Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1897-08-25
A NEW DEPARTURE.
A Sinking Fund for Edgefield
County.

act to regulate anu conIlol ooun'y
sinking funds created for the pur-
pose of placing the finances of the
counties of this State upon a cash
basis" which begins thus:
"Whenever provision is made by
law for the levy and collection of
on annual tax to create a sinking
fund for the purpose of placing
the finances of any county of this
State upon cash basis the sum
or sums so raised shall be kept by
the county treasurer upon a special
account, and shall be known or
designated as the County Sinking
Fund"
Then follow the other sections
showing how the funds may be
loaned and when the levy and col
lection of a tax for sinking fund
shall cease, etc.
Upon inquiry of two of our pres
ent representatives and some 9th
ers whether any subsequent act
had been passed empowering Edge
field county to levy and collect
for a sinking fund after the man.
ner of the above general act, 1
have not been informed positively
whether Edgefeld county can es-
tahlish such a sinking fund or
not. The citizens of this county
should know this and be made fa-
miliar with the general at and its
wise provisions to avoid interest
paying and get our county finan-
ces upon cash basis. If there is
not at present a law permitting
this county to create a sinking
fund it will certainly be a duty of
our representatives and senator's
to urge it's enactment in January
next, for I am convinced that four
ffths of our citizens when made
familiar with the provisions of the
general act will readily advocate a
levy for such a sinking fund to set
tie back indebtedness and to pre-
vent spectators swindling honest
claimants and tax payers with dis
count schemes.
1t is fact that the county is in
debt and also behind in paying
current expenses. To pay this
debt and to meet current expenses
the county board of commission
ers will tax US some way. Their
present method of borrowing and
paying interest without publish
ing that they have borrowed to
meet certain claims to a limited
amount, is a costly method to the
taxpayers and operates to swim.
| die claimants and keep the citi-
zens generally ignorant of the true
state of affairs. The sinking fund
method after the general act ot
1896 makes everything plain and
known, stops interests and dis
counts by giving assurance of pay
ment within certain period tt
claimants and will lessen take!
that go to pay back debts and cur
rent expenses in cash.
I have been awaiting the repor
of that grand jury committee tina
1 might make some calculations O
cost to honest claimants and t.
taxpayers by the present methot
of paying or the saving by tn
new sinking fund method.
The appropriations to the vari
GUS school districts of the count,
this year amounted to over four
teen thousand dollars, which dis
counted at 7 per cent. yielded tn
speculator one thousand dollar
that the teachers lost and whic1
the taxpayers have to pay on tn
plea of education. Yet we are in
formed that the county treasur
holds an unappropriated schoc
, fund to the amount of four thous
and dollars after giving Salud
county her share. This is certainl
a happy condition of affairs fo
the bank holding this deposit Q
the peoples money with which t
,, discount the poorly paid teacher
!, claims and possibly turning thi
same money over four times
year. A gracious condition whe
the county school board has th
aut thority to appropriate the take
collected as school fund t
: school purposes, or borrow if yo
. please of this contingent accumr
/ lation without interest. If this
not to be done, 80 much the MOI
i is the sinking fund method neede
= for this board also, that they an
the people may understand tt