The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1882-12-08
GOVERNORS MESSAGE.
ENECUTIyE CHAMBER.


to submit my annual Message:
THE PUBLIC DEBT
The debt funded and being funded is Sc,
571 1925. This is decrease of $40, ,496 on
the amount reported last year-the Sinking
Fund Commission having retired by pur
chase and cancellation S71 ,369 and smal
amount Of additional stock having been
issued by Joint Resolution of the last Legis
lature.
OF tho public debt, the scrip Of he Agri-
cultural Colleges. amounting to Sl9l 800.
is permanent Investment the deficiency
bonds and stocks, amounting to S501 ,922
mature in 1888 and consols, amounting to
ST, 5,978,033, mature in 1898. The debt
bears interest at 6 per cent This is promptly
met as it accrues, and is paid in Columbia
Charleston and New York. IF the holder
of the State stock desires it, and furnishes
the Treasury with his postoffice address,
the interest due is forwarded to him upon
each January and July. The securities of
the State are sold upon the market above
par. We have no floating debt. Current
expenses as they occur are met with current
funds, and there is balance of $685. in
the Treasury awaiting your disposition
The coupons Of brown consos are rcceiv-
cd in payment OF taxes. There is no good
reason why the coupons of deficiency bonds
should not be receivable in like manner
1t would put all the creditors Of the State
on the same footing; and as the holders of
deficiencies are largely our own citizens, it
would add to their convenience while it en-
hanccd the value of this class of bonds
respectfully recommend this measure to your
consideration.
REVENUES AND EXPENDITURES
The revenues Of the State for current
expenditures arc derived from the net earn
ings of the Pcnitentiary, from the phosphate
royalty and from the general tax. The Pen.
itentary paid into the Treasury last year
$4,000, The phosphate royalty is steadily
Increasing burning the past year it amount.
ed to S13S ,254--bcing an increase of over
$4,000 upon the preceding year.
By the report Of the Comptroller Gene
raj, you will sec that the usual and ordi.
nary expenses of the State government, not
betrayed by the phosphate royalty and the
surplus in the Treasury, can, without con
sidcring the income from the Penitentiary,
be met by levy Of fvc-tcn,hs of mill
upon the dollar of taxable values. The levy
for interest on the public debt, (three and
one-tenth mills) is to be added, thus max
ing general tax levy of three and six
tcnths mills.
Interest upon the public debt is payable
before the annual taxes are fully collected
10 avoid subjecting any Of the public cred
ltors to delay in receiving their dues, the
Legislature has for the last two years an
nually authorized temporary loan in an.
ticipation Of the taxes. The liberal action
OF toe banks Of deposit in permitting over
drafts and requiring interest upon each
only from date, has enabled the Treasury to
effect the accommodation at trivial ex-
pense. Authority for similar purpose
will be necessary for the next and for each
ensuing year. The expedicnt answers we'll
enough while the money market is easy,
but with the occurrence OF L financial panic
1t might be difficult to accomplish The
public credit is of TOO much consequen to
the welfare of the State to be thus icopar-
dcd. The d BIT will soon mature, and to rc>
fund it at more favorable rate Of interest is
an end to be kept steadily in view. A fail
urc to meet promptly the interest under any
circumstances would injuriously affect this
purpose. Again, our taxes arc paid semi
annually, and the first payment is optional,
the taxpayer being charged interest if he
defcrs payment Of his whole tax till the time
of the second payment. Under these cir
cumstances, to return to a collection of the
taxes for interest before the interest is due,
1t is necessary to make the first scmi:annual
payment of taxes compulsory, and then for
one year to increase the tax levy sufficiently
to raise the sum for which, in the expert
ence of the Treasury, it has been found
necessary to make over drafts upon the
banks. We are experiencing a period of
exceptional prosperity, and there will be no
better time to accomplish this desirable end.
Ii the measure commcnds itself to YOUR
honorable body, the additional sum to be
raised this year will be about 500, 900 and
will nccessitatc the addition of SO mills to
tho G.lO mills previously estimated. The
whole tax levy well then b I-lO mills
The levy for last year was 4 81 mills 1t
will still be necessary for one year longer
to authorize the temporary loan, because the
hrst payment of interest for 1884 will occur
before any part of the tax you now author
ize is collected, and will have to be met
out of funds NV in the Treasury, which
are not sufficient for the purpose, aud at the
same time to carry on the government until
the taxes OF 1888 are collected.
PENITENTIARY.
On the lst November, 1881, there were
600 convicts in the Penitcntiary. At the
same tate this year the number was S2l.-
OF these 778 were colorcd and l6 white
OF the 92i convicts, 224 were leased upon
phosphate work 12l were leased upon
railroads % on the Sccgcrs farm, aud 1874
within the walls of the prison. OF those
within the prison 81 were at work with a
contractor in making shoes, 12O at work on
the Columbia canal, and the remainder in