The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1873-10-21

laE !, "a, resep"Mrnda''o"s g las regard g gus public
z st IS, however, oniipcntiy proper that
some financial scheme should hc now adopted
10 prepare the State TO meet the principal OF
the dobt as it falls due. If the interest is
regularly paid on the debt 100000 annually
get apart as sinking fund for twenty years,
invested in safe securities yielding six per
cent. per annun, the principal being further
Increased by the Investment of tho interest
annually accruiug, will accumulate tho sum of
$3,S99,3l2 which will bc nearly adequate
to tho payment Of tho entire debt then due;
and recommend that proper legislation bc
adopted ut tho present session TO iuaugurato
this scheme.
''Undcr tho act of September, 1866, provi-
sion was made to fund the interest on stock
issued under the authority OF tho act Of 1868.
TO continue tile construction of the new
State House the whole amount issued was
So, $50. Tho issue was not made until
some time during the year 1861, wien there
was heavy depreciation OF tho currency
aud when labor and material were in a cor
responding degree appreciated; 100000
were issued in ,SG2 under authority Of the
act of 1861, when labor anu material had
appreciated very little In my PROCLAMATION
| excepted these two issues from Immediate
funding until the General Assembly met and
determined whether these stocks should bo
scaled TO the real tulu- received by the State
for them when issued The ccnvoutiOn
adopted rule for tho government Of trans
actions between individuals during this time,
which was just and honest aud no reason is
perceived why the Same rulc should not be
applied III transactions between lilo State and
its creditors"
From the above, it appears that Governor
Orr acknowledged that no provisions lad
iN...., l,- ,I,x.S e Al
of the public debt, and realized tho necessity
for. and wisdom o. making immediate pro.
visions therefor He also conceived il To bc
just aud proper to scale 20. ton of the
pubic debt and took the responsibility upon
himself to exclude them from the benefits of
the funding acts until the Legislature might
meet aud take action thereon
While il Is true that tho Legislature dis
regarded his recommendations every one will
admit their sounducsA. They are quoted here
for the purpose Of showing that a precedent
has been established for the recommendations
which follow.
! recommend;
First. That all the bonds Of the State for
which the State is actually liable, leas SSs. 600
State capital bonds of 1853 past duo, to be
otherwise provided for, bc scaled in tho fol-
lowing manner to wit:
That tho State treasurer be authorized and
instructed To receive from the holders triHing
to surrender .he same all the bonds ANA
Stocks Of the State prev iously issued aud now
outstanding against the State, (uot including
the Stao capital bonds before referred 10, and
bonds known as "Conversion bonds Issued
directly by sale or hypothccltion, the numbers
and denomination oi which will more fully
appear hy reference TO the trcasurcr's registry
ol bonds and stocks converted, or Issued
In IE \ .I,, III
thcrcnpon i'll exchange for and in lieu of said
bonds or stocks so surrendered. issue To said
holders other bonds or certificates OF stock,
ms they may desire, equal in amount to ------
OF the face value of the bonds or Mocks 30
r"'reudcird.
That the State treasurer hc authorized and
instructed TO receive from tho holders willing
TO surrender tic same, all the bonds or the
State, known as Conversion bonds" issued
directly by sale or l.ypohecatiou The number
aud denomination OF which will fully appear
by reference To The treasuGers registry of
bonds and stock converted, aud issued direct
~, and shall tlcfcupon in exchange ior aud
IN lieu OF such bonds so surrendered issuc To
said holders bonds or certificates OF stock
equal iii amount 20 ---- of the face value
oi the bonds so surrendered, and no liability
on tic part OF the State is recognized further
than iS herein limited and expressed
That the State treasurer he authorized and
instructed 10 receive from the holders willing
to surrender the same. all the coupons upon
The bonds before mentioned, which have ac-
crued or will accrue OH the 3lst OF October,
1873, and tho interest orders upon interest
duo upon certificates OF stock Ms aforesaid 10
tie date aforesaid aid shall, theroupon. in
exchange for and in lieu OF such coupons or
interest orders so surrendered, issue TO said
holders bonds or certificates Of stock equal in
amount TO of tho face value OF
the coupons or interest orders 80 sur.
rendered as follows: Coupons and interest
orders OF the principal oi bonds aud stocks
scaled ut -- to be scaled in tho same
proportion, aud coupons and interest orders Of
tho principal OF bonds scaled at to
bo scaled in tho same proportion.
That the State treasurer be instructed to
receive from tho holders willing 10 surrender
the same all the pay certificates, bills payable,
scrip, or other evidence OF State indebtedness
outstanding against tho Stats on Tho 3lst of
October, lsT3-cxcept appropriations payable
as deiicicnces-and shall theroupon, in ex-
charge for and in lieu thereof issue to said
holders bonds or certificates Of stock equal in
amount to - OF the face value Of the pay
certificates, bills payable, scrip. or other evi.
dcnce of State indebtedness 80 surrendered
Provided that no liability to pay the aforesaid
pay certificates, bills payable, and scrip or
other evidence of State Indebtedness il rccog.
nized other thar is herein limited ana OK.
pressed
Second The bonds and certificates of stock
herein authorized to bo issued shall bear upou
their face the words bonds aud certificates
OF stock" and shall also bear upon their face
declaration to the effect that tl'c payment OF
the interest is secured by the levy Of an