The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-08-01
TATUM'S SHOWING.
COMMISSIONER ASSERTS THAT
STATE DIsPENsARY IS SOLVENT.

SIA1E D4SfENS-Atal - SOA4t CA-N l..
He Says That all Debts Can Be Paid
and Fave Balance Left-The Fig
ures Given-Gea. Willie Jones
Statement
Columbia, July 24-Mr W. o.
Tatum, State Dispensary Commission
er, today gave out the following state
ment::
Recently aunber of papers, aid
Mr.. 3. raser Lyon, candidate for at
torney general, asserted that the dis
pensary was insolvent; that if it were
put in liquidatior it coulG not pay its
debts. AT the time this statement was
made, I came out in a card asking
SUSPENSION of judgment, and asserting
fnat the dispensary was perfectly sol
vent. I said I could produce the fig
ures TO prove that the dispensary was
amply able to pay every dollar it owed
I have the figures to more than sustain
my contention, and will submit them
in this statement. It took much time
and lots of work to go through tne
great mass of accounts at the State
dispel. and prepare a condensed
staten 1t showing exactly the condi-
ton of the institution. could not ex-
pect the newspapers to publish al the
figures in their columns, but invite
any citizen, particulardly Mr.. Lyon and
the editors of the papers which ques--
toned the solvency Of the dispensary,
to call at the State dispensary and ex-
anime fer themselves the books and
accounts, and so verify the statement
T have prepared. Now. here are the
figures, condensed to the point, where
any mind can grasp them and any
memory retain them:
1on June 1, 1906, the State dis
pensary owed for whiskey, beer, ETC.,
a total Of s735,SSS.s4. Since June
1st. and up to and including July q,
1906, there has been paid on the
above accounts total of s451,o05.61,
leaving balance Of s2S4,8s1.S3. But
.of this balance, ,s1s7,sss.s7 is. not
vet due. which leaves the amount due
on old accounts sS7,4ss2.71, and the
state dispensary had on hand at the
sclose Of business July 21st, a cash
balance .of .ssS,51s.7s, or ss,o26.o1
more than enough to pay all accounts
then due. -a
However, when the new board OF
directors We're restrained by order Of
the aispensary investigating commit
lee from paying old accounts of the
...:s7ersary, ::sstead OF ietGrg the dis
pensarv funds lie 5ale. they discounted
Renber o. new accounts. by this
coarse raakiEg AZ extra. profit for the
state OF s@.98S.32 OF the accounts
$50 discounted, nsaggregate of s7s,-I
s.T6 would not Nave been due on
eor before July IL 50 had not those ac-
counts beens so discontinued, the cash
balance on that day would have been
s175, ,ess.52s Or sss,145.s1 more thar
enough to have paia all accounts due
at that Tine.
con July 21st, the State dispen-
..sary owed for whiskey, beer, supplies.
Ste, s44s,225..s4, though only ss7,-
4s1.7fof this. amount as stated above,
was due on that date. Any asser-
aon that the dispensary IS not solvent
and coud not pay out every dollar
1t, owes If it went into LIQUIDATION, y
seems ridiculous. when the assets of
the institution are compared with
that total Of its debts.
..on Jafy 2tst the total OF It's debt
was s44a. .225.s4, to. meet which it had
easily assets Of -ss00,0oo IL round
fgnres, made up of sss,51S.7e cash
on hand. about seS5,ooo Of stock in
the State and county dispensaries,
real estate which cost s56,seo.5s, sup
plies of bottles, seals, corks, etc., ma
.chinery and Office supplies. If all its
assets were sold at fifty cents on the
dollar. they would be more than suf-
aeient to pay its indebtedness. In. the
above I have given the value of the
real estate at It's cost price. but it
must be remembered that it was
bought before the tremendous boom
Of recegt years. The opinion of real
estate men. architects and the cornty
auditor of Richland county, is that
very conservative estimate of the
present value of the dispensary real
estate would be $4,000. Accepting
that -agnre, would make the dispen-
ssafy's assets a million dollars with
which to meet debts. of less than
$4,000. Far from being insolvent.