The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1890-06-12
THE TREASURY RESERVE FUND.
Mr.. Sampson Pope, of Newberry, Thinks
he has Found Honey in the Lions
Carcass


he has Fo"nd Honey in the Lions
Carcass.
To the editor of the News and
| Courier:-The General Assembly of
this State at the session of 1856 passed
an Act creating what is known as "The
Treasury Reserve Fund.-" to be COM
posed as followed: "Funds of the sink
ing fund commission, SAG, ,647.1S; United
States direct tax, S39, PA 80; school and
county taxes paid under protest s22229. 7G;
interest appropriated for bonds not yet
funded, $lS6,000.
"SECrION ,. That said fund shall be
held by the Treasurer of the State of
South Carolina, to be used in payment
of all interest due upon the bonded
debt of the State, and appropriations
made by the General Assembly, in
Guiding salaries Of all offices whose
salaries are payable from the State
Treasury. Provided, there be no other
funds in the treasury applicable there
| to. And when the taxes are collected
and paid into the treasury the treasurer
| shall at once, from said collections,
replace the amount of said reserve fund
which has been used, after first paying
from said collection all other claims due
and payable by the State, and he shall
i'll each annual report inform the Cen
eral Assembly whether such reserve
fund has been sufficient, and if not,
what is the deficiency; or if in excess
| of requirements he shall report the
| amount of such excess. Said fund to
be used and replaced as herein before
| directed in each succeeding year.
''SECTION 3. If at any time any en-
pendltures on account of any Of the OBJ
jects for which the sums aforesaid have
heretofore been appropriated become
necessary, the Treasurer is hereby
authorized to apply to such objects anv
part of the reserve funds, or any other
funds, in his hands, or which NAV
come into his. hands, not otherwise
specifically appropriated"
Thus it will he seen that here is a
fund amounting, at the time of its
creation, to $272, .33 with no power
under the Act for its increase, but with
power to decrease it fiat "any time anv
expenditures on account Of any of the
objects for which the sums aforesaid
have heretofore been appropriated be-
come necessary" But, as l take it. q
report should be made to each General
Assembly showing.
First. Whether the reserve fund WIS
sufficient, without borrowing, to carry
the Government through until the
taxes were paid, and, if so, what
amount of the reserve fund was used:
and if all was used and there was still
deficiency, then what amount.
Second. What anornt of the fund
was paid out on the "objects for which
the sums aforesaid have heretofore
been appropriated" specifying each
object and each payment thereon.
Third. The amount returned to the
fund from the taxes and which is on
hand on 3lst October Of each year, and
II not yet returned, the amount to be
returned.
it was attempted in 1855 to use this
fund which was lying in the treasury
Idle, but not so large as in 1886, to assist
in reducing the tax levy for 1886, but
those in favor of doing so failed in the
attempt, and the next. year, 1886. the
Act above set forth was passed. It is a
fund which before 1856 benefited the
banks alone as it was deposited in their
vaults, and was used by them. Since
1885 it only remains with them for a
few months in each year.
L have searched the Treasurer's re-
ports OF 1887, 1888 and 1889 and find the
following reports with regard to this
tuna. which amounted when created
to ST., 1913, and which had decreased
on 3lst October, 1889, OSLO, 53l.4s.
TREAsURER's REPORT, OCTOBER, 1857.
The balances 70 the credit of the fol-
lowing accounts: which constitute "the
treasury reserve fund" under Act No.
~ OF last session, are as follows:
SINKING fund commission. s. 2G,7:SO G4
United States direct tax
proceeds ......... 81 600 Os
Taxes paid under protest
School and county,. GIL OO
Interest appropriated for
bonds not yet funded.
estimated at.................. 135, 900 90
lolaI I."...............".... $3.50, 7G4 -
Amount Of reserve fund ey-
pended during past year
to be replaced out of
taxes lSS6-S7 s o. go g.
Cash balance Oct. 81, 1857. .S1O4 ,3s5 o.
TEEAsCRER's REPORT.
No.4. Account treasury reserve fund,
October 81, 1SSS.
The nominal balances to the cr5dit of
the following accounts, which consti-
tute the treasury reserve fand. hinder
AcC 40. ~, OF 1856, are as Hollcws:
Sinking fund commission $ - 9G7 3G
United States direct tax
proceeds ....... oG11O q
Taxes paid under protest
lSchool and ccuntvl. 1890. 800 7G
Interest appropriated fer
bonds not yet funded, e.
uihated at.........~........... 120,3l2 90
Total l....................SF70 20 l19 Il
Ihc whole Of this amount might be
considered as practically exhausted,
and to be replaced out of taxes to he