The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-12-04
GOVERNORS MESSAGE,
STATE OF SoUTH CAROLINA.
EXECUTIVE CHAMBER
COLUMBIA, 8. G., Nov. 26. ISs4.

| COLUMBIA, 8. C., Nov. 26. 1884.
gentlemen Of the General assembly:
in tho discharge of the duty imposed
upon the Governor by the Constitution
to give to the General Assembly informa'
tlon OF the condition of the State, and 10
recommend for their consideration sucb
measures as be shall judge necessary or
expedient, have the honor to transmits
the following Message:
THE PUBLIC DEBT.
The estimated amount of the public
neot is almost the same as last reported,
the only changes being the purchase and
cancellation Of $1,000 Of Deficiency new
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 esli.
mated debt is as follows Consols (yalid)
5,464 ,656.77; Deficiency Bonds and
Stocks, $3.50, ,45629; Agricultural Col.
lege Scrip, $l9l, 800; and bonds and
stocks still unfunded under the Act of
1873 and the amendments thereto.
amounting, principal and interest, to
about &l5.3 5.356.96; the whole aggregat.
ing Sc ,522, ,270.02. The unfunded debt.
S4l5 5,356.96, includes interest unpaid
from July, 1872, to January, 1880, which
under Act Of 1873 is fundable at par, and
also $624, ,32272 Of old bonds and stock
with interest estimated to 1880, and
which under Act Of 1873 are fundable at
50 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 100000 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 1868, ,372.42 of the
former class outstanding. and of which
$699, 1896 or 723 per cent. is invalid.
In addition to the debt of the State, the
Comptroller 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 81 100000. 1t is mat.
ter of cengratulation 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 he- 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 10
the year which has been lost in th, 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
5anks 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- 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 %ble 20 allow
the advances agreed upon with the State
Treasurer, and, in. order to relieve the
pressure as much as possible, the Comp.
troller General was forced to suspend, for
time, the issuing of warrants to all
charitable institutions and general claim
ants, compelling these creditors to dis.
count the"' 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 au, that you will, in your
wisdom, adopt that remedy which is most
practicable under the circumstances.
REVENUE AND EXPENSES.
1t is estimated that it will require
1872, 2,l95 to meet the ordinary expenses
of the government for the fiscal year
the public debt. The phosphate ROYALTY
should yield Sl5o, 900, and there will be
in the treasury an estimated surplus of
1924, ,255, leaving 1Gt $489,276 to be
raised by taxation, and requiring q levy
Of three aud 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 tho last year.
RETURN OF PROPERTY FOR TAXATION.
The amount of property returned for
1884 is:
Real estate..................SS7 ,559, ,538
Pereonal property.......... 6,904,705
Railroad Property.......... l5,263, ,566
$149727, 500
This is loss of 1881 ,695 on the return
of 1888; personal property having fallen
off by 81 ,345, 1884, while real estate has
| gained S428,lS7, and railroad property
1856, ,402. 1t Is notable fact that the in.
crease in real estate, during the last year,
Ii altogether in the cities and towns, the
returna of country property having de-.
creased by about $4,000. That these
figures do not truly represent the value
of the taxable property Of the State, is
clearly demonstrated by the. Report of
the Comptrrller General, which shows
that real estate is assessed at less than 68
per cent. of its market value, while per.
sonal property is taxed at less than one.
third of its estimated value. In addition
to this, the Comptroller General esti-
mates there are q. least 2,O0O,O 900 acres
Of land which are not npon the tax books
at all, and this estimate ia sustained by
the Report of the Secretary of State on
the Same subject. The value of the tax.
able property Of the State may fairly be
estimated ai about 500, 600, 900, instead
of Sl50, 100000, as assessed. In this
conuecticn, beg to call attention to the
I Repnrf of fbo 2acratory of Gtota - A. -