The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1891-12-01

pose OF completing the consolidation. 1t will be nee.
essary for the Legislature to appropriate the sum Of,
$500 to pay this loan kindly made TO the State with
out interest.
Legislature especially, TO the fact that the State owes
a large floating debt. estimated at $2Tl $50 OF Of past
set forth above, and to The further fact that tho So
called Treasury reserve fund.- Is practically q myth,
the State. The sinking fund portion Of what consti.
tuted the original -tTeasury reserve fund ;" amounting
to si0y53I Is, when the Act was passed In 1855, has
since been expended. as l understand, under laws
governing the sinking fund in payment OF warrants
drawn against IL by the board Of commissioners of the
sinking fund. The direct tax fund portion under Act
of ISM, amounting originality to 3 .2Ii 80, (the
amour, received from CongressO has been reduced to
SlS.453 II by payments upon tue warrants of the
Governor to parties TO whom 1t belonged under the
law.
The interest on the unfnnded bonds has been re.
duced gradually as the funding In Brown consols pro-
gressed, Ia 49,, 1913 AZ, as estimated. Iiut 1t should be
owes, and do not constitute a fund practically held In
reserve i1 the state treasury.
The only available way to create n reserve fund Is to
raise actual money by taxation or by the sale of
State securities and then hold It in reserve for the
special purposes for which 1t was created. A rescrv"
f'lnd is really needed 20 meet the large floating debt
OF the State, CONFUSED principally Of past due but I'M
called for interest: and interest on unlundrd bonds. es.
tions. 1t would perhaps better satisfy the people of
the State II the Legislature would have this reserve
II issurprising that the consolidation does not pro.
gress mort rapidly aud that the past due interest has
NOV Utcn Culleu 1Of. some OF II may never be called
for. However, q demand is liable to be made upon
the treasury at any time for this money, and yet it
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 Dor
rowing to meet any such emergency. / feel 1t my
duty to respectfully submit that this is not the wiscst
policy, especially at this time when az large u part of
the State debt is nearing maturity, and when it is
more than over incumbent mrou the State 10 see that
her treasury is provided with ample funds 10 pay
promptly any just claims against her.
REFuNDiNG OF THE CoSsoLs UNDER THE ACTS OF
1889 AND 1890.
| complied with instructions given the In the Act,
and had proper notices inserted In newspapers. i al.
SO had c circulars and copies of the Act printed and no.
ticc given That they could be had upon application by
parties desiring information, and have sent out a large
number of copies. Copies of the circulars and no.
tices are furnished with this report. l also had pre-
pared with much care the necessary books In which
duplicates of these books for tho offices OF the Gov.
ernor and Secretary Of the State. An agreement was
entered into with the American Bank Note Conpnhv
to furnish the necessary plates and to engravc the
bonds aud stock certificates MS needed. l have ORDER
ca and paid for only three hundred one thousand-dol.
lar Uouds, three hundred five hundred-dollar bonds
and two hundred and fifty stock certificates. rescrving
orders for a further supply as may DO required from
t'hie 10 time as reiunding progresses,
untii July, 1892, the Office is restricted to tho svs.
tenn OF exchanging the new 4 per cents for tho Brown
consols.
But little progress has been made in exchanging.
Only s29,3o5 20 of new 4 per cent have been ~exchang-
rigid requirement ITS OF the Act | am afraid not many
exchanges will be effected. Propositions were made
which If authority had been given mt 10 accept,
might have resulted in exchanging one million of
these bonds by this time.
am not seeking responsibility, but / respectfully
submit That perhaps a wider discretion should be Civ
en- To the Governor and Treasurer than is allowed in
INC Act AS It stands. In the possible event of the
holders of the Brown consols declining to make "A vol
nntaIy exchange for tho new 4 per cents such provis.
Ion should be made as viii insure the sale Of the 4
app ied TO the redemption Of the cOnsols ut maturity
In July, 1893.
An appropriation of funds should also be made for
| the pay tlpnt OF the difference pf y nor cont I'm int.r-
est required in the Act.
CLEMSON REQUEST.
The variety, character and condition Of the assets
OF this bcqnest give the treasurer and his assistants
much trouble, and increases very greatly his rcspon-
sibility. Tho State Treasurer has virtually been
made an executor in this case and responsible for the
management OF an estate, some of the securities of
which are payable in another State, and some are
against parties In different counties In this State, Sc
cured by mortgages on property. concerning which |
KNOW nothing OF own knowledge. See table No. 3 for
detailed statement,
Ihave given notice to all parties against whom
claims are past due to settle BY November I, or the
claims will be placed in tho hands of the Attorney
General for collection, my intention being to invest
all the funds in State securictics.
respectfully ask that the Legislature will author.
ic the speedy conversion of all notes, etc. into cash
the investment Of this into a piece of scrip such as
the land script.
LAND ScEIpT.
The requirements under Acto 1859, No. 100, in re-
gard to the land scrip have carried ont, because the
board of trustees of the University of South Carroll.
ma, to whom the scrip was issued, have not been able
to produce 1t for cancellation. Consequently the
State Treasurer could not issue tho new script in lien
thereof to the trustees of tMc University and the trus-
tees OF Clemson College. This office holds the re.
ceipt of W. ID. Simpson, president of the trustees of
the University of South Carolina, for this missing
scrip.
the case, 1t might DO we'll for tho Legislature never
theless to authorize the issue OF scrip to the two
boards of trustees respectively and at the same time
paovidc for converting the Clemson bequcst into stint
lar scrip.
PRIVILEGE TAN.
The collection of tho privilege tax on fertilizers
was imposed Mpon, this office by Act Of December,
1870. Table No. exhibits tho amount collected By
this office and from what companies, and also the
amount collected by de nartmcnt of agriculture. Col
lcctions for this fiscal year exceeded those of lSS9.00
by $li,249 %,
EscnEATED ESTATE t. srEcY BURTON.
On Jannarv 10, 1891, I received from a. w. Jones.
auditor A%bbevinc County, and cy;4i,hn1;iiGy- fssln,Fti,jf.
4 Txffio5f Cams INT snm Of ~esohea,cd estate of r. Stacy
Burton, as by his statement on file In this Office. /
took the liberty OF placing This amount in one Of our
instructions from the Legislature as to what DISPOSE
tion TO make Of It.
THE DowNEH FUND.
Alexander Downer, of EdscGcld County, some time
prior to 1855, In his will devised and bcqucathed the
principal part II his estate for the purpose of cstub-
fishing and maintaining n school for orphan children
on his plantation. The Legislature in 1888 ordered
the appraisemcpt and sale OF the plantation and the
, erection and maintenance Of n school for orphan chi.
dren at or near the plantation. In lSS0 the Lcgisla.
turc ordered the sale Of the scnool building and lands
!, by n board of commissioners, and the investment and
reinvsstment Of the funds aud their preservation.
III 1887 an Act WAS passed authorizing tho State
Treasurer To receive the assets Of this fund from j..
+. Hammond treasurer, and 10 safely keep the same.
Authority was given to invest the assets in South
Carolina and Georgia State securities or in bonds oi
the city of Augusta. AS stated in this report, the
fund now amounts to sS,274 IS, aud II might DO well
to make some practical use of the same not inconsis.
tent with the benevolent purposes of Mr.. Downer.
,, w. II. &. Bates,
State Treasurer.