The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-01-14
TRElSuRER's VIEW
OF STATES FIHANGEs.
Five Hill Levy He Says, Is
Not Sufficient.
Makes Some Suggestions TO the General
Assembly---Tax Extensions Heip
lOhoay...The Reason Why.

The annual report OF the State
Treasurer Of South Carolina, which
has been awaited with considerable In
Ierest, Will be issued by the State
printer in time for the opening of the
session of the general assembly tomor-
row.
Treasurer Jennings, in his inrroduc-
tory remarks. thus summaries the
financial condition Of TIE State:
have the honor TO submit my
annual report of the transactions of the
treasury department Of the State gov
ernment for the fiscal year beginning
January 1st andending December 3lst,
1902. I cali 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,
consequently the governor ano treas
urer have been forced to borrow on she
credits Of the State the full amount OF
three aundred thousand dollars to
meet current expenses and pay the
July, 1902, and the January, 1903, IN
terest on the public debt. The inter
est, on this borrowed money will
reach about seven thousand dollars, at
the most reasonable rates We were able
TO secure. Its physical impossi bill
ty to raise an appropriation OF about
one million, one hundred and hfty
thousand dollars on a 5-miu levy at
the present valuation OF taxable pro-
perty. The levy is the sane now as It
was when the appropriations were only
$500, 900. The baneful effect CT large
appropriation upon the basis OF a
small levy viii be seen when the facts
are represented. It is a fact that if
the same levy and the same approprla-
tions are made for the year as for the
last, instead of providing a loan of
$500, 600 as heretofore, the legislature
will have to provide for loan of seven
hundred thousand dollars to pay cur
rent expenses and meet her interest
debt, and the borrowing process will
have to begin early IN the year. / am
we'll aware that a higher levy IS not
popular. but submit the proposition
whether 1t is not better business man
agement to raise the levy say a half
mill fora few years, till the State can
Get ola cash basis again. than TO con-
5inue borrowing more and more every
year and paying more and more inter-
est. Is all comes out of the taxpayers
at last, both principal and intrest.
Another great mistake, it seems to me,
Is the extension Of time for the pay.
nent of taxes, except in cases Of
emergency. The average taxpayer
is not benefited by an extension, only.
She capitalist and the corporations
that can use their money to advantage; !;
the farmer asa general thing can pay
his taxes easier before Christmas than
after, and even the railroad companies,
which pay such aslarge proportion OF
tbs taxes, have the last two years
nearly all paid up during the month
OF December upon polite request Of
TIE treasurer thus lending helping
hand In our time Of need. If the gov
ernor and comptroller general had e3-
tended the time this season, as was
done in 1901 about the last Of Decem-
Der. We would net have had funds TO
nav the January Interest, while not
dollar would have been available
for payment OF our notes OF their re-
neWal, whereas by Withholding such
extension We have been able to pro-
vide for the payment Of the interest; !;
and have good hope OF meeting our
notes for loans at maturity, unless the
general assembly extends the time;
If It does, however, the prospect IS
that it VIII also have to provide for
loan for That purpose. II the 10Th OF
Decembar could be adopted as the
time FOR dosing che tax books, and
the Law we're strictly observed, all
the anxiety and suspense as to where
Eha nones IS TO come from TO pay the
January interest and meet current ex-
senses &onfa be arrested, and time
would also, be had TO make the treas
nrerss report in detail more fully. As
IS is VS. have Been compelled, for want
Of sime, 10 scprtal in some measure.
give the usuaI statements below, OF
tais Office, except extended reports Of
the sinking fund for reduction Of
Bsown AZ par cents, and the State
permanent: school fund, which we
have. hitherto volunteered. All the
cash transactions relating TO these two
accounts, .heweyer, are fully set forth
IN details:.in our statements of receipts
and expenditures, although not in
classified form.
Z; The act of February. 1895, provides
that after It's approval no coupon bond
of the State, payable to bearer, nor
any coupon thereof shall be consolidat-
ed, converted, funded or paid by the
State treasurer after the expiration OF
twenty years from date of maturitV !;
attention is called to the fact that
S125, COO of the State capitol bonds,
which matured in 1871 and 1881, held
BIZ the United States for the Indian
trust fund, would now be included IN
sae Limitation of the act of 1896, refer
red to, and that the effect OF such
Limitation upon the settlement of the
claim of the State against the United
States now pending should be con-
sidered. The State, 18th.
Annapolis, Nd, Jan. 11.-As re-
suit of fight between Midshipman
Robert \. Pearson, member Of
the Fourth class from Concord, n. H.,
T7.-x;- 4, Dl.eSol, os Now York