The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-02-05
Tho financial Trouble Of "a, County.

TIC tn.e Tor paying axes ~ J. end on the
10Th. 'nly Gften days from now. Pr two
weeks there bss been no Tr asure IN this
Cou.ty authorized to receive tsre-, while
hundreds have called a. N. ohic' during
that time. 10 pay.
The iroub'e with the Auditor and Trsasu-
rcr occurred at The most incoovenient II not
disastrous H',,c io=2.....-, ;vr tue psorIe efthe
County. Every dollar that las been col
lre'ei by the Treasurer since the books for
collection were opened-Nov. 25-hsvs been
paid to ono creditor, the Bank, for borrowed
money; while every Other creditor has beer
m'ds to stand aside, until The favored
~hen that will be-we doubt much II the
comnissioners can tell.
As we understand the law giving the COM
nissioners authority - borrow m1ney, IL
confines toe Board TO one institution. That
shuts out nj competition and gives that insii
tuition the power to force its own terms upon
tie County. In ether words gives it
monopoly Of NIL the deposits and al the
loans o. the county.
As Il stands now, the ttxes are locked up
in tho vaults Of the bank, and virtually
Withdrawn from circulation for VIC learn
"tho banks are not loaning money now"
while the hundreds Of other creditors Of tho
County can hardly raise enough money to
pny their taxes, and no one will buy their
Gains against the County for more than
T. ON G5 tJ - cents on the dollar In fact
but very f.w if any, but the banks have any
money To buy claims with and here again
is n MONOPOLY created. If the county could
ray the fow thousand dollars il owes its
| individual creditors, i, would put that much
money in circulation. ray many times the
amour, in debts. and relieve corresponding
number Of needy citizens.
Taking This view Of the situation, we are
convinced the present law is too partial and
should he changed.
Ard here comes in tho question. How
shou'd il &c c'an:cd?"
We have theory upon that question,
| which we hcicye would save the county
sore money ia the way Of interest, make al
| County claims available f'r tho r face Ia!uc
| in pnymsr' Of debts, or command cash at q
49,, ,., =,
a., or H., ho,. .,
u..,..
Our theory il that the Legislature en-
powcr tn. County 4 ,mmissioners 10 demand
that all creditors present their clsims
mon,llv. th.t ,Lc.c cl,ims shall H., cetsb-
EsLcd uud,r ro,h md roouI,r,v nsa.ed
upon hy the B,ard; that in case tbero is ro
morcy i, tLc Treasury TO rov tbcsc curro,t
claims, the County commissioner. shall ;s,uc
certificates Of il dcbtcdness. bo,rinp 4 or Il
pcr cent interest. ON ull aim, of sov G.,
and oycr, und.r such guards rs would
proven, fraud.
THIS would IL away with ALL nast indebted
me-. save the = un,y from u 4 p.r cent of
the in,crr I it now ,,ys 20 In. b,ny nut IN.
c,cii crri.r County .,nac,sb bosi. .uobling
il Il saw. fir m - To - per cent ON it's com
t.aci. .tu, NJ It's ere RS ON the same io,t-
inr. io:u~ lust. TO all and piyinr srcci Il
privi,r .c< 20 none.
Our III .ory mrv rot h Id good when cri,i-
ca " cylm;nr,l hy a tu,c fnancicrs but if
that hrL been the law when our prcscut
! diliculrir, wrrc sprung upoa ua. the County
could have slhmitrcd 10 a month Of thorough
Investigation without ,lctrimcnt
r, n r,,
", do no, k,,nw ih,t wc hovc opv ,c,;,Il,
iu,ormn,i. II r.,. ,ur readers ON ,h,s ur,lc,s-