The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-03-11

LQG LOCdl expenses IOr Iuo Sduo pCllOo
were $66, 6,242.O5, making a net profit
on the sales for the two months of
$36, $50. .O6, whilst the net profit which
accrued to the State during the months
of November and December was $33, :
56S.34. Adding to this the unearned
profit of $25, 571 .s5 on goods in the
hands of county Dispensers on De-
cember 31st makes an earned and un-
earned profit for the two months OF
$59, 1888 .l9. On December 31st the to-
tai assets of the State Dispensary were
1914, ,07O.24 and the total liabilities
SIC, 1853. 67. The difference between the
assets and liabilities is balance OF
$243, ,S16.57, which is the net accrued
profit to December 31st. Of this
amount, S110, ,34S.8 80 represents the net
accrued profit for the eighteen months
Mr.. Traxler was commissioner and
$133, ,467.H n represents the net accrued
profit fer the eleven months under my
management. The net accrued profits
for the two months of November and
December were greater than the prof
it's of any previous quarter g months)
save one, in the history of the Dispen-
sary, as is evidenced by the following
statement:
Net accrued profit for three months
ending April 80, $48, ,327. .66.
Net accrued profit for three months
ending July 81, $31, ,066.65.
Net accrued profit for three months
ending October 81. 500, 507. 10.
Net accrued profit for two months
ending December 81, $33, $685. 81.
Net accrued profit for three months
ending December 81, $133, ,467.U.
Of my ret profit of $133, 46777, one
hundred thousand dollars has been
paid over to State Treasurer Bates and
by him used in defraying the general
expenses of the State government.
Fifty thousand of this amount was in
liquidation of the State appropriation
for starting the business, and the re-
naming fifty thousand was In the ma.
ture of loan to the State paid out of
the commercial capital of the dispen.
sary which had accumulated under
my management. This loan was made
from the dispensary fund at a time
when the State was out OF funds and
was compelled to have money with
which to meet the current expenses OF
the State government and by being
able to draft on the dispensary funds
to that amount, the State was sawed
the expense of interest. Since Noyem-
ber the 1st, the time the $50, 600 was
advanced to the State Treasurer l
have had to purchase heavily OF IL
quors to meet the demands of the win
ter trade and, in consequence have
had to meet heavy drafts, and at q
time when had lessened my CONNER
cial capital by $50, 900. This loan was
made by me in defence to a request
from the State Board of control.
At the time the loan was made, l
had to my credit in the State Treasury
and in. the banks $1O4, 22.54. My to-
tai liabilities were $74,327.ss, or q
working cash capital of more than
100000 after paying every dollar OF
outstanding Indebtedness. But at that
time when $4,000 was drawn from
my cash surplus, was in less time
than it takes to write it and by the
stroke of pen placed in the position
of owing, in round numbers, S2O, I0oo
more for merchandise and supplies
than had cash with which to pay. &.
But in that short time I have sutfici-
emily recouped to be enabled in the
near future to again commence plac'
ing on deposit greater amount than
will be necessary to meet future out
standing Indebtedness.
+ AS to the State Treasurer's prophecy
that the honorable members of the
General Assembly will make a mis-
take in basing their tax levy in ac-
cordance with the idea that the State
Dispensary will pay into the State
Treasury within the next fiscal year
one hundred thousand dollars, have
to say that, in my humble judgment,
it is a manifestation of wisdom on
their part to assume that that amount
will have accumulated within that
time, and they will not be disappoint-
ed in their assumption. I think my
intimate connection with, and manage.
ment of the dispensary for the past
year justifies me in saying that my
prediction of its capabilities and re-
sources should outweigh those of any
other man not officially connected
Herewith. So far as the honorable
State Treasurer's complaints against
those provisions of the proposed new
dispensary law whereby his Office will
be made to do certain portions OF the
details of the dispensary business, 1
have to say that I am in no wise re-
sponsible therefor. On the contrary,
when the suggestions were first made,
opposed them strenuously, purely on
the grounds of unfeasibility and busi.
ness impracticabllity. But when I
was assured that it was an administra-
ton measure and that the people,
through their representatives, were
disposed to enter upon the experiment,
I bowed in submission and withdrew
all objections. AS Reformer from
principle as well as profession, l
would have fallen short of my duty
had done aught else. I keenly real
ize the fact that the people are sover'
eign and that am only their servant.
Respectfully, F. NJ. MIxsoN.
Commissioner.
Columbia, S. g., March 4.
DIR. BATEs'S REPLY.
Editor Evening News: What the
Commissioner objects to in my brief
article is as follows:
Because know that since Novem-
ber Sd the Commissioner has not &C.