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

eS, estimated, l90S :. 7G,000.00
Income tax, estimated,
I3uo l2,OUO.Ou
Salaries railroad COM
misssioncrs, paid by
railroads :. :. >. :. 100000
Board of fisheries :. :. 10000. 90
Total indirect taxes,
estimated, 1908, :. IS 173,70O.OO
Total balances 1907,
and previous Years,
and indirect taxes 1908 790,36S.04
The estimated expenses Of the
State government for 1908 are ST.
422 .232.3o- 1t appears tnat if the
appropriations do not exceed the es-
timated expenditures for 1908, it
will require the taxes of 1908, 6S1,-
S64.00, and as no part Of these tax
es will he available before November
|, it is apparent that the State must
borrow $375,000.00 TO pay expenses
before The taxes Of 1908 are availa-
bile. The States revenue for 1908
from taxes estimated and based up
on the present assessment Of $267,-
43S, 10000, at Il rate of 4 81 mills
on the dollar, would realize 81 ,270,-
$50. To this add from indirect and
other sources $173,700, and we have
total estimated revenue Of 81 ,444,-
O30. If the estimated expenditures,
81 ,422,232 are not exceeded, a State
levy of 4 3-4 mills will pay all ap-
preparations and leave il surplus of
$21 ,79S.
Less Defciecy.
In my last annual report I called
attention TO the gratifying circum-
stances that the State finances were
In such condition That it would only
be necessary TO borrow about $3.50 900
to $4,000, as compared with $780,
600 in 1909, to meet tho current ex-
pcnscs prior to the collection of tax
es for that year. In conscoucnc of
the increase i'll current appropria-
tons Of %102,7S3, more than was as-
tlmatcd IN my "eport, without cor
responding increase in the revenue,
there would have been a deficiency
or 1872, 1888 i'll meeting The appropria-
tlons of The year. This deficiency
was found to be much less. because
OF an increase Of $11 .4S7. 900 made
by Tho State board OF assessors in
he 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 nrease Of ad valorcm State tax
es to the amount of $SO,721. This.
together with an increase from cor
poratioa license taxes Of $23.755,
following the decision Of tie SILL
preme court in the ease Of the Brit
lsh and American .Mortaouee COM
pany, and the mcXpcnded balance Of
Tl3,3S0.47, written off, and $4,000.
estimated open balances. to be writ
ten off for the year 1907, with other
revenues, reduced the deficiency ar
the close of the fiscal year to $64,-
$4,000.
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 it's true
value. the board did so; but upon
showing made by the corporations
affected, that other property was tax
cd at much less than it's true value,
and that the taxation Of this proper
ty at its true value was a discrimi-
nation against the corporations, un-
der decision of the courts. the State
board granted the request for re-
ductinn of the assessment t. 60 per
''' u what was dctcrh: 81 to be
me Inc value Of the property.
Estimates for 1908.
Tho ordinary expense. Of the State
f'1 lSce is estimated at *;.422, 232
"hlc:' is in excess Of lie estimated
eS"*' '<es Of 1907 by $1jll5O. The
iAcreascrd estimate for 1908 is caus-
Ell by the statutory appropriations,
legislative contracts made at your
last session, and the general election
expenses for the ensuing year, viz:
Annual apprpriation for
high schools & 50. .OOO 90