The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1903-01-14
Treasurer's View
OF State Finances.
Five Mill Levy, He Says, Is Not
Sufficient. Makes Some Sug-
gestions to the General AS
sembly.

An Inc annuai report OF tno
State Treasurer Of South Carolina,
to the general assembly. Treas
urer Jennings, in his Introductory
remarks, thus summarizes the e.
nancial condition of the State:
II have the honor to submit
my annual report of the trans
actions of the treasury department
of the State government for the
fiscal year beginning January 31st
1902. call attention to the fact
that the appropriations made by
the general assembly for the fiscal
year just ended we're in excess of
the taxes raised by the levy of five
mills by largely more than one
hundred thousand dollars, conse-
qusntly the governor and treasur.
er have been forced to borrow on
the credit of the State the full
amount of three hundred thousand
dollars to meet current expenses
and pay the July, 1902, and the
January, 1908, interest on tie
public debt. The interest on this
borrowed money will reach about
seven thousand dollars, at the
most reasonable rates we were able
to secure. 1t lsa physical i'm
possibility to raise an appropria-
tion of about one million, one
hundred and fifty thousand dol.
lars on mill levy at the pres
ent valuation of taxable proper
ty. The levy is the same now as
it was when the appropriations
we're only $500, 900. The bane-
full effect of a large appropriation
upon the basis of small levy will
be seen when the facts are pre>
sented. 1t is a fact that if the
same levy and the same appro-
priations are made for the year
as for the last, instead of provid-
ing loan of $30O,OOO as hereto.
fore, the legislature will have to
provide for loan of seven huns
dred thousand dollars to pay cur
rent expenses and meet her inter-
est debt, and the borrowing pro
cess will have to begin early in
the year. ] am we'll aware that
a higher levy is not popular, but
l submit the proposition whether
it is not better bushes manage
ment to raise the levy say half
mill for few years, till the State
can get on a cash basis again, than
to continue borrowing more and
more every year and paying
more and more interest. 1t all
comes out of the taxpayers at
last, both principal and interest.
Another great mistake, it seems
to me, is the extension of time,
for the payment of taxes, except
in cases of emergency. The aver
age taxpayer is not benefited by
an extension, only the capitalist
and tho corporations that can use
their money to advantage; the
farmer as a general thing can pay
his taxes easier before Christmas
than after, and even tho railroad
companies, which pay such a large
proportion of the taxes, have the
last two years nearly all paid up
during the month of December
upon a polite request of the treas
urer, thus lending helping hand
in our time of need. If the gov.
erner and comptroller general had
extended the time this season, as
was done in 1901 about the last
of December, we would not have
had funds to pay the January in
terest, while not dollar would
have been available for payment
Of our notes or their renewal,
whereas by withholding such ex-
tension we have been able to pro.