The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1875-03-25
> HOYT & CO., Proprietors.

s.HOYT & CO., Proprietor
- The Veto of the Floating Debt Bill
Hon. r. B. Elliott, Speaker Of the House Of
Representatives:
SRI return herewith, without approval, to
the House of Representatives, in which 1t orig
mated, an act entitled "An act to PROVIDE 1or
the settlement and redemption of certain
claims against the State"
In refusing 10 approve this act it is proper
and necessary that I should state certain facts
connected with the history of the act. When
/ entered upon my present Office it was my pur-
pose to oppose aay and all plans for the pres.
ent settlement of any of the various classes OF
claims which constitute the so-called floating
indebtedness of the State, except the bills OF
the Bank of the State. This latter class of
claims having been ,judicially declared by the
supreme court of the United States to constl-
,Sute q valid contract with the State, capable OF
enforcement by the courts, and actually en-.
forced IN the cases before that court, regarded
it SIS dishonest and scsndalous to delay longer
to provide for meeting those obligations. This
class of claims was likewise pressing by legal
means upon the State, aud seemed certain In
ly provision was made for their gradual pay
saent With reference to all other classes of
claims. was persuaded that the State had the
right, and that her condition justly warranted
her in postponing settlement until she could
recover in some degree from the effects of
long course of extravaganza and prohlgacy IN
the expenditure of public funds and the con.
tracing of public cbligations-at least until
we should be able again to pay our current ex-
penses during the year in which they arose. L
was convinced that the people should not be
taxed for the present year to an amount beyond
the actual requirements of the public service,
conducted on an honest and economical scale.
MY efforts were, therefore, mainly directed to
the work and duty of stopping all unnecessary
expenses, and restoring our government to
cash basis in It's transactions, leaving the past
unsettled claims against the State to await the
better times which the course indicated would
surely hasten.
). Especially did regard this act a. the only
admissible policy to be pursued towards those
classes of Indebtedness which are covered by
the present act, because they were believed to
be largely tainted with illegality and frauds.
was, however, strongly pressed, to consent s Mt
to some measure looking to the adjustment OF
the last named classes of claims. Finally, be-
ing convinced by my own observation that
some plan would be adopted I turned my at
tention and efforts towards securing the adop-
Hion of plan which would afford the best pro-
lection to the State and be least burdensome to
the people. In modifying my policy in this
respect I had the counsel and advice of the
best men of both political parties, who agreed
with me that, under all the circumstances, 1t
was wise to endeayor to secure the best possible
measure.
Acting with these aims and views, gave my
81 - %boo
pointment by the Governor of commission of
three, with power to audit all claims of the
classes referred to, rejecting in whole or in part
any claim presented upon any grounds satisfac.
tory. to them; second, the reduction OF all
claims thus approved by the commission to
,one-half of their nominal value; and, third,
the payment of the claims when thus reduced
in four equal annual installnents.
Persuaded, as was, that these claims were
largely fraudulent, I regarded that feature of
the measure which provided for the appoint
ment of the commission as by far the most
vital one. Without commission whose char
acter and ability would make the examination
of the claims work of searching vigilance
and unquestionable honesty, the measure would
be an atrocious and patent fraud. With
proper commission the other features OF the
i1easure;seemed to me to be reasonable.
- Such q measure was introduced in the House
OF Representatives, and was passed by that
House. In the Senate, for reasons which
have not been explicitly stated, the measure
was changed by naming the three members OF
the commission. The names inserted by the
Senate were changed by the House of Repre-
Fsentatives the changes were concurred In by
the Senate, and the act as thus modified is SUBJ
stantially the act which is now before me-.
Recurring now to the circumstances and mo-
fiyes which led me to consent to the measure
in its original form, am compelled to say that
changes of circumstances have taken place
since I was consulted concerning this measure,
sufficient of themselves to warrant an entire
change of attitude on my part, apart from the
complete change made by the most essential
feature of the measure. The response given by
the General Assembly to my efforts to enforce
"a policy of rigid retrenchment and the reform
in our public expenditures he's not met my ex-
pectations. The passage of the Legislative ap-
preparation act, the failure to cut down appro-
priations to their lowest reasonable limit in the
general appropriation act the defeat of the bill
reducing the salaries of public officers, and the
passage of multitude of miscellaneous claims,
have rendered it impossible for me to consent
70 add another dollar to the weight of taxation
which will now Cypress the people OF the . stare
In addition to what has been specified, the pas
sage already of acts for thelevy of special taxes
in no less than fourteen of the counties of the
State-.these special taxes ranging from one
and aRe-half mills to three mills on the dollar
and the prospect of the passage of many more
similar acts, is sufficient of itself to make my
approval of the present measure an act, in my
Judgment, of objectionable injustice to all those
whose interests an, sworn to protect.
The supply bill for the present fiscal year has
not vet reached me, but as it passed the House
of Representatives. it provided for taxes amount
ing 10 eleven and seven-tenths mills on the dol