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SUMMIT 10 THE ABBEVILLE PRESS KB BUM. Abbev'lle S. C, November 36, I860. ?ljc frtss. A.Bn^zx?xjia( m. o Friday, V?t?>W 21,1N9, The Legislature The S?.ate L^ajiHlHturt' assembled it <~%>luinbin on Tuesday last, in tlx chambers whU-h have been fitted uj for 1 hem in the new Capitol building Speaker Mows made a long Addrew to the Houhc of Renreftcntalives This i'h something new, but wo Pup pose he was actuated hv the motive whieh induced Dean Swift to bequeath most of his property to found ?n asylum for lunatics and idiots "To show |>y oni? toucli, Ko people needed it so nitu-h " As may be supposed he gives a gorgoou* view of the situation as seen through "Radical spectacles ? attributes all the present prosperity of Ihc State to the beneficent influence of 1ladic?l rule?especially to that disinterested and self-sacrificing patriot, irovernor rv jv. rteott ana his associate*. whom he placer* with praise individually and collectively. This is about an preposterous as it would he to attribute the vigor and health of some youthful frame to a foul excrescence which was prying upon its lifeWood. In the House the following newlyelected members appeared, were duly qual'fi^d and took thfir seals: From Abb.'vii!* Oiumiy. M-^srs. T. A. Sullivan and li. P. iT'tffin; Fi-k? us. .1. K. Kag'Mid ; H'KTa. .1. " Pj ultv; Sn niter. V,'. W Ram^'y; W. A; C?ir t? .7 Th* * V ?.. m?trnVvr i'roin ? ?Th* report of i fi?* p* --**- * . signod f^at* or. Hit* fl.'in; Mr. Ferriter pnvo r.??ijw tiiKt he will introdnce a hi'! { > r-.^nlatc the Pale of col ton. A sennie oni to regit iate :?n.! <?i-hvo the Jan* of divorce. a hi!! to ivguHte tlivorot*, alimony and tho ens) ody of children, were made the special order for Friday next, at 12.30 P. M. The remaining bills on the calendar were recommitted to their appropriate committees. The report of the Commissioners elected to revise and consolidate the statute, lawn of the State, was referred to the Committee on the Judiciary. A committee was appointed to draft suitable resolutions relative, to the ur..n. Mun^n wt ivrwitnviinnLnvrn t'UU and Pnsenbary, recently members of thi? HntitJO. Mr. Feriter introduced a bill to nmend an Art to oj^aniEe the Circuit n-?>f-b referred to the <>r? ?;?* Jrcib"ii?ry*. Mr r^M*?> '? of ft bill to ?' ? ? ;. ? '.nv. ,>{' In- Slate. Vr i)' S.t.rt'?' n-?Vt* ':"'*< < of a bill n km Act i?nti*i?-d "An Act to lovvijshij^ i.n i t?? d'-riuc their power* a:i?'l y#ri v-il?;j*es. At. 1.30 P. II., the Hou?e adjourned m. _ ,4 j i n Ik iaj ujcci lu-iHurrow, ?i i~ Ji. SENATE At 12 M., "President Corbin calied the Senate to order, and a quorum be ing present, the proceedings \v*-ri opened with prayer by the Chaplain It was resolved that the Standinp Committees of the Senate remain at they were at the last session, subject to revision by the Senate, The credentials of W. E. Johnston Seuator elect from Sumter, (who was subsequently allowed to qualify,) anc J". S. Cothrou, Senator clect from Ab beville, weve refcvrcd to tlft Commit tee on Elections. The papers and affidavits of sundrj persons relative to the contested election for Senator from Abbeville, wen roforrcd to the Committee on Elec - tions. The Senate proceeded to the con sideration of the general orders oi the calendar which were mad : specia orders for certain days* The '.'lerk of the House. appears and Informed the Senate that th House had met ancS wa< ready to pre coed with bnsine?s? The report of the Special Com....tee on the Removal of P ?!i*iea! T.>i*-; bilitiew, 011 a joint rcKoliuioii r'-qi.< s' ing Congress to remove the politics disabilities of those diHfranchiHed l?; the foarteenth amendment, was lai on the ttble. Tho accounts of L. M. Gentry, T K. Stokes, and others, were referre to the Committee on Claims. At 1.15 P. M., adjourned. tgL. Sco notice to creditors by Pai leer & Thomson. Sco notic? to flaflorots fro! ' * ~r- Ate! JtBthw?y If*., by W. T. P?nnt,. 4 , * I Tub State SuitviTun's AssociaJ TloN.?The Association mot in f'har. leaton on the 10th. Twenty-three I district associations were represented, on. J. C. Kershaw whw called to the cuAir j Be louowing omeei'B were ?looted: Lievtenant-General Wade President; 1st Vice-Pre?idefjt, I<ieatenaat.-General R. H. Anderson ; 2d Vice-President, Major-GenenU J B. * Kershaw; 3d Vice-President, Briga? adier-General S. McGowan; 4th Vice' President, Major T. G, Barker; Sccrr* tary, Colonel A. C. Ilaskell; Treasur' ci\ Captaiu W. K. Bach man. The following Executive Commit* toe were appointed; Colonel E. Mc> Crady, Colonel W. A. Wallace, Gen: eml IS. Capers, Co'onel J. H. Jiion, Genef'al James Conner, Col. C. 1. Walker, Colonel J. McCulchcii. The following resolution was adopt eu : i Resolved, That llii^ Convention cordially recommend the Confederate Widows' Jlome, of tlie city of Charleston, to the faithful attention of the Survivors' Associations throughout . i the State, and that the members now j in attendance pledge themselves on I their return to their home*, to use 1 1 . their best efforts to obtain contribu- I tions to so noble a charity. Guano Lodge A. F. M.?The fol j lowing arc the CJrand officers clcclcd ! to serve lor (he ensuing Masonic year: Grand Master ?M. W. Brother Jas. i Connor, Charleston. i v (lrand ?R. W. Bro; tlit-r W. K. B'jtki', of N|?art:?!ihnr.?r. j Senior (Jr?n<5 War-hit.?V. \V. M< Csiil 'C'l. .>'? ?*? :* 11 villi'. ! J 'i 11 / !<! \\ ;i. ?!: "I \ . Y\ . .! >' r.i.is:. Ol' ( .lit* I 1 re -. W. 1:>. .... .7 ] . r..- . ; * Tfe.. r.>.;.k? .. .. ,.;v.., . .... .4... : . j od In M: j ??? ? ; * i :'n .-ii . i . : F. W < V. i! <: K?i.:: i. ;n.-\ W. Itroii. i .'Viii;-t<?:t, ??i M;ti lin.ro'. j Junior <->ruud l)? avons W. l>rot!ij OIK C. P. TdWIiM : !. Mil' 11?? ! ?*, (?. i M. Jordan, ot A :ilu>vi;!. . (ir&ud Mur^J?:: 1 \\~ u-r I*. i\. ; Cohuni, of Sunjiucrvu; . Grand Pursuivant?\V. Brother C. j 0*. Jacgvr, oi' L;iti:*fn.<. senior Uruii'l iSi?!\var?Is?W. IJroihevs I>. E. CtilchriKt. of Mai ion. and .i. M. JK-J jormo, <d' K'in.itr. I (iruiid 'l\y!< ! ?W. !:. : i'.-i- V?*. A. j WiUon, of (.'hurlcMon. Aflor tli?' t icction lis.- 1. culled otV u mil la a !t* j#s??? !?!? < ? <! ' P. M. OUR DDTY AND OUR DESTINY. : Oration oi General Wade Hampton at I the Georgia State Fair. j Res Views en Labor and Planting, j The ovation of General Wade Hampton at the Georgia State Fair I on Wednesday last, was a splendid eiFort, and wns received with enthusiastic applause by the immense ^ concourse who had assembled to hear him. We make room lor that , J portion of the orration which will be read most eagerly by the Southpublic generally: , civ, w. l..w ll-JUC* ?.U L which I beg to cull your special attention, as deserving all the care , and thought you can bestow on ? them, and as tending to that grand I result we all have in view, the pros perity of tl?e South. VVc are es scntially an agricultural people, and we must look to this great interest * as the basis upon which to build up - the permanent welfare of ourcoun3 ttiir /lr\ fU'w ~ll ii v iu uu lwio iyo inunu usu UI1 * the means which experience, guided by science, lias placed at our disposal. How shall this host he j done? The two points which present themselves most prominently ,j in this connection, arc, tirst, ,th?* 0 labor by v liicii we cultivate ? :>r lands; an<?v sec.-.od r 'n??t cultivation. The :?? . u- si?ir?tm ? l >ng ; s >" t. jiud hi? ir\ to s:ii tl.e di? i] verities of '>(!? '*!ii.itc. to make a y more .llivient ..wy d other. Ksperia . ' * . bin true win-jj the labor is to be jcrlornio'I in Ihc 5. more malarial portions of cur cound try. Our object, then, should* he i ? - - to acvcjop 10 me utmost his capacity as a laborer. To do this, time is requisite, and we shall have tc p. exercise great forbearance, con< stant prudence and steady kindness. We mnst make him feel thai dx his interests are indidstflubly bound un with ours; that high jricw foi * . our products insure high wages f<i him; thsit we have no animosit towards him ; hut, on the contrary that we cherish the kind feeling ?nge? tared hy onrly association and old memories. Let us he scru pulously just in our dealings witl , him, let ua assist him in his atpira tions for kuowledge, find aid hin in its acquisitions. Try to elevat< him in the scale of true manhood i of civilization and of christian j ty, so that he may he better fitted ! tor till* irrHvn #lnttr?o .? ?/! ?- ? ??utivo <iuvi iii^is i I;J>ponsibilities forced upon him by hi? new position. In a word, convince him that we are his best, if not bis only friemls, and when we shall have done this, we shall not only have placed our labor on a sound fooling, but we shall have gained in the laborer a strong and zealous ally. On this subject 1 speak not from theory, but experience, an experience which has taught rne that the kindest relations can exist between the planter and his former | t 1 I slave resulting in mutual advantage I to both parties. My old slaves are 'cultivating the land on which they j have lived for years, and there lias | been a constant and marked imj provement in their industry in each I year since their emancipation i ?1 1 - - --- - - " ' | uiL*> I lei YU IIUL J'CI U LIU 1110(1 | the same ellicieney as laborers they | formerly possessed. I have prom! ised to put iip for them a schoolIhoii-e ami church, and to pay a porJsoi. ?>f t!i? .salaries of their te;j?-hers Such u system, if ajeuer1 :*.lly adopted, would teu?l greatlv to ; lis. '.If.* ! tliotvrs t?> the sei!, ami **?!5-! i?\ }??J?11n?r t<? their content . . result in vust ulti... > ; i;.M?ll.?r.|. That I-.' <i":llill^, I'.litl ?- . > . - <.? ... "\e their eon iii i? . .< . i A"!':.. cHV?<t upon ':t*-;i !<^ i ro\ e*i l.? the bier. i/rat ifv t.. it:it T am nmv <>n in n- [: Mi sissipjii. by tl ?; re| (j:n* ! : hnodtvds of negroes, Lu?| side* rsn own laborer-;, to advise . them vv'-i ; to pursue i . the ' |i jil ujvi.i t. i liw'V I ; i ii i i not of <ii > ;* \v:io ir.icvo that the [mere rudiments i)l' C'llUMtj'T. : Btrouj ger, hotter or hapjiw-r: huh* learn! ing is a da Si'O'l< (I:iinl nn less moral education . i. iii-l-inhand with i111?'i!? ! i h:siiu: su?\I< <?1 i j knowledge will ho sown ou ;) bari ren soil, or will produce hut thorns :i".l iInitios; hut 1 do believe, that :? proportion as yon make all labor, jfiiiior thun compulsory, intelligent, you render it profitable. If this is Inn-, wu should educate the mind, the heart and the soul of the negro, looking at the question only in its material aspect and leaving out ot consideration altogether those higher and nobler motives which should j prompt us to do so. A longer cxj tierience of his aeouisition of hisrh cr intelligence, will teach him, not only his dependence on the white? of the South, but the great truth which no laws can change, " in every soil. That those v.-ho think must govern those who toil." It is our duty to assist him in qualifying himself for his changed condition; time alone can show whether that change has lieen foi his benefit. '' lie South will look with profound interest to the nexi census to see how freedom has ef A. ^ .1 ? I 1 i iouiuu mu inunuers 01 111s race; 101 wc can tell with absolute certainty what those numbers would hav< been had no convulsion shaken oui entire system. Several years ago ! had occasion to collect some dati bearing on this question, and thej give the following facts and calcu lations. Taking the results of tin census of 1840 and that of 1850 | we find the ratio of increase anions ; the free blacks t<> be 1 >.48 per cent. I of slaves 23.32 per cent. By thcsi fa'es of isiera.jHe. tli <:* e *h?>u?d havi . '.von in the United States in IViv. Slave. Total. 1 R-"> I . '.3P7:! 112.700 4.616,511 l?7rt ...">4s 712 o 'H7.427 5.808 13! !-??>. . 0.17.nil Vtlft.DlM) 7.407,10 W;?'? k-;y 21 ' ' ? ^ ii.!)"?2 9.518.26 Tli.{-?e ! >: '* ; I'WC'l oneo two ot-iOf sijcn*iu*.aut fa??ts. which as hearing <?n an exploded sv^cm . might as well !>e placed upon the rc s' cord to aid in the gen< ral an m mar I that will be made at some futun > daj-. By these it appears that th > deaths amon^ free blacks were 33 percent; that births among the fre - were 33 J per cent* lew than amon t the slaves; and that the netincreab I j of slaves was 130.63 per cent, greal 'er than that *f tk? fr?? black ?t?wt ' *j.w L'^'u*11 ?r Th<><c statistics may be valuable as y enabling us to approxomate what , will ho, or what, sliould he. the s number of negro laborers in the s South during any year up to L81J0, i- and to ascertain what e fleet free? i dotn has had on the mortality and the mtio of iuere?ye among the 1 blacks. 5 Turning, now, from tho labor to bis ; work. IhIVA fn r?AncIilni? "I 1 r" ~ " " """ ""'1" " """ ' J j -1 torn of culture is the most productive I '?and here I have no hesitation in , . saying that the system which rails to ! , its aid all the appliances of skill and , , scienco will always, other things he- ' , 'n.g equal, prove the most successful. | T dn not propose to enter into the do- i tails of cotton planting, nor t** give | j the hest plan for its cultivation,, he-J j bause the same rules will apply to all 1 localities, and because time will not permit me to do more than touch- on the grand fundamental principles which should govern all intelligent ; planters. The problem for our solnj lion is how we can obtain the maxim. i utn production at the minimum cost. ' We cheapen labor by increasing its | productiveness, for while we may, | in doing the latter have to pay higher wages, we receive for the work done larger profits. Our object should he not to enlarge the area of cultivation, hut make every acre yield to its highest, capacity. The luhor with which we cultivate one acre producing from COO to 1000 pounds of seed cotton costs as much as that which would make that same acre hring 30110 ! pounds it is economy to use lahor. J which is now money, so that it. will j only make from ten acres what il can i an tiimij iikiku worn rive r ji our iaj hores cultivate ten acres to the hand, I J is it not licst to plant only half that j | quantity in cotton, working our crops J j under the improved system which oxI ponence and science have taught, and | to devote iho other moiety to grain I ami grasses V These proposition* do i not admit of n douht.nnd the (question then arises, how is the productiveness of our lands to he brought to its highest price? Here, again, I refer you toyoiir own great authorities in Georgia, only saying that the prime secret of planting is in thorough prepara| tion and cuivlu! eulmre A crop that i? properly planteii is already half made, and its subsequent cultivation i- '-oinpaiMtively easy. But in order to prepare and cultivate our land |.wjKwlj\ we tn'ist use all llit; mounts which modrrn s!<iil wn-1 recent science .! iiave ortVroV Thin skill lias placed in our hands improved implements oi' iiu.-.handrv. while science teaches u-< how lo u*e tii. in, what li'i tili/.ers to apply an?h tin* besf nnde of their application It. was l.?v means of her luhor-saivini; machine* that the North i was al?ie 10 keep up her agricultural ami mechanical interest during the i. ja. .L.. i -l vim, ni/in iLiin(iiii<mi^ im: nuavy uram , on her laboring population. England has increased the. yield of wheat four bushels pjjr acre by the use of the steam plough, while M.e:~'ormiek's reaper performs the work of many J men in hat vesting the golden sheaves. ! It should be a source of ivide to us i 1 t that these two great labor-saving ma- i ' cbines, which are revolutionizing I he j 1 agricultural operations of the world, j are the inventions of Southern men ; ! for Bellinger the inventor 01' the' 1 plough, was a South Carolinian, an i McCormiek a Virginian. If \w hope 1 I to keep peaee with the enlightened ; I farmers of other eonutrh'R, we must ' ' hasten t<> employ the means that u,ive ! r inrm sticc'-ss. lwery advantage ol : soil ami ol" elimate is with hs, and if I we fail in lhe great race the fualt will bo ours. Let us then, m}' brother r planters, strive manfully for that ru, premaey which onr kind mother, Nature herself, intended us to enjoy. Let us prove ourselves worthy of her beneficence'; let us leave lo place men and partisans the troubled field * of politics to seek peace, recreation f and happiness in those more cong--* " nial, more alluring and more honora3 ble ones giv- n by her. * N'ol Fur t H-f-"? ?J v A inl X Cli'i k * t. ii |??i .< ?m u ! 11I ii . j O i f.iie -jiud ftM*. if -mi t.* u . oin, 1st Jul .f? iiftr-?*stn, iv? 1 .ti ii' lniowii h t'i>rf A?l-> you.* Ito ors??iili laden.nl -k 1 I niijmr. * w i-hnrm* V> Na*nre In l.li?r !? Ip { Art Tench pl.ins ?<f tlier clin.i-f, nud i?ir<t'g?'V fl.?w?-re, [. r?, liri-i'lie tlifir fiflgvanoe on your rntive rj bou.rs ff'l'i fiiiif*. herd* th>- dair\ wealth i?C*?ai*e ; ^ ?n ?i"u flouk* lusstu v a fine fle-'C'*. 9 <)iv t '.Ii ?*"Uii>??i? !.> swf-ep "fur r coil t.f B P-UII MI throUiT'l tl?? fi 1 !* of wa-. (l' ft n. till, with i.i.'er hnnil prep r? * Kit-M. mo:! !o v. oroh ml, *vi h infireu air p earv i- -^'p. wi'ti ifliM-r open hand, the iii-iglilmr'a y need. g On wi?h 'he p ough enrli generonfl feelinir BpcCd ? T .o gt?n a! boar.l pr-pnra with tr"?h delight, } Ytt warm, r mafco em-li licpitnUie Hie." 0 Thesa arc the calm and puro pleasr? ure which a^rieulture holds out; thcao 0 aro the duties it exacts from its votct rieSk Oar duty to oar country de8 ictnodB that we ?bcratd devote ?J1 onr '* ?rp?rr x\s \ I encrgivH, our hands, on; hearts, on | sou is to tho restoration of prosperity to tho re-establishment of lnw and or dor; of smiling peace and tranquil happiness throughout all tho limits ol ! our beloved South. .Let us lift her uj; IVoin the dust and show that she stili has loyal and devoted Rons. Let m cling with reverence?a reverencc made deeper and holier by her misfortunes?to this our native land; lot no promise ol' wealth or advancement tempi, us to 1'orsjiUo her. When the barbarian horde destroyed Home, and her sons in liosnair and sorrow wl?i?i?i? ahout to forsake the l'hcrnul city, wo hiv told that tlie impending doom was averting l?v a happy omen. A Centurian passing with his company to relieve gua I'd where the sad concour.su were deliberating on the proposed re. moval, gave the usual word oi' command: "Kusign. plant your colors; we will remain here." The senators ru?liing from the temp!?, exclaimed, "The Ciods have spoken ; we ohey." The populace took up tin? cry and rent, the skies with shouts ol" "Rome forever!'' Let us, my countrymen, an we stand amid our ruins, plant our colors on the graves of our ancestor*, and invoking reverently tlio protection of our (Jod, shout with more than Roman patriotism, with one voice, "The South now ! the South forever 1" TUff P.nVtfttMnD'C! MPOOiPP iu.u uu? minim u iiUjOiittUft. Fellow*Citizen* nf tlie Senate i?d Gen tfrmeii nf the House of fie/trexentii tires : In transmitting in}* second annual message to the General Assembly, it gives me much pleasure lo congratulate you upon your occupancy* of your new halls of legislation, which contrast so favorably in appearance and adaptation t?? tlicir purpose with those you recently occupied. May their lus tt*o:iH beauty be typ".cr.l of the brightening prosperity of our beloved State. of her unstained honor, ami untarnished credit; and may it witness the purity, the patriotism and tho wisdom of her councils, until her principles are a* firmly established as the foundations of t Ins cdifice, and peace and prosperity prevail within her borders. TIA1LH0AD AID. I am gra'itied in being able to inform you that much progress has been made during the past year in securely placing the finances of the State on a firm and healthy basis. Thisie owing threat ly to the decided stand taken by you at the close of the last session in declining lo jopardixe the State credit l?y yielding to the presur?? brought to bear upon yon by individuals and corporations lor State aid tor the construction of railroads. The financial reputation of a Commonwealth, like that of an individual, depends upon the caro with which it cherishes it* resources and the prompitude and fide. itj* with which it meets its obligation*; and the correct and honorable businesss man who desires success if careful that liis reputation and credit is not tarnished hy unwisely lending tiu? use r>i" iii-; !:;ui? to pa.itie* wlic ii:;\ e K-i' lie*,- e" : or ivpti :'tion tc ' ? ;n i THE STATE DEBT. I ii' s". 5i'enient exhibits til in i-.'h'I'll:u?< and the assets of Ihl Strt.f, Oi'ioiii-r inOO Funded dent of i!:o State six millions one Itun Jrod and eighty-three thousand ihrci hundred and lorty nine dollars an?l seventeen cents. Tin* nm-?: ill of assets held l?y tlio .State on thai date \vj.K two million seven lain dred and fifty-four thousand six hun I drcd and sixty dollars; interest falling due dliving the fiscal year of Oetobei 30th, lSG9, three hundred :i>i<l eighty eight thousand six hundred and nine ty-threc dollars and eight3--six cents For a fit'1 and detailed statement <> the financial condition of the State. I would n-spectfully refer you to the ie | ports of the Comptroller and Treasn i rer. The State debt is eomparativel\ | ^insill. amounting in the aggregate t< ' ahmit ^ix millions one hundred ant eighiy-three thousand three hundred and forty-nine dollars. The taxah i property, at a low valuation, wil amount to one hundred and ninety millions ef dollars. During the pas fisonl year, at a season, too, when oir capitalists, merchants, 'farmers, me chanics, and others had all their mon ey invested in their various hranche ?c i ? :ii:? -c .i_it o II UIISMIIU?*!*, ?V IIIIIIIUI1 U1 (lllliaiM io taxo-4 was received in into tho Stat< Trr?w?iry To moro fully illustrati th<? nbilify of our people to meet al n cessarv taxes, wo may refer also t< the pavment by our citizens into th Federal Treasury, as Internal I?evc nue, a tux amounting to tho sum o 82.622,G00.G9, makinp an a^reccato o taxes paid into the Stato and Fedora Treasuries tho past year of over thro and half millions of dollars. REDUCTION OP TAXES. I would hero recommend that yoi momorialinoyour members of Congrera IIL . BagnBBaggaEflgaBgsaggsag i- to use their efforts for a reduction of ; l hi- Infernal Revenue tux collected, to , such an amount as will meet the liaI bililicH of tho (joneral Govern[' j mont, but relieve our people us muoh > | us possible ol' the tax collected lo pay I j the National debts. Wo beli'-vo tbat i ; the present generation should not bo s j compelled to puy too much of the debt . | of a great country that is to bo left i i by them as a rich inheritance to pos, ' tcrity. The present tux s\'stem was new to our pnnple, and it rould not, . perhaps, but bo expected that much ! dissatisfaction would be felt in conse-j I queues of tho change. But, is gratilying to bo able to state that the taxes ! i....... i _ i I uuiMi paiu as promptly as those j of any .State in the Uiiion. When the present State Govern I ! rneiit came into power we fowri'l that ! ! the Provisional Government controlI ling tlie State from the closo of the I : war, had contracted many debts, for ! the prompt payment of which, as well J an to meet the current expenses of the State Government, it was ueecssarv to provide. Arnonjj the liabili-! i .-> ties whs a floating debt anionting to ! 1477,9tjr?.y0. This debt win due to | various county officer*, sheriffs, nie^- , istrates. coroners. and other claimants a rainst the State. By authority of law there been put in circula-j tion bills receivable to the amount of! $222,00:). In addition to thi-* was the i past due interest ori the State debt, j which had accrued from the 1st of Ju| ly, 18f?7. All of these various amounts ; have been paid, and the bills receivable have been redeemed. At. the present time there is but a small floating ' debt that the Stale Treasurer will be j compelled to meet. Owing to these | payments the expenses of the State Government were Tieafier la^t year | than they wili be for the present fiscal j j year, ami the PMeosmcnt of taxes may I j therefore l>e considerably reduccd for ! the coming year, and the tax burdetfi upon tlie various brunches of industry made lighter than the tuxes oi almost any other State. 8TATK AID TO RAILROADS. We have escapcd from the disastor of lending the State credit to'railrr>a;lfl, ! so earnestly pressed and demanded at the session of the flcneral Assembh* *? Whatever the opinions of individuals may be, or however much they in ay ? feel that their interests have suffered from the failure or refusal of the Legislature to comply with their wishes, e.11 ixiuet concede that the examples by j , which we are surrounded of the liber-1 ity of other Stales in this di- j roetion, anu the financial results of their notion, justify your j , eoin'so iu refusing to comply with j their demands. It is to be hoped thftt the hume cure and the same course will continue to characterice the ac, tion of the C en oral Assembly. TITE CKEATIC5 OF A 8TNCIN* FCN'I). i Thera are in tho State Treasury $2,755. 00 of railroad bond"* and nthar securities which I recommend be helrl and ultimately u?e?l as a sinking fund for the liquidation i nf theStete debt, as they are of a class - and character which mn*r. increase in *al; o-. In addition to this I would sugrest > il><? propriety of taking into consideration ? ih?* v? ry ;il>le p!*n devised '>\ .T. G-. Holmes E*q.. of Charleston, lo provide for a small s i.wiii? fnnd, by wliieh ths aatire Seate . d"l?t may be paid off by the redemption ? nmn tlly of a small amount, of State se- j I cnm ipc. 11 is oenevM mat thin plan wmiiil enable ni te pay our entire debt in , a few years, and would convince moneyed | men, at liome and abroad, of our determin*iii>u to povide for the prompt payment ^ .,1 all our acc.ur'.iies a* th?v become due. flu; S -i being sovereign, no action csn bought. against it to enforce payment of r *g?itist he-v 11 r credit, therefor* . u. : iht* prifc" of its bond", depend upon i - m-h ttrsr*. ib? hon..r and good faith ?f ;i. S ?>? ?*>>fcrnni'-ne. The credit of the S an* *ii?iii'd tie unaided as a cacrod trust. f V.EbVMriti'S ofr sPECt.i PAYMENT, [ A a.;??* piri ol our debt was incurred . i?i? or.- i lie pai?si{j? of ilie Legal Tender . Act. Till c-reiiUor# of the Stato loaned ;*-ir muuey when gold wasths legal ton, <i?r of ?!i? couniry. The creditor nm | piomi-ed, and >x >( to receive the 1 . quivalent ot his loan, both in principal 3 and interest. Wero this and the other ] S ates of (lie Union to take this view of . their ve-pon ibiiiiies, and decide to pay ^ ihcir obligations in gold, it would be a r ^reai step towad the resumption of specie payments, and assist very materially the policy of the present ablo Secretary of a he Treasury, in btinging gold and curr rcncy on a par. It would also prevent D the possibility of a recurrence in the great p moneyed centres of wild and reckless I speculations in the gold of the country. ^ F regard it as n matter of the highest imnurl i'im. (hat rmi ?hnn!il nt-? ini? ??? 15 | ? J~ "? " ?? ?"Usideraiion the propriety of authorising the f Slate Treasurer to meet.in futuie the interf e-t dne on the State debt in specie bel Having that but a short perio l muwt elapse 0 befure it will cont no more to pay in sp*ei" than in currency. Oo the other hand, capitalist*! seeking permanent inrestrtifln'f [l oi their surplus funds will be assured that a it is tho intention and determination pf * I iMs Rinio to malce its bonds equal na nn . | investment. to 'lioso ?>f any ill the j Union, even to tho?e nf die General Gov| erntm-nr. B\ Mi- n.lnp'ion of lhia plan we at onro fix the vu'tK- of our securil:fe3 where the rootii-ces of the State s'ioiiM plnce them. This measure would attraet foro'gn o ?piih!, cno. tir.150 emieration. and, as #ur cr*??lit increases, individual projp?ritv will enhartfo in value, and the c;??neral prosperity ?f our citizens ho promoted. Ono important reason why tho interest should bo paid in tho medium originally intended, ami one that will wtrongi}* commend itself* to your judgement as an act of justice to our creditors, is that some of our liabilities b^nome duo during tho coming year 1870, fn? which provision must he mado. It is therefore for tho purpose of arranging theso liubdities with th<* creditors as they become duo th:it it is important that wo should offor thfin rv security. cpmily a^ good tho original it:v???tment. Ifot ouly is lb:c our iutcrest, but good faith and justice demand it. It will bo th.-> means of mealing claims 'ailing duo as the oriiiinal obligation oontomplated. To meet ' i. ** !i*!>ilitie? at <?ent, would involve th? necessity of =<f large au additional taxation that it would impose too heavy a burden upon the tar payarj. Not to provide for thesa liabilities mijjht l*?ad holders to infer by our sileufo that wo neither fft'd uor intend to take any intor?^t in their redemption, and they would necossarity becomo an uudosir ble aed unsought investment. Should suca au impression b^como current, theso securities will bo thrown upon tho market, and the credit of our Stale bonds will suffer from adeeming indifference or carelessness of our credit. I trust, therefore, th;vt you will take this matter under earnest and careful consideration, and your favorable action nay bo the first stop In agisting the financial men of our country in the ^old problem. Ifr? sec ion of country i* no well prepared to both pay in gold and demand gold in return for the products of the soil, furnished the markets of th? world If our business men could adopt the specie basis for all transactions, they would at all times be prepared for the financial crash that mav come when tuo Genaral Gouerument determines, to return 1.o specie payment insurance compantbs. "With the increase of commerce and intelligence insurance upon both life nnd proper*v ha* bocoine a favorite .,vv.... v_,. *?u> ? ui uiii uusmcss is in carri ?d on in this State by companies in no Tri^e subject to our laws. Thoir property cannct be reached by tho process of our coarlp, their solvency cannot be determined, and there is no a lequate provision to sccnfc tke capita f owr own companies to mert large ov unexpected louses. I recommend that a law be passed requiring each company ef7i?ctin?r insurance in this Stat? to deposit sufficient security with the Comptroller-General, indem-nif3'ing policy holders * cai'?v losacsi. I Tho deposit should be graduated in proportion to the business and capital a. - - m iuc cumpmnj-, manitg it a misdeI mcanor, with adequate punishmon*, i in any agent, attempting to effcct in-uranee until the company he repro| *cnts has made doposit of ample securities to protect^ policy holder, against fraud or attempted frauds TITS BAKES. In this connection I would farther recommend that all banking institutions that were banks of deposit, other than Xational Banks, alno Savings Banks, Trust Companies, Ac., be required to deposit with tho Comptrollcr-Gencral sufficient securities in bonds and stocks, to protect dopositors against loss in caso of failure. Some r\f nrir V>inVin<-r inof If nl!nn? --- ? ^ _____ . ...yn u? vtvyjio (VI O HV?Y receiving deposits where neithor th? ; stockholders nor any of ths officors i tho banks are in any wp.y personally responsible, and if in Vho evonfc of flnctnations of tho money market any of tho=io institutions should fail, tho depositor would havo no security to protect him against loss. It has boeu the policy of all old States to proto' jfc tho poor man, tho widow and the or. phan, for whoso benofit theso * 0^]^ are professedly used, by limitr t^oir investments to certain seo' Jrities. I would also recommcnd. *1--^ ' mm m in? 1 caso of guardians and c t\l0r3 having I money of minors and O*chors in trust 1 investments in Stat'd bonds, shall proI teet the guardiar m courts or partyholding tho tru' jj; against the tions of tho money mar1^ Thia will operato as a groatcv* security for a careful a' nd judicious administration of the io' vestroenJi;. Therois no possibility o'f the security becoming worthlees? and it r,fotects the guardian and trustee Against chaitft?? ** ? ? ui invests i n??ents m something ipioro perishable 'j or d.oubtfut, , ' I TAXATION AND tQUALTZATTOX'. Under the law for the colleotion ef taxes on the**-/ vqtortin system, there wro exjwcfccfd to gmto***