The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1886-12-03

y
for the present fiscal year.
The debt of the State is classified rs fol-
lows:
Grow Srown C ConsSl'' all valid.." s6,277.7as p
Sreen Consuls.. ......,...... 851,67l Al
or which S631 1880, under the iudpment Of
the Courts is invalid:
Leaving q valid Consul debt of ..S5, ,4oS, ,O3O 90
Deficiency bonds and Stocks.... 45O, ,9OS 90
Agricultural College scrip. ........ 19l, 800 90
Fundable interest," estimated validity 92 l46 4f
Post bellum bonds, S2G9, ,72l7S.
To be funded at fifty per cent..... 1896 80
Ante bellum bonds, S3O8, 729.s9.
TO be funded at fifty per cent. 154, ,364 "a
Total. ..........".."............. S6,522,11I 81
Of the class of bonds last mentioned,
S20,G33.65 wero funded during the last
year, for which Consol bonds and stock
were issued
OfGreen Consols 800, ,297. 7.75-containiur
S52,O37 .65 of invalidty-were exchanged
for Brown Consus.
This shows that the holders of these
bonds at least realize that they need not cx-
pect any further relief from the Courts, and
that these invalid claims against the State
will not be recognized In this connection
the Comptroller General makes an impor-
tant suggestion AS our Consol Bonds
will mature in seven years, it is of tho ut
most importance that all Of them, if posi-
BILE, TO funded and put in proper shap pc be-
fore that time; and it will be for tho State
to adopt some measure which will force the
funding of these old bends. Notwithstand-
ing the very large amount in existence, not
more than an average OF from sixteen to
twenty thousand dollars are funded annu
ally, and there is no reason to believe that
there Will be any improvement in this re-
spect unless some action is taken to hasten
it.
Every ofportaaity7 aud~evesy induce.
ment has been given TO the holders of these
securities to exchange them for recognized
bonds, and the only reason that can be as.
signed WY this has not been done, is tho
reluctance to accept the settlement offered
by the Stats, aud 10 have eliminated that
portion which tho Courts have declared in.
valid.
1T is therefore suggested that an Act be
passed providing that the period in which
these bonds and certificates of stock may be
surrendered and exchanged be limited to
October 81, 1889, after which they shall
!; DO funded only under special Act of the
General Assembly.
Tho deficiency bonds and stock will ma
ture in July, 1883. AS arrangements must
be made by the Legislature in S87 TO meet
these bonds at maturity, and as it will be
important at that time to have full informa-
/. tion on that subject, recommend that you
take' action now, preparatory to the redemp-
aion OF these bonds. ~ ~.
hd credit Of the State Is Is now d good. ana
nothing should be done by which it may
be impaired.
ASSESSMENT OF PRoPERTY-CoLLEcTI
OF TAXES.
The Constitution provides
ARTICLE /, Section Sc. All property
subject to taxation shall be taxed in pro-
portion to its value.
ARTICLE2, Section 33. All taxes upon
property real or personal, shall be paid up
on the actual value of the property taxed,
as the same shall be nscertalned by an as
sessment made for the purpose of laying
such tax.
ARTICLE 8, Section l. The General
Assembly shall provide by law for a uni
form and equal rate Of assessment and tax
alton, and shall prescribe such regulations
and shall secure a just valuation for taxa
iion Of all property, real, personal aud pos
sssory, except mines and mining claims,
the proceeds Of which alone shall bo ta xed
aud also excepting such property as may be
exempted by law for municipal, education
al, literary, scientific, religious or charitable
purposes.
1t will be conceded that vast amount
of property, both real and personal, that
has not been exempted from taxation by
law, has not hitherto contributed its share
to the expense of its protection The
amount OF personal property that has es-
capped taxation, in the shape of moneys,
credits, investments in bonds, stocks, Joint
stock companies, or otherwise, has not been
nscertained. The Comptroller General, in
his report for 1883, says T.: The valuation
upon our books fall very far short Of rep
resenting the actual value of property in
the State, aud seriously doubt whether
il represents more than two-thirds of that
value. J bis is due to tho differentiation
Of the property represented, and TO The cdst
amounts that peUer reach tie tao books at
all. In tho single matter Of lands this
deficit will run up into millions ln every
County in the Stale vast tracts are either
vacant, or their owners never return them,
and the State loses it's revenue. ] have
nsde every effort to find out the area Of
each County in the State, in order that,
y comparing the amount Of land returned,
the loss might bc located. Unfortunately,
however, have been unable to obtain any