The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-07-22

VI .tne nuanCeS OF the state, aA 1t Is re-
garded as being perioctay legitimate for
thetparty which is ont of, power to- do
Whatever they deem, snecBssary to dis.
credit and break idowu the, party which
Ia IN power.c Perhaps our opponents
IN thls State AilMi u,ors:thun is usual
inj other S,utes. {, tBuh the result, of it
all was, that the ,buuhsi were hypdthe.
Gated to raise, the. money needed for
the current. .e4penses.of1 the State Go.
Vefn Mept. iipul prefcrauce to selling
them. at tbs 81 eEer2ons sacrifice . it
would h9ves been, neoessary,.lo' make
OF themn ii Lheyi were, sold ,pll. Iu
addition to the bonds for iraidnR the
$500, 900 alluded, to-. the Legislature
authorl4ed tho. isspe aof $700. 600 of
honda foE the Land Commission, The
Lapd Commission spent tsomethine
over S100fOOO,l in money, although the
money realized from. these bonds did
not. exceed 100000. Besides, there
were S212,O0Q of old bonds that were
past due. redeemed h.. ue Treasurer;
making altotal amount vi over So, 100.
u0O 9pf money. borrowed on State
bonds. The ex'ravagant per centage
that was paid Ia New York for loans
Increased this amount very largely.
or this amopnt, however, all was SUBJ
sequently paid by the sale of State
bonds, with the exception of abnut
$500. 600. that was found to be due the
Financial Agent in 1872.
l will now give you the amount OF
money raised from taxes during the
four years and half I was in Office.
In 1868, as 1, have indicated, we col
lected no tax, but paid OR current ex.
penses from the loans made on State
bonds. In 1869, we collected 81, 139..
298. IL; in 1870. 1926. SOC. 10; in 1871.
S1.266, BIS. .05. and in 1872, $1,331. :
S35.6l Each year, at the time the {. &
was levied. all the money it was sun.
posed would be collected was expended
IN advance by appropriations to meet
the legitimate expenses of the Govern
mont; but in pone,of these years did
the Legislature lepy any tax TO- meet
their own expenses They depended
upon, the TGeasprer borrowing the
money necessary. f0r that purpose.
During tue GEst two years I was IN ut-
fioe, the Legislative expanses we're as
follows. In 1868, there ware two ser
siops.. that. cost Sl93. .s39 81, and IN
as, aSbs' sihe1e: was one session, that G. 8
$234, g7b94.ui ln 1870. when q NV
Legislature was elected. with nearly all
new members. there came that terrible
oaslauL ht on the treasury that crushe d
ont ',al4 oat every hope fox years to
come: They appeared. to be deter
mined to take all the money in IL 9
treasury for themselves. They did
succeed in getting $4l4. 600. for legisla-
iye expenses, and attempted to take
$500. quo Gore,. which would have
made an aggregate of S671, 900 for one
session. But even this was small. com.
pared with the session of 1871, vhich
cost the State, 1927, 900 ill., money. be-
sides S500.0 900 of Legislative pay certi-
hoates, most of which still remain nm
paid. but are regarded as part of the
floating debt. 10 accomplish this rob.
pery, 1t was necessary first to raise the
CRY Of Stop thiefl" Hence, they be.
gan loudly to denounce the Governor
and treasurer for having done some
thug VIII .cll they could not very clearly
define, hut which they tried to make
it appear had something tn do with an
over lssue %: State bonds. The bonded
debt at that time was about SO, soc. 900,
W. "a'y foAs VI iWuACu CTeAGSu Oy Ous-
selves was Sl,700,000. OF this sum,
Sl, 600. 900 Was to pay the current ex.
panses "f the Government for the wear
lS6S-69. when, as have already men.
toned, there were no taxes collected.
That there was o government in South
Carolina during this period was no
fault Of mine; and that there was no
money in its treasury to meet it's ex.
penses was also no fault of mine.
Money could be raised only by IN.
thoTity Of the Legislature, and net
by any will Of the Executives; and
II Congress expected me to do what
itself could not do, with all the pro-
perty OF great nation at its back, it
expected something more than was
reasonable. During the war aud NJ
to It's cinse, the United States sold
their BOND, ut less than forty ceIits on
the dollar. The State Of South euro.
| Ina has received for its bonds an nye.
rage OF forty-two cents on the dollar,
notwithstanding about $1,000 600 of
Lhe bonds wore sacrificed at from If
teen to thirty cents on the dollar at
tho time of the impeachment fsrse,
when the Legislature robbed the trea-
snry OF the money appropriated to pay
interest on the public debt. Had tue
Legislature acted in good faith with
the creditors Of the State, and paid
the interest on the public debt, no
power on Garth could have DESTROYED