The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1896-01-21

, eractS made against them before the1
} were even collected. This condition
} is unfortunate for the creditors of tn,
counties who are school teachers ant
contractors, W ho are compelled To dis
: count their claims at eXorbi:ant rates
10 meet the difficulties ar ising from
eucn d coudition, would respectfully
suggest that all contracts due or To be.
como due, after cxpcndiug tho revenues
OF the year 1870 from any law fuI
cause prior TO January 1, 1896, for
county or school purposes DO declared
past Indebtedness aud the county au.
thorities be allowed to issue bonds to
liquidate the samo. The bouds could
be made payable, say In 10 years, with
provisions for the retirement of given
number each year. The counties OF
the State would thus be placed upon a
cash basis and teachers relieved OF
great hardship. Much complaint has
been made by the comptroller general
against the present 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 adjoin-
Ing county bank that pays 8 per cent
/ IL
| | would respectfully suggest to your
honorable body that the State board OF
railroad assessors be given jurisdiction
| over all making and manufacturing
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
diff1culty exists as to the method of
taxing insurance companies. 1 would
| respectfully recommend that in lieu of
the present system OF taxing not 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 necces-
sary, the proportion adjusted between
the several counties. Under the terms
OF the new constitution the General
Assembly is authorized to impose q
graduated tax on incomes and on pro-
LESSONS and business occupations. It
1s hardly necessary for me to argue to
your honorable body the justice OF an
income tax. 1t has been advocated
upon every stamp and throughout the
entire Union as the most equitable
system OF taxing the rich in proportion
to the poor. 1t is impossible to devise
a system that will secure a just return
OF personal property. It has been the
dream OF Legislators and statesmen for
years, and we are no nearer a solution
OF the problem today than we were a
century ago. l believe an income tax
will greatly assist in solving the prob
lem. The present time viii be known
to history as the great bond e;a n The
history OF our country. As wealth be-
comes centralized its power is brought
to bear, with all its corruptiLg influ-
ences, to obtain non-taxable securities.
The citizens OF towns and cities and
corporations require more protection
from governmet than the rural popula-
tlon, and it is but proper that they
should bear greater proportion of its
burdens. Under the law money in
vested In State and United States
bonds is exempt from from taxation.
The stock Of banks and corporations is
exempt in proportion to the amount Of
their capital invested in State bonds. |
This was intended to encourage tho
banks to assist the State in refHnding
her debt, and yet not one would come
to her rescue at the critical moment
and we were forced to sell the bonds
In foreign markets. Since that time,
however, the banks and investors of
the State have purchased them, pay
ing large premiums for them, until
now almost the entire issue is o.. ned
IN Charleston and other cities OF the
state. This capital can only be reach
ed by an income tax and | respectfully
recommend to your honorable body |
that u graduated lax be placed on all |
incomes OF $1,000 and upward, ind |
that county auditors be given iull au-
thority to hear evidence and resort TO
sucn other means as to your honorable |
body may seem expedient to obtain full /
and accurate returns. 1t will be neces-
sary Tor you to provide for the pay
ment OF the salary of the various school |
commissioners and other expenses for
collecting and dirbursing school funds |
out OF the general taxes as the constitu-
tion provides. 1t will be unnecessary for |
the expenses OF the State penitentiary
and the dispensary to be paid out OF
the general fund, as both institutions
are self-suppOrting. | would there
priations for these institutions you
specifically state that such amounts be
paid out OF their earnings to be de-
posted in the State treasury for that
purpose.
PHOSPHATE INTEREST,".
This industry has never recovered
from the cyclone of 1893 and J. fear
never will. We have no longer q
monopoly of the business, and the dis
coVery OF phosphate rock in Florida,
Tennessee and Algers has made com
petition very lively. The report of
Phosphate Inspector Jones is gloomy
and discouraging, but | fear Mr.. Jones
takes too pesimistic q view OF the situa-
tiOn.
The State received from January,
1894, to January, 1895, $62, ,80S.3 80, which
was placed to the account of the sink
ing fund. From January 1895, to Janu-
ary, 1896, the receipts wore $9l ,532.27,
which also placed to the credit OF the
sinking fund. Besides there was $4,-
1882 received in November and De-
cember last, which was placed to the
credit of the general account in the
treasury, making in all $95, ,69l.19.
There is now due and unpaid by the
phosphate companies the sum OF $14,-
019, SIS royalty upon rock actually mined
and sold. This added to the above
amount gives $l09, ,7l0.74, the amount
that should have been received from
January 1st, 1895, to January 1st, 1896,
representing an outpout of2l9, APO tons.
The phosphate royalty received for the
fiscal year ending October 3lst, 1892,
was 1852, ,286.40. This upon royalty
of 81 per ton. Upon the same royalty
we would have received for the past
fiscal year $2l9, ,42l4S.
1t must be taken into consideration
that the State receives royalty only
from rock actually sold and delivered,
and not from that actually mined. We
| are dependent upon the honesty of the
| 4 a,,l <Nf