Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1896-06-17

cEpT A FEE OF Two THOUSAND
DOLLARS FROM THE SYNDICATE.
THE DETAILS.
DR.. Bates statement is as fol-
lows:
aYes., it is true that I received
from the syndicate the sum of
$2,031.25. This was for acting as
their representative in making set
Elements with their subscribers,
collecting and remitting their pre-
miums and attending to their ex-
pense account.
"For instance, there were s1b-
scribers in Charleston for $2,OOO,-
600 Of the new issue which the
syndicate had contracted to deliv-
er in Charleston. These were to
be paid for mostly in Brown con-
soils, but the holders Of the consols
naturally would require the syndi-
cate to deliver to them the new
issue of bonds before they would
part with the possession of their
consols.
"Two courses were therefore open
to the syndicate. One was to pay
tie State treasurer 100000 in
cash, receive the new bonds, and
then exchange them with the
Charleston subscribers. The ott-
er was to secure scme representa-
tive here in Columbia whom the
Charleston bondholders were will
ing to entrust with their bonds
and exchange them for bonds of
the new issue. l suggested to the
syndicate the employment of a
Columbia banker as their repre-
sentative, but they preferred that
| should do the work, and at the
urgent request of the Baltimore
Trust and Guarantee company, the
agent of the syndicate Oh or about
the 21st of March, 1898, I con-
sented to act for them, as the hond-
holders in Charleston and else
where were willing to place their
bonds in my hands for exchange,
"'The public will understand
that there is vast difference be-
tween: First, my accepting money
as a consideration for making a
contract for the sale Of State
bonds; and secondly, my accept
ing compensation 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 severe
criticism. The second was ten
dered long after the contract bad
beer made. and was for extra SER
vices that I c,.uld not have been
expected or required to render as
State treasurer. The work neces-
STATED the keeping of a special,
difficult and extensive account,
and involved much responsibility
and trouble. A good portion Of
the amount received went to pay
! for extra and special clerical
work.
sI am sure a reasonable public.
Will agree that tho work / did was
unofficial, and did not conflict
with my duties as State Treasurer,
Nor will I be expected to render
responsible and valuable services
for q syndicate of wealthy capital
lists without some reasonable COM
pensation, especially as the COM
pensation was not paid by the
State. Outside of the $2,031.25 l
did not receive one cent from the
syndicate or any one else on ac-
count of my connection with the
refunding of the bouds."
After the above statement had
been given to the press. DR.. Bates
received letter from Robert G.
Davidson, President of the Balti-
more Trust and Guarantee Lompa-
ny, the former Mayor of Baltimore.
in which he exonerates the Doc
tor from any crookedness whatev-
er in the bond transaction. He
said:
1--WE think it 10 more than fair
to state that under the rigorous
terms imposed by your then Gov
ernor, the Hon. Benz. R. Tillman,
it would have been exceedingly
difficult for a syndicate to have
carried out the terms of purchase
without the constant presence, in
Columbia, of some competent and
trustworthy person charged with
the duty of performing the vari-
GUS acts of necessary clerical la
bor which were incessantly requir-
ed. 1t was MT convenient for this
company, as the agent of the SYN
dicate, to have such a representa-
tive continually on the spot, and
you were esked so to act, and the
compensation paid you was only
fair, and said payment came from
the syndicate alone, and in no
wise, even remotely, affected the
interests Of your State snor the in
terests of the most insignificant of
your taxpayers. The payment for
unr rnada 11nnn the