The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1892-04-20
THE STATE BONDS.
Can We Refund Them at Four Per
Cent?...If Not, why Not :--.Other
State Bonds Command II Prem.
fnIn-


Editor Press and Banner:
We are now approaching campaign tnat
is sure to be Il very earnest one. Let MS avoid
all bitterness and i'll feeling. In making up
our minds how we shall vote let US be con-
trolled, not by passion and prejudice, bat
BY reason and common sense and patriotic
purpose TO do what is best for the interests oi
the State.
am one of those who think Gov. Tillman
and his associates ought TO be defeated. not
ally, but because we believe his administers
tion has injured the State.
Let US look for moment at our financial
condition. All thinking and candid men
IN ust see and ack nowledge that it is bad.
We have Stale debt OF about S6 ,0OO ,0OO, bear
ing six per cent. interest which will be pay
able July /, 1892. II that can be refunded al
four per cent. IL Will effect an annual saving
Of Sl9O,OO0. which is nearly one mill of taxa
ton. Can Gov. Tillman and his associates in
office refund that debt? II we are to Judge
the future by the past, we must: admit thSt
the chances are against 1t. The present ad-
to office 10 place four per cent. bonds. Ac-
cording TO the Treasurer's last report they
have succeeded in placing only about Sg .OOU
Of them. II the debt is not refunded by July
|. 1885, IT will according 10 the decisions OF our
Courts bear Interest after that time at seven
per cent. At the same rate II wOnld take over
200 years 10 refund cur debt. In January 1890
our bonds were worth about lO3. According
| to last Saturdays quotations they we're worth
92II. or after deducting three months inter.
est accumulated, only VI. IL Is evident thai
| ca apitallsts do not want To invest In them.
| II Is possible that Gov. Tillman's admins
! tration is not responsible for this state of af
| fairs, but it Is remarkable coincidence that
| the bonds of our sister States, Georgia. North
Carolina, and Tennessee are at premium
| 1t Is true that rs Inc time for payment Of
bonds approaches. they naturally depreciate
because they become less desirable Tor a per
| manent Investment, but that does not &C
mi fnr Il inf
Money Is scarcer and harder TO get here
than ever before, and yet it Is plentiful and
easy In the North. Why is IL scarce here:
Because our cotton crops brought nothing
OF our banks with tirSt-clasS collateral ant
try to borrow hundred dollars. He can no
get II. The banks have none on hand anG
they can not get 1t from the North because
capitalists have no confidence in US. They
| see that our State government Is making wal
! on them, and they think our people indorst
it In its course.
. lis estimated that the loss on phosphate
royalties for last year and this year will bt
about $50. .0O0 the loss for last year being stat
| ed at SGS,0GO. IL can not be denied that this II
due to mismanagement, pure and simple
There was a dispute between the COosap
Company and the State, the former min!
that IL had perpetual lease of certain phos
phate territory so long as 1t made true returns
and paid one dollar per ton MI1yaihty and 'h
| How then could the State assert It's rights
without engaging in the litigation just ended
The answer is easy. The Phosphate Com
mission should have advertised according Il
law that at the end OF six mOnlhS IL Woult
raise the phosphate royalty, Say to one dola
! and fifty cents per ton. AS soon as the time
was out the commission should have RAISED
the royalty, and demanded the additiona
sum from the CooSaw and other phosphate
companies. Under its claim of perpetua
| lease the Coosaw Company would have re
fused to pay it. The State could then hav.
brought suit In the State Courts on the bono
given by the Company, and the whole ques
| lion could have 0een settled while the min
ing was going on without the loss OF u dollar
| TO the State. Instead of that we have had on
our hands troublesome and expensive law
enue has been cut of. BY the way. the Phos
phate Commission advertised little over {
year ago that ut the end Of six months the