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Reports and Resolutions, December Session, 1828. 1828 1 (1828.11)

handle is hein.slavery/ssactssc0206 and id is 1 raw text is: RZPORTS DECEMBER SESSION, 1828. To the Honorable the Legislature of South- Carolina: THE Comptroller General, in obedience to the laws which regulate his depart- inent, as well.as in compliance with various resolutions passed at the last session of the Legislature, respectfully submits the following Report, viz: 1 Of Public Income and Expenditure. On the 1st of October, 1827, there remaihed in the Treasury, the sum of $228,714 65, and the total income from that time up to the 30th September, 1828, has been $312,457 27. The whole expenditure of the Treasury, during the same period, has been $422,654 41; consequently the balance in the Treasury, on the day last above written, is $118,517 51. 2. Of Public Debt and means of payment. The public debt has undergone no ehange since the last year, except that the Bank has cancelled a part of the old three per cent. stock which it had purchased, and which of consequence, reduces its own capital to the same extent. The income of this insti- tution for the current year, has been S 113,802 95, and will ekiable it, after defraying the interest accruing on the public debt fbr the ensuing year, to carry a handsome sum to the credit of the sinking fund. The propriety of the origihal estabhshment of the Bank, cannot now be considered as open for discussion, but if we take into consideration the present condition of our finances, their intimate connection with, and reliance upon the Bank, together with the heavy buribens imposed upon the latter in relation to our public debt, there re- mains little doubt, that to nourish and guard its interests, is at present, the peculiar province ofthe Legislature. More than ninety thousand dollars are necessary to meet the annual intei'est ; for which, the Treasury is liable, and if, from any cause, the Bank should fail to pay it, a resort to increased taxes would he inevitable. So far, however, this institution has been able to meet the requisitions of the public creditors, and at the same time, accumtilate the existing sinking fund; and an opinion is here confi- dently expressed, that with judicious management on the part of the direction, and a fostering and paternal care on the part of the Legislature, this Bank will enable the Treasury to discharge the public debt without increased demands on the citizens. The offersthat for twoyears past have been made by the Legislature, toadmit pri- Vate stockholders to participate in this institution have not been accepted, and for what reason, it would be hard to say, unless we were to attribute it to the opposition of the other institutions of the kind in the State. As far as the finances of the State Aste concerned, I have no doubt, that the failure has been a fortunate circumstance, and 19 my opinion, the offer should not again be made. I do not think that in the prose- cotion afseveral interests, the public can ever have an equal chance with the cupidity

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