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

amiheu outstanding pay certificates and biIis
payable 10 the amount Of S4Ol ,S69.9s The
committee asked for further time to contjnue
their examination. which was granted. II Ia
assumed that there is All additional amount
outstanding. which the committee will prob
aoly examine aud report upon at your
present session. The total amount outstand
ing may be safely estimated at $500, 900.
u Is also estimated that there is an unpaid
balance of pay certificates OF the session of
lSI2-I3, amounting TO about SIO0 600
u appears 10y the treasurcr's books that
the State !s charged with the sum of Sl.79T
1924, on account Of So, ,39S. 900 OF bonds
surrendered by the Blue Ridge Railroad in
accordance with the provisions of an act of
the Legislature approved March 9. 1872
There - also upon the treasurer's book n
large miscellaneous floating debt, including
unpaid free school fund, and all unpaid an
preparations, not payable as deficiencies after
October 81, 1873, which is estimated at about
S450,O00.
EEcAPIrULATtoN
Interest upon Bonded Debt to oclober 81.
Debt iandahe under Acts september and
Pay eeTtlaeales and Lii; payable session. 1851 %
OF 1sio-si, lSIl-T2. 2......... hao o0o M
Pay certificates session Of isi2- IL ~ q. 10000 S0
Deb; due Blue Ridge Railroad .. lTgT s69 %
Miscellaneous Floating Debt. ... $4,000 90
To'Al'........................... .sS.sOe s9T IS
Fi1stias F%ssEa Debt sisSs;sSs sSs;sss * &
Aggregate Floating and Funded Debt. SQosss 9oi 10
mas sne IN or md P9!hiRR PSSS S Ebsh
debt, since 1871 has unquestiouably proved
disastrous To the credit OF tI,e State
The tax payer, relieved for the time being
from tile payment of an extra tax, regarding
the bondholder as parasite, living at tho ex-
pense OF forced contributions from his small
aud insufficient revenue, ''reaping whore he
has not sown,' has been disposed TO let the
debt and the holders thereof take caro- of
themselves; hoping That some beniicent
providence would ultimately relieve him OF
the burden caring little whether relief came
from reputation or the assumption of the
debt ''y the national government. But in the
meanwhile the unpaid interest accumulates;
The probability of the assumption Of our debt
by the national government Is remote: threats
OF reputation begin to assume tangible shape
and citizens are found bold enough TO give
them ntterance; the bonds of the State are no
longer enqulred for mt the stock exchange;
the credit of the State is lost almost beyond
redemption. -1s
II is patent to tho unprejudiced mind that
unless we propose 10 adopt in this. State that
policy which has made tho name of the onco
proud State of Mississippi infamous in the
commercial markets of the world, such prompt.
Immediate action is imperatively demanded as
will demonstrate to the creditors of the State
orr honest determination TO adjust and settle
Our entire indebtedness according % our best
ability squs $3.50
No one doubts that to levy q. this time
tax large enough to cancel our floating indebt-
edness, or even to pay the accrued and aecrt,-
ing interest upon tho bonded debt would
parniyze the business energies of the State, and
would be equivalent to an actusl conflscation
OF tile property of every citizen.
To fund the whole Of the floating debt at
par would increase the public debt of
tho State. This is expressly forbidden by
a recent amendment TO tile constitution,
unless two.thirds Of the qualified electors
OF the State, voting upon the ques-
ton, should give their assent to such
increase. Even assuming that their assent to
such increase could be obtained tho present
condition and resources of the State do not
warrant tho collection OF an annual tex OF
about nine mills on the dollar, in addition TO
all other taxes, to pay interest upon tho public
debt.
Tie question then arises what Is to be done
under the circumstances There are these
who even object, strenuously, 10 the levy OF
any tax at all for the present to pay interest;
but We must eiUier pay oy TepHGidte IL from
January 1871 to October 1873 does not fttrn->
sll the tax payer sufficient breathing spell 10
prepare the way for tho resumption of tho
interest payments, then three additional years
with nll their interest accommodations will not
afford it, But am satisfied that this Glass Of
grumblers comprises but a small minority Of
the tax payers OF the State. ~
They would grumble whether tho l0x bo
one mill or ten.
Taxation is considered an evil alweys 10 be
stunned; but there are evils much ,0orss than
that. The loss of credit, public aud private,
the continp iiion Of such action as viii bring
discredit upon the fair name of the State and
cloud tho honor and uitipute good Intehtions
of the people with suspicion OF dislIonorabie
reputation. History is pregnant with illas.
traiions Of the fact that such remedy Is far
woIse than the disease. IL is irrelevant TO cur
present purpose 10 reflect upon Tho way the
debt hns been contracted, or to estimate what
consideration tlns State received ia resurn The
debt exists, and sound public policy demands
that some provision be made at once for It's
adjustment. s@
The language OF tho treasurer of North
Carolina in his annual report Of November,
1872, applies with peculiar forco 10 the present
condition Of affairs ia this State. can do NO
better than quote his words and recommeaG
their careful per,sai aud consideration
81 much fear, while l do not approhsna