The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1883-12-06
GOVERNORS MESSAGE.
lHE STATE OF South CARoIIyA
EXECUTIVE CuANRFp

hh SrArE OF SOUTH CAROLINA.
EXECUTIVE CHAMBER,
COLUMBIA, S. c., Nov. II, 1888.
"enfIeme" Of The General AsscmJiy:
IN the performance of my official duty
ing Message: ' '0''o"
THE PUBLIC DEBT.
at the date of the last renor, tho 1eh,
VI tue state was $6,571.S25. During the
,ast iiscal year I few bonds were issued
InueI E special Acts, and the Sinking
runa commission purchased and can.
.tieu E4l .2o7GI of Deficiency Bonds,
sn mus reducing the amount of the debt to
SG,yol ,29o.G3. There has been also n
silgnt reduction of this amount by the
gradual exchange Of Green for Brown
oon.sois, and the elimination of the in.
validity in the former class of bonds.
me me estimated invalidity of the Green
oonsois stlll outstanding is about ~ per
cent. Ihe Comptroller General reports
INA. very little grogress has been made
IN iunuing the old bonds under the Act
oi 1913 and Its amendments This is to
oe attributed to one of two causes eth.
ef large amount Vt these bonds have
oeeii LOST or des ,royed, or the invaliditv
IN those uniunded is much greater than
mas been estimated. In either case the
deot cannot exceed tho amount now re-.
ported, and it will probably fall much
Deiow that amount. The whole debt
pears interest at six per cent. AS the
interest becomes due, it is paid promptly
Id Id New 1Ork, Charleston aud Columbia.
Inc scrip OF the Agricultural! Colleges,
amounting TO S19l, 800, is a permanent
investment. The Deficiency Bonds and
Stocks, amounting to $46l ,45G.29. ma.
ture in 1888; the ConsoIs, amounting to
S5,S7S, ,O34, in 1898. The State securities
sell above par, the premium being limi.
tea only by the short period which the
debt has to run before maturity. There
Is no floating debt, the revenues of the
state are sufficient to meet appropriations,
and all valid claims are paid promptly
upon presentation. With a continuance
OF the present management Of the finan.
ces of the State, the debt, when it ma.
lures, can be refunded at lower rate of
interest.
REVENUES AND EXPENSES.
The Comptroller General estimates
that it will require S34S, 1886 to meet the
ordinary expenses Of the Government
during the present fiscal year. To this
amount must be added 1891 1878 for in
terest on the public debt, making s74O,-
ll3. The proceeds of the phosphate
royalty and the probable surplus in the
Treasury, estimated at Sl97 ,25l, will re-
duce the amount to S542,S62, which can
be raised by levy of four (4) mills.
For the last three years the Legisla-
ture has authorized temporary loans to
meet the interest on the State debt as it
fell due. This course has been rendered
necessary by the fact that the interest
becomes due before the collection of tax
es is completed. The banks of deposit
have permitted over drafts, charging in.
terest only from the dates of the drafts.
This liberal action has enabled the State
Treasurer, at small expense, to meet the
interest OH the debt as it has fallen due.
financial panic would render it diff
cult, and might render it impossible, to
obtain from the banks the amount neces-
sary to meet promptly the interest on the
debt. Such a result would be disastrous
to the credit of the State, and all chance
OF its occurrence should be avoided if
possible. This matter has been called to
your attention heretofore, but its impor-
tance makes it proper that | should re-
cur to it. If the tax levy is increased
sufficiently TO raise the amount required
to pay the interest on the debt and the
first semi-annual payment of taxes is
made compulsory, the State Treasury
will be relieved from further dependence
upon the banks, and the paying of the
interest made certain beyond all contin-
gencies. Until this is done, it will con-
tinue to be necessary to authorize tenn.
porary loans to meet the interest on the
debt. Another plan which is worthy Of
consideration would be to levy small
additional tax each year for this special
purpose until sufficient surplus is ac-
cumulated to meet the interest for one
year.
RETURNS OF PROPERTY.
The amount Of property returned tor
taxation in 1882 was $145, Az, ,292. The
amount returned Tor 1853 is:
Real Estate. te......................S 81, ,l31 ,4O1
Personal Property............. 48,249, ,939
Railroad Property..........." lo,227 1854
Total. COS, ,304
This is an increase in one year Of S5,-
1902. Encouraging as this increase is,
it is doubtful whether the property re-
turned is not assessed below its value,
and i: is certain that much Of the prop.
erty in the State liable for taxation is
not returned at all. The Comptroller
General estimates that at least 100000
acres of land in this State liable for tax
es do not appear upon the tax returns.
The Secretary of State, in his report to
the Commissioners of the Sinking Fund,
calls attention to the fact that in Rich.
land County there are about 900 acres
of land not returned for taxation. "he
same is doubtless true to q create :.
less extent of all the Counties. To Ind
| and locate the land not returned for tax
| alton, it would be necessary to cause full
surveys of the State to be made. The
increased revenues from these lands
would more than repay the cost of the
surveys.
TAX LAWS.
Experience has shown that in many
respects our tax laws are defective. The
burden of taxation is made to weigh un-
equally, because both Of want of unifor-
| nifty in the laws and of effectiveness in
their execution. The present system of
assessment and taxation is cumbersome
and not suited to our people. 1t should
be revised and simplifed. AS one of
the Commissioners of the Sinking Fund,
have had the opportunity to observe
the operation of the laws governing what
are known as Forfeited Lands, and that
observation has shown me that those
laws offer special inducements to owners
of land not to pay taxes. The reports
| of the Secrefarv of State show each wear