The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-11-26


pose of completing the consolidation. 1t will be nee
cssary fO: the Legislature TO appropriate the sum ni
$500 to pay this loan kindly made to the State With
out interest.
beg leave to call your attention. and that Of the
Legislature especially, To the fact thS The state owes
large floating debt. estimated ut S2tleD oi "i o'
due interest alone. besides unpaid appropriations &c
set forth above. ant, :" ,he further fact that the so
called "treasury reserve fund.- is practically myth,
repre- scn,ins for he most a debts and not credits u
the State. The sinking fund portion Uf what cnnsti-
tutel the original 'tIeasnry reserve fund. amounting
to S653I Is, when the Act was passed In lSsG. has
since been expended. rs understand, under laws
governing The sinking fund In payment Of warrants
drawn against II hy the hoard 81 commissioners 0 The
sinking fund The direct tax fund portion under Act
u; lSn4, amounting originally 10 Sa9,2il 81. Qhe
amount received from Cpngress) hes been reduced td
$!SI53 II by payments nrun the warrants oil the
Governor to part ties 10 whom 1t belonged uhder the
| law.
The interest on the unfnnled bonds has been re-
duced gradually rs the inndin. In Brown cons"S pro
grcsse,l ta S92 93 4 rs estimated. But 1t should he
b"rne in mind that these are In sense debts the state
owes, and do not constitute fund practically held III
reserve in the State treasury.
The only available way tn create rrscrv, fund Is tt
raise actual muney by taxation or by The sale Dl
State securities and then hold it IN reserve for the
special purposes for which 1t was created reserve
fund is realty needed to meet the large Heating debt
OF the State CONFUSED principally Of past due but un
1
tmated to he $2IlS9O OF. besides unpaid aplr0pria-
tons. 1t would perhaps better satisfy the people OF
the State If the Legislature wonld have tEs reserve
| fund investigated by q competent committee.
II is surprising that the consolidation does not pro
gress rapidly and that the past due interest has
not been called for. SGIne Of 1t may never be called
fnr. However, n demand is liable to be made upon
the treasury at any time for this money. and yet II
has been the policy of the Legislature To ignore The
danger and raise barely enough money to meet the
current expenses of the State, and depend upon b"r-
rowing to meet any such emergency. | feel 1t my
duty respectfully submit that this is not the wsest
policy, especially ut this time when ao large part ol
the State debt Is nearing maturity, and when it Is
more than incumbent upon the State to see that
| her treasury Is provided with ample funds TO pay
promptly any just claims against her,
EEFuNDING OF TIE CoSsoLs UNDER THE ACTS OF
1889 AND 1890.
| l complied with instructions given me In the Act,
aad had proper notices inserted in newspapers. al
had rcnlars and copies OF the Act printed and no.
tce given that they could bc bad upon application by
parties desiring information and have sent out large
number of copies. Copies of the circulars and no.
tces furnished with this report. also had pre-
pared with much care the necessary books In which
to record oil transactions under the Rcfundng Act and
duplicates of these books for the offices OF the Gov
and Secretary of the State. An agreement WAS
entered into with the American Bank Note Company
to furnish the necessary plates and to cDgravc the
bonds and stock certificates rs needed have order.
ed and paid for only three hundred thousnnddOl.
lar bands, three hundred i've hundred-doar bonds
and two hundred and fifty stock certificates reseryng
orders for further supply may be reqnred from
time to time rs refunding progresses
Until July, 1892 the Office Is restricted TO the svs-
ten OF exchanging the new per cents for the Brown
cons0lg
But little progress has been made in exchanging.
Only s29305 70 Of new per cent have been exchans.
ed for an equal amount af Brown consOls. Under the
rigid requirements Of the Act am afraid not many
exchanges will be effected. Propositions were made
which, If authority had been given mo TO accept,
might have resulted in exchanging one million Of
these bonds by this time.
nm not seeking responsibility but respectfully
submit that perhaps wider discretion should bo CIV
en- to the Governor and Treasurer than is allowed In
the Act as 1t stands. In the possible event OF the
holders OF the Brown consOs declining to make vol
nntary exchange for the new per cents such provs
ion should be made will insure the sale of the
per CENTS In order that the proceeds thereof may be
app led to the redemption Of the ccnsQs at maturity
in July, 1893.
An appropriation of funds should also be made for
the payment Of the difference Of per cent in inter-
est required in the Act.
| CLEMSON REQUEST.
The variety character and condition Of the assets
Of this hequest give tho treasurer and his assistants
much trouble and increases very greatly his respon'
sibiity. The State Treasurer has virtually been
made executor In this case and responsible for the
management Of an estate, some of the securities OF
which arc payable In another State, and some are
|
cured by mortgages on property. concerning which
know nothing of own knowledge. See table No. FOR
detailed statement
! have given notice to all parties against whom
claims are pnst due to settle BY November 7, or the
claims will be placed In tho hands of tho Attorney
General for collection, my intention being to invest
nil the funds In State securielies.
respectfully ask TINT the Legislature will author
izc the speedy conversion Of all notes. etc. into cash
the investment Of this into piece Of scrip such as
the land script.
| LAND SCRIPT.
The requirements under Act of 1885, No 100, in re-
gard to the land scrip have carried ont, because the
board of trustees Of the University Of South Carroll.
na to whom the scrip was ssued have not been a0le
| TO produce 1t for cancellation. Consequently the
State Treasurer could not Issue the script In lien
thereof to the trustees of the University and the trs
tees Of Clemson College. This office holds the re.
CENT of w. D. Simpson, president OF the trustees OF
the University of South Carolina, for this missing
scrip.
II it is impossible to find this scrip, as seems to be
tho case It might be well for the Legislature never
theless TO authorize the issue OF scrip to the two
buars of trustees respectively and ut the same time
paovide for converting the Clemson bequest into sm
| lar scrip.
| PRIVILEGE TAN.
The collection of the privilege tax on fertilizers
was imposed upon this office by Act of December
| 1870. Table No. exhibits the amount collected by
| this office and from what companies, and also the
amount collected by department OF agriculture. Col:
econs for this fiscal year exceeded those Of 1Ss99(
by $l4, ,249 25,
EscMEArED ESTATE T. sTEcY BURTON.
IN JnpnorV 10 1901 received from A. W, Jones