The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-03-08
COUNTY FINANCES.
Supervisor Borrows Money in Char
leston.-County Now Paying
Claims-6 Peer Cent. Paid.

In the last issue of The Herald
and News was printed a statement in
regard to the county's finances. It
Will be recalled that the supply bill
for this county authorized the coun-
ty supervisor to borrow $4,000, and
to pledge the taxes for this year as
payment for the loan. It was stated
that $4,000 was a little more than
would be realized from the 3 l-2
mills levied for ordinary county
purposes. Under the code Of 1902,
the State Sinking fund is prohibited
from loaning more than fifty per
cent. of the amount Of taxes to be
collected. The act provides that the
money may be borrowed from the
sinking fund at, not exceeding five
per cent, and if not obtained from
the sinking fund, from other sources
: at not exceeding six per cent.
In view of the possibility Of the
sinking fund being called = On for
100000 for the Hospital for the
Insane, the sinking fund was not in
position to make this loan at once,
even if it could have made it for the
full amount.
Mr.. II. C. Holloway, the clerk and
attorney for the board, went to Co
lumbia to see the commission, and
Mr.. Means, the secretary, told him
that he was doubtful about the COM
mission being able to let him have
the $4,000 but could arrane
make the special loan Of $1,000 for
past Indebtedness.
Supervisor Feagle and Mr.. II. G.
Holloway then applied to Mr.. B. C.
Matthews, president of the National
bank, and asekd if he could not make
them a loan of $4,000, under this
act at the same rate that he had
loaned to the city, namely five
and one-half per cent. Mr.. Mat
thews was not in position to give
the supervisor an immediate an
swer and inasmuch as the county
was in need Of finances Immediately
to pay claims that were pressing,
they made application to the Ex-
i change bank. President J. D. Da-
venport said that money was a lit
tie tight just now but he would 60
to Charleston and see if he could
negotiate a loan there. According
ly Mr.. Davenport went to Charles
ton and succeeded in negotiating d
loan through Mr.. A. H. Pringle,
president of the Bank of Char1ss
ton, at six per cent, and the county
now has the money and is paying
off claims and will continue to do 50
until the fund is exhausted.
!: Mr.. Holloway and the supervisor
decided that they would only ask
for a loan Of $4,000, as the 3 ,1-2
mills tax will only bring in about a
sufficient amount to meet the note
for $4,000, and the interest. The
county probably owes about $4,000.
Later on a loan of $1l 900, in ac-
eordance with the special act au-
thorizing that amount to replace
damages done to bridges in 1908,
will be made and then the county
cam borrow, probably $4,000, on the
one mill special road tax, which will
give about $4,000 to pay past in
debtedness and to run the county
during this year: With this sum the
county ought to be able to pay cash
for the gerater part of the year:
The county officers are fortunate
in securing the $4,000 through the
efforts of Mr.. J. D. Davenport from
the Bank Of Charleston at six per
cent. Of course the collateral is
good and the money will be gotten
in from the taxes by the time the
note is due.