Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1881-12-01
State Atfairs.

SMlR AkkaltS.
THE GOVERNORS MESSAGE
STATE OF SOUTH CAROLINA, !
EXECUTIVE CHAMBER, :
COLUMBIA, November p, 1881.
Senators and Representatives 1t is, by the
fundamental law, made the duty of the Gov
ernor to give to the General Assembly inforlna
tion of the condition of the State, and recon-
mend to their consideration such measures as
he shall judge necessary or expedient.
THE PUBLIC DEBT.
There is no floating debt. The debt funded
and being funded is Sc, 642, ,321. This is an in
crease of little over S., 900 upon the amount
reported last year, and arises from the time
having been extended by legislative action fol
the refunding of certain small parcels of bills
of the Bank of the State, which had not
reached the treasury within the time pre-
scribed for funding the same. - .
Of the public debt, the scrip Of the Agricul-
tural College, amounting to S191 800, is per.
manent Investment the deficiency bonds and
stocks, amounting to S562, SIT, mature in 1888
and consols, amounting to $685., ,944 mature
Ill 1913. lHe WHole ueDI uedlo lnIoiooU "0
per cent.
The board of. commissioners of the sinking
fund have had, during the past year, in their
hands applicable to the retirement of the debt,
$27, ,O9S Of this amount, they have only been
able to invest in State securities at par, exclu.
sive of accrued interest, $3.50. There is,
therefore, remaining in their hands at this
date $23,12S; and legislative instruction is
needed as to the disposition of this balance, as
well as to the disposition of the sums hereafter
to accrue for the same purpose. 1tseems prob
able that the market value of the State securi-
ties will continue above par, which, under
present regulations, the board have regarded
as the maximum price they were warranted in
paying.
Interest upon the debt is payable before the
taxes levied to meet it are fully collected. To
avoid subjecting any of the public creditors to
delay in receiving their dues, the last General
Assembly authorized the Governor and Treas
urer to anticipate the collection of taxes, as
far as necessary for this purpose, by a temporary
loan. The liberal action of the different banks
of deposit in permitting overdrafts and requl-
ring interest upon each, only from date. pre-
vented the necessity of these officers borrowing
the full amount necessary at one time and
keeping it on hand until fully paid out. The
interest paid by the State upon this loan
to $712.24. Authority to contract a
loan for similar purpose, will be necessary
for the ensuing year, or provision should he
made for an earlier collection of taxes. The
interest is now payable in New York and Co.
lumbia. 1t should also be payable in Charles
ton and it is further desirable to adopt, as to
both Consol and Deficiency stocks, the plan OF
the United States Government with regard to
it's registered bonds and stocks-upon the hold
er furnishing the Treasury with his post office
address, the interest due is forwarded to him
upon each January and July. There are also
certain minor regulations of the Treasury,
which impede rather than advance the public
business. These are the requirements not only
of receipts, but duplicate receipts, upon pay
ment of coupons, interest orders and warrants,
these vouchers are given up
and cancelled at the same time and the ma
king of the Governors Endorsement of the
Trearurer's check upon the bank OF deposit
necessary before the public creditor can receive
the money due him. These regulations are the
result of law their abolition or amendment is
commended to your attention. In
my observation it is also desirable that the
Treasurer'S contingent fund should be in
creased by small amount, to enable him to
employ, Temporarily, extra clerical force at the
periods of payment of interest. The prompt
ness of the payment of interest, as well as ey-
cry facility given to its collection, enhances
the value of a security and it is to the obvious
interest of the State to place and keep its secu-
rites upon the highest plane. When our debt
natures, as it speedily will do, the wisdom of
this course will, I ampersuaded, be realized in
the refunding of the debt upon the most favor
able terms.
The Consol bonds bear upon their face the
contract of the State to receive the coupons
of the same of payment in taxes and this nn-
adds to their value. The Brown
COnsolS have been issued in lieu of such Green
Consols as have been presented for conversion,
and are in all cases worth their face value
The coupons from these can he, and are, re-
ceived at the tax table. The Green Consols
are tainted more or less with an
invalidity which has been established by the
Courts, and is acquiesced in by the holder
The coupons from these cannot therefore be
received by the tax collector, but are present
ed and paid at the State Treasury where access
to the registry permits the amount of invalidi-
ty in each coupon to be ascertained. This
entails serious amount of labor upon the
Treasury, and it is desirable in the interest
of the State and of the creditor, that the Green
Consols should, at as early a date as practica-
BILE, be all converted into Brown Consols
This process is going on steadily, but not as
rapidly as the mutual interest of the parties
would seem to warrant. 1t is worthy Of your
whether this should not be has
tened by some action on the part of the Cen
eral Assembly, giving notice that interest,
after date to he fixed, will be paid only upon
Brown COnsols.
REVENUES AND EXPENDITURES.
The revenues of the State for current eX-
penditures are derived from phosphate royalty
and the general tax. In the last year the roy
atty paid into the State Treasury has exceeded
any previous year, amounting to S121 ,541, and
it is probable that the improved condition Of
that interest will continue. l beg to call your
to the well considered and valuable
report upon this subject of the special assist
ant, Mr.. E. l.. Roche, forwarded with the an
nual report of the Commissioner of Agricul-
ture. The report of the Comptroller-General,
to be submitted to you, will show that the
usual and ordinary. expenses OF the State gov
ernment, not betrayed by the phosphate
royalty, can be met by a tax levy Of but 4-1O
the public debt, 25-10 mills, is to be added,
thus maknga general tax levy of 3 $40 mills.
When these revenues reach the Treasury, they
are disbursed in every case under the sanction
of your appropriation, by heavily bonded Off
GERS with elaborately provided checks, one up
on the other, and a monthly exhibit is made
in the public press Of their transactions
You will permit me to again call your at
tention to the singular contrast in the man.
agement of the county finances. The taxes
collected and disbursed in the counties are the
constitutional school tax of two mills, the or
binary county tax of three mills, and i'll many
cases extraordinary taxes for railroads or 9TH
er county improvements, the total being con-
siderably in excess of the amount that reaches
the State Treasury. The county treasurer
collects and retains in his hands these county