The county record. [volume] (Kingstree, S.C.) 1885-1975, 1905-01-19
STATE pR0sPERING INDUs1RIAuY
The Governor Makes Number Of Rec
concentrations Touching Upon Mat.
ters That Will Come Before the
General Assembly.

The message O; Hon. D. c. Hayward,
Governor of South Carolina. to the
General Assembly, is a comprehensive
and lucid document, giving the States
financial condition and dealing at
length with many questions affecting
the States welfare-matters that will
be before the legislature for cons!dera-
,tion during the present session. The
message is too lengthy to give here
complete, but all the most important
suggestions ere embodied in the fol-
lowing:
MESSAGE
To the Honorable, the Gentlemen Of
the General Assembly.
. The annual meeting Of your honor
able body brings season OF RESPONSE
BILE duties, OF arduous labor. In ac-
cordance with the requirements OF the
Constitution, l herewith submit to you
my Annual Message, with the assurance
that am ready to cooperate with you
in advancing the veal and the dignity
!. OF Cur commonwealth. AS matter OF
prime Importance, shall first direct
your attention to the condition OF the
States finances.
FINANCIAL CONDITION OF THE
STATE.
For number OF years past the State
has been under the necessity Of bor-
rowing money to meet its current ex-
penses. The amount borrowed has been
annually increasing. until the last year
the State Treasurer was compelled to
borrow the sum Of $S000o0. The rea-
son for this increase lies in the fact
that since the year 1900 the expendi-
lures of the Stale have annually ex-
cedded the revenue.
In 1900 the expenditure eX-
ceeded the revenue by $40. .045.42
In 1901 the expenditure. ex-
ceeded the revenue by -. l3,924.29
In 1902 the expenditure eX-
ceeded the revenue by ..... .20S, %
In 1903 there was an apparent ex-
cess of revenue over expenditures
amounting to $56, ,304.29. but in reality
the expenditures exceeded the revenue
by $32,S33.57. for the reason that the
sum Of sS9.137.S6 was then received in
settlement OF claims against the United
States Government. and was placed in
the general fund. Last year again the
expenditures exceeded the revenue by
at least 500, 200, making total excess
r Of expenditure over revenue OF $685.
59S5l for the past five years.
In 1903 the General Assembly. realiz-
ing that this condition OF affairs should
no longer exist, appointed committee
to consider "how best to put the State
upon a cash basis, what additional
sources OF revenue for the State are
available and what changes should be
made in existing laws for the assess
ment and collection of taxes"
The committee reported at your last
session. making several recommends
tions, the only one adopted. however,
being a license tax upon all corpora
tiions. This law became operative this
year, and it is estimated that it will
add $S0.G00' to the States revenue. The
estimated revenue from the five-mill
levy for the present fiscal year will be
$1.050. 900. Yhe insurance license fees
|0Ait*hssfees from the oflce Of the Sec
fetary of State may be estimated at
s50.9G0. To this we may add $4,000
: from licef Sc fees, making total rev.
enue for 1905 Of Sl,1S0000.
1t will thus be seen that. il the eX-
penditures are the same as last year,
there will again be deficiency, with
no provision made to place the State
upon a cash basis.
SINKING FUNDS.
The assets of these several funds on
December 81. 1904. are as follows:
Cumulative Sinking Fund (for reduc-
ton ard payment of South Carolina
Brown 4 l-2 per cent Bonds). s527,-
24S59. Ordinary Sinking Fund. S64,-
lc9.sS, Of which s2,93S.73 belongs to
escheats anu $6l,173.l3 to the Ordinary
Sinking Fund proper. Sinking Fund
for insurance Of public buildings, .S16,-
4I1.62.
REVENUE BOND SCRIPT.
On December 10. 1904. the Supreme
Court Of the United States affirmed the
decision of the United States Circuit
Court, N the case Of Lee against Rob-
inson, and declared the Revenue Bond
Script of this State to be void. Under
the Act Of March 2, 1872, sl,S00.C 600 OF
this script was issued, and since the
year VI llS lSouC, I'D Nd.iuils hdo ScH-
stantly been before the courts. BY this
decision the State Is forever relieved
of the liability to redeem the s1,S00,0 900
of script outstanding, and menace
to her finances has been removed. Had
the decision been the other way, the
state would have been compelled to pay
this s1.300.000.
EDUCATIONAL INSTITUTIONS.
am deeply gratified to report to
your honorable body that during the
past year the great cause Of education
has continued to advance in our State.
No greater nor more all-important
cause cen demand our thought. our care
and our best energies. In all lines, ma
terial and industrial. as a State, we
have proposed, and to know that our
common schools and our higher insti.