Wlliam Gilmore Simms
Selections from the Letters and Speeches of the Hon. James H. Hammond, of South Carolina >> Message to the Senate and House of Representatives of the State of South Carolina, Nov. 28, 1843 >> Page 54

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Page 54

Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 54
of the State may be put down in round numbers at
three millions and a half of dollars ($3,500,000).
The following is a correct Statement of the items, viz.
Date. Amount out- Rate of in- When reim- Object of the loan.
standing. terest. bursable.
1794-5 $193,501 85 3 per cent. At will Payment of Revolutionary claims.
1824 250,000 00 5 J anuary 1845 Internal improvements.
1826 300,000 00 5 1846 Do. do.
cc 10,000 00 6 1850 Benefit of Mrs. Randolph.
1838 141,662 50 5 1858 Subscription to S. Western R. R. Bank.
cc 1,035,555 55 5 1860 Rebuilding city of Charleston.
cc 964,444 44 6 1870 Do. do. do.
1839 200,000 00 6 1848 Loans and subs'tion to L. C. &. C. R. R. Co.
cc 200,000 00 6 1850 Do. do. do. do.
cc 200,000 00 6 1852 Do. do. do. do.
$3,495,164 35
$1,051,422 00´┐ŻAmount of surplus revenue deposited with the State by the U. S. 2,000,000 00´┐ŻAmount of loan by the L. C. & C. R. R., guaranteed by the State.
It is highly probable the State will never be called
on to refund the surplus revenue, though her liability
for it should never be forgotten, in an estimate of her
debt. It is to be hoped that her guarantee of the
railroad bonds is only nominal, and that in due season
they will be discharged by the railroad company. I
therefore deduct these items in stating the public debt,
for which certain and early provision must be made, at
three millions and a half.
It will be perceived that the payments of this debt
run through a period of twenty-six years, and that the
heaviest instalments are the last. Admitting that the
State will punctually discharge it as it falls due, with-
out creating another, it is yet a serious question whether
she should not use every effort in her power to discharge
it earlier. A public debt is no longer regarded any-
where as a public blessing, and such a mass of it, hang-
ing over her for such a period, must press heavily upon
the enterprise and resources of the State.
I feel called on, however, to declare, that I do not
believe the debt will be paid even as it falls due, with-