The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1897-01-19
FINANCE AND TAXATION.


State:
FINANCE AND TAXATION.
The finances of our State are in bet.
ter condition than ever in our history
The State debt is smaller and the debl
per capita has decreased from eleven
dollars to four. The Nfollowing taole,
report, gives an idea of the progress oi
the State:
1S95-Acres Of land returned, 18,073,-
90; lS96-Acres of land returned, 49,
1916, l22; increase, 1896, 81 ,152.
Total value, real estate. 1896, $780,
976 705; total value real estate, 1895,
800, 157, ITO; increase, 1896, $Sl9,626.
Value OF personal property, 1896,
$45, 1888 GOT; value OF personal property,
497.
Value Of railroad property, 1896, $23,-
94O l62; value of railroad property,
1895, $23, 797, ,652; increase, 1896, $l42, $40.
Total taxable property, 1896, Sl7O,-
755474; total taxable property, 1895,
Sl69, ,448 94l; increase, 1896, S1,306 533.
Number OF polls assessed, 1896, l5S :
824; plumber OF polls assessed, 1895,
152,7S3; increase, 1896, 6,041.
Total Taxes, 1896
State, $768,425 Is; county, $751;
9l9 rs; special county, Sill ,102 65: road,
$35 538 06; special and local in counties,
1926 50576; three mill school, $512,
283 AZ; special and local school, $84,
290.67; poll, $158, 8,S4.00; total, $2,3l7,.
In making your supply bill for the
past year. you estimated that the dis
pensary would pay into the State
Treasury $4,000 in round numbers.
The amount paid In was not available
until Ootnhar 1909 and than lp
S25,00 per month. This, OF course,
forced the Treasurer and Governor to
borrow an amount sufficient to cover
the deficit until the dispensary funds
were available. We accordingly Dor.
rowed 100000 from the banks, but /
am happy to inform you that the dis
pensary has turned that amount into
the State Treasury and the notes have
been paid promptly, as we'll as all other
obligations of the government. l leave
the Treasury to my successor unem-
barrassed and not owing a dollar.
While we have paid out $4,000 more
In pensions to our Confederate soldiers
than any previous administration and
met other extraordinary expenses, the
levy has not been increased, but low
cred. The taxes on farms ard horses
and mules and farm products have been
lowered by reduced assessments. The
creased by lower assessments. The
officers OF your government receive
less for salaries than ever in the his
tory Of the State, and the interest on
the public debt has been decreased
$78, 500 per annum.
am cmbarrassC Il somewhat in this
statement by reason Of the State Treas
urer not being able to furnish me with
au abstract from his books, as in pre-
vious years. He claims that it is i'm
possible to do so by reason OF thu change
in the date of closing the fiscal year
from November 31st to January lst,
giving only ten days for settlements
with county treasurers. His report
will be furnished you, suppose, before
the session Of your body closes, and |
ask your careful perusal of its details.
desire to call your attention to the
Downer Fund, which has been lying
idle in the treasury for ten years. This
fund was placed in the treasury by the
up from the sale of the Downer Insti-
tute, located at Beech Island, in Aiken
County. The object of Mr.. Downer
was to educate the orphan children OF
Aiken County, or that portion OF old
Edgefeld District now lying in Aiken
County The interest on the fund Is
sufficient to maintaii two or three boys
at one OF the colleges OF the State, and
it would be well to carry out the will
of MIR. Downer in this way.
A competitive examination could be
had in Aiken County for these scholar
ships among the poor boys entitled to
Mr.. Downer's benevolent fund, and
trust it will be provided for.
The banking institutions OF the State
are In excellent condition, but one
failure having been recorded during
my administration, and that could
hardly he called failure, but rob.
berry. The aggregate banking capital
of the State is $5,368, POI, with the
$l0,2l3,93l. This Is distributed among
ninety-o one banks The relations OF
the State and the banks have been
most pleasant and mutually beneficial
[ desire TO thank the officers for the
kindnesses shown me during my ad
ministration.
THE SINKING FUND.
Upon my induction into Office large
amount Of the sinking fund was unin
vested, deposited In bank. drawing nc
interest. 1t was impossible to pur
chase the securities required by Law
for such investment without paying 6
large premium. In my last message
recommended the passage OF an ac
authOrlZlng the Governor and the
Treasurer to loan this fund upon the
security OF the valid bonds OF the State
TO be deposited In the State Treasury
You accepted my recommendation and
passed the act desired. We have
loaned the entire fund with the excep
tion OF $4,000 in the ordinary sinking
fund, which the Board decided to hol(
for contingent expenses, ETC., connected
with its collection and disbursement.
PHOSPHATES.
1t will thus be seen that we hav,
realized four and one half per cent
upon the entire fund, although tn,
loans have not been made for year
III this policy Is pursued by compound
ing the interest the State will be mad
TO realize six and seven per cent. upoi
the entire fund, and when the bonde,
debt of the State natures this fun,
will be more than sufilcient to retire II
In the construction of the statut
regulating delinquent taxes, as to whel
the same become liable to be forfcite
to she shaking fund, difference d