The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1912-02-14

ROLLER general and treasurer borrow
irg s500.0G0 to meet the expenses
Of the State gova. nme2t for the year
1911, as provided n the approprla-
ton act?
Was any agreement made whereby
the money borrowed was to draw in
lerest while on deposit.
Was any agreement ever made
curing your administration whereby
&c per cent. OF the money borrowed
was to remain on deposit? Yours
rery truly,
(S;gned) r. II. Jennings,
State Treasurer.
Hon. R. H. jennings, State Treasurer,
Columbia, S. c.
Dear Sir: Replying to your letter
requesting that 1 state the facts
relative to borrowing S5G0,00O to
meet the expenses Of the State gov
ernment, as provided in the appropri-
alton act 1911" I beg to say that
on the tenth of April, 1911, you sub
mitted to me the draft of letter
10 several banks, asking for bids to
Place the loan. On the 18th, the
day fixed for opening the bids. at
tended at your Office. The governor
was absent. The following sealed
bids were opened: Peoples National
Bank OF Rock Hill: the Germania
savings Bank Of Charleston: and J.
P. Matthews, Columbia. MI. Mat
:hews' bid was the lowest. On the
18th I attended at the governor S
Office. The bids were then placed
before Gov. Blease, and on my mo-
ton the bid Of &Ir. J. P. Matthews
It three per cent. interest was ac-
cepted. There was no agreement
nat the money borrowed was to draw
interest while cn deposit, and l know
Of no agreement ever being made
mat any portions Of the moneys bor-
-owed should be kept on deposit.
Yours very truly,
(Signed) A. W. Jones,
Comptroller General.
Office of State Treasurer.
Mr.. J P. Matthews, Cashier the Pal
metto National Bank, Columbia,
S. C.
Dear Sir: The governor in his
message to the general assembly,
January 9Th uliimo, under "Fina1-
ces" uses the following language IN
reference to money borrowed, to wit:
In some instances it has been
necessary to leave % per cent. on de-
2osit, but in this borrow, such was
not the case, and while the money
IS on deposit here, it is drawing in
1erest for the State, thus further re-
:ucirg the net cost of the loan,
which has not yet been done hereto
lore
In the SAM message, under "econ-
omy OF NY administration" the fol-
lowing language is use: F. the
low rate of interest at which money
xas borrowed, the securing Of inter
st on this money while on de-
gosit.
Since the State has adopted the
oolicy OF borrowing al the money
needed annually rom, or through
one bank, have you not handled all
s,;ch loans, and las IL ever been nee
assary o. has anv agreement been
made to leave 20 yer cent. on de-
osit? Was any agreement made
whereby borrowed money would
draw interest while on deposit, and
I so with whom?
| request al Immediate reply to
This. as l desire 20 ;.se it in a state
ment which l shall make to the gen
eraI assembly.
Yours very truly,
(Signed) K. H. Jennings.
State Treasurer.
As to Interest.
Capt. R. H. Jennings, Treasurer Of
State of South Cal olina. Columbia.
Dear Sir: Rep.yins 10 your writ
,rn reGucs, of the %'d. in reference
20 your general account with this
::ans. beg 10 advise that there was
70 agreement made whereby We were
n pay YOU interest On your genera!
>hecking account. We have never
laid interest on anS OF the States
accounts. except what are known as
<?ccial interest bearing accounts.
Realying TO your second question,
IS to the understanding that we have
had with you since the State has
1Gopted the policy CT requesting bids
5or rates. beg 70 advise that We have
ardeaycred 20 secure for the STATE
ne very best rates TIA, could BE had.
and il has been our pleasure TO have
received several awards.
The State has never Indicated
What amount OF haiance would be
kept with Us on an average, nor
have we ever bid or an average ba-
SIS, as your requests tor rates did not
axe ND this matter. and + such a
opposition had bson made By rs NE
,cI; ,hat it would Gebar Us from be-
rs able to secure the business
The proceeds Of the first notes
s.ade each year have been paid out,