The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1881-12-01
Message of Johnson HagOOd.
Governor Of South Carolina,
to the General Assembly,
Delivered Wednesday,
November 23, 1851.
STATE OF SOUTH CAROLINA.
EXECUTIVE CHAMBER.

Senators and Representatives,:
1t is By the fundamental law made
the duty Of the Governor to give to
the General Assembly information of
the condition Of the State and re-.
com 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 fupdcd is
s6,642,32l. This is an increase Of
little over $4,000 upon the amount re.
ported last year. and arises from the
time having been extended by legis-
lative action for the funding Of Ger.
tain 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 Agricultural College. amount
ing to sl91:SO0, is a permanent
investment. the deficiency bonds
and stocks, amounting to s562,57T,
mature in 1888, aud consols amount
ing to s5,8S7,944 mature in 1898.
The whole debt bears interest at 6
per cent.
The Board of Commissioners of the
Sinking Fund have had during the
past year iu their hands applicable to
the retirement of the debt S27 ,09S.
Of this amount, they have only been
able to invest 10 State securities at
par. exclusive of accrued interest,
$3.50. There is, therefore, remain
ing in their hands at this date $685.
1873; and legislative instruction is
needed as to the disposition of this
balance, as we'll as to the disposition
of the sums hereafter to accrue for the
same purpose. 1t seems probable that
the market value of the State securi-
ties will continue above par, which,
under the present regulations, the
board have regarded as the maximum
price they we're warranted in paying
Interest upon the debt is payable
before the taxes levied to meet it are
fully collected. To avoid subjectipg
any of the public creditors to delay in
receiving their dues, the last General
Assembly authorized the Governor
and Treasurer to anticipate the collec.
tioo of taxes as far as necessary for
this purpose by temporary loan
The liberal action of the different
banks of the deposit iu permitting
over-drafts and requiring interest up
on each only from date prevented 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 amounted to
S7l2.26. Authority to contract a
loan for similar purpose will be ne.
cessary for the ensuing year, or pro-
vision should be made for an earlier
collection of taxes
The interest is now payable in New
York and Columbia. 1t should also
be payable in Charleston; and it is
further desirable to adopt, as to both
cousol and deficiency stocks, the plan
of the United States government with
regard to its registered bonds and
stocks; upon the holder furnishing
the Treasury with his postohice ad.
dress the interest due is forwarded to
him upon each January and July. |
There are also certain minor regula-
tions of the Treasury which impede
rather than advance the public bust
ness. These are the requirements not
ouly of receipts, but duplicate receipts,
upon payment of coupons, interest or
ders and warrants, Notwithstanding
these vouchers are given up and can
celled at the same time, and the max
ing of the Governors endorsement of
the Treasurer's check upoo 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 respectfully commended 70 your at
tentioD. In my observation it is also
desirable that the Treasurer's contin-
gent fund should be increased By
small amount to enable him to employ,
temporarily, extra clerical force at the
periods of payment of interest. The
promptness of the payment Of interest,
as we'll as every facility given to its
collection, enhances the value of
security, and it is the obvious interest
Of the State to place and keep its Sc
curities upon the highest plane. When
our debt natures, as it speedily will
do, the wisdom of this course will, [
am persuaded, be realized in the re-
funding of the debt upon the most
favorable terms.
The consol bonds bear upon their
face the contract Of the State to receive
the coupons of the same in payment
of taxes, and this undoubtedly adds
to their value. The Brown copsols
have been issued in lieu of such Green
cousols as have been presented for
conversion, and are, in all cases, worth
their face value. The coupons FROM
these can be, and are, received at the
tax table. The Green consols out
standing are tainted, more or less, with
an invalidity which has been estab
Iished by the Courts, and is acquiesced
in by the holder. The coupons from
these canuot therefore be received by
the Tax Collector, but are presented
and paid at the State Treasury, where
access to the registry permits the