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

49,.
IpgisstuEp (scsslon of FBGG6ma Ils it,llow.
iiig reeouiWcndalionS ia iogard 10 llik public
dob III N B M
at SIS however enifpcntiy propep that
sou,e fisuda scheme should be now adopted
70 prepare the State to meet tho principal OF
the debt as it falls due If the interest is
regularly paid on the debt, $l6o, 600 annually
set apart as sinking fund for twenty years,
.invosted IN safe securities Welding six per
cent. per atinurn, the principal being further
Increased by the Investment of tho interest
annually accrulng, will accumulate tho sum of
$3,s99,3l2, which will bo nearly adequate
TO tho payment of tho eutre debt then due;
and recommend that proper legislation bo
adopted mt tho present session to inaugurate
this scheme.
"Under the net Of September, ls6G. 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
S24, $50. Tho issue was not made until
some time during the year 1864, when there
was heavy depreciation of tho currency
aud when labor and material were in a cor
responding degree appreciated 100000
were issued in 1852 under authority Of tho
act of 1861, when labor and material had
appreciated very little. In my proclamation
tANcpNCu TWO ISSuCS from llUlllculdlt
funding until the General Assembly met and
determined whether these stocks should he
scaled TO the real rdiur received by the State
for them when issued. The convention
adopted a rule for tho government Of traus.
actions between individuals during this tinu,
which was just and honest, aud no reason is
perceived why the samo rule should not be
applied III transactions between lilo State and
its creditors"
From the above, it appears that Governor
Orr acknowledged that no provisions had
been made for the payment OF the principal
of the public debt, and realized the necessity
for, :;d wisdom Of making immediate pro
visions therefor. lic also conceived il To DO
just aud proper TO scale portion Of the
pubic debt, and took tho responsibility upon
himself TO exclude them from the benefits of
tho funding acts, until the Legislature might
meet and take action thereon
While il is true tia; tho Legislature dis
regarded his recommendations every one will
admit their soundncsA. They are quoted hero
for the purpose Of showing that precedent
has been established for the recommendations
which follow.
l recommend:
First That all the bonds of the State for
which the State is actually liable, leas S38, 600
State capital bonds of 1853 past due, to be
otherwise provided for, be scaled in the fol-
lowing manner, to wit:
That the State treasurer be authorized. and
instructed TO receive from tile holders tciHiug
20 surrender tie same all the bonds ana
stocks of the State previously issued aud now
outstanding against the State, mot Including
the State capital bonds before referred 10, and
bonds known as Conversion bonds Issued
directly by sals or hypothccaton, the numbers
and denomination of which will more fully
appear 10y reference TO the lrcasurcr's registry
oi bonds and stocks converted, or issued
directly, amounting To So. 9G5, ,000) and shall
ihcreupon in exchange for and in lieu OF said
bonds or stocks so surrendered. issue To said
holders other bonds or certificates of stock
as they may desire, equal in amount to -
ol the face value OF the bonds or stocks 30
su'rrudrIrd.
That the Stale treasurer bc authorized and
instructed TO receive from tho holders willing
TO surrender tile same, all the bonds OF the
State, known as Conversion bonds" issued
directly by sale or hypolecatiou the number
aud denomination OF which will fully appear
by reference TO The treasuIer's registry of
bonds and stock converted and issued direct
ly, and shall thcrcupon in exchange for aud
in lieu of such bonds so surrendered, issue TO
said holders bonds or certificates OF stock
equal in amount TO -- of the face value
OF the bonds so surrendered, and no liability
than is herein limited and expressed
That the State treasurer be authorized and
Instructed 10 receive from the holders willing
TO surrender the same, all the coupons upon
the bonds before mentioned, which have ac-
crueu or will accrtIe on the 3lat OF October,
1873, and tho interest orders upon interest
due upon certificates OF stock rs aforesaid 10
the date aforesaid, aid shall, theroupon. in
exchange for and in lieu OF such coupons or
interest orders so surrendered, issue TO said
holders bonds ar certificates of stock equal in
amount to -- of the face value OF
the coupons or interest orders so sur.
rendered as follows: Coupons and interest
orders OF the principal OF bonds aud stocks
scaled at --- to DO 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 DO instructed to
receive from tho holders willing 10 surrender
the same all tho pay certificates, bills payable,
scrip, or othor evidence OF State indebtedness
outstanding against tho Stale on The 3lst of
October, iS73-excopt appropriations payable
as defciencies-and shall theroupon, in ex-
change for and in lieu thereof issue to said
holders bonds or certificates OF stock equal in
amount to - OF the face value OF tho pay
certificates, bills payable, scrip, or other ev.
dence of State Indebtedness so surrepdered
Provided that no liability to pay the aforesaid
pay certificates bills payable, and scrip or
other evidence Of State indebtedness is rccog-
nized other than is herein limited ana OK.
pressed
Second. The bonds and certificates of stock
herein authorized to be issued shall bear upou
their face the words "bonds aud certificates
OF stock" and shall also bear upon their face
a declaration to The effect that tho payment of
lie intcrcst ia occurred hy tho lnvy of mn