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

Net profits to State (school FUND.- -, j.. :. =. -. I26,aoo 90
Total net profit for 1903. =. e. =. -. e. i. =. e. -. $o3Sy482 IS
Net profits to towns and counties, 1902. e. =. .$443,19s 70
Net profits to State. e. 80. e. -. e. -. 80. -. e. -. -. $4,000 81
Total net profit for 1902. .. -. 80. =. e.. =. $566,Soa 80
Total increase over 1902. e. -. =. =. =. =. $50. 7i,584 OF
Total gross sales for 1903. T.. -. .. -. =. -. =. ,$2ySI799S II
Total gross sales for 1902. e. .. 49,. -. =. 2,4o6,2r3 so
Total increase over 1902. i. -. Sc. ... ... $4I1,78s 27
STAT BANK EXAMINER.
During the past year my attention was called to an Act passed
by the General Assembly in 1896, creating the office of State Bank
Examiner, and was requested to appoint such an officer. Invesi-
CATION revealed the fact that no such appointment had ever been
made, though this law has been on the statute books for seven years.
The law provides for an Advisory Board, consisting of the
Governor as president, the Comptroler-Ge General, the Secretary of
State, the State Treasurer and the Attorney General" l called
this Board together, and after full discussion the Board declined to
take any action, but requested me to call your attention to what
appeared to be defects i'll the law, and to await action by your body.
The law is defective, first, in that there is no provision made as
to what officer shall pay the salary of the Examiner, the State
Treasurer being authorized to pay only his actual railroad fare.
The provisions of the Act require that the State banks should be
responsible for the payment of the salary of such an officer, but
the law is further defective, in that there is no summary process
to compel the banks to pay assessments for this purpose. An
insupcrable dificuly-onc that renders the law inoperative-is that
no appropriation has been made for this purpose, and the Con
stitution specifically requires that money shall be drawn from the
treasury only i'll pursuance Of an appropriation made by law.
While do not believe in the principle of taxing corporations
to pay the salaries of State officers whose duty it is to examine and
control them, still, should you, gentlemen, deem it wise to perfect
the Act as it now stands, would respectfully offer the following
suggestions: First that the salary named be increased to IN amount
sufficient to command the services of a capable man., who is also
an expert accountant. This should be done both for the protec-
ton of the depostors and for the safety of the banks, for only
such an one should undertake these responsible duties. would
suggest secondly, should this appointment be made, that rules and
regulations for State banks be fixed by statute, similar to those
legal restrictions governing the duties Of a National Bank Examiner.
OUR PHOSPHATE INTERESTS.
The last decade, ] regret to say, has witnessed the passing Of a
great industry which once yielded a large revenue to the State
namely, the mining of phosphate deposits found in the beds of some
OF our rivers. The truth Of this cannot be better shown than by
inc fOHOWing statement For the year ending August ri, 1909, the
revenue of the State from this source amounted to $24o,33 OF,
whereas for the past year ending October 31st, it received only
~SI5SI522. Ten years ago there were ten prosperous companies
engaged in this business--there we're about twenty large drcdges
at work, and Coosaw River and the vicinity of Beaufort presented
one of the busiest scenes to be witnessed anywhere i'll the State.
Today only two companies are struggling for existence, while dis
manted and sunken dredgcs, and deserted and decaying buildings,
alone tell of an indstry which once, besides employing a large
amount OF labor and realizing handsome profits for those engaged
IN 1t, paid to the State, as has been estimated, ST. .33 for each work
ing minute of the day.
It's unnecessary here to refer to the variety of causes which have
brought about this condition. Suffice it to say that although the
Board OF Commissioners have twice reduced the royalty, with a
hope of reviving the industry, it has been intellectual, for, as have
already stated, there are only two companies at work, and these
companies claim that on account Of the scarcity of available rock
mining cannot be carried on with profit at the present low prices.
AT your last session your body saw fit to abolish the office Of
Phosphate Inspector and to devovc the duties pertaining to that
Office upon the Board of Commissioners. Since the expiration of
the term of that officer the companies have been reporting monthly
to the Comptroner-General and myself. While am satisfied that
these reports are correct, still there is now nc one who can officially
visit the locality where the work is carried on and look after the
interests of the State, the annual visits Of the Board being, of
necessity, merely superficial. Under these circumstances would
recommend that the State Geoogist be made a member of the
Board, and that as far as practicable, the duties of the Inspector
be devolved upon this officer. The former Importance of this
business reminds Ii that it is our duty to use our best endeavors to
make it again, if possible, a source Of revenue to the State. and
expert supervision and study of the natural conditions will tend to
accomplish this result.
THE LOUISIANA PURCHASE EXPOSITION.
AT your last session a bill to appropriate $25ooooo for a State
exhibit at the Louisiana Purchase Exposition, to be held this year
III the city of St. Louis, passed the Senate, but failed of passage in
the House. Shortly after the close of the session $50 900 90 was
added to Our State Treasury through a settlement made with the
United States Government, as has been mentioned in this Message.
Thinking that, with this money in the treasury, the fate of the Act