The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-01-24

eS, estimated, l9OS Io,UUu.Uo
Income tax, estimated,
1908 :. :. =. 100000
Salaries railroad COM
misssioners, paid by
railroads >. :. 100000
Board Of fisheries .. =. 100000
Total indirect taxes,
estimated, 1908, .. s. l73,7OO.O0
Total balances 1907,
and previous years,
and indirect taxes 1908 790,369.O4
The estimated expenses Of the
State government for 1908 are ST.
422, 2,232.30. 1t appears tnat If the
appropriations do not exceed the Is
timated expenditures for 1908, it
Win require the taxes Of 1908, 6Sl,-
S64.OO, and as no part Of these tax
es will be available before November
l, it is apparent that the State must
borrow $375,000.00 to pay expenses
before the taxes Of 1908 are avalla-
BILE. The States revenue for 1908
from taxes estimated and based up
on the present assessment OF $751;
43S, ,G3O.OO, at a rate Of 4 3-4 mills
on the dollar, would realize $780,
$50. To this add from indirect and
other sources $173,700, and we have
total estimated revenue Of 81 A.
030. If the estimated expenditures,
81, APP, ,232, are not exceeded, State
levy of 3-4 mills will pay all ap-
preparations and leave surplus OF
$21, ,79S.
Less Defciecy.
In my last annual report I called
| attention to the gratifying eircum-
stances that the State finances were
in such condition that it would only
be necessary to borrow about $l5O,OOO
to S175,O0O, as compared with $780,
600 in 1905, to meet the current ex-'
penses prior to the collection Of tax
Is for that year. In consequenc OF
the increase in current approprla-
tions Of $192, ,7S3, more than was es-
timated in my "eport, without a cor
| responding increase in the revenue,
there would have been a deficiency
of $192,7S3 in meeting the appfopria-
tions of the year. This deficiency
was found to be much less. because
Of an increase Of $11, 1,4S7, 900 made
by The State board of assessors in
the assessment Of railroad and otn
er corporation property. together
with the natural growth Of the State
causing $6,451 900 increase of other
taxable property which resulted in
an inrease of ad valorem State tax
es to the amount of $S0,721. This,
together with an increase from cor
poratioa license taxes Of $23,755,
following the decision of the su-
preme court in the case Of the Brit
ish and American .Mortagage COM
pany, and the unexpended balance of
$13,5SO.47, written off, and $4,000,
estimated open balances, to be writ
ten off for the year 1907, with other
revenues, reduced the deficiency at
the close of the fiscal year to $64,-
429.OO.
The increase in the valuation Of
railroad and other corporation prop
erty Of the State board was caused
by their effort to obey the law, by as
sessing such property at its true
value. The board did so; but upon
a showing made by the corporations
affected, that other property was tax
ed at much less than it's true value,
and that the taxation of this proper
ty at its true value was a diserimi-
nation against the corporations, un-
der decision of the courts, the State
board granted the request For a re-
duction Of the assessment t. SO per
-: u what was detern - to be
the t:ne value Of the property.
Estimates for 1908
Tive ordinary expenses Of the State
fn 1893 is estimated at s. ,422, ,232.
xhic:, is in excess Of tie estimated
exHs' <es of 1907 by $1j1,l59. The
iacreaserd estimate for 1908 is caus-
ed by the statutory appropriations,
legislative contracts made at your
last session, and the general election
! eynenseS for tna ensuinp wear, viz: