The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-01-22
S155, 431 27

Sl00, 4oi III
The State starts the new fiscal year
withouta a dollar of Indebtedness. The
change of the time Of its commence,
ment to the 1st of January leaves a
period of II months to be provided for
by the present general assembly. The
Governor next considers the ways and
means of running the State govern,
ment for the present year. lie shows
that we are entirely dependent upon a
direct tax to raise funds to meet the
ordinary expenses of the government.
/ am satisfied, however, we Will be
able to meet all demands with the
same levy as for the past year, with
the exception, bowevor, Of the two
months additional. Had the funds OF
last year been lett applicable to the
ordinary expenses, the levy for the
next year would not have exceeded 3
mills. The total taxable property of
the State for the past fiscal year is
s169, 44S, GAL. This will be greatly in
creased another year by the large
number of manufactures now IN pro
cess of erection, and it is to be hoped
by more uniform system of assess
ment, necessary to be devised by your
honorable body as required by the
Constitution. Your present levy will
be upon the assessment Of 1SS4-95 for
State purposes, but this is not true as
to county and schools. The funds arls'
ing from taxes of 1S94-5 for county
and school purposes were expended on
contracts made against them before
they were even collected. This condi-
ton is unfortunate for the creditors OF
the counties who are school teachers
and contractors, who are compelled to
discount their claims at exorbitant
rates. To meet the difficulties arising
from such condition, l would re-
spectfully suggest that all contracts
due or to become due. after expending
the revenues of the year 1S94-95 from
any lawful cause prior to January 1,
1896, for county CIR school purposes be
declared past Indebtedness and the
county authorities be allowed to issue
bonds to liouidate the same. The
bonds could be made payable, say in
10 yoaro, with PROVISIONS Tor the re-
tirement of a given number each year.
The counties of the State would thus
be placed upon cash basis and teach
ers relieved of great hardship. Much
complaint has been made by the
comptroller general against the pres
ent system Of assessing the property Of
corporations other than railroad. l
think the complaint we'll founded, as
Justice and equity demand uniformity
in this particular. We have in one
county the stock of bank that pays
10 per cent. dividend assessed at Is
cents on the dollar. In an adjoining
county bank that pays S per cent.
dividends assessed at los on the dollar.
I would respectfully suggest to your
honorable body that the State board
of railroad assessors be given jurisdic-
ton over all banking and manufactu-
ring companies in this respect. We
would then have one central authority
with no local influences that could be
brought to bear upon it. The same
difficulty exists as to the method OF
taxing insurance companies. would
respectfully recommend that IN lieu
of the present system Of taxing pre-
miums received in the various coun-
ties, which is almost impossible to get
at, fixed per cent. of such gross pre-
miums be required to be paid direct
into the State treasury, and, If neces-
sary, the proportion adjusted between
the several counties.
Under the terms of the new Consti-
tuition the general assembly is author
lied to impose a graduated tax on in
comes and on professions and business
occupations. It is hardly necessary
for me to argue to your honorable
body the justice of an income tax. 1t
has been advocated upon every stump
and throughout the entire Union as
the most equitable system Of taxing
the rich in proportion to the poor. 1t
is impossible to devise system that
will secure just return of personal
property. It has been the dream OF
legislators and statesmen for years,
and we are no nearer solution OF the
problem today than we We're century
ago. I believe an income tax will
greatly assist in solving the problem.
The present time will be known to
history as the great bond era in the
history of our country. AS wealth
becomes centralized its power IS
brought to bear, with I'll of its cor
rupting influences. to obtain non-tax-
able securities. The citizens of towns
and cities and corporations require
more protection from government than
the rural population, and II is but pro-
per that they should bear greater
proportion OF its burdens.
Under the law money invested in
State and United States bonds is ex-
empt from taxation. The stock Of
banks and corporations is exempt IN
proportion to the amount of their cap
ltal invested in State bonds. This was
intended to encourage the banks to as
sist the State in refunding her debt
and yet not one would come to her
rescue at the critical moment and we
were forced to sell the banks in foreign
markets.
SINKING FUND.
Under the refunding act SO, 5,o00 per
annum of the receipts from phosphate
royalty is required to be set apart as a
cumulative sinking fund. found
cash on hand to the credit of this &C
count from the last fiscal year S25,
1888 invested and drawing no inter
est The governor, State treasurer and
attorney general were made COM
mittee for the purpose OF investing tshi
fund. After trying the markets OF the
State and the principal cities outside
Of the State it was found that the State
bonds could not be purchased for less
than 106 and subsequently for 10.
This fund being cumulative and the
commission having no authority to
cancel the bonds as purchased. l deem
ed it unadvisable and unwisc to pur-
chase securities whose price was high
on. +bop r,or ac hv 60 6oino yva won Id