The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-11-29

OI- which amount Lne! - 5Ft --.4
pasSsd received. ssn1 25o,ooo 90
|Amount Issued In Ex.
change for Brown
iss............................... s. @ @ 15osas 81
Addiiio1aiS amount in
Exchange for Brow9 o, -,
HN0i' '','''' ;'''''',..'''' ~-ss55.4 .4ol, ,s55 SO
On November lst 1892, the ne. cash
On i Novssnber T Isl. 1888, these iiabiii.
Ties were 4s4, ,sO6 AZ
Excess or 1893 over 1892 "a. .265 Al
The. cash In The Treasury on the
same dates were: November l. 1Ss2s20l .5aS 90 90
November LIST. l6S S1''11o %
$3.50 s25. .s7s 65
K Butit is proper to state that neither ofthese
amounts show the real Increase + debt or the
avaiInoie cush which the Legislature IN ust
take into reconsideration. In providing for nexf
yeara' az penses. The Sllb 2JJ8S5 accrning from
the sales OF the new bonds are by law sacred
LIZ held 10 redeem the outs standing old bonds,
and tls use for any other purpose would be
as increasing the debt. The
s24, 90.54 OF the Direct Tax Fund is similarly
the principal defc. Is the 900 Dor rrowed
b meet the extraordinary expenses. l would
note 10 passing that the Treasury mas eeen pee, =
Why it was necessary. During the year the
following extraordinary expenses were incur
Isterest on so 10000 OF new bonds from
January TO July....... sig lS dSo I2o
Appropriated to 0ispensary ............... 50 oe0
appropriated TO Clemson Gollege......... $1,000 oo
For tifcial Lmbs-.... 2,OOO
~ - -. s2s s,l25
To make, the matter about the interest on
the new bonds clear, & is necessary toexplain
That from January ist last, until the first OF
JpIy, We paid double interest on thatpnrt oi
the debt refunded, five and quarter million
dollars. The Old bonds were running At per
cents, and the new ONES. which had TO be ne
g,,siateds aud the money obtained for.them TO
bs ready for the redemption OF the old ones,
also bore interest from January LIST at AZ per
can't Therewas no way TO prevent this, for II
wonld haya been impossible TO have provided
fer the payment OF the old bonds with bond
bearing the same date at which the others be.
pay the old ones without selling, new ones.
and II would have been reputation 70 force
the holders OF the old TO take the new IN ex-
change. We were compelled 10 have the
Before Diminishing this subject 1t Is well to
remind yon' OF the painfnt tact that the large
revenue which would have been derived next
year ifroin the. phosphate royalty, and which
has enabled us 10 make euch a fine showing,
will be totally lacking for the next fiscal year.
Tie dInastrous storm, q full account Of which
is given in the Report Of the Phosphate Com
hsp Mpns
much 30 that heCommission felt constrained
to make such efforts for It's relief by, there
ductIon OF. the royalty, etc., as viii leave no
under the law must be devoted to the Sinkiog
tai6daiiis SecaIss II Ssssassssssy 70 Lake
II; Into consideration In making your estl:
mates and arranging the annual tax levy.
2 The O,0O appropriated for the DIspensary
will be more than repaid and can 60 Into the
estimate. What additional amount may be
relied upon. from this source Is a. matter OF
conjecture. 1t was In Anticipation OF this e4-
traordlnary exp pense that the State taxes were
raised last year one mill and If II were not
for the l,IsB the phosphate royalty, we could
easily the coming year reduce The tax levy 70
burden In future Will be SIS. $50 less per an.
mum by reason OF the refunding ofsthe debt
we can reduce 1t halt mill anyway. ss
RAILROAD Taxes and Receiverships.
During the year question. OF vital import
ance. and one more far:reachtng In It's conse
quences TO the States than any that has arisen
has been passed upon by the Federal Courts
and decided In manner that must excite the
alarm and resentment OF every lpver OF liber-
tyand Justice - The Issue involved me s soy Sn
taxpayers before the law and, by The decis-
lon rendered by the Circuit Court In Charles
ton and sustained by the. U1ited States SD
preme Court, that sovereignty, has been 6lsre-
earded, and, In effect, destroyed, and o prefer
red GLASS OF taxpayers created with. special
privileges not yOuchsafed to other citizens:
Under. the Constitution Of South Carolina
it is declared, Article TX, Section / 1.-THE
Gene.M Assembly shall provide by law for q
uniform Sands equal rate OF assessment and
taxation. and shall prescribe ouch regulations
ga shall secure a. Just valuation for taxation
of all 'propertyy real personal and poSsessory,
and dn Article II, Section 80, II Is pro-
vided: .All, the taxes upon property, real or
personal, shalT be laid upon the actual value
or the property taxed as the same shall be as
certained BY an assessment Tor the purpose Of
]epyi such tax" s.3 sI...s
The Statutes passed In accordance with
tht.se prov islons have defined the methods OF
assessment and collection. The requirements
or the Law are eexpiicit and clear. Real estate
and personal property have their value liked
BY the County Boards OF Equa lizatio In con.
q cifierent, class OF property, passing from
county 10 county, and orpen through this
Stste Into adjoining States, with nothing OF O.
local .charaoter about them, were wisely ana
necessarily placed 40 separate category, anc
the assessment or ibis class OF property DE-
vOlved upon q special ana disttnct Board,
"Ttfe State Railroad Board OF EqSaIizalon,.
composed OF the treasurer, tne secretary OF
State. the Comptroller General, the Attorney.
General. and more recently, IN aouti0n tneis-
70, the Enairmah OF tue Son ~ n', s1
ston. These oncers are nee ssarlly msh y,
inbslllgencs auu GnaIactel. 9na tneiI ~ otiicla, M
action under oath In Inc oiscnarge OF any
pnhlic trust must command respect. bat
while al other taxpayers nave naa .ne.l prIp ~,
ert7 assessed In the manner prescribed Dy
the law and have paid the same. certain ran.
roads have put iortn tne lnsoient cain ,tlat y
they alone Ehouio oecioe as 10 tne Vaius y! "