Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-10-30

$ worth, are completely. alusmy."'I A
!, forcible illustration of the correctness
e of this argument may be Slnd here
: at home. .ds1.J ~ i,ea .sg.sw 4
THE CITY OF CHARLESTON s't
has sunk in her sinking fund the sum
: of $s91, ,624 49, which was invested
+ to compound interest and pay ithecity
debt The estimated value of1the
assets of this ,fqid is set down at
$246,9 26, showing loss of f73 per
cent. OF the amount invested Thus
it has actually added to the debt
which it was intended to e1tingl,ish.
The plan here proposed is free from
: the objections, urged against the other.
On a certain datelof each year., the
surplus Of revenue, after paving the
interest due for such year, is applica-
Bile to the extinguishment, by the
; purchase at its then present worth,
of a portion of the debt itself, which
amount so purchased will be immedi-
ately cancelled, and to that extent
each year the debt will be actually
reduced. For instance sif,' onelyear
after the passage of the act herein
proposed, there be d surplus Of $780,.
600 to be applied TO the' srtingessA-
ment of the debt, and the then pres
ent worth of the debt be fifty cents
on the dollar, the board of commits
sioners could purchase 100000 of
bonds or stocks, having attached
thereto nineteen years worth Of un-
matured coupons or interest orders,
or $4,000. Thus $4,000 in cash
would reduce the debt, principal and
interest, by S2l4,00O. ~ N
If during tie tenth year of the
operation of this fund there be $780,
600 applicable to the extlnguishment
of the debt-and we propose to show
that there will be that amount t-and
if the then present worth Of the bonds
be as high as ninety cents on the dol
lar, the board of commissioners could
purchase $555, ,555 of bonds OF stocks,
having attached thereto ten years
worth Of .unmatured coupons or IN
terest orders, or 1888, 1888; and $780,
600 would reduce the debt by $685.
8S8. 4! Eue,a at ,pur $500,000 at this
time would reduce the principal and
interest of the debt by 100000: The
accompanying table will exhibit the
probable operations Of this surplus
fund in the extinguishment Of the
p1ii' So. .a4e. .-,df *.1i., *'ala5.9. &.
This table, ,as has been seen,s has
been based upon your rreductiontof
the public debt by a scaling process,
to- a : maximum Of even the large
amount Of $4,000, 900, which amount
I have selected simply for the puEr-
pose Of, illustration. aa.,si..i %! eul
ai.p4 p ar TAXATION. &, .ll9sGi!e
Taxation is defined as the taking
of private property for public use.
The exercise Of this power.is always
regarded by the individual iwith.a
jealous eye, and Is subject of espe-
cial interest. Itsafects,, III its opera
non, every individual who, formsra
component part Of the body polite,
whether he be the ownerrot property
or not. The discussion OF the various
systems and the.best methods'of taxa
tion, engrosses fhe attention of the
statesmen of the civilized world.
Whether in proud Britain, restive
France, imperial Russia, or .feveriah
Italy," tits at the present moment a
question Of all-absorbing interest.
Taxation, in some form, is as ancient
in origin as society itself. No civi-
lized community can exist without
taxation, and no high degree Of civi-
ization is attainabie without COM
paratively large tuaation. The prin-
ciple, laid down by Adam Smith,
snich has been engrafted ~upon the
fundamental laws Of every civilized
country, that the subjects Of every
State ought to contribute towards the
| support tf the government as nearly
IFS possible in proportion tothe ;reve-
| nue. they respectively eujoyunderthe
protection OF the State,e is truism
universally accepted That system
Of taxation, therefore, is most just
and equitable, and least oppressive,
(which is so framed as to carry this
proposition into actual operation. The
Constitution of this State evidences
the intention Of its trainers toillus-
trate this principle in that section
which provides Tor Il asnyorm and
equal rate of assessment and taxation,
and which declares that all property,
real. personal or possessory, shall be
subject to taration. at b1. =
But says some taxpayers, "I admit
the necessity Tor taxation; I admit
that it is desirable form of ,expen-
diture. But our representatives COM
ing, as the majority off them o,'fr9m
the non; property holding class of our
citizens, have been, inconsiderate and
careless in. the levy Of an excessive
and burdenaone, rate. Of taxation.
Taxation has increased atian ,enor-
NOUS rate since the .palmy days ante
| ].5czlssns, and. to q a.fara greater extent
,5han ,is necessary TO meet the public
requirements. Let .us,inqpue4 how
far this taxpayer''s,assertious sre,nor-
rect. Under the anomalous.system,of
taxationfFsin3vogue during the palmy
NIT me to express the hope,that, while
differences of ftopinion, incident tosthe
lghtioftfree discussion among inde-
pendent Observation-Disclosures,
]'win be asserted i'm your RESPECTIVE
housesas toithe grave qiestions'pre-
sented for your consideration your
deliberations may be marked by an
earnest aid Il tuin67ided pdrpose to ad-
vance yainlccse1 the. common Interest, Of, the
people and the true welfare Of The
State. And to .theselendstI sincerely
invoke,upon all youriccunsels the be.
nign guidance of.an 0mniscient Pluyi-
! .dencev d4ser-ta .odv .t5@aa&-.t I
L