The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-12-09

eers provided by law is rigid, and it is
impossible TO cover up fraud or negll'
gence on the part of these officers, if the
accounting is properly enforced in the
Comptroller's Office. When the money
has reached the State treasury, its custody
and disbursement are jealousy hedged
with stringent provisions of the law. L
know of no practical safeguard that is
omitted.
COUNTY EXPENDITURES.
But with regard to the expenditure Of
the county revenues it seems to me that
the law is seriously defective. There is
now levied and expended in each comfy
for county purposes larger sum than it
pays into the general fund which reaches
the State treasury, and is there surround
ed with such careful provisions Of the
law. The County Treasurer retains the
county funds in his hands, and is in re-
gard to their disbursement merely the
cashier of the County Commissioners.
In his annual accounting in this matter
before the County Auditor an order of
the County Commissioners, drawn in
accordance with the forms of lew, is his
sufficient voucher. Upon the County
Commissioners rests the responsibility Of
the faithful and judicious expenditure of
the fund; they are practically subjected
to little or no supervision. 1t is true
they are required to forward, through the
Comptroller General, a detailed account
of their transactions, to be laid before the
Ierislature. and it is the theory of the
law that these accounts are by you exam
ined. For the present year but four of
the counties have forwarded their &C.
counts in time to be printed with the
Comptroller's report. Others will, per.
haps, be laid before you in manuscript
during your session, and some will not
reach you at all. The General Assembly
does not, and necessarily cannot, eff.
ciently discharge the duty imposed and
thus the loose supervision of the county
expenditures is in singular contrast with
the rigid scrutiny enforced upon the State
treasury. Your experience and Judg-
ment will find the proper remedy. 1t
appears to me that the grand jury of the
county is the most suitable body to be
charged with examining and auditing the
transactions of the County Commission.
ers. If aided by an expert accountant,
and the accounts are published for public
information a sufficient time before the
examination, it will be as thorough as
can be secured. The accounts should
then be forwarded to the Comptroller
General, to be by him consolidated and
embodied in his next annual report as
statistical information. These Commits
sioners should still be required, as now,
to- submit 10 the General Assembly esti-
mates of supplies upon which 10 base the
annual county levy. All that ! have
said in this connection applies with equal
force to the disbursement by the counties
of the school fund.
THE PUBLIC DEBT.
An adjustment of the public debt has
been reached by legislative provisions,
and by decision of the courts. There
is no floating debt. The debt funded aud
being funded is ,$6,639,l7O. Of this the
scrip of the Agricultural College, amount
ing to s191, 800, is a permanent invest
ment; the deficiency bonds and stock,
amounting to $564,8 1855, mature in 1888 /;
and the consols, amounting to s., ,SS2, ,515,
mature in 1894. The whole debt bears
interest at 6 per cent.
In this connection 1 would very earn
estly bring to the attention of the General
Assembly the annual delay in the pay
ment of interest. The. interest is paya.
BILE before the taxes levied to meet it are
fully collected; and thus some of the
public creditors are subjected to delay in
receiving their dues. This can be cor
rected by providing an earlier day for the
payment of taxes; or the Governor and
Treasurer might be authorized to antici-
pate their collection, so far as necessary
ior this purpose, by a temporary loan.
The consol bonds bear upon their face
the contract of the State to receive the
coupons from the same in payment of
taxes. During the period of adjustment
of the debt it was impracticable to do so !;
but now there is no reason why the cou-
pons of the Brown consols should not be
thus received. 1t is also advisable as to
this class of consols, that the operation
Of the law requiring interest to be paid
| IN NeW 1Ork rs we'll as III tue Stalo
treasury should be resumed, but it is not
,practicable to pay interest to the holders
of Green consols elsewhere than at the
State treasury until after the conversion
of their securities. The suggestions
made would promote the convenience of
the taxpayer, and no doubt hasten the
reduction of the consol bonds and stock
] to uniform character. It is also desira-
BILE, as to both consol and deficiency
stocks, to adopt the plan of the United
States Government with regard to its
registered bonds and stocks-upon the
holder furnishing the treasury with his
postofice address, the'interest due is for.
warded by check upon each January and
July. The punctual payment of interest
and every accommodation and facility
given in its collection enhances the value
of the security. Already under the man
agement of the State finances for the last
four years its bonds have risen in the
market from twenty.eight cents on the
| dollor to mar The financial status of