The herald and news. [volume] (Newberry S.C.) 1903-1937, 1905-03-31
Palmetto Bank & Trust
not in hand, nor assess
|, nor in process Of COL
either from cash

eheT> sr::Ic;cn: i" pay said
addition =. ;lle ordinary eN-
ool the ;""'. TIA: the total
OF the town rom all sources
July 11;i1. ooe. until the term
councl! ;H>H in office expired
bril-, 1908. va $685.. That the
rces from nth July. 1902. to the
st day OF December. 1902. was ST.
6S.52. Thus :: Wi! b. Seen that the
Ban OF 100000 vas =" in excess of
khe income for the town from July
nth to December 3Ist, 1902.
Now. at the commencement OF the
fiscal year 1oo3-4. April 22d, the cash
book o. the council shows
n cash on hand S21I.74.
the ;otal income of the year, outside
OF cash On hand. SI5o521, and includ-
ing cash SISo6.o5. t. April 26th, 1904.
The expenditures Tor the fiscal year
1oos-+ were SI74s.Q6. OF which 5000
were paid 23rd June, 1908, in full of
note for $4,000 and interest: $4,000
9TH January. 1908. in full Of note to
the Bank of Prosperity UPON which
council had received S5S7.47 in
ey: $40 27th January, 1908, as inter-
est on note overdue; $1,000 9th
March. 1908. note to the Bank of
Prosperity-nlaking total payments
notes, Discount. interest,". ETC., of
SS46-4o, leaving as expended other
wise SSo7.56. That the total income
of the town from January /, 1908, to
January I, 1905, was S15o4.17; and
from January I, 1904, to November
4th, 1904, S12o2.oo.
I find that the note OF 100000 to
the Bank of Prosperity has been
pledged by it, in due course Of bust
ness, as security for its debts, but as
TO whom so pledged, or the nature
OF the transfer there was no testi-
mony.
l do not find that council have
threatened to pay the $4,000 note
TO the Bank OF Prosperity exclusive
ly out Of the taxes OF the town, as the
testimony will sustain the finding
that it was councils purpose to pay
this debt, as we'll as all others, out
OF the general income whether the
same be collected from taxes, rents,
licenses, fines. o. otherwise.
I find that the plaintiffs. or at
least some Of them, knew OF the
purchase Of the lot, saw the building
being erected upon it. knew of the
creation and existence Of the debt to
the Palmetto Bank & Trust Co., and
of other debts. or ought to have
known Of them or could have known
of them. That itenized statements
of the receipts and expenditures Of
the town, including the cost Of lot
and town hall. market house and
guard house, before their completion
and before the transfer Of the debt
from the Palmetto Bank & Trust CO.
o the Bank of Prosperity, were pub
lished or posted, in the newspaper or,
at public places in said town each
quarter for the information Of the
citizens OF the town Of Prosperity.
That besides showing the receipts
and expenditures, these published or
posted statements also contained a
showing OF the indebtedness Of the
town and to whom due. and plaintiffs
could, upon application, have easily
scertained the Indebtedness Of the
town from it's clerk and treasurer, if.
they did not otherwise know and. had:
no other source from which to get
this information. 1t does not appear
that plaintiffs ever complained to
council ri the expenditures of money
for the erection OF this building, but
that they acQuiesced in its. erection
and the contracting Of the debts due
to this unusual expenditure. of which
they must have known. As . the
advisability, as to the absolute neces-
sity, Of the erection Of a guard house,