The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1890-06-12


TREASURER REPORT.
No. +. Account TREASURY reserve
fund.- created under Act 27l of 1856, on
October 81, 1889:
CrcIHS.
Sinking fund commission. S 322,12j So
United States direct tax
proceeds s........................ 3322,7222 o2
Taxes paid under protest.. I29 81
Interest appropriated for
bonds notyet funded, es-
tlmated at...................... is, ,454 on
Total..........................$l7 $40, ,j3l IS
The amount to credit Of the sinking
ing fund commission is the only actual
credit, the others being actual only
when there are funds in hand to meet
these appropriations, which is not now
the case.
Thus it will be seen that this fund
has decreased about $l02,O0 since its
creation in 1856. SAMPSON Pope.
NEwBERRY, S. c., May 80, 1890.
Mr.. POPE FINDS a MARES NEST.
Editorial in News and Courier. !
The letter of Mr. Sampson Pope, of
Newberry, calls attention to the de-
crease of the Treasury reserve fund.-
in such way as to make it appear
that there is something wrong, or at
leat mysterious or unaccOunted for, in
the manner in which the fund has been
disposed of.
Now Mr.. Pope knows, or at least he
ought to know, that the original
treasury reserve fund" was created in
such manner that its decrease was
naturally to be expected. The origin
Of the reserve fund was this: Owing
to the abolition of the spring collection
Of taxes the State was obliged to bor-
row money to carry on the Govern
ment until the taxes were collected in
the fall, while at the same time there
was in the treasury a large amount of
money appropriated to specific pur-
poses, and therefore not available for
current expenses. Accordingly the
Legislature Of 1856, in order to avoid
either resort. to spring collections or
borrowing money, created out of the
funds lying in the treasury a special
fund called the treasury reserve fund.-
from which money could be drawn for
current expenses, said money to be re-
turned to the treasury reserve fund.-
when the taxes were collected in the
fall. The funds composing the original
treasury reserve fund" were as follows:
Sinking fund commission. s. 46,547 IS
Direct tax proceeds............. So PA SO
Taxes paid under protest.. 229 IS
Interest on bonds not get
funded, estimated. ......... 1S6OC0 90
Total l........ $272, ,121 33
The Sd section Of the Act creating
the treasury reserve fund provided that
'if at any time any expenditure on ac-
count of any Of the objects for which
the sums aforesaid have heretofore
been appropriated become necessary,
the Treasurer is hereby authorized to
apply to such objects any part of the
reserve fund or any other funds in his
hands, or which may come into his
hands, not otherwise specifically ap-
propriated."
Thus it will seem that when any
part Of the reserve fund was used for
current expenses the amount was after
wards to he returned out of the tax COL
lections, but when it was used for the
purposes for which the original funds
were specifically appropriated, such
use caused q permanent reduction of
the fund. That such reduction would
be made was to be expected, and that
it has been made is shown by the
Comptroller's reports as quoted ty Mr..
Pope.
The reduction and its causes, how
ever, will probably be more readily un-
derstod by the average reader from the
following detailed statement:
Original amount Of reserve
lunQ ACKNOWLEDGEMENTS. ol ..,3
Cash paid or payable on de-
mand for bonds funded
since 1856: 1887, $12,411.29;
1883, So, 400. 10; 1889, 81, ,029.
interest on same, January
1880, to July, 1886, inclu-
sive, 80 per cent.............. s,9o7 10
Cash actually paid for inter-
est out of "Interest on
bonds not yet funded"
under Act No. 3GS, Decem-
ber -, 1856. This was
formerly called fundable
consolidated interest and
was for 1874, January to
July, 1878, inclusive).. ....... 14,l:3;3 Sc
Interest which has ceased to
exist, included in the
above, SlS6,000. Interest
on bonds not yet funded
was S years interest on
Sll0,554.S1. Fundable con-
solidated interest when it
was fundable, becoming
payable, this interest, July
1875, to July, 1883, at IS
per cent on i0,54.Sl,
should be deducted from
the $lSG,000.............. ...... 52,OC6 80
Total interest to be eeliminatcd$76, lO7 IL
Cash actually paid from the
sinking fund commission
balance December, 1856,
wholly exhausted. ............S 4G,G47 IS
Cash actually paid out of
direct tax fund, eXpendi-
tures 1857, 1855 and lSS9...$ lG, 5222 3G