The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-02-10

i'i1' III presenting this matter
respectfully submit the entire record
to show that no contract, either writ O..
ten or oral, was entered into, by
which the money borrowed was to
bear interest while on deposit
Pursuant to an act passed in 1911
authorizing the governor, comptrol-
ler general and treasurer to borrow
Off the use of the State $500. 900. II
SO much be necessary, 1 addressed
letters on the 11th Of April, 1911. to
several bankers who had expressed a
desire to handle the States notes. re-
questing that they submit PROPOSE
tons, not later than April II. Among
the bids submitted was one by J. P.
Matthews, who !s cashier Of the Pal
metto Eational Bank Of Columbia,
as follows:
Capt. r. Fl. Jennings, Treasurer Of the
State Of South Carolina Columbia.
s. c.
Dear Sir: Complying with your
request in reference to loan to the
State of South Carolina, 100000 to
100000. beg to advise that it will
be my pleasure to make you a rate
Of per cent. If the entire amount
is not wanted now, 1 will be glad to
make rate Of 3 1-2 per cent, the
money to be used as needed.
If. however, am granted the privi-
lege Of representing the State as 1
have done in the past. I will go to
New York with a representative Of
the State Of South Carolina and get
the very best rate that it is possible
to obtain, giving the State the benefit
of my connections and of my expe-
rience in handling the States paper.
You Know / have handled 1t for the
last several years, and it has been
my pleasure to have taken care Of the
state on all renewals requested. If
you will recall during the panic
handled for the State renewal Of
100000 at the same rate enjoyed
during the easy money market.
Ny bid contemplates taking care Of
the paper when due, taking from the
State your checks on various banks
throughout South Carolina. 1 might
say for your information that I have
had to pay as much as $3.50 per
thousand to collect some Of the items
taken in payment of your notes.
l believe it would be to the inter-
est Of the State to let me take a rep
resentative to New York and effect
the best arrangement possible
This bid is submittd with the un-
derstanding that the paper is to be
delivered to me promptly if my bid
is accepted.
Yours very truly,
(Signed.) j. p. Matthews.
On the day fixed, April II, the gov
ernor was absent. Comptroller Gen.
eral Jones and / opened the bids
which had been filed with me.
On the 10th Of April, the governor,
comptroller general and l met in the
governors Office, when the bid Of
j. p. Matthews was accepted and the
contract awarded to him to furnish
100000 at per cent interest.
On the Goth Of April four notes for
100000 each and two notes for $50
600 each We're prepared in the fol-
lowing form:
Under and by virtue Of an act of
the general assembly of the State Of
South Carolina entitled An act to
make appropriations to meet the or
dinary expenses Of the State govern
ment for the fiscal year commencing
January l, 1911, and to provide for
tax sufficient to defray same
THE State of South Carolina. by
Cole l.. Blease, governor; r. II. Jen-
nings, treasurer, and A. w. Jones,
comptroller general, on December 81,
1911. promises to pay to the order
Of j. p. Matthews, the sum of one
hundred thousand dollars (S1OO,OOO)
value received, at the Hanover Ma
tiOnal, bank, in the city of New York.
with interest after date at the rate
of three per cent per annum.
I'm witness whereof, the State of
South Carolina has caused these
presents to be executed by Cole L..
Blease, governor; II. II. Jennings.
treasurer. and A. w. Jones. comptrol-
Ter general, and the seal Of the state
to be attached the day and year
above written"
signed these six notes as treas