Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1892-03-24
A FINANCIAL DISCUSSION
OF Financial Matters in a
Friendly Way-by a Free-Lance
Financier.

1AAShOAJ VUJ w - -
Financier.
Mr.. EDITOR: Allow me to give
|utterance to my views as to the
suggestions of the present grand
jury in regard to an amendment
of the law prohibiting specula-
tion in county claims.
1 fully concur with the grand
jury that the law should be
amended so as to prevent either
the county attorney, or anyone
else who has the power to pass
upon a claim presented, from buy
ing county papers.
Human nature is the same the
world over. Therefore to prevent
gambling in county finances,
which always inures to the benefit
of the speculator rather than the
county, there should be a statu-
tory safeguard absolutely prohib-
iting such speculation.
do not. wish to be personal in
my charges, and l would not of
fend any one purposely, but still
a spade is a spade and by no
other name would smell 80 sweet.
1t has been charged that snug
little fortunes have been made by
county attorneys in many coun-
ties of the State at the expense of
the public. We know this is a
legitimate business SO far as the
law is concerned, but it is in bad
faith for the lawyer to fatten on
his own client, and I know the
lawyer, if he looked at it in the
proper light, would pause for a
moment. But all men in this
rapid age desire to become rich;
hence all are prone to invade the
rights Of their fellow man, as are
the sparks prone to fly upward.
L take this view of all county
matters, that each citizen who
pays taxes should look after the
county finances just as he would
of his own affairs.
I find upon enquiry that about
twenty thousand ($20,000) dol
lars worth of county script is sold
annually at from 1910 to 20% dis
count, and frequently for only a
months discount. Thus two
thousand dollars at least, are
thrown into the pockets of the
speculators at the expense of the
dear people; and | know Of my
own knowledge and belief that
Augusta Banks have advanced
money on this script to indivii-
uals and the speculator or Shylock
and the bank divided the spoils.
Now why cannot the county
borrow this money ATTIC and save
the profit of three per cent or even
six per cent? To illustrate
Suppose the county on the first
day of December is twenty thou
sand dollars behind, let the county
borrow this sum from banks at 7%,
the interest would be $1400 and
thus save to the people 5000, at
least, per annum. But you ask {:
chow does the county profit by
this transaction?" The answer is
simple: Suppose the county, after
the September freshet of 1883, had
needed $4,000 to rebuild the
bridges, and the county commits
sioners had informed all bidders
that they were rebuilding the
bridges on - months time don't
you know the bridge builders
would have added 20qS to their
bids that the speculators charge
for cashing county script? For
instance a $1,000 bridge would
cost $1,000 and so on. While if the
money was borrowed the bridge
would cost the the county 5000
a clear saving of $3.50 for single
bridge. This proposition is sc
simple it needs no futher elucida,
tion.
In writing this article, I mean
to decry no one man but rather the
practice of speculating in county
paper, and to uphold the hands OF
the grand jury. and because il
Tics, ,iunes of depression all leak.
ages, shnnrver practicable, should
{. bn stopped.