Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1889-12-05
The Governors Message.

the General Assembly is one OF the
best of his many excellent State
papers. Conservative in tone, Wig
orous in statement, thoughtful in
suggestion and true to the sentiments
and traditions Of South Carolina, it
will surely make Il favorable impress
sion on the public mind. II contains
a complete review OF the operations
Of the different departments OF the
State Government during the past
year, and makes Il number OF recon-
mendation looking to the improve
ment of tn public service, which re-
quirc, as they will doubtless receive,
the careful consideration OF the
General Assembly. Altogether, th"
present condition Of the State
healthy, and the prospect for the
future is full of encouragement.
The most important subject dis
cusscd by the Governor relates to
the financial condition of the State.
Ourpublic Indebtedness now amounts
to S6,595,92l Nearly the entire in
dibtudncss of the State will reach
maturity in 1893, and some provision
will have to he made for its payment
or for rcfunding the present consoli-
dated bonds and stocks. Governor
Richardson is impressed with the
great necessity ior suitable lcgisla-
ton in regard to this matter and
recommends that timely provision he
made for rcfunding the debt Ncgo-
tiations looking to this end cannot
'bc left to the risks and chances of Il
few brief months. IT is essential to
thcr successful ISSUE says the GOV
emor, "that Il Just, reasonable and
practicable scheme for the replacing
of this debt be devised, and that
ample time be allowed for its prompt,
Equitable and faithful execution"
Governor Richardson approves Of
the plan OF Scttlcn, u submitted BY
State Treasurer MclNcr, after con
fercnccs with prominent bankers and
other leading tinancicrs of the State.
viz: The issue of bonds and stocks
to be exchanged for the out standing
- per cent Brown con$olS, which
shall bear interest ut the rate OF /
per cent per ahnum, payable semi
awually, the bonds to run for fifty
years and TO mature i'm 1910, the
State Treasurer TO pay the difference
in interest in cash from the date Of
exchange of the Brown consols to
the date of their maturity, and, as
IN additional guarantee, to pledge
and set apart for the payment OF the
principal and interest OF the new
securities the phosphate royalty re-
ccivcd by the State. The phosphate
royalty for the past year amounted
to S2l3,00O, "a sum nearly equal to
the whole amount OF the annual in
tcrcst of the proposed new issue Of
securities" The Governor believes
that the proposed phosphate guar
antcc would add immensely 10 the
value and acccptablcncSS of the new
bonds in the money markets OF Ia,
country, but recommends, us further
induccmcnt to bankers to invest in
the new securities, that so much OF
the capital and surplus funds OF
banks rs may be invested in the new
bonds shall be exempted from taxa
ton. The plan for rc'unding the
debt is simple and would doubtless
prove to be very effective. With
the proposed phosphate guarantee
there would certainly be no difficulty
in placing the entire issue of the new
bonds, but it is questionable, We
think, whether the State should
pledge the phosphate royalty in or
der to float securities which can
doubtless be placed to advantage up
on the good faith Of the State alone.
The educational institutions Of
the State are in a hopeful condition.
Governor Richardson is impressed
with the necessity for wise lcgSa
ton in regard to the public schools
and recommends that, rs soon rs