors"
From the above, it appears that Governor
Orr acknowledged that ITO provisions had
been madc Tor the payment uf tho principal
OF tho public debt, and realized tho necessity
Tor. anu wisdom o!, making immediate pro-
visions therefor. Iie also conceived il to br
j'ist and proper to scale portion of the
pubic debt, and took tho responsibility upun
himself to exclude them from the benefits of
tho funding acts, until the Legislature might
meet aud tako uction thereon.
Whilo u Is tr,o that tho Legislature dis
regarded his recommendations every one will
admit their sounducss. They are quoted hero
for the purpose OF showing lllst "a prcce,lout
has been established for tho recommendations
which follow
recommend:
First. That all the bonds Of tho Stat, for
which tho State is actually liable lcss ,S, 900
State capital bonds OF 1858 past due, to bc
lowing manner, to wit:
That tho STATIC treasurer he authorized. and
instructed to receive from tho holders ,piNin9
10 surrender tic same all the bonds and
s:ocks ol tho State previously issued and now
outstanding against the State, (not Including
the State capital bonds hctore referred to. and
honds known rs "Convcrsion bonds " iesucd
directly by sale or liypothccation, the numbers
ana denomination .'f whicl, will more fully
appear by reference to the treasurer's registry
OF bonds and stocks converted. or Issued
directly, amounting to 1885, 0OO.) nn,l shall
tlercupon in exchange for and in lcu Of said
bonds or stocks 40 surrendered. issue to snid
holders otlIcr bonds or certificates Of stock.
M they may desire, equal in amount to -
ol tile tnce value OF the bonds or stocks 40
surrendered
Tlnt tic State treasurer he authorized md
instructed 10 receive from tho holders willipu
to surrender tho same, all tho bonds or tho
State, known as Conversion bonds" issue,l
directly by anle or Experimentation, the number
,nd denomination or which will fully appear
ny reference 10 tho trcasurcr's registry OF
bonds and stock converted, and issued direct.
ly, and shall thereupon in exchange tor nud
in lieu OF aucli Ion'ls so s,irrciderod is.,,e to
snid holders bonds or certificates of stock
equal III amount to --- of tho face value
oi tho bonds 80 surrendered, und no liability
ON the part of the State is recognizod further
than is herein limited and expressed.
That tho Stnto treasurer be authorized and
instructed to receive from tho holders willing
to surrender the snme, nll The coupons upon
the bonds before mentioned. which l,avo &c.
crued or VIII accrue Oh tho lat ot October,
1888, anu the interest orders upon interest
due upon ccrtiIica.os of stock as aforesaid to
the date aforesaid, and slnll thurcupon in
Tnrt t,II ~,
interest orders III surrendered, issue 10 HaJ
holders bonds or certificates Of ltock equal in
amount 10 =- OF tho face valuo OF
tho coupons or interest orders 10 sur.
rendered ns follows: Coupon. and interus,
orders Of the principal Of bonds md stocks
scnIed nj ---- 10 he scaled in tho xa,no
proportion and coupons and interest orders Of
the principal OF bonds scaled nt - to
DO scaled in the same proportion.
That the Stntc treasurer bo instructed TO
receive from the holders willing 10 surrender
the same all the pay certificates, bills pnyahls
scrip. Or other evidence Of State indcb,edu,ss
outstanding against tho State on the 3lst or
October. lSI3-e1ccpt appropriation. payable
as dctcinncies-and shall thcruupon, in e1.
change for and in lien thereof issue TO said
holders bonds or certificates Of stock cqual in
amount to --- OF tho face valuo Of the nay
certificates, bills payable, scrip or other evi.
dcncc of State indebtedness 80 surrendered ::
Provided that no liability To pay the aforesaid
pay certificates. bills payable, and scrip or
other evidence of State indcbi ctincss is rocoy-
nizcd other than is herein limited sud CT.
pressed
Second. The bonds and certificates Of stock
herein authorized 10 ic issued shall bear upon
their face The words bonds and certificates
OF stock" and shall also hear upon their faco
declaration I" the effect that tho payment of
The interest is secured by tho lcvy Of M
annual tax, and the redemption OF tho prnci
lnl is likewise secured by sinking fund pro-
ridc for The purpose. whcI, declaration shall