The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-11-26

of ihe legislature especially, to the fact that
the STATE owes large floating debt estimated
Mt s27l. .S9O07 Of past due interest alone, be-
sides unpaid appropriations as set forth above,
and to the further fact that the so-calleu
Treasury Reserve Fund is pra ctically myth
representing for the most part deotS ana not
credits of the State. The Sinking Fund por-
tion of what constituted the original Treas,
ury Reserve Fund amounting TO Sl6,6HlS
when the Act was passed in 1886, has since
been expended, as / understand, under laws
governing the Sinking Fund IN payment OF OF
Commissioners of the Sinking Fund. The d.
rect tax fund portion under Act Of 1854,
amounting originally to $50 2a4. SO, cine amount
received from Congress,) has been reduced 10
SIS, ,a5S7 by payments upon, the warrants Of
the Governor 10 psrties to whom 1t belonged
under the lew.
..The Interest on the unfunded bonds has
been reduced gradually. as the funding IN
timated. But Ii should be borne In mind that
these are in a sense debts the State owes, and
do not constitute a fund practically held In
reserve IN the staae treasury create reserve
fund Is TO raise actual money by taxation or
by the sale Of State securities and then hold
It in reserve for the special purposes for which
Il was created. A reserve fund is really need.
ed to meet the really large floating debt OF the
Slate, composed principally of past due. but
uncalled for. interest, and Interest on untund-
ed bonds estimated TO be S27l ,890.07, besides
ter satisfy the people of The Stale If the Legis-
lature would have this reserve fund invest-
gated by a competent Committee"
The myth" or mystery OF this "Treasury
Reserve Fund" has long puzzled many be
sides the State Treasurer.
The Act or December 22, 1856, creating the
Treasury Reserve Fund, set apart SZ79 ~ .SSsS
and required "That said fund shall be held by
the Treasurer OF the State Of South Carolina,
to be used in pay ment Of all interest due UP.
on the bonded debt OF the State and appropr!-
ations made by, the General Assembly Pro
pided, There be TO other funds 10 the Treas
ury applicable thereto. And when taxes are
collected and paid into the State Treasury,
the Treasurer shalt at once, from said collec'
tions. replace the amount OF said Reserve
Fund which has been used. Said
fund to be used and replaced as herelnbelore
directed in each succeeding fiscal year."
Now, these figures either represented cash
has been since spent In excess or the receipts
from taxation, II should appear. II the money
can be honestly accounted Tor, IL Will be
source Of satisfaction 10 know It. Therefore
cordially Join In the recommendation that
steps be- taken TO thoroughly investigate the
whole matter. 1t Is Idle 70 continue 70 keep
this mythical" fund on the books Of the
Treasury, and the Act creating 1t should be
As will be seen by the Comptroller Gener-
alps Report, there Is an Increase on the assess
eel value Of property this ear over last OF 81
680,2l8 and thai ofhcer deserves commenoa-
in which he has cndeavoreu to ferret out tax
dodgers and make them share the burdens OF
supporting the government. The law pro
vides That property, shall be assessed at It's
..real market value" And, while this is difl-
cult OF accomplishment, the Comptroller and
his subordinates are none the loss bound by
their oaths TO carry IT. out, as far as practica.
ble. 1t cannot be done IN one year, or IN aye
and there Ia neither sense nor law for the
claim that It must be done "ail In one year"
or not 1t all. II Is like requiring a child to
walk before IL crawls, or remain forever In the
cradle. There is, and always will be, great In
equality In taxation. Much property will al
ways escape entirely; but when It can be
shown that any one species OF property is
placed on the tax books at its "selling value,"
we have gone long way towards bringing II
all up to that standard. We have begun OH
the railroads and banks. Justice demands
that we go through the whole list, and join
the Comptroller In asking that provision be
made for reassessment OF land next year.
In this connection would urge the necessity
for change In the County governments and
the mode Of assessing property.
County Governments,
The office OF County Commissioner should
be abolished. and In place OF IL q government
Is townships substituted. Three Intelligent
thereof. should be entiusted with the man.
agement of the roads and bridges, schoOs,
and The assessment OF property in the same;
The Chairmen of these local Boards should
County finances, audit accounts aud order ex-
penditures. The salaries, II any, paid these
Township Commissioners, or Selectmen, can
be determined by the voters or fixed by law.
The Constitution can be changed 10 abolish
the office OF County School Commissl0ner,
and these changes Will inevitably result 10 q
great saving 10 each County, while there Will
be corresponding increase In efficiency.
Property will be assessed ali real value. and
millions now hidden will be made to pay Its
share Of taxes. This County Board should al
SO constitute the County Board OF Eqaaiiza-
tion, instead of being appointed as at present
by the Auditor.
In this connection suggest the propriety
OF requiring all notes, &c. TO be stamped by
the County Auditor and placed on tax books
TO make them collectible by law. Make the
note shaver or lender pay taxes as we'll as the
land owner whose property stands In his
| name while he perhaps owes as much as 1t Is
worth. Equity would require that a man de-
duct his debts from his property and pay lax
It is better that property shall be trebly tax:
ed, both debtor and creditor pay Ing, than that
the debtor must pay double. as he Is obliged
TO do and the creditor pay nothing, as is too
often done.