The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1902-01-15

the current expenses Of the State gov
eTnment, for the treasurer, by authori-
ty Of an act Of the general assembly,
to borrow 10000. This loan was nego-
tiated at per cent. per annum for 30
and SO days time and has all been paid
back In order. however, to meet the
interest on the State debt, due Jan. lst
it was necessary to borrow $4,000 ad-
ditional. This action was made neces-
sary by the fact that a very small pro-
portion Of the taxes had been paid at
the close Of the year.
In my message Of the last two years
have upon each occasion called your
attention to the subject of certain
bonds which. by the treasurer report,
appear as part Of the old debt Of the
State. but which are now, under the
act Of 1895. no longer fundable by the
treasurer without the action OF your
honorable bodies. From your journals
learn that my message upon the
subject was referred to a joint commit
tee which reported thereon, but which
report was not adopted by the senate
and no action taken thereon by the
house of representatives. The treas
urer calls attention to these bonds and
says: 81 find on the books Of this de-
partment certain bonds as part Of the
debt Of the State entered as old Bonds
not fundable (act Of 1880 Blue
railroad bonds $4,000 These bonds
were issued in 1859 and natured in 1873.
BY act of 1896 the treasurer is forbid
den to pay. consolidate or fund any
coupon bond Of the State after the eS-
piration Of 20 years. from the date Of
maturity Of such bonds. I am in doubt
as to how longer to report these bonds.
II they are no longer fundable why
carry them longer as a part of 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 off the books
This letter was referred to the s.ttor-
ney general for his opinion, and in re-
ply he submits a fun and complete
opinion, concluding 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 legislature
Thus confirmed in my opinion and
views upon the subject by the legal
officers Of the State, 7 cannot do other
wise than repeat my recommendation
Of last year. viz, that the claim Of the
bank to be permitted TO renew and
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 the
debt Of the State on the books OF the
treasurer, as owing to some one. The
courts have all 6ecreed the bank to be
the owner. No one else can now claim
them. as all persons but the bank arc
barred under the act OF 1896 from doing
~, a fhnS6
it will be little short Of reputation If
we continue to refuse to allow the re-
ceiver Of the bank to fund them.
EXTENSION OF TIME FOR PAY
MENT OF TAXES.
It is best that the time for the pay
ment Of taxes without penalty should
be fixed, and it should be understood
that there Will be no extension. In
view. however, Of the stringency Of
money with our farmers and in conse-
quence with almost every other branch
Of business, and in view Of the further
fact that the time for the payment Of
taxes has so often been extended that
our people have come to expect 1t, after
consultation with the comptroller gen.
eral. and by virtue of authority given
US by law, the time for the payment of
taxes without penalty has been extend
ed to the first day of. March, 1902.
TAXATION.
The question of taxation is one o. the
most important and difficult problems
that will confront you and one of the
most profound in political economy. 1t
has been a difficult problem ever since
government has been organized and
taxes laid, and never yet has sys-
tenn been adopted which is, entirely
equitable and just and whichi has not
been open to fraud and evasion and in
equality. It is easy to lay down a
theory and principle that will be just
and equitable. but when it comes to
putting in motion the machinery that
will carry out in its practical opera
tions that theory and that will apply
the principle to property. the question
becomes a. .Hexed one and difficult OF
solution. The constitution provides
that all property shall be assessed at
its true value and therefore bear its
share Of tie burden Of taxation. This
principle was laid down by Adam
Smith, the celebrated Scottish philos-
opher and political economist, in the
early part Of the Eighteenth century,
and by all writers on political econo-
my before and since his day. Equal and
Just taxation, levied on all property
proportionateiy and in accordance with
its value, is the product of the high
est justice, and when done to meet
simply the demands Of government,
economically administered, is never
burdensome. On the other hand. un-
equal and unjust taxation is always
burtensome 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 eX-
penses Of the State government and
this must be done by taxation. 1t
makes little difference to the taxpayer
whether the levy is high or low. The
question that concerns him IS the as
sessmert or valuation 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 70 iool the people. The
levy must be large enough to realize
a sufficient sum to meet the approprla-
tons and it will be large or small in
to the valuation placed up
on the property and the amount of ap-
made by the legislature.
The only way to reduce taxation is TO
reduce the appropriations. OF course,
the school tax fixed in the constitution
would realize more income If assess
ments were raised, but that. would be
no disadvantage, for scarcely any one
would object to an increase in this
fund.
Under the present system the returns
o-a ,,,Sa +o +ba coInry aUfifOr There