The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1912-02-14


these notes as follows.
The Receipts.
Received OF r. H. jennings. treas
urer of the State of South Carolina.
four notes of 100000 each and two
notes OF $4,000 each. all dated April
20. 1911, payable December 81, 1911,
with interest afte- date al the rate of
three per cent
We are 10 credit the State of South
Carolina with $500 600. subject 10 their
check for current expenses. and il
is understood that If the State is not
able to. pay these notes when due
that We are TO have renewals payable
during the month of January, 1912.
(Signed) ]. P. Matthews.
Cashier.
Correspondent Shown.
In connection with the foregoing
records, l submit the following cor
respondence:
Hon. A. W. Jones. Comptroller Cen
eral of Columbia, S c.
Dear Sir: vii you state the facts
in reference to the governor, comp
troller general and treasurer borrow
ing S5o0,000 10 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 in
terest while on deposit?
Was any agreement ever made dur
ing your administration whereby 90
per cent. of the money borrowed was
TO remain on deposit? Yours very
truly.
tSigned) R. II. Jennings.
State Treasurer
Hon. r. H. 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 ac.
1911. beg 10 say that on the tenth
OF April lSli. you submitted 10 me
the draft OF letter 10 several banks
asking for bids TO place the loan. On
/ the lIth. the day fixed for opening
I the bids, attended at your ofice
! Inc governor was absent. The follow
/ ing sealed bids were opened: Peoples'
/ National Bank of Rock Hill the Ger
mania Savings bank of Charleston.
and j. p. Matthews. Columbia. Mr.
/ Matthews bid was the lowest. On the
18th attended at the gov ,rnor's
( oilce. The bids were then placed be-
! fore Gov. Blease. and on my mo-
/ tion the bid of Mr.. j. P. Matthews at
three per cent interest was accented
mere was no agreement that the
money borrowed was TO draw interest
/ while on deposit, and / know of no
! agreement ever being made that anv
1 portions of the moneys borrowed
should De kept on deposit. Yours
/ Very truly,
/ CSignedl A W ZONES
Comptroller General.
O.hce of State Treasurer.
Mr. j. p Matthews Cashier the Pal
me'io National Bank, Columbia. S.
/ Dear sir: The governor in his mes
sage 10 the general assembly. jan
lary 9Th ultimo. under Finance. ="
uses the following language in ref
eTence 10 money borrowed. TO wit:
In some instances it has been
necessary to leave 20 per cent. on de-
pos!t. but in this borrow. such was
not the case. and while the money
IS no deposit here, ii is drawing in
terest for the State. thus further re-
cuclng 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 al which money
was borrowed the securing of interest
on this money while on deposit. ="
Since the State has adopted the pol
ICY OF borrowing all the money needed
annually from, or through one bank.
nave you not handled all such loans.
and has II ever been necessary CT has
any agreement been made 10 leave %
per cent on deposit? Was any agree
ment made whereby borrowed money
would draw interest while on depusit
and ii so with whom?
request an immediate reply 10
this as desire TO use il in state.
ment which | shall make TO tie GEN
erai assembly
Yours Very truly.
signed r H. Jennings,
State Treasurer.