Orangeburg news and times. [volume] (Orangeburg, S.C.) 1875-1877, 1877-05-12

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well-nigh cxhaused, and the season Of
the year at which the tnxos will be
called .fnr s'nIost unfortunate.
While it is the province Of the
House Of Representatives to fix the
amount oftaxes requisite to meet the
demands Of the State, and the time
anil mode Of their. collection, ven
ture to offer some suggestions on these
points for tho consideration of the
Legislature. It is due aliketo the
hornor and the credit Of the STAGE, as
we'll MS to its future prosperity, tlnt
there should be no question nor doubt
ns to our determination to meet every
honest obligation of the State fairly
and faithfully, but it is equa ly our
duty to ascertain what are its honest
liabilities. The suspicious which at
tach to n portion of the outstandin
obligations of The State, and which,
ton greater Or less extent, affect the
value o. all, render it imperative that
these obligations, whether funded or
not, should be strictly scrutinizcd
with view Of ascertaining which are
valid and which are not This should
be condition precedent to the pay
mcnt Of interest on any of the out
standing obligations OF the State,
whether in the shape of bonds or
otherwise, and also to, the further
funding any Of the State indebted
ness into the consolidation bonds
authorized to be issued under the act
of 1874 to reduce the volume Of the
public debt.
In order to effect this object in
mode satisfactory and equitable alik
to the State and to the public credit,
respectfully suggest the appointment
ot commission, to consist of one
member from each house of the Legis-
lature, the comptroller general and
The treasurer OF the Slate and three
citizens ofrecognized financial ability,
t. whom the whole question fthe
|sfiisancinl4sco conditin.,hf tkna2 "a Il :fi.aIl'
BE referred, and under whose tlircc-
ton Il thorough and complete invcsti-
CATION Of the funded and floating
Indebtedness Of the State shall be
made, and who shall he empowered
to require a registration hoiorc them,
or before such officers as may be de
sisnated, of tic consolidation bonds
Of the State. Obligations, the validi-
Is of which shall be thus asccrtained,
Shall be certified in such form as the
commission or the Legislature may
prescribe; and the coupons on such
bonds alone shall be receivable for
taxes. The commission should also
be charged with the duty Of reporting
TO the General Assembly, ut the next
regular session, tic precise character
Of all obligations Of doubtful validity,
or clearly fraudulent, with the spcci-
fic facts Or testimony upon which
their conclusions are based.
AS all the records aud books show
ing lie amount Of consolidation
bonds now utstanding with the ma
tuic Of the securities on which they
were issued, have been withheld by
The late officials am unable To state,
with any degree Of accnr;. cy, what
portion Of the public debt has been
converted into consoi daticn bonds.
and whit portion remains to he fund
ed. But ir I'M the best sources Of in
formation before me | estimate The
amount yet to be funded rs about
S3,000,G00 which, ut the rate cstub.
lished Tor funding, will require the
issue Of one million five hundred
thousand dollars of consolidation
bonds. Under The net Of 1878, thcs !.
bonds bear date Of January 1st, 1874,
md the annual tax provided by the
act for the payment of interest on the
entire consolidated debt has been
regularly levied every year, and the
amount unc&pcndcd ior interest
should be in the treasury to meet the
past due coupons Of these bonds us
soon rs iSsued