The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-12-02
Fortunately Tho righ. Of tho general assembly to


with the great Irblrn of restoring tic nutinuaI tut
rcney sound tas,s let this State further com
the Introduction OF nn"tber pnIcr medium which viii,
necessarily circulate as money at r1tcs greatly bcow
its sr whine, but which has Of the qualities
which btlnng to- money, In Its proper sense. To say
that The people have gladly accepted the certificate.
ot Indebtedness does not prove that e either hohot
able honest In tho State to issue them.
Another wide departure from correct nhminis.,1-
tion has obtnnrd FIR several years past-the issuin
"f"r'rs certificates and warrants for the payment q
ihnney from tho Stmtc treasury when funGs
manu- for their payment. ain not prcpartd 70 III,
that tlIs practice car be Immediately forbidden h.;
law without To" FERROUS cmthrrnssncHis tn public
',rNs. Int recommend the matter I" the atteno
u" the general assembly. The evils Of such rnc::
are great II hns alrrndy been forbidden in the
mhistfat"n "i county affairs niI an 'tlori should L.
made To return t" correct practices in this rtstc,
In" tifect OF such pr'c,,e upon the credit oi th
State is not essentially different FROM the case Of n
individual who so,;ih Issue cheeks mon "a bank " he
the t'nk held no funds applicable /" their la.
n"at.
An opinion prevails widely with the public t,,ntU
number "i public Officers ami thn aoant nf salay;
no" allowed by law are srrntly in OF the f;.'
nr Tr'uirctnchts am not now prepared tu cXrrr->
an opinion upon subject which REQUIRES So mus.
care a:I'i investigation in order reach correct r.
s,,l ~ my reductions "t expenses can be n,atr l..
"h"sh!n: offices or reducing salaries. shall give M
mn,s hearty support To any plan which will acco,,:
li>l that end. and recommend that intnc datc a-
trnllon be directed To the matter In this conncc
lion call attention Ia the necessity If rrquiriI.
county trtaSrcrs. and pei hnrs county auditors t..
Ss @ "% % as,aty s..s +" tine n"Hny At present ~
lurii"ncd by some whether suit can bc naintninc,'
by ts' county upon such u hond: but however that
may be-. in ease Of refnuit where the bond is ADEQUATE.
to cover The whole loss. there Is at prcrnt no law 10
determining in what way the unsecured remainder Cr
ss shall be arporti".. Il between r"nnty and State
IL plain that the county sh'r' 'r amply protected
Ivy adequate bonds fr tho c...," and Iishnrsemen.
Of county funds.
Nm subject will deserve crnvcr attention or wise
action than the public debt Of the State. At the las,
session OF the general assembly act passed er
tit'ui AN net reduce tho volume of the putI,
fJrf Of bc
l'y slat act the state treasurer authorized t,
issue in exchange for certain specified bonds an.
the coupons end interest orders which should becorr
nr on or before the lst Of January 1874 new bond.
face value OF the bonds and stocks and coupons or ir
tcrcst orders presented for exchange. The bond,
ami stocks and coupons and Interest orders thu
specified ss exchangcable amounted to Sll4SO03S 81
J lie reminder OF the apparent funded debt Of th
state. consisting Of what known "conversio:
honh-. and amounting to 1895 UOr was declared l..
of law, and to DC "a, soutely null and void" TIL
new bonds and stocks authorized by this net per.'
itr pay Inrnt nf the interest and the redemption q :
tlr principle Is secured by The levy OF an annual IA
1.-TWO mills on the dollar upon the entire taxaLi.
PROPERTY Of tho State, which declaration shall lie con
Sldcr'd contract entered into between the state aa
every holder Of sai bonds and stocks" 1t was fl;
thT provided that these new tonLs and s,n.. kou!
tear BLK per cent. interest. payable semi-annualiy
hr State treasury and In Now York. the frs, co..
ron to fall due july 1874 and all rt,inns Or into,
"st orders GIUn said hnnls stocl.s Wcr. made re-
r"irab'r lin payment "f Ill taxes due r State tnri
The year In which they mature cxcci, io- tax lrvie
:'r the i'ublr schools.
The Faith. credit ar funds OF The State w..r
rln'y Pledged :''r 'tic nHrual payren: IL TIE
!o''. and stock. and TOR providing surplus i,nl To-
'hat purpose. Provision also .i,a,.r Ir l. i.l.,
'"hr r't separate aud Apart from AL other t,ir..
ana L" !" ..l.!,t. ii> I" ia" lnnr,iiy acc.nin.
''irSt ri"'' 'Er nrw i"n1s ard si""ks 4. ~
'Ni:'-n-:'hct i III" principal II :!c i' y" did: o.
The ANIMAL ;.ur!.,... g, t,,s ana! >;,ces . .,ir inv,.-
!
h;n pull tr::.,, .,'l II, bond. -. ,;..;
~ ir"N lied he:.'s c:'aiti'' '"r anv d,'tc,''n
',w The !";'i.. features Of this >!,ruc ~. ,hr
lnci,n"t ''.a' Part "f H." i"b!ic ''cit which
Y"nI.'I' N"i.'! !" "nc-hf it, lar ,alne a'd the
ac"n u: t!a: !.s:; Which was considered inva.!.;
.ir act WAS rass'd a.tr- l"rc drheiatior and w., q.
;l tin. e" its passage. an, has since hccn the o,icc
'f i',.ir attention ard discussion t.rv,- .out :!
state. In ;.c rcrrn: pri,rr r.fvis> &c til. Sta,
Ion Parties especially pledged 'hrins, i've, 20 main.
tain this ',c!t.,nrn, ii The ru,c ,irl,,.' 50 iar a.
h.'c .rar:rc III, -crtituclt ~. :hr rr,'c 81 II
STATE. til y .. w!"lly- united in sui;c:. "a! Il;
meg -'r" II ..,s. h'rri.I" L. ic..:cs. .,r ..
a'a !na! ,,l"rirt
Alh" cio,i! u; wch ii Is ~, t>r .r-.. e., ..
F@'mci.. II 'i' '""rr OF TIE .ir'', j. III ins, Ill;
' t, SAT" l" iay ':r rl,t il full a. !" III" nar, o
Tie '' whirh j. wholly rrirtic,'. j. h"... tia, /:
was ;>>"ri without aun"'.'v q: :,m :.at i.;.cr ,!.
IL n"t gal ..',: .,i,n al the STATE iu.ia- a..
fsc ,::.,:. >:,r- ti- rc, wa> ,.m in .,r.,,;,. i,
the SAT- "'':> "N" s2," "nr'o ii -, ~ ,> n:,
.."'A> ,:r t,-,, v.l,sn-,L ,,c, So. ,r.,. ,...
isnrii. =: !Hhl:c 1,'; ~ :r,.....; t." sa,ty.-
sf.". ,- '.i:'!: nr,., .h,> a,,..i., III L.
~" ''.i: IL. ';.N .nnuiv .,'yiv.; ;,a> t!.v
':r-t "' i- i.i wli II all ii!n- L.. i,: ;: i,:lt.
hr>> t"i.t AZ i:;rir,i whti ,nr ne.
i-r..- al" a;i.r .'ii, L. l>.I wl,.r,,. .i,. *.
r.r',-.' =. Il. ,r ~. rir.!.
Ar.'! a .: 'w -tair '"n>'iin'u,i i.i;.i ;ant.,.
:" =; ;'i:',i- "t! nc'ra>r' u ir IT, s:c .rt .i rs
Sr:r - loan a.: the 'rr,li; oi t- STAT, y .i.a.
atty. endorsement otherwise until .hr r,:.;. ~
sue. 80, ,,,.I hl,r ern sui lu,r to the .,.,I.
l" ,,:rr- ~ :hr state at gc!,rri StnIc :. r,u'.
ti', - two thirds al the Nutin.. ills ui;>
i'' >ia ir In f.v"r "i such INCREASE. II hlrv,,i
'"a: ;i> it'.. -i,,i iii t- vii-ciu, -i. :. ..,n
~. iUiii;r- i"":ca>.. al the pnhiic .!,ht
lhr supreme court ni the State has trci :! ~:
vision. such ~ is cnn,niHrG in tlr present act
thr levy f al arnUal taN. is .N.act hr.wrcn IL.
state HIS. i'> creditor. and j. ,nra., c;Orrruu
il! PROCESS at law dir. r,rd against the p-,,- o,,:t-
ii tn. State and. fnrlrrniuir that si!, q ,rnvi-.a
Operates at Itself not ,.nly lew he ta\ tu,
st aIr''ii !ati"' Of the proceeds ut ts' levy tl-
lnri".rs designated ia the act 'hi.r tins ,icri..
lnr provision :"r Hn annual ia> r,i,in> ini,..:
r, y a'd ap;h"!'riatiuI ari u" r,''r- .i.atcn
irr'>'at irt'n Wear I" year. I" r'r"nl... ...r 10,
rr-c- al the act in this rr-I.rt.
Tftse provisions I'll law t".rthrr viii! l.,r t.u,
ion uirh .rn!.c> nj! ""uIr,i,, nf nr-.., ,rr. ,rc,
iir lew h"L.> receivable tor s>cs !u,in. t!r Yen. /,
which t!,v mature. give 10 thr t,:- nil The ,r
>air:ai''> which IL j. possible plc, a.,,ii. them
'"'.:r 'r!'",r that M, party. Aily inaa
Ma i."icai''r ':c 10 llrrj"'>t 81 tc:.n T.. tac
r"'nr' d'.r Il! these ~, oili.ut,,i> c STATE
Ton! - nr' ~ IL - inatri. i, !.nt M slew .r"wt
once trnrn"'! "n and crushed i, r-yjvc> with rxrcs,;
iI stew n'-> r.' ii"iri>te Uily init i.ng and tet-
I"t rire. ~ the experience al State shnuG hA,
Impressed tis lte>"n. surely II j. the experience.
kISl