The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-02-05
Tho Fin ancial Trouble of the County.

10th, only fifteen days from now, For two
weeks there has been no Tr' asure in this
County authorized to receive tayes, while
hundreds have called q, the offic. during
that time, 10 pay.
The ,roub'e with the Auditor and Trsasu-
rcr occurred at the most inconvenient II not
disastrous time possible, for the people efthe
County. Every dollar that las been col
iec'ei by the Treasurer since the books for
collection we're opened-Nov. 25-have been
paid to one creditor. the Bank, for borrowed
money; while every other creditor has been
msde to stand aside, until the favored
creditors demsnd is satisfied, aud God knows
when that will be-we doubt much IL the
commissioners can tell
As we understand the lan giving the COM
missioners authority to borrow money, it
confines the Board to one institution. That
shuts out al competition and gives that insii-
tuition the power to force its own terms upon
the County. In other words gives it n
monopoly of all the deposits and all the
loans OF the county.
As it stands now, the taxes are locked up
in tho vaults Of the bank, and virtually
withdrawn from circulation, for We learn
"thc banks are not loaning money now )"
while the hundreds Of other creditors Of the
County can hardly raise enough money to
pay their taxes, and no one will buy tbc cir
Claims against the County for moro than
from 65 to 75 cents on the dollar. In fact
but very few if any, but the banks have any
money to buy claims with and here again
is monopoly created. If the county could
ray the few thousand dollars it owes its
individual creditors, it would put that much
money in circulation, ray many times the
amount in debts, and relieve corresponding
nun hcr of needy citizens.
Taking this view Of the situation, We are
convinced the present law is too partial and
should be changed.
Ard here comes in the question. How
should ii lie c:,an:ed?"
We have n theory upon that question,
which we believe would save the county
sore money in the way Of interest, make al
County claims available for tbcr face value
in paymsnt Of debts, or command cash ut
nominal discount, maintain the credit Of
the County and keep it out of the hands Of
Banks:
Our theory is that the Legislature en-
power the County pmmissioners to demand
that all creditors present their cisims
monthly; that these claims shall DO estab-
lished under cath, and regularly ps.sed
upon by the Bard that in case there is no
money in the Treasury to ray these current
claims, the County commissioners shall issue
certificates Of Indebtedness, bearing 4 or 6
per cent interest, on all claims Of say $5,
and over, under such guards rs would
prevent fraud.
This would do away with all past indebted
ness, save the county from to per cent of
the interest it now pays 10 the bank put The
credit Of The County ,n cash basis enabling
it to save from Is TO % per cent on its con-
tracts, Fu' al its creditors on the same foot
ing. doing justice TO all and giving speci,l
privileges 20 none.
Our theory m"y not hold good when crii-
caly examined by astute fnanciers but il
that had been the law when our present
difficulties were sprung upon us, the County
could have submitted to month Of thorough
investigation without dctrimcnt.