The people's journal. (Pickens, S.C.) 1891-1903, 1896-02-13
The General Assembly.
WHAT IS GOING ON IN COLUMBIA,
The Legislature Gets Actively to Work After
A Short Recess.

A Short Recess.
The General Assembly did not &C.
complish great deal prior to the re.
cess, rs the committees were 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.
TIE. STATE no LEND MONEY.
In the House, Mr.. Gray's bill to au-
thoriZe the sinking fund commission
to lend the sinking fund on the security
Of the valid bonds Of the State, whom
the bonds cannot be purchased at par,
was called up out of it's order, Judge
Townst nd saying that there was
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 worry dangerous for the State to 90
into the banking business with the
credit OF the State. This fund was put
aside q a guarantee for the security of
th 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 u bank does.
Securities are liable to depreciate and
tho fund may be endangered. It is
not certain that the State would always
have such an honorable gentleman for
State treasurer as she now has. It
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.. sGadsden thought evil
IDENTIFY that the board was incompetent
to take care OF these funds because the
Governor and other State officers wore
members of the board. He read from
Governor Evans I 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, when Judg> Townsend NOV
ed to table it.
Mr.. Patton wanted to know what was
the objection to putting in a minimum
rate of interest. No ono could offer
any, and he suggested that iG be fixed
at not less than per cent.
Mr.. Gadsden's amendment was then
taken up, and he spoke to it. He said
that the treasurer should be told that
there was q limit beyonl which he
should not 60.
Mr.. Bowman said he could not see
that this was o banking business.
Mr.. Patton suggested that II they
should be allowed, as securities, they
should say so.
The House tabled the Gadsden amend.
ment by vote of AZ to 10.
Mr.. Patton moved to amend 80 as to
fix the rate OF interest at not less than
per cent. He said money was worth
per cent.
Mr.. Townsend said they would have
to lend the money for short periods or
on call. Ho moved to table the amend
ment.
Mr.. Manning suggested that the
amendment be changed so as to read
4a per cont, as it was hard to got.
He said that Mr.. Townsend said they
would loan on call. The opportunities,
not for fraud, but for partiality are too
strong to be placed before any man.
Under the bill us it reads 1t puts a
premium on favOritism and partIality.
The Patton amendmrnJ was killed by
u vote OF At to mo further count de-
Manded."
Mr.. Manning then offered an amend
mant to make it i l-2 per cont. and
limit the loan to one year. Mr. Town
send moved to table the last part, and
after the motion was voted down by q
viva voce vote, a division vote was
taken, the clause being stricken out by
u vote OF 80 to 25. The l2 per cent.
provision was then adopted.
DR.. Wyche said he couldn't nndor-
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 ut the rate OF $75, 900 year
would become cumbersome.
DR.. Wycho said that he wished to
know how tho 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 q third reading:
Bunch, Burns, Carroll, Caugbman,
Conner, l.. S.; Conner, j. b.; Crum,
Davis, G. NJ; Davis, w. c.; Duncan,
Edwards Elder, Ellerbe, Garris, Gary,
Castor, Goodwin, Hammett, Harvey,
Haselden, Hollis, Holloway, Hough.
IldertOn, Johnston, johnson, Kennedy,
Klnard. Kirk, Lancaster, Love, Magill
Manning. Mehrtens, Mollard, Miller,
Miles, Mitchell, II. p; Mitchell, j. w :;
Moore, McKeown, McLaurin, ID. W..
Nunnery, OTIS, Phillips, Pyatt, Rains
ford, Rast, Rowland, Sanders, A. K.
Shunan, Sturkie, Tatum, Thomson
Todd, Townsend, Thurmoud, Wallace,
War;, Williams, T.: S.; Williams, Johr
G.; Williams, Fred; Wolf, Wyche.-
Nays-BacOt, Devereux, Dothapo.
Fowler, Gadsden, Gregory, Harper
Hiott, Lotion, Mellett, Patton, Wes
ton.-12.
The bill as it passed reads as follows
Section |. That the sinking fund com
mission be, and arc 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 annum, on the security of the valit
State bondf sufficient to cover tho loar
and interest at tho 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
oh1inafton ~ tho horrnwar IN ho +olr 70,