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''he Treasurer has, in obedituu to the Act of 21st of-September last, "to pro-vide for the redeuipt ion of Bi.lls Re eci";able, is ued b.thistate,'' prompt lv ex(liun,Ered Nati,t aI currency for 3;lls .Receivable when Presented. This will ra;pidly redttee the atmount ho held oi 31st October. The undrawn appropriations, and such additional a ppropriat ions as may be made at. the present ses.iot, mnust be paid, prinei pally, in Bills Receivable, until' the taxes for the liscal year, comntmeneing tho 1st of October last, shall be paid into the wTeinry, which payments .liould be reqtuired to be made by the Collectors as, early as June. next. If the General Assembly re-enacts the etatuse in fit Tax Uill of the last year, requniring that all to:es shall be paid in g(Ild or silver, National currency, or Bills leceivalle, and coat inues the authority to the Treasurer to ex ,-hanige the Bills Receivable for Na I ional curreney, there is no good reas on why the' vatli of the former should not be at par with the latter. The Contpt rol ler-Geneliral est imates the appropriat ions for the present year at three btlred and two thousand seven hi-'itired and ten dollars, which sum will be inereased, if the recommenda t ion hereinafter mtade, to provide for the' paym ent of the public debt, should b:c adopted by you. The pay ment of taxes is, at all times, otrerous to the publie, but is peculiarly op ptessivo to the people at the present time. Tile ordinary expenses of gov. erntment, however, mtust be tet, and the faith and credit of the State main tained untarnished, and taxation is the only resouree left us. The burth cn s hould be rendered as light as pos sible. by the most rigid economy in iaking appropriations, and hy requir ng a strict accountability frou all public funet ionaries. Material changes t the vubjcct mat.ters of taxation and moditications in the rates are r-Q uisit.c to render taxation less oppressive. Assessors should be re qunired t') make new assescuents of the Vae tu (of lands, and town and city lots. The Capitation Tax is ouerous, and is not. inl proportion to the gcn'eral scale of' taxation ; it should be reduced at least one-lhalf, and the employer should be held liable for every poll in his service on 1st. March next. A general system of licenses to lawyers, doctors, dentists, mnillers, cotton pick eres For toll, merchants, shop-keepers, tradesmen, auctioneers, livery stable keepers, hotels and eatint houses, non resident merchants anid drutuners, and others shouhl be introduced. 'Taxes should be imposed on money at interest, bids and solvent credits, also upon all articles of jowelry, gold and silver plate, and watches, ear riages, buggies, all horses n'ot used for agricultural purposes, pianos, playing - cards, &c., upon the capital stock of all incorporated com panies, iclud ittg railroads not exempted by law from t axation, legacies, distributive shares in intestate estates, pistols, bowie knives, patent mnediciner, and the gross profits of brokers, factors and ban kinm c>rporationo. The taxes heretofor igmposed in expecs telegraph, gas ligh an inurace comtpanaies mtay b very' ma;teriall y inicreased, as these - comtpanies are realiziiig large profits froim their several investmtents. Al public oflicers wh'lo, by law, have a seal, should be required to.*af fix a. stamtp, in value fromi fifty cents o two dllars, regulated by t heir val Iue or imtportanice,-' on all~ piapers . where the~ seal is used, the party pro --urmng the paper beinhg required to re mhu rse the officer for the same. Anud l.astly, a tax should be levied on all salaries and incomes exceedina lve hundred dollars. - A Tax Hill emnbracintg these new fe-atuires would raise a stum abundantly suifieient to meet all the cutrrent wants .of thte State, and provide for,the grad ual redemaptioni of public dlebt. 'rThe I payment of taxes thtus levied would1 fall prinacipally upon the wealthy and and those whlose employments yield thtemi ready cash, and would occasion1 .comparatively little inceonvenienco to .thte taxpayer. . Heretofore, the intecrert on the putb- 1 lie debt has been paid by the Bank of t.he State of Souith Ca rolina, but its< loss of aissets, growing out of the wvar, I together with its large outstand,ing *circulation, precludes the possibility . -of relying furtheor upon it, and theo debt, principial and' interest, must be met by taxation... . 1 The TL'reasurer, with the assistance of an add itionatl clerk, can pay out, in fu- .I ture, all claims from Is own counter; 1 *LTd I, i-ocommitend that an appropria A$miad eto niest t6e salary ofmsuchi , and thtat' the Banoks be discon-m. nue4flid as the fiscal agent of the State, I T~~Ihe -loss of the asaets,.and the impo' .t *ition. by the reira bank(Dg Iam e Congress, of so heavy a tax on the 'cii. culation of all other than - National Banks, make it manifest that the Bank of the State of South. Carolina can never resume business: and' I recoin mend that its charter bo revoked or declared forfeited, and its books, 'pa pers ail assets put in the ha ds of Commissioners for as early, liquida tion as may be practicable.. TAX-COLLECTORS. The Ta x-Collectors have heretofore been elected, for the Election Districts in which they reside, S+iee the abro, gation of tne I',rish systetm, the form er legislation has not been changed, and Collectors arestill elected by the voters within the former Parish lipies. Beaufort, constituting now but, a sin- I Ile Election Distrret, still has four Tax-Collectors ; and Berktey Election D)istriet has eight Tax Collectors. The reason for a Tax-Collector in each Parish ceasing to exiss, the law should be -so modified as to elect one for each Election District. The addi tioual numbers require an increase of the books to be furnished by .the Trensurer, and a larger number of re turns. The commissions are insufli cient to induce business men. to accept of these small places ; in one of the Parishes, the Collector's commissions are less than fifteen dollars; and in an ather (St. John's, Colleton), no Col lections have been made, because no non, within my knowledge would ae oept the office. I recomnmend that the law be so modified as to provide for the election of one Tax-Collector for each Election District. TnE i'tJ r.c DEBT. The Comptro!Ier-General and TreaQ't r'r, pursuant. to the requirement of th, Act of 21st. September list, prnpar.d md torwarded me a statement shewinlg .he aggregate aiolt of the pr"ineipal ad interest, calculated up to Jltlv I, 1867, on the stocks and bonds past due, wlich the Act provided for fundiin, a .opy of which is herewith comnnittti ed; and ny proclamat:on 'has been is med, calling on these hond-holders to lnnd their deaniads, conformably to the Act. A contract has been made to have the botids printed, and it is ngre -d ,hat they shall be delivered here by the 10th December, when the fundihg 'may be commenced. The anount reported is due, on the 1't tfJnl 86f7, by :he Comptroller and :1reisarpr, is one nillion two huntdred and ten thousand ,ight hundred and t.N o. dollars and 'ighty-five cents, (01,210,802.85.) Provisions must be madie; at, the present w'ssion, to pay the semi-annual interest )n this sum on the I.t, of Jnmnary, L8. 1 transmit their statement here. with. There was no provision made by the Act to fund the interest now diun on the stocks and Bonds of the Fire Loan le principal of the former redeemable ni 11870, and the latter in 1868. The nterest duo on the 1st. day of October ast, on stocks and bonds, was -sixty ight thousand t%wo hundred and twenty lollars and fifty-five cents (*68,220.35) Ind I recotnuend that authority'be grant. tl to fund the interest now due, and hat which will accutmulate aup to the~ lst January, 1809.N Tt.e whole amoutnt of the publlic debit, irinicipal and initerest, (f thii State, not neicding the debts cotracted for, or on Lecouint of the war, was, on the 1st day >f October last, five mnillioni two hiindered Lndl tive thousand t.wo hundre4( and went y-seven dollars and seventty-fouir 'ens (*5, 205,228.74.) Of th'is a,lott ;iir huind red and eightyv4our thousand our hundred and forty-four dolhars andl ~nd fifty.one cents (484,4I4.51.) is re eemalei in 1868. and three hiudred itnd eighteen thiousatnd onie hunttdred and i(ty-nino dlollars and twetntv.five cents 318,159.25,) in 1870. Tiho remaindear of the dlebt; (not' in :litdng three huntdred and teni thousand lollairs (81o0.,00) already provided (or y the Act of 2 1st September hist, ani. horizing its funding) is redeemable from l875 to 1890. The itnterest on the whole (except the ?'ire Loan,) is provided for (if the hold ra of the socitrities will consgnt to fund t,) "p to the lst day of Janutary, 1868; >y which timle it is hoped the State will >e in a condition to promptly pay inter. st as it falls dute. The statenient of the 30omptroller General, showing thme debt. mud tlie several periods w.heti it Jalls due, 5 herewi,h commtmicated. it is, however, eminently proper that ionme financial schietne should.'be.adopted o prepare the State to meet the prinai mal of the debt as it falls dpe. If the in erest is regularly paid on.the debt. one imdred 'tousand dollars annually -se part as a ei.king fund for tweatyher,as nyested in safe securities, -yielding six er cent. pter atnnure, the~ prinoupal hieitng tarthier mncreased by .the tavestnien& of he interest annually -acorni1 ,. will '-ac. umlate the hinn af-rhllA 'st hinoala - hundred and ninLy-nine thousand- tr e -hiMidred and twelve dollars, which ivwl be nearly ade<piate.to the payment of the entire debt. Itin <ile, an rd I recoi mend ih.at proper legislnt.ion be adopted at the Present session to inaugurate this schi'ine. Under the Act of Sept tfmber 21st, already referred to,.p rovision was made to fintt the interest on stocks issued tmi. der autliority ;f titu Act of 18,3, to con-. tinue the construction of the new Stati House.' The whole aenonut issuo d was twenty-four tliousand eigit hunudred and twenty dollars (*2.1.820). '1'he issue was not made un iii some timt d.Iring tlhe year 18,0-1 whe-n there was a heavy appreciation of the ourrency, . aid when labor and materials were in a corres ponding degree appreciated. Four himtn ired ti.tonsand dollars were issue d iII 1802, unaer anihority of the Act of 1861, vhen Ilttior ant mat-rial hdiit aner -ciat-" very littlem. In my procliimtation 1 ex. Cepted these two issues from. immediate fuidimg mitil the General Assemibly met and determiind whether these stocks should be Feaht d to tI.e real vath on ceived Iy the Stnte for themi when issued. The Convetition a<dopted a rule for the gtv ernnten of .ransacitions bet.wjein individ. mils dturing' this tint which was j,ist awl InIle:t, airi no reason i?-ptrrceived why% thte same rule should not be appiiel inl transactions between the State and its creditors. if lie Gent-r.nl Assmciily sho,l de teriniiie to scale thieset it cis of cither or both is'anes, a coniniission must he up p:>intetd to lix"the rates, anid the interest can he.' then compnted accordingly. Shonbi tim General Assenhl tnk. no achon u1)pn this sub11ject du,rin; t he pres ent session, the funding w III be executed im con flhrmii y to the pro viii,ns gf the' Act aforesaid. [To he Co,ttinucd.] . WINNSBORO. Satutay Morning, Derember 1, 1S66 Labor and Capital. The phaso of labor atnd. capital is now changed in the South. It is a Veiy-liiporttat query how the capital of.the 5otath siall be turned' to best accounl . Between: A>giiultg and MNut cture .the issues 'lie Setne believe the interest Qf'the South now lies in ant ehergetio development of .her resources for manufacture. Others think thrt.htr .yrieu't-aral resources are tlto most proiising. ,The great tonehstone of all questions of polit ical eeonomj is, will it pay t .Between agriculttre and--a'itnufa turo there can hardy be at preseit any is:ue. If the South tatufacture, she nttst do it in eompetition with the North and with England. It is well known that the North has demanded protec tive tarifTto enable her to comlete with foreigncountries. It, is imi.ossi ble.for th S.otth to'conmpete witht the North in mnufactuires, for the simpl e reason that her ~ppulation is too sparse. WIhea the samte reason is a p plied to her iniitbility to compete with England, it is stronger, becausc tier population is far less in proportion to the area than that of G reat Britin. T1he conisequence is that England eapi tal empJloys labor at its own price, while itn this couniitry, and e.speciailly in thvt ntnh, as far its tmnufactures is concerna.d, labor dema:nds its watges, and capi tal is obliged to aeeede to it. Labor is from 6 to 9 times higher in the S'onth thana it is in Enigliad, when directed to mtanufactutre, while' it is less in agrieultural pursuits than Enig. land eatn afford, Hence theal Southt miust depe1d upon her agricultural re sources more than upqp~ her manufac turing,. Planters and Farmers, . Nulmbers of our population who far years htave 'earned their bread from the'soil diretly, design disposing of their.lands either by sale or rent. Nun!b*s of our young men en the 4onErary are heartily entering upon agrietiltural pursuits, and ar6 . OIled with high hopes as to the result of their u'ndertakings in the om1tivation of tlWeBoil We'ea'nnot think that ainy omInous admoni.tobs come from - the aqtionof theforigr or any exiordi. n% 'reult# t i ollow-fropi the oni' oh sm iqip4, e( t;ansito V.te #S easy solution of the wholu matter. 'Tho:<o Who were accu<temed to control the ugritcultuIr of'the country by bod labor, are loath to aco.:pt the true sit uation, impeded as it ii, compared with a s,stetmatit+ labor. Those wlo are not ae:l:inted with the system of labor as it. obtained before etiancipation, anticipate large profits from.the present systene in cgn Sequence of tho. apparent ease with whiclh it is secured. Ilenee lands are real iy t ansferreti frontthe.proprietur to tetn::t. That a'systento tthis kind will uventu: ly work wyell cannot be dout,l. .Nut that aniy ,great results wi1 ft.ll."w at on1ce is impossibl,k. Our -Lans are exce-sively barrent. T1"o r""nt lands by the year will not be prolitnble. It woUld bn far better for thcsc w!l'o have lands to dipose of, to lease them iin sm:lll tracts.. By this mcau:ns ! md may be improved, but no ;rea.tl itpro e nt,"tt can h: expect-:ud evei Ib .this m: ,thol until our co;nmrv 1 u:io tlhi: Iy settled. The Gotten Tax. Tt. is a i ii:m fa t.that :n ce^.n est and sinc"c:e. a p pea1l ari.-c: u rm Nt York for the r tl of' a tax w!Ii falls itmc Iiattly up i t': o - " ti tie New York (lanber of ('met rce have again shown our ptmbhe ruh r ; antd law..makers the de:leterious cffect. of imposing so heavy a tax as 3 eeats a pounil on the e ! to:t pr lu".d in th: United States. Before the war t!> p )r cent of c"tt t' f rti;h ed tlit nl.i;tuf:letori'; o England was about 8 1. Now it is ab.tut 40 par cnt. E very wh1littional cent added to th tax np; :t th: pro - duetion of eotton, is a bnu to ho- to countries outside of tl;e I'ai!!iwiiclh prodnce cotton. Dkit why \.ould we of the S.,uth ur up'na fanatic (.n gressmen the evil resitlt.of their lcgis.. lation ? It is better per!t.p"s to let them run the full n gth of their ca price, and thei whin:u they eav i d'0u1 that a burdensome tax upon S,mutternt rodnetious is the samo thing uttpon emselves, they will awal:e to the (rue position of alfairs. 1, .[1s1111t" ' fSim '(t C..ar linia.. ''ht" I loItoe v;:; c:tlh-d i, odter at, I I O , 'Clik. I r:ia'r (I .v. 1lr iS l . -. Mr. Gonclr mtobr ettI Ioil)m Ch. ter:l 1l ptesentc l ert [ ld nt.ial t I.z it ieing show,tvn thatu Ile o n tit ee i:n South Carolina for thtree years, he w%.t not. quat.lifh-"d. lie judiciary. Ailloa to von he ri-! tide'ii:lio at Ac edl nrlp.ymcranpio M r. C'ampbll i rd,d a bl5il lt. corpii. I lirate l~isn the Sa bind Cton, io, Credil-gLan tiAte suctiin, 1'~tL bill to e4.i) Itield l the ation of a it et authrizin th esoroi. ofe QeinoitA Mr.ut f r Campbel lie resohti baf tat frd t the joint,i reiolution o l i a pr. voiig:ti teLgihuein.r lncorporation,or u amedmt of I eaiir revatiouslydii grantdunl te ofIiappulicats form thellame hall firt hav lweive r'it-o.t duin th is sion of the pitneral. A :. requyest, butOtler'soe dlisnsion,il o mot,e IOiont itr Campell te i-esoi >nli as-referred hto thevig congiteed o nr bTh,e unfvobje repoLrt oio thie o. mi ttee Govnebl or dchr he lt w ratin toite sotautuo lmt, os adopad. 4opt,~ 'it 1S~(4R 1Ro'ig ous uerv:cut \lay bh exlp'tel tor-r1"ow :s f . I")N A . It. C,.Itn:,h. ! Z . C. !L. 131tts, 7j P .I ii'cnpal Cl'Irebt:, It -v. W\. 1'. 111; B(4e, I \. M. :i 3. '. M. 1New A1vab'eleet. 1'':itiveh- \I:I . -t l wn -l---Se :ulvnr. ti'-( lm('nt, of IIru4ltttanu, \\tiiler .& Co.?, Oxi* t h .m a3 enll. ,4II Ml.!Il ( i- "1 N ul,' ---by (11 . Ka ' 1 ati " oi' r -b \ t; ll e r t" -It .- I I. i. .I r it C:M ME 130"AL. \ n :n, Nov..1ihcr ).---Cotrn 21e. GoldI lt1-,' ('n1 ;t.orr:, ':ven1-r 27.- Thn ranging 1tl44ee o: v3lt4 to tty, wicrc :1 ( 2 (. 2 + LUMBE_1 IUMJER! T l o 4Irp s 1 la :nw I (J\~ \ C . ii v. 1re " r. I 1 -: i 1 li\I l;l:ll.~ I. . i!;. sel- in ne 1h 1 he 11r-otnp iv ' l.:ai lnd Ih u u,.nh r -hip peI I1n:nedi:uti: f vr m 1 i .. ws tlry Dei'>t'. \b 1pe"r ""n+ ind--htl to th, es-ta t. of \ j . 4-'t ( -N ali. Ite'.'"n ".A.'! tre he"reby nouii' ii' ht i .sl v ul,o.-el :.I I t '' d 1 a t'.l in h.v r' f'I' i- ' Ill n i. e b:1n d lfI. l eers it th, ::11 t'.tf r ""lt.ettion. MARKE w D Dit"h:- exDOTi - wen. (y dI ll 1!'_I l iil.l : h Ie l l 1 ' ti1 t, Ithenll In 11he II'I1'd' of ilny 1(n l"111ey II law, W . I; li'Itl'.i n, I.'' , andll thot,se whose)Yt in. deb}I'.11.,in dll" .t': 11 t"xn '1d. Ihl it so n11 w ill findi : tt d' tl l < n1"+ :.: an'1t ihemn in1 thc hands of lrhert .l!.lw htrn. It , 1 IGO I,tr, . - .t.'.11. It - .\I \ 1,1 T N . .\dlm:. of the e;t'te of .Jac >b (iO.xeq, dee"l. deeC 1-10 _ T-TICTEJLY ' MARKED DOWN, ()N In-I afl:-r Satlrr"l.v tM e 1st inu..- tl.a n d ii ei. r,'u 1 u iill ttll ol ' lt h +ir ' N'I E1 STOCK OF 00D S. COST IAND EXPENSES Tin . lt: it Is f\-eh, :41 weliii nertedi Itnml hbioct.:I 1 be"n. so thl:.t BAt.\ ;.\ INS wi! Su r,j"y be otli'..I"l. 133 l" .' P ON, I 'l' l-:lls & Co. dlce i -tf 3ITOTIC.E'. ri N IAll. ( niarlneripl , heretofl'o" existiu g ' eit n 1411rg:ned is this day Ilh' olvedl by tnattual coln sent. .\ 1'1It tA' "\ ' I'\17";EI.. The bikh are in 0.1 hllnndls o W.%, IL. mnr ry whon i:, anthorii.d lu'arttle lte aeeont1 . t. 2, 1Is. M & Co. , ,l,ANTATI ION bI1, Vent t he hi; hest hler on the a 4 f .irs .\lominy of .>eembero next, 4 2',\N l'34N , 150r 41e144 , un0 r 'cltvn 4in oso 14444nea4C'r n iret, inin )'41ei4y nati ni m datl,frlmte Ketchi, McM ster& Co ....s .., . * 10 it lst No. 144 .\lackerol fnul dreI1erln ins, u 1onv - lnl iiia ~ heen i -O(e'Ige~ In WO4h -14QL0