The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1896-06-17
Bates on Bond Issues.
Columbia State. June Is.

Yesterday vas the day on which Gov
ernor Evans said be and State Treasurer
Bates would make q statement in regard
to the bond matter. When DR.. Bates was
asked about the bond matter yesterday
he gave the statement below referring
strictly to his own connection with It and
accounting for the disposition of q little
over $2,OG4 Of the commissions about
which there Is 80 much talk. DR.. Bates
statement is as follows:
eyes, It is true that I received from the
syndicate the sum Of S2,031.25. This was
for acting as their representative in maxi
ing settlements with their subscribers,
collecting and RENTING their premiums
and attending to their expense account.
.'For instance, there were subscribers
in Charleston for $1,000 600 of the new is
sue which the syndicate bad contracted to
deliver in Charleston. These were to ;ie
paid for mostly in Brown copsols, but
the holders of the cGnsols naturally would
require the syndicate to deliver to them
the new issue of bonds before they would
part with the possession of their cousols.
tsTwo courses were therefore open 10
the syndicate. . One was to pay the State
treasurer $1,000 GOO in cash, receive the
new bonds, and then exchange them with
the Charleston subscribers. The other
was to secure sUne representative here in
Columbia whom the Charleston bond
holders were willing to entrust with
their bonds and exchange them for bonds
of the new issue. ! suggested to the syn
dictate the employment of q Colum bia
banker % their representative, but they
preferred that I should do the work, and
at the urgent request of the Baltimore
Trust and Guarantee Company, the agent
,f the syndicate, on or about the 2lst Of
March, 1893, I consented to act for them,
as the bondholders of Charleston and
elsewhere we're willing TO place their
bonds in my hands for exchange.
s'The public will understand that there
is q vast difference betwee First, my
accepting money IS a consideration for
making 9 contract for the sale of State
bonds, and secondly, my accepting COM
p%ensation rendered by the syndicate for
extra services as their representative long
atter the contract had been made. The
first would have been offered, of course,
would have deserved severe criticism.
The second was rendered long after the
contract had been made, and was for ex-
ira services that / could not have been
expected or required to render as State
treasurer. The work necessitated the
Keeping Of a special, difficult and extern
sive account, and involved much respon.
sibility and trouble. A good portion of
the amount received went to pay tor extra
End special clerical work.
ST am sure q reasonable public will
agree that the WORK T did was unofficial,
and did not conflict with my duties az
State Treasurer. Nor will I be expected
to renoer responsible and valuable servi-
oes for q syndicate of wealthy capitalists
without some reasonable compensation,
especially as that compensation was not
paid by the State. Outside of the S2,03l.25
I did not receive one cent from the syn
dictate or any n else on account of my
connection with the refunding Of the
bonds.
"W. T. G. BATES, State Treasurer"