Orangeburg news and times. [volume] (Orangeburg, S.C.) 1875-1877, 1877-09-22

amounting approximately to s3,0OO,-
| 900. The tax Of the first year was
! 81 mills upon theassessed valuation
Of the property i'll the Stute. This
tax was expected to yield 81, 100000
or s1,SO0,00O. The fiscal year of the
State closed OIL October 31st, 1868.
We went into office in July, and n
special session of the Legislature was
called Immediately. Instead of i'm.
posing tax to cover the expenses of
the current year as VI ell as the year
ended October 81, 1869, we only i'm
posed one tax, as we had then an
honest intention to relieve the people
of the State Of all but necessary bur
dcns. So we made tux for one year
only, intending to provide for out.
standing claims by the issue of bonds.
Of this tax imposed we collected
about three -fourths, and the balance
was left outstanding. No extraordi-
mar. measures were rcsortell to en-.
force its collection, and 1 think that
Judgment was never obtained against
the delinquents in the courts. !,
CIIAMBERLAIN's PECULIAR BILLS.
Under the Provisional Government t
q law had been passed authorizing the
funding of all outstanding debts,
interest and principal, up to July 1,
1867 The Legislature, in July, 1868,
passed bill to pay all interest due
from July 1, 1867, in gold. This bill
was engineered by the State financial
agent, H. II. Kimpton. He was a
friend and classlnate Of Cham ber-
lain's, and was i'll ntroduced by him to
me as the proper man TO be the fnan-
cial agent Of the State, He was ap-
pointed by the financial board -
Scott, Chamberlain and myself. The
bill was regarded by us as Kimpton's
measure, and he represented that it
would rise the value of the bonds ma
teriaIly, and enhance the credit of the
State. IN this view he was supported
Is---.s.9s
that never knew finan cial act 20
pass the Legislature which was not
proposed as n bill by Kimpton and
sanctioned by Chamberlain. His bills
we're always passed as presented. In
regard to this particular bill, it should
be added that the interest demand ed
was paid in gold until the winter of
lSG9-7O, when the law was changed,
SO that thereafter the interest was
payable in currency. Kimpton was
himself obliged to obtain the change
of the act, as it was seen to be impos-
sible to meet the demands upon tn
treasury for gold.
In the course of1868 and 1869 the
Legislature passed acts to provide for
the redemption, at par, of all floating
debts outstanding. All these financial
measures authorizing the issue of
bonds were susceptible Of two inter
pretations. The wording Of one act
will sufficiently illustrate this point:
"The Governor is hereby authorized
and directed to borrow S1,O00,OOO
upon bonds of the State of South
Carolina, said bonds to be signed by
the Governor and treasurer, and seal
ed by the secretary Of State, to be
payable in South Carolina and at the
New York financial agency" The
debatable point is whether bonds re-
presenting s1,00O,000 were to be put
OH the market, or whether 81 100000
was to be obtained by the sale Of
bonds at anv price. This point I
will take up presently. In round
numbers the financial board was au-
thorized to raise s3,2O0,O0O in tile
year 1SGS-G9 by the issue Of bonds Of
the State of South Carolina; s1,OOO,-
600 for the payment of interest on the
public debt at6 per cent, s1,O00,O0O
for the relief Of the treasury at 7 per
cent, 100000 for the redemption of
Governor O:r's currency, and $780,
600 for the purchase Of lands under
the land commission. One million