The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-06-17
DR.. BATES STATEMENT.
WHY He RECEIVED TWO THOUSAND
DOLLARS FROM THE SYNDICATE.

! 1t was Long After the Contract Had Been
Made and It Was for Extra Services
Which he Perforned-Au the Facts
Given.
, COLUMBIA, June 11.-Dr. Bates,
State Treasurer has come out with a
clear and convincing statement of his
connection with the bond matter,
showing that the insinuation that he
had made money out of it officially is
untrue. He admits receiving 50, 03L25
IRON the syndicate, but shows that he
got it for extra services, long after the
contract had been made, services re-
ouested of him which in no way were
connected with his duties as State
Treasurer. He asked that another
man be selected in his place to do the
required work, but the syndicate
wanted him.
DR.. Bates yesterday gave out the
following statement:
eyes it is true that [ received from
the syndicate the sum of $2,031.25.
This was for acting as their representa-
tive in making settlements with their
subscribers, collecting and remitting
their premiums and attending to their
express account.
For instance: There were sub
scribers in Charleston for 81, 600, 600 of
the new issue which the the syndicate
had contracted to deliver in Charles
ton. These were to be paid for mostly
in Brown Consols. but the holders OF
the Consols naturally would require
the syndicate to deliver to them the new
issue of bonds before they would part
with the possession of their Consols.
Two courses were therefore op-
en- to the syndicate. One was to
pay the State Treasurer $4,000, 200 in
cash, receive the new bonds and then
exchange them with the Charleston
subscribers. The other was to secure
some representative here in Columbia
whom the Charleston bondholders
were willing to entrust with their
bonds, and exchange them for bonds
of the new issue. I suggested to the
syndicate the employment of a Colum-
bia banker as their representative, but
they preferred that I should do the
work and, at the urgent request of the
Baltimore Trust and Guarantee Com-
pany, the agent of the syndicate, on
or about the 21st of March 1898, I con-
sented to act for them as the bond
holders in Charleston and elsewhere
were willing TO place their bonds in my
hands for exchange.
The public will understand that
there is vast difference between,
first, my accepting money as consid-
Grafton for making contract for the
sale of State bonds, and, second my &C.
cepting com pensation rendered by the
syndicate for extra services as their
representative long after the contract
had been made.
''The first would have been offered.
of course, and accepted prior to the
contract and would have deserved Sc
we're criticism. The second was ten
dered long after the contract hac been
made and was for extra services that I
could not have been expected or re-
quired to render as State Treasurer.
The work necessitated the keeping of
a special, difficult and extensive ac-
count and involved much responsible
ty and trouble. A good portion of the
amount received went to pay for exha
and special clerical work.
II am sure a reasonable public will
agree that the work did I was unofficial
and did not conflict with my duties Is
State Treasurer. Nor will I be ex-
pected to render responsible and valu.
able services for a syndicate of wealthy
capitalists without some reasonable
com pensstion, especially as the CON-
pensation was not paid by the State.
"Outside of the 81, 031.25, I didn'tre-
ceive one cent from the syndicate or
any one else, on account of my con-
nection with the refunding of the
bonds. ''W. T. C. BATES,
State Treasurer.