Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1882-12-07

GOVERNOR nt600D'S MESSAGE.


STATE OF SOUTH CAROLINA. !
EXECUTIVE CHAMBER,
COLUMBIA, s C., Nov. 90. SO
Senator's and Representatives
beg leave TO submit my annual Mes
sage.
TIE PUBLIC DEBT.
The debt funded and being funded
j, Sc 57l ,S25. This is decrease o
$50 4a6 on the amonnt reported las
year-the Sinking Fund Commission
b wing retired by purchase and can
collation. $7l ,369, and small amount
of additional stock having been is
-psd by Joint Resolution of the last
L gislature.,
OF the public debt, the scrip Of the
Agricultural Colleges, amounting tc
$l9l 800, is permanent investment;
the deficiency bonds and stocks
mounting to $5ol 900. mature in
1888; and consois, amounting to
5 .STS033. mature in 1898 The
whole debt bears interest at s PEI
cent. This is promptly met as it ac-
crues, and is paid in Columbia, Char
lesion and New York. II the hold
er OF State stuck desires it, and
lnrpisbes the Treasury with his post
flee addreeSS the interest due is Tor
warded to hfA upon each January
aud July. The securities Of the State
are cold upon ehe market above par.
We have no floating debt. Current
expenses as they occur are met with
c:rrent funds, aad there is balance
Of s9o.olt in II y Treasury urs..-ius
your disposition!
The coupons Of brown sonsols are
received IN pa5 5ment oftaxes. There
is no good reason why the coupons
of deficiency, bonds should not be re-
ceivable in ike manner. 1t would
put all the fcredliors Of the Safe on
the same footing; and as the holders
Of Deficiencies are largely our own
citizens. it would add to their con
venieuce while it enhsnced the value
of this cl-ss Of bonds. I respectful
ly recommend this measure to your
consideration.
REVENUES AND EXPENDITURES.
The revenues OF the State for cur
rent expenditures are derived from
she net earnings OF the Penitentiary,
from the phosphate royalty and from
the general tax. The Penitentiary
paid lnto the Treasury last year $40
600. The phosphate royalty is stead.
lily increasing; during the past year
it amounted to $lS8 254-being an
increase of over $4,000 upon the
preceding year.
By the report Of the Comptroller
General, you will see that the usual
and ordinary expenses of the State
government, not betrayed by the
phosphate royalty and the surplus
III the Treasury, can, without consid
eling the income from the Peniten
tlary, be met by levy OF five tenths
OF a mill upon the dollar Of taxable
values. Tue levy for interest on the
public debt, (three and oue-tenth
mill.) is TO be added thus making
a general tax levy of three and six
len,hs mills.
Interest. upon the public debt is
payable before lhe annual taxes are
fully collected. To avoid subjecting
auy OF the public creditors to delay
IN receiving their dues. the Legisa.
ture has Tor the last two years annu
ally authorized temporary loan IL
an n'icipation of the taxes. The liberal
action OF the banks of deposit il
permitting over drafts ard requiring
interest upon each only from date ha;
enabled the Treasury TO effect the
accommodation at trivial expense
Authority for similar purpose vii
be necessary for the neat and fol
each ensuing year. The eEpedien'
answers we'll enough while the money
market is easy. but with the occur
renee of financial panic it might bt
difficult to accomplish. The public
credit is Of too much consequence tt
the welfare Of the State to bs thu:
jeol arded. The debt will soon ma
ture. and 10 refund itat a more
favorable rate Of interest is an enc
to be kept steadily in view. A fail
IRE to meet promptly the interes
under any circumstances would in
juriously affect this purpose. Again
our taxes are paid semi annually
and the first payment is optional. th
taxpayer being charged interest if b
leters payment of hiS whole tax til
thu time cf the second payment
Uuder these circumstances, to returl
to collection Of the taxes for interes
| lofo,o th q ;nfarapS 10 dino ~ 10 roooaeo, ~