The herald and news. [volume] (Newberry S.C.) 1903-1937, 1905-03-31

indebtedness. was, no doubt, largely
due to the fac: that council had in
creased the size and general EMERGENCY
OF the building which increased their
indebtedness for this purpose from
$4,000, as was at first estimated, to
S22oI.oI. thereby making an addition
al expenditure OF S641.o1.
| find that at the commencement
81 the fiscal year Ioo2-5, council had
on hand in cash S2I7.o4; that its COL
lcctions from that date to July 18th,
1902, amounted TO S25S.32, Or a total
OF S455.30; tina. from the commence
mcnt of said year to said date,
Gil paid out on building S2o7.oo, and
on ordinary current expenses SI45.22
Or a total OF S44o.S2, thus leaving a
balance to their credit on July 18th,
the sum OF SI4.5--. Now, on the 18th
July council had a balance in cash OF
S1A.54. owed a debt of $4,000 for the
purchase money OF lot, and intended
to erect a building at a cost Of $500
thus making the entire indebted
ness. so far as council then saw,
$4,000. 1t is true the debt OF $4,000
was not due until the goth June, 1908,
a little less than II months, and it is
! also true that council had not taken
into account the ordinary current ex-
pcnses for the balafce of the year,
which they would have to meet. l
lind that the total income for the
town for the fiscal year 1oo2-3, IN
Guiding cash on hand at the COM
mencement Of said year. taxes, IL
censes, fines. rents, ETC., was S1o32.1o.
from this take the S44o.S2 above, thus
leaving available to council S13e1.37,
which includes the S14.54 cash, with
which to meet the ordinary current
expenses OF the town from July 18th
to the end of that fiscal year, with
which to pay the balance on the build
ing and lot debts of S165o.oo, to wit,
S1352.4o. The ordinary current ex-
penses of the year I find were ST.
144.35. Of which amount $1ooI.13 re-
manned to be paid after July 18th,
S143.22 of said total expenses having
been paid prior to that time, so that
a balance of $687.84 would have been
left on hands at the end of the year
had not the debts of $I65o.oo been
made. This as I find it was the
true financial condition of the town
at that time. And had it been posi-
bic for council to see in the future,
they would have see that as a result
OF the making of this indebtedness
of $4,000. by the end of that fiscal
year. they would have had S13o1.37
with which to pay a total indebted
ness of S2353.53, or, if the price Of the
lot be deducted. then S22o3.53, leaving
a deficit, in one instance, Of $e62.16.
and in the other, of S812.16. The loan
then OF $4,000, together with the
$13o1.37, would not have paid this
Indebtedness by S2.16, and would
have overpaid by only S147.84 the in
debtedness of the town. not including
the $4,000 for the lot, thus leaving
the town S2.16 in debt, besides the
100000 note.
But l find further. Instead of lin
iting the cost Of the building and lot
to $4,000 as It was estimated and at
first intended, council found it nee
cssary to enlarge and to better equip
the building, 50 that the building
when completed was done at a cost
of S22o1.o1, including cost: OF lot.
Really, it was somewhat more, as no
account is taken here of any interest
paid on these debts, except
where we have enlarged coun-
Gil up to the actual mon
ey received. Even this sum was well
spent, for, from the testimony, the
work was cheaply done and the peo-
pie of the town. of Prosperity should
feel proud Of this building: Thus the
additional cost over what vas at first
contemplated was $641.o1, so that the