The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1902-08-22
The STATES FLOATING DEBT
STATEMENT SHOWING THAT STATE
Is LIVING BEYOND INCOME.
Piling Up Indebtedness That Will Have
to BE Paid by Increased Taxes.

L
Columbia, August 18.-From time
to time attention has been directed
in this correspondence to the fnan,
cial condition of the State treasury
and the necessity for sensible action
along these lines and the necessity
for considering this condition. The
following note from Mr.. Jesse T.
CAN'T is spportune:
1 am requested by various parties
to give my authority for assertions
which 7 have made as to the fnan-
cial condition of the State. As the
time allowed candidate for Secre
tary of State, five minutes, does not
permit q reference to authorities, |
am forced to adopt this method in
complying with these requests.
The following letter from State
Treasurer Jennings is responsible
FOR the assertion which l made, that
deficit of 100000 has been created
within three years:
"Mr. J. T. Gantt-Dear Sir: I
take for granted there was no money
borrowed by the State Treasurer for
1898, 1899 and 1900, as DR.. Thinner
man said at Gaffney that he had not
had to borrow an. For 1901 we
borrowed S175,000. Up to this time
we have borrowed for 1902 $220,OOO,
and the present indications are that
we will have to borrow enough more
to make the entire 100000 author
lied by the Legislature.
Very respectfully,
"Aug. IL, 1902. r. Fl. 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 1893 in 30 States of
the union, in mills upon each dollar
of assessed valuation:
New Jersey 0, Indiana 9 10 of a
mill, Maine Il, Maryland Il, Mime
sofa l $40, Michigan 9-1O, Texas
2, North Carolina 2 10, New York
2 is, Arkansas q, Missouri q,
Montana q, West Virginia q, Wis
consin q, Ohio 24-5, Washington
2 go, Georgia 8, Kentucky 8, Okla
homs 8, South Dakota 8, Virginia 3,
Florida 81, Oregon 81, Colorado less
than 4, North Dakota 4 Ito, Hi
nols 4 Is, Tennessee 455, Utah 4s,
Kansas Il, South Carolina 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
100000 has been accumulated with
in 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 recources from other quarters
the people are today face to face
with either a heavy increase in the
levy to meet this deficit or large
reduction in the appropriations, and
consequently an inadequate support
of the present State institutions.
We cannot reasonably hope to meet
this condition by an increase of S4O,-
OOO,OOO) or 20 per cent? in six
years, which has not been sufficient
to reduce the rate.
I have brought out these facts IN
an endeavor to show the necessity
upon us of encouraging the pro1ls
ion of indirect sources of revenue to
aid in supporting the State. The
Secretary of States Office in most of
the States has been made revenue
bearing Office, and it should be made
so in South Carolina.
Respectfully,
J. T. CAN'T.