The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1904-01-13

ing them to require a proper listing of property heretofore escap-
ing taxation. Second, by a license tax as suggested by your COM
mttee; or third, by increasing the tax levy, which is undesirable,
as it will only place additional burdens upon the honest taxpayer,
while the tax dodger" still escapes.
In connection with this part OF my message l wish to ac-
knowledge my obligation to the departments of the Comptroller
General and Treasurer for the information which has enabled me
to furnish you with accurate figures as to the financial condition of
the State,
INSURANCE LICENSES.
The Comptroler-Generals report concerning this department is
a strong and businessHke presentation of the subject. This report
shows the number of insurance companies doing business in this
State, their financial condition, the amount paid to them in pre-
niuns and the amount paid for losses incurred, these agereeatnne
very large totals.
This report embraces the workings of one of the most important
business departments of our State government. 1t condemns the
present insurance laws as being defective and inadequate, and
offers suggestions providing for the better examination of compa-
mics organized in this State, with a view to protecting our citizens
against irresponsible companies. The report recommends also
many changes in our present license laws, including a schedule of
fees to be paid, and regulating how and to whom they shall be paid.
These changes are many and far-reaching. They are fully de-
tailed in the report, and for this reason l shall not attempt to emu
mcrate them here. 1t is estimated that under the proposed changes
the State will receive a total revenue of $1276oo from this source,
and quote only the following extract relating to this portion of
the report:
This would give a net revenue of $rosooo, April 1, 1904, avail
able for the general expenses of the State government. In addi-
ton to this, the State would receive quarterly an estimated revenue
IN the gross premiums received in 1904, of $4,000, making the
total revenue received during the year 1904, $2o1, GOO. Of course,
the revenue for 1905 will drop back, say to $135ooo. This law
would be better for the State and the companies, as it would relieve
this Office and the companies of a great deal of expense and trouble"
This is a strong business presentation of a business subject and
in arranging for our State finances it is we'll worthy of your most
careful attention. The estimated figures given are decidedly interest
ing, and if, as is stated, the proposed law would be beneficial to both
the State and the insurance companies. this in itscl would iustlv ~
title it to your utmost consideration. Such a license law as out
lined has been adopted by many States. II It's now in force in North
Carolina, and from what 1 can understand, is giving general sat-
isfacton.
DECREASE OF PUBLIC BONDED DEBT DURING THE
YEAR 1903.
The principal fundable Of the public bonded debt of South Caro-
lima has been decreased during the year 1903 by $I25ooooo Of
State Capitol Bonds surrendered by the United States Government
in settlement of claims of the State of South Carolina against the
United States Government, and decreased II books of State Treas
uer DV S2zOOOOO RIue Ridoe Railroad PonJc ur;t+o, oa Al,
books by direction of the Act of the General Assembly. (see Acts
of 1908, pages 26o and 267)
The following figures show the bonded debt of the State:
January L, 1904.
Prnc.pai funded. =. =. .. :. =. -. =. :. :. :. g. $6,5I4674 IA
f"eip' - :. :. e. .. =. 49,. I7o,2oS o.
$o6s4ssa 70
AS an offset to these figures, there is an outstanding credit of
$~4o3277.26, as shown below.
SINKING FUNDS.
The assets of the Cumulative Sinking Fund, for the reduction
and payment of the South Carolina Brown 4 12 per cent. onds
and stocks, having been increased during the last fiscal , r bv
S33,59243. now aggregate $~493,27726; all of which is so invested
and loaned as to yield from four to five per cent. annual interest
The assets OF the Ordinary Sinking Fund having increased
S3zSoo2 during the last fiscal year, on December 81, 1909,
amounted to ~$oI387.3o of which $276418 belong to escheats;
S53,22saS OF the Ordinary Sinking Fund is loaned out at five per
cent. annual interest.
Under the law providing for State Insurance of Public Build
mgs" Is Sinking Fund policies arc now running, carrying
S5o3S9I7o OF insurance on public buildings at an aggregate
premium OF S5'ooS.11. The assets of this fund at the close of year
1903 amount to $1165I25, of which 100000 is loaned at five per
cent annual interest.
A FINANCIAL SETTLEMENT WITH THE UNITED
STATES GOVERNMENT.
L am glad to announce to you that, through the efforts Of Senator
IiNman, an important settlement has been effected with our Ma
tlonal Government. This transaction involved the payment of
claims aggregating ~$3378Szo6, which amount included a cash pay
men or $89I37So into our State Treasury. This is a matter of the
greatest Importance and we can well congratulate ourselves upon
SO satisfactory a settlement and one which came at so opportune q
i'm shall have the pleasure Of transmitting for your informa-
ton in a special message, by request of Senator Tnlman, his de-
tailed communication upon this subject, together with his soeecb in
he senate, deem if aDDrODriafa it hero bo,,o,,. - .IL.