The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1903-02-13
SETTLING CLAIMS.
h-r. CAN'T IS Back from Washington
AMI is Encouraged At
THE PROSPECT OF ADJUSTMENT,
willing TO wipe On,
All It's Claims on Even
Basis, But Interest is
.5e Hyo,,to.1

The State says Secretary Of State
Gartt returned from Washington
Thursday afternoon, and expresses
himself as very much gratiiied at the
prospect Of an early settlement Of the
claims OF South Carolina against the
United States, growing out of the
war of 1925.
The United States government adj
mits an Indebtedness to the State OF
$77,028,12 on July 10, 1912, with in
ttrcst at 4 per centum thereon. How
ever, they require. before allowing in
tercst, that the State must show
that She either paid interest on Il
greater amount, or lost interest by
the transfer Of other sccuriti cs, be-
fore interest will be allowed her, and
it was to present to the department
proof Of this fact that ncceSsitated
Mr.. Gantt's visit to the capital. This
evidence Mr.. CAN'T filed with the
comptroller Of the treasury.
The United States holds as trustee
for the Indian fund $3.50 OF South
Carolina 6 per cent. bonds, or the is
sue Of 1859, for the erection of the
state house and in any settlement
which is effected, these bonds must be
paid by the State at their full force
value. 6s
Mr.. CAN'T says: "Owing to the
untiring work Of Senator Tillman, and
as Il result OF ccascless personal effort
on his part, the treasury department
now offers Il settlement which will
practically square accounts, but this
offer Senator Tillman refuses, and is
appealing from the decision Of the
auditor OF the war department., de-
manding that South Carolina be paid
upon the same basis with which a set
Element was effected with Virginia
under like circumstances
This basis is the computation of
Simple interest at 6 per cent. upon
both accounts until the maturity OF
the bonds held by the government in
1881, and interest at 6 per cent. upon
the balance due the State ($52, ,OOO)
until the day of payment. The treas.
ury department proposes the cOmpu-
tation OF interest on beth accounts ut
simple per cent. interest to an arbi-
trary date at which both would be
equal. AS the original principal OF
the State was smaller Il computa tion
to 1899 would effect this result.
South Carolina is thus assured OF
the payment Of enough Of her claims
against the United States to settle
these vcxatious outstanding bonds.
Under the act of 1898 they were fund
able at 80 cents on the dollar, and
with accrued interest to date consti-
tutc over 1925, 600 of valid and admit
ted bonded debts against the State.
The United States government has
repeatedly declined this settlement,
and demanded instead full face value,
with Interest,"
Senator 'rillman, Mr.. CAN'T says,
has been rendered valuable help by
Mr.. Baker, Of Abbcvlle, who is en-
ploycd in the senate library at Wash
ington, who has collected the evidence
in the departments at Washington
which was Of such great importance
to the State in making out her case.
If Senator Tillman succeeds in es
tablishing his basis OF ejaculation OF
the interest, South Carolina would
secure over 100000 in cash from tho
general government, in addition tc
the settlement OF these Indian trust
fund bonds.