The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-12-04
GOVERNORS MESSAGE.

uUEEnNUn y MEOSHuE.
STATE OF SOUTH CAROLINA,
EXECUTIVE CHAMBER,
COLUMBIA, S. c., Nov. 26, 1884.
Gentlemen cfthe General Assembly:
In the discharge of the duty imposed
upon the Governor by the Constitution,
to give to the General Assembly informa'
tion of the condition of the State, and to
recommend for their consideration such
measures as be shall judge necessary or
expedient, have the honor to transmit
the following Message:
THE PUBLIC DEBT.
The estimated amount of the public
debt is almost the same as last reported,
the only changes being the purchase and
cancellation Of $11, 900 of Deficiency
Bonds by the Sinking Fund Com mission,
and the funding of $3,S93 of Fire Loan
Bonds not previously included among the
outstanding securities. The whole esti.
mated debt is as follows: Consols lvalid)
5,464 ,656.77 Deficiency Bonds and
Stocks, $3.50, ,456.29; Agricultural Col
lege Scrip, S191, 800; and bonds and
stocks still unfunded under the Act of
1873 and the, amendments thereto,
amounting, principal and interest, to
about SALE, 5,356.a6; the whole aggregat-
ing Sc ,522, ,270.02. The unfunded debt,
$4l5, ,356.96, includes interest unpaid
from July, 1872 to January, 1880, which
under Act of 1878 is fundable at par, and
also s624,92272 of old bonds and stock
with interest estimated to 1880. and
which under Act OF 1873 are fundable at
so per cent Of this last class of bonds,
Notwithstanding the very large amounts
still unfunded, but few are now present.
ed for exchange, only $4,000 having
been funded during the last year, and
less than SEC, 900 in the last two years, 80
that it is reasonable to suppose that many
of them have disappeared and will never
have to be redeemed by the State. The
exchange of Green Consols for Brown
Consols has progressed satisfactorily,
there being now but $96S,S72.42 of the
former class outstanding, and of which
$699, 9,149.36 or 724 per cent. is invalid.
In addition to the debt of the State, the
mptroller General has prepared a
statement showing the debts of every
County, city and town with the character
of the obligation and the purpose for
which incurred. No greater evidence of
the progress and prosperity of the State
is needed than the exhibit made by these
tables, by which it appears that in the
short period of four years the indebted.
ness of the Counties has been decreased
by very nearly ST 100000. 1t is mat.
ter of congratulation to the people of
the State that by the regular and unfail-
ing payment of the interest on her debt,
and the prompt settlement of all valid
claims against her, the credit of the
State is now established beyond question,
and confidence in her willingness and
ability to meet her obligations so restored
as to place her bonds at high premium
in the markets of the country.
The attention of the General Assembly
is called to that portion of the Comp
troller Generals Report which refers to
the year which has been lost in the col
lection of taxes. No more important
question will claim your attention than
that of providing some method of meet.
ing this emergency. The necessity of
depending upon temporary loans from
the banks to meet the interest on the
State debt, and at time, too. when the
banks may be unable to give the needed
assistance, is much to be deplo.ed, and
no effort should be spared to relieve the
fiscal department of the State from such
an unfortunate and unbusiness.l like posi-
tion. During the last Summer, the con.
dition of the money market was such as
to make it matter of serious doubt
whether the banks would be able to allow
the advances agreed upon with the State
Treasurer, and, iu- order to relieve the
pressure as much as possible, the Comp
troller General was forced 70 suspend, for
time, the issuing of warrants to all
charitable institutions and general claim
ants, compelling these creditors to dis
count their claims, and thus entailing
upon them losses which should properly
have been borne by the State. will
suggest no method of correcting this evil,
satisfied, as 1 am, that you will, in your
wisdom, adopt that remedy which is most
practicable under the circumstances.
REVENUE AND EXPENSES.
It is estimated that it will require
$372, 1875 to meet the ordinary expenses
of the government for the fiscal year
1884 85, and 1891, 1897 to pay interest on
the public debt. The phosphate royalty
should yield $3.50, and there will be
in the treasury an estimated surplus of
s124,255, leaving but $4S9,276 to be
raised by taxation, and requiring levy
of three and half mills. This amount
will probably be increased by appropria-
tions not included in estimate for current
expenses, but the rate of taxation need
not exceed that of the last year.
RETURN OF PROPERTY FOR TAXATION.
The amount of property returned for
1884 is:
Real ..$S7 ,55953S
Personal property.......... 46,904,705
Railroad property.......... II, ,263,366
s14s.727,eos
This is loss of 1881, ,es5 on the return
of 1888; personal property having fallen
off by 81 ,345, 1884, while real estate has
gained S428, 1877, and railroad property
$35, ,402. 1t is notable fact that the in
crease in real estate dnrinp the Last wear