Year: 1877

No Republican Movement in


His state.


The New York Wortd of Saturday
publishes an interview with Gov.
Hampton, in which he said:


'There has never been a party in
the Legislature in favor Of repudia~
ton. 1t Is true that one or two men
have spoken publicly in advocacy of
the repudiation of n portion of the
bonded debt, but they have stood
absolutely alone. Neither Of the TWO
parties in the Legislature have adyo-
Gated it, or any measure looking to-
ward it. The only point ofdilIerence
has been in regard to the manner in
which the State debt should be cons
solidated and placed on sound and
financial footing. 1t has been satis>
factorily determined, by careful csl-
mates, that a tax levy of seven mills
on the dollar would be sufficient to
meet all current expenses for the
present year and pay the interest on
the consolidated bonds. l am confi>
dent that this levy would not meet
all the demands of the State and pay
the interest on the debt. At present
the consolidated debt is about S6,-
10000, and there is floating debt
to be added to this, which cannot as
yet be exactly estimated. Probably
there were some duplicate bonds,
and it is believed that in some cases
bonds have been issued for coupons.
Then we have that portion Of the debt
known as the big and little bonanza
TO estimate and provide for, and other
allowances of like nature. The whole
| floating debt, when consolidated, will
not be large but it is impossible at
present to name any exact sum. The
question reputation has not arisen
at all in the State Legislature. There
has been some debate in regard 70
the best method of providing for the
consolidation and payment Of the
| floating debt outstanding. The ob.
! ieCt of the commission of which l am
a member is TO ascertain precisely
what the claims against the State
are, and to provide for them by taxa
ton and q possible issue of State
bonds As soon as the debt is placed
IN the form of registered and coun~
tersigned bonds. the work of the
commission will be ended. lam not
prepared at present to make tue com
plete and exact statement in regard
to the tota! Indebtedness of the State
which shall be able to furnish in
few days. Gentlemen from the State
who | thought would have already
arrived have not yet reached The city,
They have in their possession tie
documents which are necessary for u
| full exhibition 0f the state Of the debt,
and it will be requisite to draw a
carefully prepared statement from
these sources before | should be wills
ling to submit any positive details to
the public, \ conference will be
held with a number of financial men
in this city, and when n reliable
statement of the existing debt can be
prepared, it is intended to make full
provision for the settlement of all
charges. 1t is proposed to provide
for the floating debt by the issue of
registered bonds, for the security of
which the credit of the State will be
pledged. There are funds enough
on hand IN the State Treasury to pay
the amount which will shortly fall
due on one Of The bonanzas, and it is
my expectation to provide for the
other charges, as they become due,
by obtaining advances, on security,
from certain gentlemen in this city &.
The accounts viii be examined and
statement prepared by the middle Of
next week. The consolidated debt
in 1868, when the Republican ads
miliS'ration began, was about So,
100000. 1t is now about Sc ,2O0,-
600. The amount of the floating
debt is to be nscertaiued and added