TOWNS OF SOUTH CAROLINA. C73 



The debt of the City of Charleston on the first 



day of January 1870, was ' $5,241,709 77 



It was increased by the issue of six per cent. 



stock, for past due interest $ 5,725 



Five per cent, stock College and High School 22,000 



Seven per cent. Fire Loan Bonds 324,000 



Four per cent, bonds issued in settlement of 



case Fraser & Dill vs. City . , 50,100 401,825 00 



$5,643,534 77 

 Amount decreased by the cancellation and re- 

 tirement of Fire Loan Bonds $250,100 00 



Six per cent, stock 743,983 79 



Five per cent, stock 47,600 00 



Four per cent, stock (cancelled in '81 and '82) 372,100 00 



Six per cent, stock, old issue 500 00 1,414,283 79 



Leaving public debt 1st January, 1883 . . . $4,229,250 98 



Which is made up of 



Bonds, four per cent $3,413,300 00 



Bonds, six per cent 160,500 00 



Bonds, seven per cent 500,000 00 



Bonds, seven per cent., Fire Loan 103,400 00 4,177,200 00 



Stock, six per cent $29,050 98 



Stock, five per cent 23,000 00 52,050 98 



$4,229,250 98 

 April 24th, 1883. 



The burden of this debt has been still further and greatly relieved by 

 a reduction in the rate of interest, which a wise policy of promptly meet- 

 ing all claims at maturity has enabled the present administration in a 

 large measure to eflect. Prior to 1880, the annual interest charges on 

 the citv debt amounted to $314,557, being $6.41 per capita. In 1883, 

 this charge has been reduced to $188,000, or about $3.65 per capita. 

 Ifthe present plan of paying at maturity the debt bearing six and seven 

 per cent, interest is persisted in, the city will, at an annual outlaj^ of 

 $23,000, clear off the whole of this debt in eight years, and have remain- 

 ing nothing but the four per cent, bonds maturing in 1909, with an an- 

 nual interest charge of only $140,000. Notwithstanding the disasters 

 through which it has passed, swept as it has been by fire and sword, the 



