The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1902-01-15


and says: 81 find on the books OF this
department certain bonds as part OF
the debt Of the State entered as Old
Bonds Not Fundable (Act of 1856 Bike
Railroad Bonds $4,000 These bonds
were issued in 1859, and matuEcd IN
1879. BY Act of 1896 the Treasurer is
forbidden to pay, consolidate or fund
! any coupon bond CT the State after the
expiration of twenty years from the
date Of maturity of such bonds. l am
| in doubt as to how longer to report
these bonds. If they are no longer
fundable why carry them longer Us 4
part CT the debt of the State? But
while on the one hand the Treasurer
can neither pay nor fund them, on
the other he has no authority to write
them of the books" This letter was
| referred to the Attorney General for
his opinion, and in reply he submits
a full and complete opinion, coEclud-
ing as follows: Il am OF opinion that
the bonds in question constitute an
existing adjudicated part OF the debt
of the State, and as such can only be
disposed of by some Act OF the Legs
! lature."
Thus confirmed in my opinion and
views upon the subject by the legal Oh
fcers of the State, I cannot do other
wise than repeat my recommendation
of last year, viz, that the claim Of the
bank 10 be permitted to renew ana
fund these bonds is valid and just and
should be allowed. It is not denied
that the State owes the bonds to some
one. They are carried as part OF he
debt Of the State on the books OF the
Treasurer, as owing to some one. The
Courts have all decreed the bank 10
be the owner no one else can no"
claim them, as all persons but the
bank are barred under the Act or
1896 from doing so. I repeat, ii the
face Of these facts, it will be little
short Of reputation if we continue TO
refuse to allow the receiver OF the
bank to fund them.
EXTENSION OF TINE FOR PAY
MENT OF TAXES.
II IS best that the time for the pay
mept of taxes without penalty should
be fixed, and it should be understood
that there will be no extension. IN
view. however, Of the strlngency O.
money with our farmers, and in conse-
cuence with almost every other branch
of business, and in view Of the fur
ther fact that the time for the pay
ment Of taxes has 50 often been eN-
tended that our people have come 10
expect it, after consultation with the
COMPTROLLER General, and by virtue CT
authority given US by law, the time
for the payment Of taxes without pen
atty has been extended to the first cay
Of March. 1902.
TAXATION.
The question Of taxation IS one OF
the most important and difficult prob
lens that will confront you and one
of the most profound in political econ
only. It has been a difficult problem
ever since government has been organ
lied and taxes laid, and never yet mas
system been adopted which IS en-
tirely equitable and just and which
has not been open to fraud and eva
s:cn and inequality. 1t is easy to lay
down a theory and a principle that
will be Just and equitable, but when 1t
comes to putting in motion the ma
chinery that will carry out in its prac-
tical operations that theory and that
will apply the principal to properly,
the question becomes veXed one anu
difficult of solution. The Constitution
provides that all property shall be as
sessed at it's true value and therefore
bear its share Of the burden OF taxa
ton. This principle was laid down by
Adam Smith, the celebrated Scottlsn
philosopher and political economist,
in the early part Of the Eighteenth
century, and by all writers on politlcal
economy before and since his day.
EQUAL and just taxation, levied on all
property proportionately and in ac-
cordance with it's value, is the product
Of the highest justice, and when done
to meet simply the demands of govern
ment, economically administered, IS
never burdensome. On the other hanu,
unequal and unjust taxation is al
ways burdensome and has been the
cause Of many Of the wars and much
of the strife all through the history
Of the ages.
It is necessary to raise a certain
amount of money to meet the expenses
Of the State government and this must
be done by taxation. It makes little
difference to the taxpayer whether the
levy is high or low. The question that
concerns him is the assessment or val
uation placed upon the property to be
taxed, and whether or not it is valued
at the same ratio as other property
When the politician boasts OF having
reduced the tax levy he is only trying
to fool the people. The levy must be
large enough to realize a sufficient
des12 HIN, Qo!qA ssoulsl@Iq aQa pe4oaJ
eul useM2sQ eu!I dIeqs MvIp HIN U!
sum to meet the appropriations, AMI it
will be large or small in proportion to
the valuation placed upon the property
and the amount Of appropriations
made by the Legislature. The only way
to reduce taxation is to reduce the az
preparation. Of course, the school tax
fixed in the Constitution would real
ize more income if assessments were
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