The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1896-02-11
The General Assembly.
WHAT IS GOING ON IN COLUMBIA.
The Legislature Gets Actively to Work After
A Short Recess.


Short Recess.
The General Assembly did not &C
complish great deal prior to tho re
cess, as the committees wers consider
ing the various measures before them
but the real work Of the session has be-
gun In earnest, and an adjournment is
expected in two or three weeks.
THE STATE TO LEND MONEY.
In the House, Mr.. Gray's bill to au-
thorizs the sinking fund commission
to lend the sinking fund on the security
OF the valid bonds Of the State, when
was called up out of its order, Judge
Townse nd saying that there was a
large amount of money lying idle,
which should be utilized.
Mr.. Gadsden moved to strike out the
enacting words of the BILL saying it
was very dangerous for the State to go
into the banking business with the
credit OF the State. This fund was put
aside as q guarantee for the security of
the States bonds. 1t was wrong to
touch this fund in any way, shape or
form. This scheme would allow the
State to run the risk that bank does.
Securities are liable to depreciate and
the fund may be endangered. 1t is
not certain that the State would always
have such an honorable gentleman for
State treasurer as she now has. 1t
was putting too much power in one
mans hands, and opened the gates for
gigantic defrauding Of the State. The
bonds themselves would be endangered.
Judge Townsend said there was no
foundation for his friends objections.
He said Mr.. oGadsden thought evil
dently that the board was incompetent
to take care OF these funds because the
Governor and other State officers were
members of the board. He read from
Governor Evans message on the sub
ject, and the House then refused to
strike out the enacting words.
Mr.. Gadsden was about to offer an
amendment that the loans should not
exceed 80 per cent. Of the par value of
the bonds, whom JudgI Townsend NOV
ed to table it.
Mr.. Patton wanted to know what was
the objection to putting in q minimum
rate Of interest. No one could offer
any, and he suggested that iG be fixed
at not less than pcrcen
Mr.. Gadsdens amendment was then
taken up, and he spoke to it. He said
that the treasurer should be told that
there was u limit beyonl which he
should not go.
Mr.. Bowman said he could not see
that this was Il banking business.
Mr.. Patton suggested that If they
meant that only the last issue of bonds
should be allowed, as securities, they
should say SO.
The House tabled the Gadsdcn amend
ment by u vote of AZ to 10.
Mr. Patton moved to amend so as to
fix the rate OF interest at not less than
7 per cent. He said money was worth
per cent.
MIR. Townsend said they would have
to lend the money for short periods or
on call. Hc moved to table the amend
ment.
Mr.. Manning suggested that the
amendment be changed so as to read
Al per cent, as it was hard to get.
He said that Mr.. Townsend said they
would loan on Gail. The opportunities,
not for fraud, but for partiality are too
strong to be placed before any man.
Under the bill as it reads it puts a
premium on favoritism and partiality.
The Patton amcnlnlcnJ was killed by
a vote OF AZ to "no further count de-
manded."
MIR. Manning then offered an amend
ment to make it t IL per cent and
limit the loan to one year. Mr.. Town
send muvad to table the last part, and
after the motion was voted down py n
viva vOce vote, division vote was
taken, tho clause being stricken out by
a vote Of 80 to %. The l2 per cent.
provision was then adopted.
DR.. Wyche said he couldn't under
stand how, il no limit was put on, the
State could ever buy her bonds in. He
thought this was opening the doors to
partiality.
Captain Barry said they wanted to
provide for the overflow OF the fund.-.
which at the rate OF $4,000 q year
would become cumbersome.
DR.. Wyche said that he wished to
know how the State would secure funds
to purchase the bonds, If this money
was out on loans.
Mr.. Mellett asked for tho roll call on
the passage of the bill: The vote re,
suited as follows, the bill being ordered
to third reading:
Yeas Anderson, Barry, Bowman,
Bunch, Burns, Carroll, Caughman,
Conner, l., s.; Conner, j. b.; Crum,
Davis, e. NJ; Davis, w. c.; Duncan,
Edwards, Elder, Ellerbe, Garris, Gary,
Castor, Goodwin, Hammett, Harvey
Hasoiden, Hollis, Holloway, Hough.
Ilderton, Johnston, johnson, Kennedy,
Kinard, Kirk, Lancaster, Love, Magill,
Manning, Mehrten1, Melard, Miller,
Miles, MITCHELL, L. L MlIcn9ll, d. W.,
Moore, McKeown, McLaurin, ID. W.;
Nunnery. Otts, Phillips, Pyatt, Rains
ford, Rast, Rowland, Sanders, A. K;
Shumar, Sturkie, Tatum, Thomson,
Todd, Townsend, Thurmoud, Wallace,
War;, Williams, Y. S.; Williams, John
g.: Williams, Fred; Wolf, Wyche.-68.
Ntys-Btrot, Devereux, Dotbage,
Fowler, Gadsden, Gregory, Harper,
Hlott, Lofton, Meliett, Patton, Wes-
ton.-l2.
The bill ~ it passed reads as follows {:
Section |. That the sinking fund com
mission be, and are hereby authorized,
when unable TO purchase the State
bonds at par, to lend the sinking fund
at such rate OF interest as may be
agreed upon between them and the
borrower, not less than 1-2 per centum
per annnm, on the security Of the valid
State bondf sufficient to cover the loan
and interest at the par value Of the
bonds, the bonds to be deposited with
the State treasury as security for the
loan. and as collateral to the persona
obligation of the borrower to be takei
by said commission showing the term
and maturity Of the loan.
Sec. 2. That this act shall take effec
Immediately upon it's approval.
TO FORFEIT CHARTERS.