Historical Newspapers of South Carolina

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"We will cling to the Pillars of the Temple of our Liberties, and if it must fall, we will Perish amidst the Ruins." VOLUME VIII. Ec1 Gou ause, . -C*, Decem~ber 6, 1843,ie. EDGEFIELD ADVERTISER BY W. F. DURISOE.PROPRIETOR. TERMS. Three Dollars per annum, if paid in advance -Three Dollars and Fifty Cents. if not paid before the expiration of Six Months front the date of Subscription-and Pour Dollars if not paid within twelve Months. Subscribers out -of the State are required to pay in advance. No subscription received for less than one -jear, and no paperdiscontiuted until allarrear ages are paid, except at the option of the Pub lisher. All subscriptions will be continued unless -otherwise ordered before the expiration of the .year.. Any person procuring five Subscribers and becoming responsible for thesame, shall receive the sixth copy gratis. Advertisements conspicuously iuserted at 624 cents per square. (12 lines, orless,) for the first insertion, and 43$ cents, for each continuance. Those published Monthly, or quarterly will be charged $1 per square for each insertion. Ad vertisements not-having the number of inser tions marked on them, will be continued until ordered out, and charged accordingly. All Job work done for persons living at a dtstance, must be paid for at the time the work is done, or the payment secured in the village. All communications addressed to the Editor, postpaid. will be promptly and strictly attend ed ta Governor's Message. EXECUTIVE DEPAR I'MENT, COLUMIA. Nov. 28, 1843. Gentlemen of the ,enaet and House oJ Rep resentatives: Since your adjournment the late long continued depression of 6nancial affairs throughout the world, has reached and passed, what we have much reason to believe, was its final crisis. During the last Spring pricesof every description fell to the lowest point ever kniwn. but have since continued -teatlily. though gradual ly to advance. The revival of business has been the effect of acci'cutal causes, or speculative operation, or expansion of the paper currency: nor is it uwiug to .,n) act of legislation in any part of the worbd favorable to trade. It has been te t.tur al result of industry, economy, and tune. which has swept oil a large proportion ol the embarrassments created by ho disas ters of the past. and accumtulated at ail the greatcommercial points. in safe hands, a vast and on:xatpled atmiout of -,ojund metallic capital. We have 'beretott' iood reason to indulge the hope that it will be permaneir., and to felicitate ourselv.as ou the dawn of a new era in trade and fin ance. There is but one serious obstacle now apparent that can arrest and roll back in any short period, the retut uitng tide of our prosperity, and that is, the narrow and delusive idea which still seents to prevail wih a majority of those who rule the world, that th. y can promote the interest of their respective countries, by fettering trade and building up monopolies. Until we seriously approximate to universal Free Trade-to an unrestricted exchange of the surplus production of our country, for the surplus of another, by which bneans, the wants of all will be supplied in the cheapest manner, and commerce, curret cv, and credit established in natural and enduring channels, the periodical recur rence of speculations, fluctuations and dis asters, that will convulse the world, must be looked for with perfect certainty. It is a matter of congratulation, that England, the source and centre from which have directly or indirectly sprung nearly all'the great improvements of mod era times, has given evidence of a serious change on this great question. Her re cent legislation has been decidedly direct ed tow ards a relatxation of hter proihibit ary and protective laws. Ir is to be regretted, at the same time. that .iearhy every other important power itt Euroipe, has within a few years past, in its convulsive efforts to) throw oil thte emibatrrassiments of the times, increased restrictions Upon01 trade. Whilst our own Govertunent, rectirring to that policy which is every where else regarded as the most odious features of ar istocratic and despotic power, and held itt abhorrence by the p ople, has re-ettacted its Tariff laws, and made them more rigor ens and oppressive than they have ever been before. That a Government like ours, purportiong to be based on perfect freedom and equaltty, shoiuld perpetrate such laws; and that a people so itntelligent as ours-so oistrustful of their rulers-so ready to resist irnjustice, and oppression, four-fiths of ti hunm are agricniturists, all -deeply injured b3 r- strictionts upon flrign ommerce-should pertmit such an execra besystem to be fastened on them, is one of the most extraordinary evetnts in rte history of the age. To the etnlightetned views so rapidly gaihering trotud attirng those who conirul the English Govertinent --to the progress of' trtte knowle-dge a rnong~ the other States of Eturope, and to the change of power into other hunds, wiich is just about tt lbe realized int onr country, I look with confidence for a vast amelieratton and early abandonmenit of thie whole system of protective duties. in the mean ainme it should be borne constantly in mind, that any departure from the great principles of industry, e conomy, and a steady faith, that with the practice of these two cardin'al virtues, time will do the rest, must be attended withithe most serious consequenices to our future welfare." And perhaps tno occasin could be more auspicious thiani the pt esent, for yous to institute a close and searching examination into the precise condition of our State. in all its departments, and in troduce such alteatnsn and reforms as will enal le her to take the tide of prosperi ty to most advantage, and maintain it longest. H'er financial condition claims. perhaps, at this especial moment, your first atten tion. The pub'ic debt of the State may he put down in round numbers at three millions and a half of dollars ($3,300,000) o~ ~ ~ r-Ai5o s3 e - '.r - -Di - ;rs a CC? I OC 5- OC 5 R- o _ - o - he p cale on to reund Ie' up '-C lievnueto he Oihlt fo it shul Cee be fOten in an esIme of h Dat 1 r ist nehpdta e urn C- P c - a p fli .+ - ayIt is s-i probble the t tte tll no. r be called tt to re und the p ti rlls Revenue, thot ough her lablity for it shoul never. be foirgotten, tn ;in estitm;tte of her Db. I is to lie h p, d that her uatial re otf a ha R.ail Ro ad B~onds is ottly~ nom ita. ant that in due seasoin they will te discharged by t t Rail Road Ca i itty. I therefore dedo c hese ittins. in stitti the Public Debt fur which certis ant early rrddn must be ae, at TIiRE. MILLIIYS ANti A HALF It will the peteivesd chat the paytmerts o f this debt ru thruh a period tof twin ty-sk years, andI that the Iteaviest lutisgal meot ate the last. Adi r ettittg tha the te bill puctually dtcha e it as i tll due, without creating another. it yet a serious er ti t whether she sit.uld not use every churt in her power to tlrs charge it earlier. A areblic il-lt is tatin ger regred a y here as a pu li bts sing, beI such o m:tss cii it hat:; itig have het for such a period must sems oeavily upon the enterprise and resou res ol the State. I feel called on however to declare. I ro not believe the debt will be paid even as it falls due, is ithott creating~ a fi eslt ye it lien, or a large paoriun of it. n yIs import t changes are airady in the financil arratioeui.etS of the State. A t .. these ehnges woidht, ithotla t d rt all, be so made aan to di chyr,.e it at a miuch earliet parit, it seemhs to tm the wisest phlicy to elieve the peole tas speedily s mossible hf this iaiens. pres sure. nThedehi cn be bona f de taid tot. ly y levig taxes to the amount of at. o by using the funds of the State already to existedte. Although I have not the least doubt that the petple, would, without a iurtnur, submit to be taxed to any i~nt ranther tdebt wtht the prightf tihe Bak.t Theiintrest uou ts aith tie the tne, yetwhletdredn eight sit thend im-eysixf cetns ($e abi,63t io)pers n raise t epenilul o i puoi oresort to on eros taton.hundre aniy thornnuand istusll hear s of t,00 e Stnaly Thew neiir prite to the Banke feor the sa yak. Th2,we r~ a eprenf atld udredetand gvley phutand, tvet hded andt wouy payie debtar and ity-ctwo duenot, ($f1t, in6. 42, levn th allcy of s enl tu isudi iotyi ol cessy ($20.769 42) The nerft o te lasit with ty paro mounted to attio hundred and 'tety-six tnousandl sive htudrd and thrty -tt o dotllars and seteeny-i cents (22i63 17,) ervn a aisne in favorloftthe fank thi throyeix nthousand, seven hundred ad thityw ndollars and fventeen cents,($7217.) 76t is. lubvistht an anutal cu ~tnulto tth aot of the lrgst ofa tesesumts, sevoundldno niscag the,~.j d larsindc sesteen acentury$22.7 17.) is there a justc roun faor aciatin gratkotiy ri thrand, ofevn funredad fthurthe-pe rdllar anmmeenee r-etrs, fromBanking. operatbios hat passe away, andcnaautist loessth, oenry. uch is eeallyh case with this Batlk, since the motnipolhy, which it so long enjoyed in this Statte, hits ceae, . a nnnt be revived naain. It is also said the State has received all still reinis equivalents for a large pr portion of her debt which can he convi' ted at the proper tine for paying it. St possesses eight thousand (8.00U) shar of Rail Road and Rail Road Bank Sloel which it is gratifying to state, is risin rapidly in value. and it is to be hope will one day be worth to her the eid hundred thousand dollars, (8800.00( which it cost. She holds also the ol gation ol' the Rail Road Compar:y for ut war., of 54100.000 more, u hit I is doubtl less penrfectly seenre. But these invest nitesi- con'h1 hardly be maa-le available t meet a crisis, and noless converted ver gradually. can only he done at a heav loss. Nor do the small dividends decla red materially assist in paying the inte rest of rhe Stock i-ted to make them For the rest-the Sinking Fund, the Fir Loan. and the Sot plus rev.-n.e. they ar all Banked on, and althoug h separate ac counts are kept of them in the Bail hooks, they are as as essentianlly a part n the Bank Capital as the conpartivelh small portion which is neknowbr'leged to h such. They have been lonired out, am to he used to pay the public debt must like other discounts. te collected from tht debtors of the Bank. In short, what art supposed to be equivalents f.r the Star dthi, are securities of no higher vale than those in which nll the other funds n the State have been invested hy the Bank nor are they more readily convertible in to money. It i< said again, that one million (S1. 000.000) of our internal improvement delh has been redeemed. and this is taken a proof of the capacity of the Batik to re deemed, the whole debt. It is trgte. tha one mill on has been paid, but i has beer made the tretext for issuing stock to the amount of one million seven htndr,-d and six thousand, one hundred and six dlollar< and ninety-four centis. ($1.706.106 9-1] thus nctually increasing the public deh' --even hualrt d ittiusand dollars instead n1 ditinishin_ it. Thi can lie readily mo to appear. In a moment of generous en'hnsinm, worihv ifthe character of thre St ate and her citizens. a hill was pacsrsd at the ex tsession in 1838, almost by universal r.we tI, to borrow two milli'ns of dollars ($2.000.000) for re huilding the City of Charlestion, afier the c:altiitous fire of that year Ofthis amoutit, one million and hirtv-five thensnid. five hunIred innd lift' five lllars nod fifty five erout Si. 335,5:35 55.) was ohtainred in Londio, in 5 l~"r et. hatnds. T'h:;s -Iined to the citizens of C'h:i-leston for huilrlig purioss. and sutpplied all thpir w nt, Faith :and jasice to the psnople df he S'ate. rentiirel that the h: tiee of the bondts not sold for the pur p'oe fo. which they were is-ued, and n it wanted for it should have been dIc-royed. The bank. lion ever. oitiiticd the (,'over noi's cncot to raise them to G per rent. bods, to the amonut of tne honolrl and .ixty four thtisad. four hidrl in'd forty-f'ur dollar:, forty.four ceitt< (50-I. 441 41.) ansd ook iessssion olf ieti as a lon frorm t hc Site to itself. nal mercl rarged itself' dlbnr to the St.ite in that amount on the books of tih hank ; though i still continnes to report the n hale t wo millions as the -'Fire Loan." The pre. tet :or this, was to pay the instalment. f the ri-ht of eiglt hundred thoonand dol Ers (5801,000,) which Ill due in 1S40: ,nd osf two hundred thi -uand dellars ($20)0.030) which fell doe in 1822. Ani mn that ground, the Legislttui e afterward in 18-11. santeioned the conduct of the bank, by laying ott the table a re -olition in -aicel this remainder of the Fire Luan Bntds. Bitt this is not nll. At the regular Ss. sion,- in Decembter, 18">8, the Legislatuire tassed ani Act :oitfi mtin glt subnscripi ior if thre Govern mment to thle Rail Risail Br ik, and aui hori-ing thle Comiptroiller Ge-neral to pay it biy dlras utiont the B'~ ak of the State, or lby atn issue oif 5 per cent., at ease the Presidlent antd lDirectors of thei Baek found it emnbarrass'ing to ad vnner the f(totl. Althorrgh the Sinik ing Fond ni that titime amiounted iro eight hun gdred anel t wenty-four thaand dollars ($824.000t.) and the Sutrphl s Revenne to ninte hl~iisres andi fifty -one thouisand dlollargs (8951.0001.) and1 the large hnllanee of the F"ire L'si Bondk heifore menitioined was ahsorbeid 43 the Batik iduritig the cinrrenit fiscal year, the 5 per ce-nt. stock was issued to the amiotan of twot hiandredl thansatd disllars ($200, 000,) thioughl afterwardls reilueed toa Ont hunrdred and forty-one m husura.l. six hen mred anid sixtv-two dollars (8141.662. A m naaini it the Session smf 18:39, th Legishitu re 'ranisferredl to tme Sitkini Fund. to ai. .. the ligntiidtaton of the puba lie dIebh, six hundrerd thousand dollar ($600,000.) of the Suarplins Reventac whlichl hra.1 heen pledlged toi the ptymnen rf te snlbecritiotn of thai St ate to lIt Ratil Romi ('opany, atad issued fort tha proethe samie ramnount of six per en Stck. The opmerattiios ini both these ini sancees was precisely the anme as if thais stocks lhad been created to payv thte pnblli debt, the appropriate fiunids in the Bail hintg withheld on that necouant. Thtus i the whole was sevenateen hundreid thousan idmllars borrowed to pay the one mnillitl of internaal improvemet bomnd; and thrr att a pieriod whena the Siraking Pond an Stirphmis Revenaue,-fundiis esperinlly ap plicable to such a ptnrpose, exceesl not only the debit paid, hrut even the emmo mons atnm horrowesd, nntd wvonl hrav covered btoth the instalments of thte del ntmd the subtscription of the Rail Ron Company anad Bank, hatd they been so af piend. If the history of the past isn in i d' nish any criterion by which tojudge of thi . uture' I fear that whenever an instalmen r- of the public debt becomes due. some le scheme will be devised to induce the Leg s islature to issue new stock to redeem it , and if at every payment. seventy per eui more than is paid. is borrowed, it require d no sift of prophecy to foresee that this pro It cess of relermption w ill overwhelm the 1) Siite in debt. I fear too, that it mray he - cocidered as certain, that tbe Bank will - never, unless forced to de it, part with a dol;r of its capital, or of the fuids used - as capital, to pay any portion of tue princi c pal of the debt. To diminish its funds y would he to cirtail its power and infuence.; y ndul though history des record some rare instances of len-exceptions to the gene ral rule--wb, have voluntarily resigned - power, I do not reieniher a single one of ea Corporation of any kind having done e iti. Being fnily asanred that the Bank can never pay thee public debt by the profits arising from its oieratiins, a,d. being eqnally coi. inced that it n-ver will vilunclarily psy any part ofit nit nits capital I suggrest to you the propriety of reqiring it. nuder the penalty of trfeiing its charter. to puichase annually, and at some period in each year to cancel. in the presence of the Comptroller Genera: State Bonds to the amount of five hncdred thousand dollars. be eides p'lying the interest on the balance. By such an arrangement the whole debt would be f paid in -seven, instead of twenty-six years. It may lie donhted by some, whether the bank will he able to withdraw so large a sum from her debtors annually, wituonut producing great distress in the Sate. It might be answer .ed. that necordiuig to its own report the bank collected an paid out during the single fiscal yea; of 1840, upwards of twelve htndred thon sand dollars, and tie pressure on the money inarketat that time, weas incomparably heavier. than it now is. or is likely soon to be. There could not. in fact, be a more favorable juncture tha the present. to commencejhe o.peration I suggese.. Money is abundant aiiog capiteliss, interest extremely low, anld safe investments scare: and a season of prospetty ilevidently :ibhot to o1en eponi ius. I think. how-ever it can be nada -manifest, that these purchases can be efected without .erions inconveniene to anry elaae ofthe Bank's dlebtors. There is now, and is r,-nally due the ankon nit'oes discounted. over two gillions ee1' dollars ($2.00t0),ti)0 ) The Bnded Debt excieds six Iucndred thousand dillurs ($G01). 00.) The Sispended Debt, and Debt In Snit, luamen it to npwards of limer hundred thousand dol ars ($10),00i0,) and the Fire Lo ndiscounts io above a mit ltlion ofdllars ($1,(011 0Ut)) mak ing anl gregate aionot now duice the hlank, :1 imore than four millio.s of dollars (4.00;0. 00) With its -pecie and other inds, inclnd lug its i;nvestmiicle'.c in other than Staie Stocks. ,nie five inundreii thousand dollar. ($5t00. tma) of thi,. debt, it should he futlly able to redLelem its circultrin an eel depasi:s. and paiy sill other de mra I n;o. it-leaving three and a halt nil lieii:s appetalile to the peublic debt. Be-ides this. toe D:uik owns, .r did on n on the :0th rept. list. upwards of fmr hundred and filty thattsade dollars (;4.,0.0)() it Stork of this State. Th'is Stockh, 1with only fiy thmon ld invel-ted iii the saume' way., might constilntei the rede iptioi oilt the fiist year; and fir that period no debtor Ied'il ie disturbed. It is ninder stoil tli:a oe illiu of tho amlount nil' Notes Diso.-ntcred. iel.s:ss of acconnoedation p per. at short dates. Theu:e :cceoncodations lui lit b" cr.,iled nit rig thei second u:nd third years .:tann, iinveniitilielC theLila enlloimilers of the l:ink, whi could readiy obtain discounts else where: in the present redundant eonlition of he li;ini (.apital in tlis -tat. Ine the ie-mie tolle the Fire Loan Discounts would hbei llinLr due to a cooi.iiteerale anotunt, n.1 if after turce Seats notiwe, the d hturs on Stationaryt Ui.e.'ii.t, and lIund.; could not he prepared to hqiuidits their ti;ltliiiies it the rate of twenty tie ;er cent. per anum. a longer iilgence would not only be n-ale:, but extremely tn wise. Whcenever it has been heretofore stggested that the Batek shonld curtail its discnts, of call in its debts. the reply has been promptly made, that the planters will be distressed, and tint lit, is a lfumlers' Bank. W hei i planter hiirrows moniitey, it is almosat aslwayse for spe'cu l.ation, ior to paye the lesses iif spueenlutioin. lie ncev'en needs ai Loan toe carry on his legitimate pclanting op~e'atiians; and whe't he becomesl~ a Lhlerewer, evenc if it be to hold his produoce. or tie purctcase laud anid tabour ers. he beeceetmes 'is mui~ci specultori acs thle mnerchanlt or broker, amid is enititled to ito motere indnigencie. The only 11;ltk which coerrd realty ben--fit t:ee plant ters, '.'onild be a Savicngs Banik. whe're thei ca,-. h.l.inets frome their c'roles igh~t be deposited oen iint'rest until reequired. It w..ill probabley be suaidl tha't the schoee I han propiosecd fir padt ilig the Public Debt, will virtnallyt' thiron thei i.mnk jito a state at' lignicda tion Not sio, hiowever. Its present artna'l caitaii.l amcouneets toi four millie ics cof dollaers I($4,0.I010)-the debt tio three mrillions antd a 1h. fi (.%;.5ui0 0110.) wh''Iich, if paeid. will leave the hcamclseemle sinm oif five hucinred thousand dol bcars (5tt0.00t) for Banking putrposes. To thcis mcighit be added thce shares ao' the State in the tail Riead Comail~cny aiid tlce Bank, acid also their abiigautioin. Th'lie W naid raise the neam itat eepiit to oinemitlicin. seved tindrined thcoue'and (l.710000,) and wouuld give it one intrinsically wolrta i" rioisieably moire than its present ac knoc~wledgced, permancent ca peital.wh.iichi amtrounts - to only eleven hundcried andic fifty-s'ix thoanmd thrueliundired and to v-ei ght dilliars, tind f'or ty-eig ht cenits ($1,156.348 48.) But even iltthieoperaetion of paying the Pub lieDeb shuldnbsrb he ankenitiri'ly, it wounld, in) imy opiion, ceonstitcute no ohjemci to the schemcce. Thel State wcauld get rid cat twovu tevilsat oiice. It is ait least a quiestion whether - all Baniks are nut evils. Thia; ai Blank cperat. e iceg like iours cin the frnds amnd credit cat the r tate, is, efem eneraly tobe conceded,~ The k biest prooifiof it is that ahnost all oilier Banks cci fr edec. save osra, have faied-proaducing inaculale emobarrassmenct and suffering.. A n eqially clear prcaca of the opinion of the people ofti tte, is the unaexantpled unacinimy with which they have for several years past dt w.aged can iunreniitted warfare against the esta' -haishmienet cofa similar. aned not muore objectioii ci able instittition, by thie Federal Gmovernment. ..That otir Banek has neithcr failed nior tproduced eanay great paoliticail crisis. is uowing to otir ex etremne good fortnane, in lhaving always lied at tits haud iien of the highest chiaracier, arid cuni d: coinmin abitity. Itsiother' officers canddireec I etemen of intolligence and strict integrity. The character of the people of our State is ale opposed to extensive speculations. and perhap no where in the world is a default in a publi trust regarded with such universal and utte abhorrence. All these necessary elements o past success cannot be expected to co-exist for ever. As men, we may be permitted to indulgp the hope that they may. As Legislators, yon would be forgetful of history ai.d human natur to calculate upon it. Was it now an origins questiun. few voices I apprehend would bi found in favor of a Bank of the State. Havin run a career of thitty years, might it not be wit to apply at this time an active and searching test to its success and soundness But tit much depends upon the fact.jo admit of mue longer delay in ascertaining it beyond all qines tion - Nor is it a mttter for less grave consider ation, whether the State is to hurtow monety fotevet, itn order to loan it out at tite same, or nearly the same rates of interest, subject to all the expenses, fluctuationsand disasters of Bank ing-a hustness which otall others has proved the most uncertain and ruinous to States and individuals. The strongest objection that I see to the plan I have sugges'ed fir the speedy payment of the Public Debt, is the doubt whether the Stdte Stock can be purchased to such amounts at par. Within the next seven years however, nine hundred and sixty thousand dollars ($9,60, 0011) of debt will be redeemable, at par. Of the Stock now held by the Bank, there was on the 30th September, certainly sixtv-four thou sand dollars (64.000,) perhaps more, not re deemable within that time. but already obtained at par. A million more, redeemable in 1860, in held int Europe, and is there guoted below par, though it is a. matter of pride for us to know that it stands higher than the Stock of an y othet State, save one. In the present con dition of Ametican credit abroad. this Stock niight probably be purchased at pat. Could so much he obtained, four-sevenths of the. debt n onld be extinguished, and time and circum :tanes might place the balance within reach. Ott most of these Stocks the State obtained a premium, and it would not be unfair for her to pay a similar one to redeem thea. Should the attempt to purchase all the debt, however. fail, the next best that could be done, short of actual payment, wouhl be to shitl the bnlance of it on the other Statea of the Union. by purchasing the S:ocks of such es are nn doubtedly sound. nttd faiuht'ul to their engage ments. It is not probable that anu abundance of suh stocks may nat be obtained at any time within the next seven years. below par. And provisit might he made ftir procuring them instead of our own Stock, if it rises much above par. If the scheme I have recommended f.r pay. iig the debt of the State should not meet your approbation, it seems to me important that you shotul at least make ariatugemetnt for a Sinking Fund in fact as well as in name. The fmnid now distinguished by that name, does inot differ practically, im the shlightest respect. fron any pa rate item in the hooks of the Batik ; the sur plus profits are nominally turned over to it, and the interest of the State Debt subtraccted from it. But to keep nIp this distinction is :all unnece.sary labor, since the whole fund is henned out precisely on the same terms as the other Bantk funds. The fiuudamental principal of a real Sinking Fund is enmpounding ititer est for a specml purpose. It snonid be set a part its dividends re-invested as they are de. clarerd. and the whole of it sacredly pledged fir the redemption of the principal of the dtebt; the interest being p;nd in the meantime froni other resources. It is matnitst. that a Sinking Fitud whien is expected to pay both the priti pad and interest of the ,tebt. must he as large is the debt itself. or far more pi ofitably invest ed. Our Sinking Fund attounts at present to little over ine-ilth of the State Debt. anud if yi do not think proper to pity the debts as I have proposed. I suggest the expediency of withdrawig that fund from the Bank, and with it the two hundrid thousand dollars ' surplus revenne still on deposite there; that the whole aimount lie placed in the hands of A omimissimu,ers, to be iuvested. and made te acciumtute by compountd interest for the dis hearge of the principal of the public debt, not intcling any instirments due within the next seven yeats. nutles rendered absolinely neces sary i um the want of other it-ans; and that. in the tanpa time. the Bank shall he reruired to pay the .iterest oun the whole debt, and such instalmuenits of tie principal as shalt fall due in sevent years. To the Sinkitng Fttnd thus conistitutted. all the surpls fittds of the State Treaisury imighit hi added. These measures wounld draw from the vortex of the littik, sneh a portion of the resouirces ohf the Statte as would enntble it certainly to meet the greater pairt of~ the public debt: and if comibirned with a jtidicinns econiomy, anid an uinniterable reso lntioun ntever tunder aniy e-ircnmitstanice. to issue more stock unitil the debt wvas wholly discharg ed, wotuld finrnish safe groundr for the hope thit thtere weould ultimately be an end to oar presenlt burdens. The receipts of the State Treasury during the plist fiscal year, have amtuinted to two hundred atid ninety-ttitie thinsand, one bun drued itnd inety-six dollars and sixteen cents ($299,.196 16,) and the expenditures during the samne period, amnounted to two hundred atid seventy-eeven thtousanid, eight hutndred and thiirty-three tdollars antd sevenuty-si-ven cenuts ($277.833 77;) leaiving a balance on the tranisactins of the year, of twenty-one thou sand three hutndred anti sixty-t wo dollais, anud thirty-ninue cents ($21,362 391.) -This balance, addied to the bahlance neccruiing during the year 184-2, will heave aller due allowance for tan idrawtr appropritations. abotut forty-eight thuon sand dollars ($48,010) at- the disposal of the Legislaiture. This atmount will belfurther in creased by nine thiousanrd dollars, being the tin expended balancee of the two contingent funds. commtitted to my haunds. Before any extraor dinary auppropriations are madie out of this sum. it should be considered that there will be no further receipts into thi Treanty urntil .June next. when the taxes become due, and that itis wholly inadeqgnateto defray the ordi nary expenses of the State tip to thuat period. Notwithstantding a simnilaer balance reported to . on in 184-2, the Bank wias in adva ce to the 'Treasury, to the anwunt of twenty-four thou sand dollars, ($221.000) by the 1st of Decem ber of the same year,-and to the amount of thirty thou,,and dollars ($30.000) at the same peio of the year before, and thereatei ii continued to ad vance all the monies required by the Treasury tuntil the taxes were paid in. These advances are neavy drafti upon the Bank. and it becomes the State to make ar ranugements to dispense with them. either by ordering the taxes to be collected at an-earlier neriod, or by auch a system of economy, at o I will spedily secure a sufficient balance at the s: close of the fiscal year, to defiay epenses tin t til the first of June following. r Among the undrawn appropriations. is the 1 stum of twenty-five hundred dollars ($2,6i00) - which was at your last Sessioni'with the~ pro visions of the Act of 1833, placed in the t hands of the Executive for -the purehii - arms and military equipmenti. I had'ii- . I Sion to use this fund. The Arsetiih a Magazines already contain more muiaitionfqt war than the State will probably ever'iequire forservice. And the Federal Government:an. nually i nishes a quota of arms valued at fromi six to eight thousand dollars. This quota is rated in muskets.- but by a provision in the. Aet of Congress, these may be commuted, a npplication of the Executive of the State. for other arms and equipments. A judicious use of this resource will enable the State always to keep up a proper assortment of munitions of war without the expenditure of a. dollar. - have this year'taken advantage of it, to equip the Marion Artillery Company in Charleston.. by commuting about a thousand dollars which would otherwise have been expended out ofits appropriation. I recommend that the appro priation be withdrawn, and the poxtion .of the Act of 1833 authorizing it. repeaed.. In his last Annual Message, my immediate predecessor urged on you the necessity ofa re1 organization of the Executive Department of the State I invite you to a re perusal of his remarks In all that he has said,.I give my entire and cordial concurrence, and earnestly recommend a serious consideration of the sub' ject. I think, too, that a reorganization of alt the- offices connected with the Executive De - parttnent is asimperatively required.' The cir. cumstances which led to a division of them, between the seat of Government and the City - of Charleston having ceased to exist,. the divi-. sion should cease also. The Rail Road har brought them so near together that tliey might be re-united with little inconvenience toany one, and tmnch to the advantage of the State at large. There can be no necessity for two Treas surers within six or eight hours ride of each other. There is very is little, if any ungranted. land in the S-ate, and the Surveyor Gene eral's office might with propriety be finally closed. It is now chiefly an instrumentfrot perpetrating frauds, and incresing litigation. Such duties -,f the Surveyor General, as it would be beneficial to the State to have per formed, mig'ht be confided to a clerk in the Se cretary of State's Department. The pro' sent incumbent has voluntarilymade to me a Report, whlbh gives a very candid statement of the condition of his office, and I transmiti6 to yon as worthy of your considerailon. There mieht be constitutional diffliculties in 'the way oFclosinig the office during histerm,. put provision could be made for- doing .su hereane The Vomptroller General should he near the Tresirrer, and the Executive. There are still stronger reasons for re-organ-. izing to office of Secretary of State,.and'loes of Governmenf. >? " o a ay leat n. n= -.. from fees. and no trifling portion of it is 'paid by the State for small and occasional services. HeI should'at least be put upon the footing ot a State officer, by having a fixed salary, in lieu of all charged against the State, aid fol . taking care of the records. A large portion of' these records are in a wretched condition= Many have entirely gone to decay, and others are fast moldering away. while some impor tant papers are ahogether lost. These are the necessary conseqnr' nec of a divided office, and an officer without a salary. The most impor tait duties of the Secretary of State are con - nec-ed with the Executive Department, and he should be fixed near it. The private re cords in this office might be transferred to the Rigister's offices in the Districts to which which they properly belong. It was a Colonial regulatiofi which placed them in the Secretary of the State's officei and the reason for it has long ceased. I recom. - - mend the tppointment of a Commiesieu tore. organize all t ht offices to which I have alluded, and ti. r--unite them atthe SeatofGovernmeiti It will however requirt a constitutional amend m- nt. to effect the latter purpose. ind- if you' approve the recommendation it will be neces nary in pass an Act to that effect af your pre' sent Session. - Ie making this recommendation, -I trust :I shnll not be regarded as aiming a blow,. at the coinpretmises of the Constitution. On the'con trarv.- I would regard it as one of the greatest calamities which could ~happen to the-State.' that the piresent ascendancy, of one section of it ini the Sennte. and the other in the House o Representatives, should be in the slightest de gree distuirbed. . And,.imperatively as I thiink the interest of the State.4emands .thatal .the chief officers should; he asismbled it-this place5 I would not proposes i f:I duld believe that it would hae a te'ndeaiy4 prodtce sttch ad effect. - 'F--. In ar-co~tdanN it'a Itesolution lpassed at your fast Sesisionir' appointed Commisaidifers to meet itt Limtestotre Springs, to 'enquire'into. the exptedientcy of establishing a High schoot there. I have-unt yet received their Reporrs. The first duty of a government, after provi ding for -the security- of its constituents, is te take proper nieasures for their edusation. The beniefits- they derive- from facilifattig comuterce, by digging clrnnalsi ceaiefgdt rivers, constructing roads; and opening new channels of intereonrme, are ;great,- bat the sink into insigniacanco in comparisost wftt the vast importance -of pouring -out -opon them in every'direction, copious. streams of knowledge-expaniding their iellects, eleva. - ling and pairfying their morals, And'tr'aing them up to a high and noble cast of thought Under a government likds oura, where no Etis tocracy of birth or wealtfi is tolerated,-or dan -. ever take root,- the only hope we can-have of . -- the harmonious action of lasting dtitation or our instituitions, is by resting them. on the so. lid foundation of a people imbued with Jongy sentimients, and deeply versed in iftihejore -~ of learninit; who will be'capable.'of'.comnpre hending all the blessings they eonfer, watchful of distant daniger, and prepared to mee~oud overcome it, not- less by - power of intel lect. than by force of arms. Every dlollar - which-can be spared froms the absolute .wants of the State. should he first offered to this great cause. Here' Indeed -a liseral expendi. ture enriches and adorns, while -'mnre economy impoverishes and degriies::'Itla to) be' feared 'that educat ion has bee'istmtiomar ' in this State. if it-'has notreigmd u ring the last quarter of a centur b-~ re loge,' fonandedtand pnsained bytaw*su -nificence of the Statehtas done. aiin 19 do more than..was expected ej$-atthe Aiatdemies haveuo~ kept ac.!tera are comparatively f-te n tha-eouitry, her6.