The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-08-20
the STATES FLOATING DEBT.
PiIing Up Indebtedness That Will
Have to be Paid by increased
Taxes.
Statement Showing That State is Living
Beyond income.

Columbia, Aug l8.-From time to
time attention has been directed in
this correspondence to the financial
condition Of the State treasury and the
necessity for sensible action along
these lines and the necessity for con-
sidering this condition. The follow
ing note from Mr.. Jesse z. CAN'T is
opportune:
I am requested by various parties to-
give my authority for assertions which
I have made as to the financial condi-
tion of the State. AS the time allow
ed candidate for Secretary OF State,
five minutes, deos not permit refer
ence to authorities, I am forced to
adopt this method in complying with
these requests.
The following letter from State
Treasurer Jennings is responsible for
the assertion which I have made, that
deficit Of $500, 600 has been created
within three years:
"Mr. j T. Gantt-Dear Sir: I take
for granted there was no money bor-
rowed by the State Treasurer for 1893,
1889 and 1900, as DR.. Zimmerman said
at Gafney that he had not had to bor-
row any. For 1901 we borrowed Sl75,
coo. Up to this time We have borrow
ed for 1902 S220, 900, and the present
indications are that we will have to
borrow enough more to make the en-
tire $500, GOO authorized by the Legis-
lature. Very respectfully.
".Augnst Ii, 1862. r. 81. Jennings. -
AS to the assertion that the rate of
taxation for State purposes in South
Carolina is already nearly twice the
average rate In the other States OF the
Union, I give below the rate for the
fiscal year 1898 in % States Of the
Union, in mills upon each dollar OF
assessed valuation:
New Jersey 0, Indiana 9-10 of a mill,
Maine l 3-4, Maryland l s3-4, Mime
sofa 1 $40, Michigan / 9-10, Texas 2,
North Carolina 2 1-l0, New York 2 10,
Arkansas 9 1-2, Missouri 2 10, Mon
tana 2 1-2, West Virginia 2 1-2, Wis
consin 1-2, Ohio 40, Washington2 2
9-10, Georgia 3, Kentucky 8, Okla
homa 3, South Dakota 8, Virginia 8,
Florida IL, Oregon 8 l-2, Colorado
less than 4, North Dakota 4 l-l0,
Illinois 4 .1-5, Tennessee 4 l-2, Utah
4 II, Kansas 1-2, South Craoina 5.
The taxpayers of the State are en-
titled to an explanation of the reason
why, With tax rate nearly twice the
average in other States, deficit OF
three hundred thousand dollars has
been accumulated within three years.
Six thousand dollars will be paid this:
year as interest upon money borrowed
by the State Treasurer until next years
taxes can be collected and applied TO
this years expenses.
Unless some means can be found to
supply the treasury of the State with
resources from other quarters the peo-:
ple are today face to face with elthera
heavy increase in the levy to meet this
deficit or large reduction In the ap-
propriations, and consequently an in-
adequate support of the present State
Institutions. We cannot reasonably
hope to meet this condition by an in
crease IN property values, for this de-
icit has been cretaed in spite of an in
crease of forty million dollars tor 70
per cent. in six years, which has not
been sufficient to reduce the rate.
have brought out these facts IL an
endeayor to show the necessity upon
us of encouraging the provision OF
indirect sources of revenue to aid III
supporting the State, The Secretary
Of States Office in most Of the States
has been made "a revenue bearing Office,
and it should be made so In South
Carolina. Respectfully,
j. e. Can't.