The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1911-06-08
TREASURER HALTs COMMISSION.
Refuses to Sanction Transfer Of Dis
pensary Funds.

The State treasurer, r. H. Jen-z
nings, will refuse to countersign
checks transferring the dispensary
fund, amounting to $4,000, to four
banks in the State, the banks not
having been approved by the States
financial board as repositories for
State funds. The $4,000 in question
is now on deposit in the National
Loan and Exchange bank Of Colum-
bia where it was placed as work
ing capital by the former commission.
Several days ago the new commis-
sion passed resolution authorizing
the $25, 900 to be placed in the fol-.
lowing banks:
Enterprise Bank Of Charleston, 8
$4,000.
Bank Of Mullins, $4,000. s;
Bank. of Bishopville, $4,000.
Newberry Savings bank, $4,000.
Farmers Union Bank and Trust
company, Of Orangeburg, $4,000.
The Newberry Savings bank OF
Newberry, is the only bank approved
by the financial board, which is COM
posed of the governor, State treasurer
and comptroller general, as deposi-N
tories for State funds. Each bank is
located in the resident town OF 81
member of the commission.
The action of the State treasurer
in refusing to countersign the checks
is not a reflection on the banks mem
toned. There are large number or
banks in the State, not designated az
repositories for State funds, and the
board selects those in which money
will be placed. rs:
State Treasurer Jennings has adj
dressed a letter to the secretary OF
the new commission informing him
of his position and this letter was
sent following the receipt of the reso-
luton. ~
Comptroller's Position.
Comptroller General Jones is OF
the same opinion as the State treas
urer, and the action of Mr.. Jennings
will be upheld. The State treasurer
will countersign checks + the money
to be placed in banks that nave been
approved by the financial board
State Treasurer Jennings is acting
under section II of the acts lof 1908.
The act requires that he connterstgns
all checks payable according to law.
He takes position that the checks
transferring the money to four Of the
banks would not be according TO law
and therefore will refuse to give his
signature.
The Resolution.
The following Is the resolution OF
the commission:
Whereas, the moneys on deposit
to the credit OF the State 6ispensary
commission are deposited in the Ma
tional Loan and Exchange bank OF
Columbia without INTEREST," and
Whereas, it has come to knoWf-
edge of the commission that the same
can be deposited in other banks at o.
rate of interest not less than 4 per
cent. per annum, subject to cali; md;
Whereas, this commission Is OF
the opinion the said funds should be-
deposited upon interest; therefore
be it
Resolved that out Of the funds on
deposit as aforesaid the sum of $5,-
900 be deposited according to law in
the Enterprise bank Of Charleston;
$4,000 in the Bank of Mullins; $5,-s
600 in the Bank of Bishopville; $5,-3
600 in the Farmers Union Bank and
Trust company Of Orangeburg; $5,-.
600 in the Newberry Savings bank
of Newberry, as required by law, said
deposits to be made upon the condi-
ton that interest will be paid at the
rate Of 4 per cent. per annum and
that the said funds be subject to
call"