The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1882-12-08
GOV RNOR'S MESSAGE.
EXECUTIVE CHAMBER.

GOV + Il N u X M Z s S A G E.
Executive CHAMBER
COLUMBIA, 8. c., November 30, 1892
Senators and Representatives.. beg le ave
to submit my annual Message:
THE PUBLIC DEBT.
The debt funded and being funded is So
Ell 1926. This is decrease OF $40, ,496 on
the amount reported last year-the Sinking
Fund Commission having retired by pur-
chase and cancellation S71 1863, and small
amount of additional stock having been
issued by Joint Resolution of the last Legis.
lature.
OF the public debt, the scrip the Agri-
cultural Colleges. amounting 70 S191, 800.
IS permanent investment the deficiency
bonds and stocks, amounting to S5O1 ,922,
mature in 1888 and consols, amounting to
So, ,878, ,033, mature in 1893. The debt
bears interest at 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 postofice 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 q balance of S98,O17 in
the Treasury awaiting your disposition.
The coupons Of brown consols are receiv-
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-
hanced the value of this GLASS of bouds. I
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 Penitentiary, from the phosphate
royalty and from the general tax The Pen
itentiary paid into the Treasury last year
$4,000. The phosphate royalty is steadily
increasing burning the past year it amount.
ed to S13S, S,254--being an increase of over
SIG 900 upon the preceding year.
BY the report of the Comptroller Gene
raj, you will see 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
sidering the income from the Peuitentiary,
be met by levy of fvc-tenths of a mill
upon the dollar Of taxable values. The lew
for interest on the public debt, (thres and
one.tenth mills) is to be added thus max
ing general tax levy of three and six
tenths mills.
Interest upon the public debt is payable
before the annual taxes are fully collected.
To avoid subjecting any of the public cred,
ltors to delay in receiving fheir 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 expedient answers we'll
enough while the money market is easy,
but with the occurrence Of financial panic
it might be difficult to accomplish. The
public credit is of too much consea uence to
che welfare of the State to be thus jeopar-
ded. The dybt will soon mature, and to re>
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 are paid semi.
annually, and tho first payment is optional,
the taxpayer being charged interest if he
defers payment of his whole tax till the time
OF the second payment. Under these cir
cumstances, to return to q collection of the
taxes for interest before the interest is due.
it is necessary to make the first semi:annual
payment Of taxes compulsory, and then for
one year to increase the tax levy sufficiently
to raise the sum for which, 10 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 commends itself to your
honorable body, the additional sum to be
raised this wear will be about 100000 and
will neoessitate the addition of $40 mills to
the 3 6.1O mills previously estimated. The
whole tax levy well then bo 4 40 mills
The levy for last year was "a mills. 1t
will still be necessary for one year longer
to authorize the temporary loan, because the
first 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 new in the Treasury, which
are not sufficient for the purpose, aud at the
same time to carry on the government until
the taxes OF 1883 are collected.
PENITENTIARY.
On the lst November, 1881, there were
$50 convicts in the Penitentiary. At the
same tate this year the number was SEA-
or these 778 were colored and 46 white.-
Of the S24 convicts, 224' were leased upon