The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1903-01-06
THB STATES FINANCES.
Inc Condition In Which They Were at the
beginning of.the Year.

| ElNPo0ai W Ne"S ana OOuflef.
| Columbia, Jan. With the, ,be.
ginning Of the New Year 1t ia we'll
TO look into ones financial condition.
This seems to be the way of the world
and it might therefore be we'll to get
some facts concerning the financial
condition of the State of South Caro-.
lima
To begin with, the State is now
running on borrowed capital. The
money which was borrowed will be
due during the present month, and
tho State will not have available
funds with which to,meet the notes
and they will have to be renewed.
The reason is that the General AS.
sembly appropriated more money
than can possibly be raised on the
tax levy and all other sources.
The total taxable property for the
year 1908, which is an increase over
last year, is $l93,000,O0O. At five
mills this would raise S983,000, il
all of the taxes were collected, which
is quite impossible.
The General Appropriation Act of
1902, in round numbers, voted the
expenditure of 81, 10000. The only
other source of the State is from the
insurance fees and corporation fees,
which will not run to $4,000 this
year. There you are. A simple
mathematical proposition which the
General Assembly will have to meet.
Over in Georgia the General AS
sembly had pretty much the same
trouble and they passed an Act i'm
posing State license on doctors and
lawyers and newspapers and every
one else in businens, and in that way
hope to make up the difference. In
South Carolina something Of the
same sort will have to be done or the
levy increased if the State is to be
operated on cash basis.
Under the laws of the State the
State Treasurer is not alloweI to
borrow over 100000 in the aggre-
gate for any and all purposes. This
amount was borrowed by the 1st Of
November, not because it was pleas.
ure to draw it, but because the money
was needed to meet the obligations
of the State, and the likelihood now
is that overdrafts will have to be
asked for to meet all expenses prior
to the passage of the next general
appropriation bill, which will author
ize the next loan.
The State Treasurer had on hand
this morning S192,729.47 Or this
about$7O, 900 will be used for the pay.
ment Of the semi annual interest on
State bonds. This will leave 9122,-
700, which, if applied to the out
standing notes would leave balance
due Of $173,300; but the ordinary
current expenses OF the State Gov.
ernment are $41 900, which, if added,
would make total Of $218,3OO. No
allowance is made for the taxes
which will come in within the next
few weeks, but it is to be remem.
bered that the taxes that have inst
been collected will have to run the
State Government until next fall,
when there will be the next oollec.
tlon OF taxes for State purposes.
The General Assembly will have
about as much as it can do if it
straightens out the financial matters
OF the State and gets the State upon
cash basis. There is abso. ute;y
nothing wrong with the States f.
nances; the State treasurer has met
every obligation; no demande have
been made for money that have not
been paid; there have been no delays
and the State is all right, but this
thing OF a State borrowing money
and paying interest on it is altogethe,
wrong.
IL may be mentioned that during
the ear just ended the privilege taz
amounted to $81,744.94. All Of this
privilege tax goes directly and with
out interference to Clemson College
and is expended by tho trustees ol
that college for the analyses, and, in
addition to the Morrill,, Hatch, land
script, Clemson bequest and othe,
funds, for the ordinary operating OK
penses of Clemson College.
| NV