The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-12-02


hope the! :ac general asssis;hy va! net ;::,,!. =ay
"a time when the national government IL embarrassed
with the great problem of restoring the national cur
pcate the evils Of mn inconvcrt. PAPER medium i,y
the Introduction Of an"tber Pui'rr medium. hich will
necessarily circnate as money at ratcs greatly below
III: par value, but which has Of the qualities
TINT the people have Gladly accepted tho certificate.
able nr honest In the State to issue them.
Another wide departure from correct nlminis!r1
"n hns obtained i"r several years pa.t-the ssuin
money from the State treasury when funds are on
hand fur their payment. MN not prepared to say
tint this practice be Immediately forbidden by
law without too serious cmbarrRssmcnls tn public
crrsts, but recommend the matter to the attention
are great 1t hns arcatly been forbidden i THE AZ
m'nis:st"n oi county affairs and an effort should t.
made to return I" correct practice In this respect
state is not essentially str-n: :.o,; :..s Sass os H.
Individual who shonld issu- checks npon bank whci
the bank held no funds applicable IT, their im.
mcnt.
An opinion prevails widely with tho public TINT |!
number Of public Office and the antunt Of snarc
now allowed by law grently in excess OF the p.
lie requirements. am not now prepared to expire
an opinion upon subject which requires SO l1lu,
care and investigation In order to reach correct re
isnt II my reductions Of expenses can he made l.;
hblisling offices reducing salaries shall give M
lish that end, and recommend that immediate al
tention be directed to the matter In this connec.
county treas,rers. anil perhaps county auditors e.
give bond directly to the county. At present Tho
bond. "r these officers to the State alone 1t j.
que toned by some whether n suit be mantninc
by the county upon such bond; but however that
may be- in ease Of default where tho bond is adequate
to cover the whole loss there is present no law To-
determining In what way the unsecured remainder cf
loss shall be npporti"r between ronnty and State
II is plain that the conty sh"n amply protected
ny hdefinte bonds fr the ct.... and disbursement
Of county funds.
n" subject will deserve grnvcr attention or wise.
IA mi ala fpT . H..
session Of the general assembly wns passed en-
Titled An net to reduce tho volumc Of the public
ictt and to provide for the payment OF the same
I:y that act the state treasurer was authorized t.
issue in exchange for certain specified bonds an:
,to'hs Of the STATE then 2ut.tsndes together viii
due on or before tho lat OF January, 1874 new bond
or stocks equal tn am 'unt ~ y per ccntum Of tn.
face value Of the bonds and atocks and coupons
tcrcst orders presented for exchange. The bond,
and stocks and coupons and interest orders thu
specified as exchangcable amounted to sll4sO033 81
The remainder of tn. apparcnt funded debt OF tn
state consisting OF what arc known as "conyersjo
bonds" aud amounting to *aso5,ooc. was declared t.
have been I'ut the market without any authority
of law and to be "a, soutely null and void" TIL
new bonds and stocks authorized by this net wer.
the payment of tho interest and the redemption a
the principle is secured by the levy Of ann,nl
property Of the State which declaration shall! bc con
sidcr-d contract tered into between the state amt
every holder Of said bonds and stocks" 1t was fu.
thci provided that these bonds and stocks siiouI
bear etx per cent interest, payable semi-annuay q.
the State treasury and in Nov York, the first co.,.
nD to fall duo July 1874. and all coupons or inter
est orders upon aaitl h"nds stocks made n.
r"irabc in payment of II" taxes due the State drite
the year In which they mature cHccr, fur tax lvvie
for the public schools
The Faith. credit sud funds of the State were So.
emmy pledged for "thc pnnrual paymcn. "f the in
bonds and stock and Tor providing surplus lard t..
That purpose. Provision was also made fer f,.,h
.. I" t. 'II'ii"'' first !" the annually accrning in
'rrcst won The new hons!> ard stocks srcr:n L. ;r,..
Ni:sui.'nc"t q! the principal II The n'!:r dad: d;
the ann;a! purchase al bonds an.! s;ocks 4. the Inv,-
;nar!ot Price The net further cn!,ialL ,.nv;,'rt.
f,r publ! rc.i>'r. u: al ~" h,n ~: s...ci-
A.! rr"r:ed heavy penalties '"r any dcniic,'.n.;
duty ON ti part o any officer in the execution f til
!,w The r:''i": features of this scheme the
'l'e'rn o tha, part "f the public 'icit which
considered valid 10 onc-hnf its Iar value ami the re-
lection Of thai la.t Which was considered inva.:
ric act was passed amer l.nC deliberations and w.,
"f Iul.c attention and discus. ion throughout {!
state In the recent p'liir, canvass ~ tbs stat,
tain this settlement "f the puc debt So Tar NJ
nave learned the scntimcat Of :hr rode Of H..
S,at'. they arc wh"llj united in surrc', "t III
y, n final Settlement.
A1hc giunn. ul"n ch Ills ::.ca>,r rr>:, a, &, -.
reduction of Tie ,"!Hre OF TIE del, j. thu inai:.i,
al the State I" pay the rlt In full a. III" mart ~
the ,-it which is wholly rejected, i, !. h.h that
Was issued Without auho;ity "t ..w ..n i.-.cc tis
II is not legal "'!i.., al III. STATE I,rrn. tA
ii'" months >i'''- this act was pa in operation l.,
>t"'hs have r"n 'xchsn..1. When ,i. ",,,iyr n...-
stind!n: ,a;, debt shall hn,r s..n Nrn.t..c. tn.
i'riit So. ! IHi;c ,ir,.t MI :.l..!i L., 50 40
slf' The '.n;:.! interest :hi> ar,.,ltt in IT,.
Ito i"I: Ia. lax annuallv i,yivi " i.ly t!.r i,.
t""rst al n- "r will 1T ali t:.nt. IT, hr n f,a1i
Hess T." l'.y a in:rtr>i which nrcrrt eel the ne
i.n.. AM! airr .Iuly l. I~.i. whrir,-. The rS-
ra,,:, -i.ii L. v., ,.,.!.
Ar:'". u "a: :.ir state con>'iiut,oi ia;i.. .iana:
-. - h'l> M! increase ~ ic jh!ic debt Ill tn
S's:e '' lean q! the 'rrtli; ui TIE STATE 10y .ua.
~ Is. endorsement nr otherwise until thr i,urs:i"u ~
:ri !',''>r -i,.l have been submitted the .ii,1
lied NHcr- o the state al general state -. c,iUH al!
'nnl>s ~" thirds "f the voters voting t!is i;c,
t"i sls: lac in favor al such increase. II i r!rv,
.ia' this lr". i>on will r riirctmn .,a:d sin,.
ah! f'iithrr increase "t the public ,!ct.
The supreme court nf thr Stat, has decided t,>:
Ii"tis'rt such aS il contained in the present act I.
tie levy f Nj annual tan. j. .ntract between tGv
Stale hn lis creditor and l. ca,a.r III cn;crcrn.ru:
iiy prOcr., nt law directed against the pr'c- nfit,.,-
al tn. state; AMI firihrrn,It that .irIi rroysin,
"I"rater Of Itself not "nl. levy al he aN tut
Nh appropriation Of the proceeds oi III" levy to lG-
'InrIusrs designated in the act fi,r this drcsi..n
the provision ior MI annual tax r,ii,inS j..1nair,t
levy a' appropriation, ar further !r..i..ni:on l..
NECESSARY. irrin Year tu year. to arrunp!>!, ir t
I,'.Sc- III the act in this RESPECT.
These ti"yi> at law together witL ti, I,uy...
i"n which makes all r"up",s NJ nttr. orders c,:
thu lew bonds receivable. for during the YEAR il
which tEry mature. rive Ia the bonds nj. The icr,,
safeguard, which il Is Is'.sb!c place a,.,ind them
ranh'i hcir>,' that nnv r,r,v. .=aH any ida.
lI,.;t, tf,,r In a.