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 66

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Page 66

Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 66
or far more profitably invested. Our Sinking Fund
amounts at present to little over one-fifth of the State
debt, and if you do not think proper to pay the debt
as I have proposed, I suggest the expediency of with-
drawing that fund from the bank, and with it the two
hundred thousand dollars of surplus revenue still on
deposit there ; that the whole amount be placed in the
hands of commissioners, to be invested, and made to
accumulate by compound interest for the discharge of
the principal of the public debt, not including any
instalments due within the next seven years, unless
rendered absolutely necessary from the want of other
means ; and that, in the mean time, the bank shall be
required to pay the interest on the whole debt, and
such instalments of the principal as shall fall due in
seven years. To the Sinking Fund thus constituted,
all the surplus funds of the State Treasury might be
added. These measures would draw from the vortex
of the bank such a portion of the resources of the
State as would enable it certainly to meet the greater
part of the public debt ; and if combined with a judi-
cious system of economy, and an unalterable resolution
never under any circumstances to issue more stock
until the debt was wholly discharged, would furnish
safe ground for the hope that there would ultimately
be an end to our present burdens.
The receipts of the State Treasury, during the past
fiscal year, have amounted to two hundred and ninety-
nine thousand, one hundred and ninety-six dollars and
sixteen cents ($299,196 16), and the expenditures,
during the same period, amounted to two hundred and
seventy-seven thousand, eight hundred and thirty-three
dollars and seventy-seven cents ($277,833 77) ; leaving