The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1912-02-21
A SERIOUS Charge
Continued from first page.}


comptroller general and State treas
urer as the representative OF the
State of South Carolina to accompa-
nv me. l had, of course, noticed con-
siderable comment in the papers In
reference to the ability Of the State
to borrow money if you were elected,
End thought it nothing but proper
that the owners of 100000 wort,
OF PAPER OF South Carolina should
have occasion TO discuss with the
governor the affairs Of the State. IN
order that they might, for them
ssives. get some idea of who they
we're doing business with. The trans
action was not concluded, neither
we're the notes signed until after we
reached New York. The paper was
lc:epted readily and there was not
the slightest hesitation in the &C
ceDtance Of the notes and the bor-
rowing Of the money.
IN reference to your other ques-
ton. in regard to 30 per cent. being
left on deposit with this bank, l be&
% say that there was not such re-
quest made. as heretofore. 1t li;;-
I,ecn customary with the s':;rhs
throughout the country to require
20 per cent. of the money borrowed
To be left on deposit. without inter
est; but in this loan, as stated by
you. no such request was made.
"If the treasurer had left any
stated amount with US for any def
mite tine. it would have been ouT
pleasure to have paid interest there
on. as agreed with you. 1t has been
he custom in the past for the State
&C have to pay quite sum OF money
for pensions some time during the
first of the year. and as a rule some
thing like s250,000 to s2I5,000 ara
paid out for such purposes. Shortly
after that the interest on the State
debt is obliged to be met, and this
with the pensions, practically takes
up all Of the 100000. If any unex.
pended balances had been left in tbs
bank We would have gladly paid in.
terest thereon, as stated to you; and
we would have paid interest thereon
This, l believe. was covered in
your message, along with ether mat.
ters, which are the true facts in TIE
case, just as stated in your message
Il believe the above covers all o1
your written requests.
Yours very truly,
"'J. P. Matthews.
cashier Palmetto National BanS
of Colun, bia, S. c.
Matter Not Discussed.
Zone could judge from my letter
as above that you and l had made q
special agreement in reference to un'
used balance of the $500.G00 bor
rowed in New York, while you, OF
course. know quite well that the mat
ter Of paying interest on balances
was not referred to at all during ou,
entire trip.
My letter was also made to say
that this bank had required 20 pei
cent. balance heretofore on State
loans. but did not require such bal.
ance in this particular instance. Ny
statement to you in reference to the
90 per cent. balance referred to com.
mercial accounts only OF individuals
The word heretofore was added in
the copy signed and did not appear
in the original.
SIN reading. the letters over you
Will notice that other mistakes have
been made. in other words, in at.
tempting to revise the wording Of the
letter in has been very confused and
the meaning completely twisted.
"t think it nothing but proper tc
cali your attention to these changes
which I did not notice when signed
Il will add that if had made an
arrangement with you to pay interest
on the States deposits then my let
ter might be taken to imply that we
owe the State interest
"Ycu will recall that while discuss
ing the letter with you, and while
debating in your Office, You made
several suggestions, asking me
whether, if the State had had sur.
plus money and if positive arrange
ment had been made. we would have
paid interest on the surplus money
In debating I referred to this ques-
ton, but the letter as signed has
made ne say something very differ
ent from what I intended. In the
letter the expression was used as
agreed with YOU. In debating these
words I certainly intended them to
mean that I agreed with you that
would have been willing to pay inter
est in case there had been surplus
funds, and I did not intend them to
refer to any supposed agreement had
with you heretofore.
''If we had made any such ar.
rangement it would have, Of course,
materially affected the rate made to
the State on the S3O0.OO0 loan.
This statement is made to protect
the bank and to avoid any miscon-
struction which might be placed up
on the letter signed by me yester-
day. I am sure that you would not
have me make misstatement.
You. of course. as an officer Of
the, State. can use this letter as you
think best. But I will ask that you
DO me the favor OF correcting the
impression given in the communica-
ton OF yesterday. BY SO doing you
will certainly obliSe.
Yours very truly.
-. Pope Matthew'S,