The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1880-12-08

IS in singular contrast with the rigid
scrutiny enforced upon the State treas
ury. Your experience aud judgment
will find the proper remedy. 1t ap
pears to me that the grand jury of the
is the most suitable body to be
charged with examining and auditing
the transactions Of the county COM
If aided by an expert
accountant, and the accounts are pub
Iished for public information d suttl-
cient time before the examination, 1t
will be as thorough as can be secured.
The accounts should then be forwarded
to the comptroller-general, to be by
him consolidated and embodied in his
rext annual report as statistical infor-
nation These commissioners should
still be required, as now, to submit to
the General Assembly estimates Of
supplies upon which to base the an
nual county levy. Al! that I have
said in this connection applies with
equal force to the disbursement by the
counties of the school fund.
THE PUBLIC DEBT.
An adjustment Of the public debt
has been reached by Legislative proVl-
sions, and by decision Of the courts.
There is no floating debt. The debt
funded and being, funded is $685.
10. Of this the scrip Of the Agri.
cultural College amounting to Sl9l,-
800, is a permanent investment; the
deficiency bonds and stock, amounting
to s564,S55, mature 1888; and the
consols, amounting to s5,SS2,5l5, ma
ture in 1894. The whole debt bears
Interest at 6 per cent
In this connection I would very
earnestly bring to the. attention of the
General Assembly the annual delay
of the payment Of interest. The 10
terest is payable before the taxes
levied to meet it are fully collected !;
aud thus some of the public creditors
are subjected to delay in receiving
their dues. This can be corrected by
providing an earlier day for the pay.
meut Of taxes; or the Governor and
treasurer might be authorized to an
ticipate their collection, so far as ne
cessary for this purpose, by a tenn
porary loan.
The consol bonds bear upon their
face the contract of the State to re-
ceive the coupons from the same in
payment of taxes. During the period
Of adjustment Of the debt it was im-
practicable to do SO; but now there is
no reason why the coupons of the
Brown consols should aot be thus re-
ceived. 1t is also advisable as to this
class of consols, that the operation Of
the law requiring interest to be paid
in New York as we'll as at the State
treasury should be resumed, but it is
not practicable to pay interest to the
holders Of Green consols elsewhere
than at the State treasury until after
the conversion of their securities. The
suggestions made would promote the
convenience Of the taxpayer: and no
doubt hasten the reduction Of the con-
sol bonds and stock to uniform
character. 1t is also desirable, as to
both consol aud deficiency stocks, to
adopt the plan of the United States
Government with regard to its regis
tered bonds and stocks-upou the
holder furnishing the treasury with
his postofice address, the interest due
is forwarded by check upon each Jan
uary and July. The punctual pay
mept of interest and every acommo-
dation and facility given in its collec-
ton enhances the value Of the Sc
curity, Already under the manage
ment of the State finances for the last
four years it's bonds have risen in the
market FROM twenty eight cents on the
dollar to par. The financial status Of
our State was once its proudest boast.
If we place it upon the high plane it
occupied before the late civil war and
keep it there, our securities will rank
with any governmental securities upon
the market; and when the debt ma
lures, as it will soon will do, it can be
refunded at a much lower rate of in
terest. A wise and prudent policy
will keep this end steadily in view !;
and then with the increased taxable
values, which improved credit and re-
turning prosperity will bring what is
now a burtheu may become an inap-
preciable weight to be borne or dis
charged with equal facility.
ELECTION LAWS.
The third section of the eighth
article of the Constitution Of this
State, adopted twelve years ago,
declares that 'it shall be the duty of
the General Assembly to provide,
from time to time for the registration
of all electors" This positive man
date of the Constitution has not yet
been obeyed. 1t is one Of the most
obvious means Of securing the purity
of the ballot box; and the failure to
provide it was justly urged in COM
plaint against these who controlled the
State Government for the eight years
following the adoption of the Consti-
tuition. Amid the numerous matters
the attention of the General
and with the shortened
sessions since that time, no registra-
ton law has been enacted. In my
Judgment the discharge of this i'm
pera:ive duty shonld no longer be
delayed. Indeed, in many particulars,
Dur election laws, as they now stand,
are defective, and their revision is one
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