The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-08-24
The Newberry Bank and the Tillmanites-

| News. 3u lH1OIIucu tuaG Olt VI O0
candidates for Legislative honors OF
the Tillman ticket makes our Newberr.
National Bank the special object Of hi
attack in bis rounds through tn
county. There are perhaps good rea
sons why this particular candidate
from motives of personal delicacy
should refrain from making these at
tacks. However, of that do not pro
pose to speak. Not having heard this
candidates arguments I cannot under
take to answer them very specifically
| But I am informed that they are based
on the assumed differentiation of the
bank-stock and other property, for as.
sessment of taxes, which Messrs. Till.
man and 'Elerbe have been harpiDg on
80 much. This question has been, as
is we'll known, unanimously decided
! by our highest tribunal in favor OF the
bank; and with any one but an ua-
reasoning Tillmanite one would think
this ought to settle the matter, at least
until our laws have been changed.
But as it does not do 30, let US again
state briefly the merits of the question.
! AS had occasion to show in The
Herald and News two weeks ago, our
State constitution, Art. TX, Sec. 1, re-
quires "a uniform and equal rate of as
sessment and taxation" 1t nowhere
requires that property shall be assessed
at its full valate. On the contrary its
language is 80 clear and explicit that it
would seem impossible for the unbi-
ased mind to arrive at any other con-
clusion than that the assessment of
part Of the property at its full value, as
the Tillmanites are endeavorlng to do
in the case of bur corporations-banks,
railroads, &c.-while private property
is not so assessed, must necessarily be
unconstitutional. I repeat, then, uni
formity and equality of assessment is
what is required, not full value. And
I may add, this is not only the consti-
tutional requirement, but is also ac-
cording to the principles Of abstract
Justice; for what could be more unjust
than to tax one class of property at
half its value and another at its full
value?
Let US see, then, if it be true that the
Bank Of Newberry is not assessed at,
at least, as high a rate as private prop
erty, especially the property of the
farmer. Gov. Tillman, in his inaugu-
raj in 1890, says: 1--WE know that the
property of the State is worth at least
double what it is now assessed at"
Comptroller General Ellerbe, in his
report to the Legislature in November
last, said: This Legislature, in my
judgment, should order re-assessment
of real estate in South Carolina, as it is
known that the average assessment
upon this class of taxable property is
not much above so per cent. of its real
value" Here are two authorities then
that Tillmanites will hardly gainsay,
that the lands Of our farmers are not
assessed above half their real value.
Then, as we have seen, according to
our State Constitution, the property of
our banks and other corporations
should only be assessed at the same
rate. Not only does abstract justice,
but also the clear and unmistakable lam
guage of our State Constitution require
this. Why, then, all this halloo-balloo
about our banks and other corporations
not being assessed at their full value?
Let US next examine and see if the
Bank of Newberry is not assessed at
fully as high rate as Messrs. Tiliman
and Ellerbe say other property is, for
freely admit that it should be. Its
capital stock amounts to $3.50, 0,0G0. On
account of It's excellent management
during the long series of years, and Its
accumulation Of large surplus and
undivided profits, this stock to-day
commands premium Of 60 to IS per
cent.-that 10 S1O0 stock is worth $160
to Sl65 in money. The real market
value, then, of the $50, 600 stock is say
$240, 600. To this add $4,000 OF real
and personal property, making 600
in ali. Now if the estimate of Messrs.
Tillman and Ellerbe as to the assess
nent of other property be correct, the
bank should be assessed at just half
this amount, or $125,000. But the
amount given by the President and ac-
eepted by the County Board Of Equal
ization is $4,000 or $4,000 too high ac-
cording to these magnates of the Till
man faction. But we are told this &C
cumulated surplus and undivided
profits escapes taxation. Not 80 by
any means. It Is on account of this
surplus and profits that the stock
stands sohigh as it does, 80 that its
value is included in the stock. Take
away this surplus and profit, and the
stock would not stand even at par.
One other point may notice briefly
as directly pertinent, in this matter.
Who is to decide as to whether or not
property is uniformly and equally as
sessed. Is this to be done by the
County Boards of Equalization, spe-
cially designated by law to do this
work and who are supposed to DE ia.
miliar with the value Of property END
the rate of assessment in their respect
i've counties? Or is it to be done by
Messrs. Tillrnan and Ellerbe in Colum-
bia, to whom the law gives no such au-
thority, and who, from the very nature
of the case, could not be 80 familiar
with values in the various counties.
1t is this point that has been decided
so emphatically in favor of the bank
by our Supreme Court.
Other points might make in favor
of our Newberry Bank, and against
the unjust attacks of our Tillmanite
friends. But will close by calling at
tention to my statement OF two weeks
ago, that this bank loans to our farm
ers every year about $685. 600; and oy
again asking them how in the name OF
common sense they could expect to oe
able to procure the means to run thelr
farms and support their wives and
children, if this bank were abolished
or crippled, as Tillrnan and his GOAT
tail swingers'-these pretended friends
of the far1ners-are trying 80 hard TO
do. Let farmers think OF this, and on
election day vote for their real friends,
not for false ones. CiV1S.
To the Democratic Voters OF Ne"oerry
County.
The State Democratic Executive
Committee has made arrangements so
as to determine the strength of prohlbl-
tion in the State.
This committee hss instructed the
several County Executive Committees
to have q box at each voting precinct in
which are to be deposited the ballots OF
those in favor of the prohibition OF the
LIQUOR traffic, and the ballots OF those
opposed to the prohibition OF this trat-
tic. --,
Our candidates for the Senate and