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

is not able to pay these notes when
due chat we are to have renewals
payable during the month Of January,
1912.
(Slgned) j. P. Matthews,
Cashier.
In connection with the foregoing
records, / submit the following cor
respondence:
Hon. A. w. Jones, Comptroller Cen
eral, Columbia, S. C.
Dear Sir: Will you state the facts
In reference to the governor, comp
troller general and treasurer borrow
Ing $6OO,000 to meet the expenses of
the State government for the year
1911. as provided in the appropriation
act?
was any agreement made whereby
the money borrowed was to draw ir
| terest while on deposit
Was any agreement ever mad y
ing your administration whereof,
per cent Of the money borrowed was
| to remain on deposit? Yours yery
| truly
(Signed) r. H. Jennings,
State Treasurer.
Hon. r. II. Jennings, State Treasurer.
Columbia, S. c.
Dear Sir: Replying to your letter
| requesting that "state the facts rela-
tive to borrowing 100000 to meet
the expenses of the State government
as provided in the appropriation act
ls11," beg to say that on the tenth
Of April, 1911, you submitted to me
the draft of letter TO several banks.
asking for bids to place the loan. On
the nth, the day fixed for opening
the bids, l attended at your office.
| The governor was absent. The follow
ing sealed bids were opened: People's
National Bank of Rock Hill; the Gen
mania Savings bank Of Charleston.
and j. p. Matthews, Columbia. Mr..
Matthews bid was the lowest. On
the 10th l attended at the governors
| office. The bids were then placed be-
fore. Gov. Blease. and on my mo-
ton the bid Of Mr.. ]. p. Matthews at
three per cent interest was accented.
There was no agreement that the
money borrowed was to draw interest
while on deposit and I know of no
agreement ever being made that any
portion of the moneys borrowed
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.
| Dear Sir: The governor in his mes
sage TO the general assembly. Jan
uary 9Th ultimo, under Finances
uses the following language in ref
erence to money borrowed. to wit:
I'm some instances it has been
necessary to leave 20 per cent on de-
post, but in this borrow, such was
not the case. and while the money
is on deposit here, it is drawing in
terest for the State. thus further re-
ducing the net cost of the loan, which
has not yet been done heretofore"
In the same message under econ
omy Of my administration" the fol-
lowing language is used: "*""* the
low rate Of interest at which money
was borrowed, the securing of inter-
est on this money while on deposit
| +s+*o
Since the State has adopted the
policy Of borrowing all the money
needed annually from. or through one
bank, have you not handled all such
loans, and has it ever been necessary
| or mas any agreement been made to
leave 20 per cent on deposit Was
any agreement made whereby bor-
rowd money would draw interest while
on deposit, and if so with whom?
| L request an immediate reply to
this, as l desire to use it IN state
ment which / shall make to the gem
eral assembly.
Yours very truly.
(Signed) II. II. Jennings.
state Treasurer.
Capt. Il. IL. Jennings. Treasurer of
State of South Carolina, Columbia.
Dear Sir: Replying to your writ
ten request of the 3rd, i'm reference to
your general account with this bank.