The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1874-03-12
yllttalyJenfer, !,
Niles q. Parker on the State Finances.

Ex-rreasurer Parker has written a caastic
latter to the New York Times, In which he
handles the Legislature and present admlnls,
ration without gloves. His attack is directed
particularly against the Act to scale the pueilc
debt and to throw over the conversion bonds.
The legislative and printing expenses also come
in for q share. of his criticism. He seems 70
write in the interest of the bond-holders, ous
at the same time states that he owns none OF
thenr and has interest in them. !nls - IesSeo .o
has produced a. considerable rump9s II s,,ii LIZ
I,eeislature, which construes it to be an nsuIs
and rejection on its virtue. By resolutioh
passed ON Tuesday, the House OF represents
lives directed the Attorney-Genera. 10 prose-
cute Parker. We give the mosS per'inens
points Of this spsssIbs bond Of he State upon the
market which is not recorded in the treasury
Sff;cethe denomination, the number, the col
or of the number and every fact necessary 70
their complete recognition. IL Is very linPuS .'.
tant to the holders Of our securities, now that
thew are asked to surrender portion thereo1
et ffty cents on the dollar, and threatened with
Sotal repudiation of the balance, that they are
made thoroughly satisfied that the yoi9me OF
debt is no larger than that reported @ y o', .ne
we;t for Justice at the hands Of our present
rulers that YOU will be doomed to dlsappolnt
ment.. II 1t were from inability OF the State 70
meet her interest that it was NOT met' u tnsIe e1
might be some excuse for this delay; or II 1ne
Haht ~
named i'm the Treasurer's report, or II 1t were
unknown, there might be an excuse for su1n-
cient DELAY to test It. but there would be no
apology for attempting compromise, mpch
Less q repudiation. True, the LEGISLATURE mas
not openly repndiated any portion Of the debt,
but they might as we'll have done SO; they nave
redit-that was as far probably. as tney
dared to go at one step. They doubtless lntend
to openly repudiate it, If they succeed IN tne
partial repudiation which they nave af 9oSt
and the ability of the State to pay it, and pre-
sent such facts aud suggestions as occur. to me
as prOeeed. fss.5 - ~ y ~ 4's:@
The debt of. the State, exclusive OF interest
due and unpaid, Is only little more tnan
$4,000 GOO, and, large though 1t seems to be,
fhe State has ample resources to meet the IN
terest thereon and pay the annual current ex-
penses of an economical admlnlSIraQon. *
sufficient amount was raised last year by TAXA
ton to do this, and the sum will probably pc
increased this year by SS0O,ooo. me saame.u ma a!,
attempt of the present administrator 70 repu-
diate q portion of our debt has not been MADE
on account of the inability of the State to meet
it. Not at all. It is apparent that u was IN
dertaken solely for another purpose, VIE: 10
withhold the money due for interest, in order
to souander it for illegitinate purposes. Taxes
have not been reduced; they have, on the con-
trary, been Largely increased. l herewith en-
close YOU some accurate STATISTICS Wnlcn nave
complied, that you may see how the money Is
w..
annually for legislative expenses and public
printing. This is no fiction, though the sum sum
used appears fabulous. Take the year 1917.
In that year, there was S7l2,2 ,249.4S paid to the
members employees and the incidental OK PEN
ses of the General Assembly, and at least GER
tficates for $500 900 more issued by the Speaker
of the House and the President OF the Senate,
a portion Of which has been paid, and the bal
ance outst tanding awaiting payment. LOOK at
tine item o. public printing for the same year
X
T nensess for, regular session, s25s,sS1; public
printing, 1891 ,945; total, $623, ,2s5. That sum
alone would have gone very far toward paying
the interest upon the public debt; but that is
not all A special session was called to .mee1
near the close Of the fiscal year, and S22o, 600
and it was Immediately paid also, pornon,
at least of the legislative expenses OF last ses-
sion. Ere this, the entire amount has undonbt-
edly been paid, amounting, in all probability,
to $3.50. 600 more, so that the entire expenses OF
the General Assembly and for public printing,
during the first fourteen months OF the present
State administration, were upward OF 81, ,OUO,OOO
an amount amply sufficient to have paid the
annual interest upon the entire pubic deDt,
and have left sufficient sum to have met an
economical expenditure for legislative expen-
ses and public printing.
You have, doubtless, learned enough already
to satisfy you why your interest is not paid,
and why this monstrous scaling and funding
been proposed. You viii observe that the re-
ceipts from the taxes in 1873 were some S4OO ,000
in excess of 1871 and 1872, and SS00, GOO more
than they were in 1870. tits expected thft they
will be still further increased this year by
$500. 600, (they are now due and being collected
True. the rate of taxation is not Increased, but
the valuation has been adroitly increased, so
that the fraud upon the people Is slightly veil
ed. Notwithstanding this increase, not dollar
Of interest is to be paid upon any portion OF
AZ TOT, inr,
Of it, to wit, the old bonds, or the new bonds,
other than the conversion bonds, consent to
surrender them and take in lieu thereof other
bonds at fifty cents on the dollar. Even then
there is no guarantee that 1T will be paid. In
deed, if the past is any criterion to judge by,
surely win not be paid. If it is not, it will not
be the first time that money collected and ap-
propriated to pay it has been withheld by the
faw-making branch of the Government and
used for other purposes. Upward OF 81 ,7OO OOO
ton, and not a dollar was paid for interest upon
the public debt and 1t is proposed to spend up
wards of S2G00,000 this year.
It will, in my opinion, be folly, yea madness,
Tor any one to surrender an old bond, or new
bond of the Stats which this infamous funding
law condescends to acknowledge as valid, and
graciously consents to accept and take In lieu
thereof another bond, at fifty cents on the dol
lar, with no stronger guaranty that the interest
viii be paid than there is upon that which they
lieve that many will be so foolish as to do so.
NV advice to every bond-holder in the land is
to holdon TO what they have, and wait for JUS
tice from those to whom may hereafter be COM
mitted the destinies of our State In the pres.
ent condition of affairs there is nc more proba.
bility that the interest will be paid upon the
compromise bonds, if any are issued, than up
on those which are surrendered. Any conces
sion at this time upon the part of the bond
holders will only involve fresh demands fol
further compromise. Compromise this year
and what guaranty have you that you will moi
be called upon next year 70 compromise again
If the proposed compromise is made this year
il win only reduce the debt about $4,000, 600
leaving it, with the conversion bonds, nearly
$ll 100000, assuming that the conversion bonds
Sonht G Then. the debt M remaiains at 81 on o0o ono 10
is it all improbable that another compromise
would be asked? But you may reply thai
those who have compromised will not be asked
5,oId;nt, tho conversion bonds will be ask ed tr