The herald and news. [volume] (Newberry S.C.) 1903-1937, 1913-02-14

COPY of communication this day mail
ed by me to the NeWberry delegation
in the general assembly, which You
may publish if yon deem it Of sufti-
ci Mt public Importance,
Yours very truly,
Fred. H. DomiEick
Newberry, S. c., Feb. II, 1913.
To the Members CT the General AS
ssmbly from Newberry County, Co.
lumbia, South Carolina.
Gentlemen: When recently asked by
one of you if | had any bond legisla-
ton" to suggest for this session of the
general assembly, I replied that l had
none At the time had hoped not to
burden you with any suggestions, but
under the circumstances, and also II
the nature of a report as secretary OF
the township sinking fund commits
sion, | feel it my duty to put the dele
CATION and the people of Newberry
county in possession of certain facts,
and to briefly relate the recent history
and the present condition and status
of the township railroad bonds in this
county.
AS you know, l have had practically
entire charge of this matter since the
year 1907, a period of six years, and
have given this question my closest
attention and study How we'll this
work has BEN done and how we'll the
interests of these townships have been
subserved, will be left to the facts and
J figures themselves to show.
In 1908, at my suggestion, sinking
fund commission consisting of the
county supervisor, treasurer, auditor
and mayors CT Newberry and Pros
perity was appointed to manage the
retirement of these bonds.
When this commission was created,
the following amounts were outstand-
ing in bonds:
No. township, A E. & n. per
cent bonds, $4,000.
No. s township, A E. & \. per
cent bonds, $4,000.
No. l township, c., n. & L. 6 per
cent bonds, $4,000.
No. 8 township, c., n. & L. 6 per
cert. bonds, $4,000.
Making a total bonded indebtedness
for these three townships amount to
$67,8OO. On these bonds, the town
ships were paying in interest alone,
$4,496, or practically $4,000 every
year.
This sinking fund commissioa
worked faithfully and we'll, and, with
the assistance of legislation which you
kindly enacted at their suggestion, has
placed this bonded Indebtedness in the
excellent condition in which it is to-
day, and for their excellent work, they
should ever receive the grateful
thanks of the people of these three
townships.
Under their direction AID manage
ment. every validated bond has been
retired and cancelled with the keep
ton of three $1,000 bonds of Number
township, c., n. & L., which natured
on January 2, 1918; and every dollar
of interest on practically the entire
amount has besn paid in full to Janu
ary 26, 1913
This. was in part, finally accom-
plished by loans from the State si,k-
ing fund commission. On this loan,
there is now due the sum of s23, 3,101.46,
Only, with interest on same from
January 26, 1913, at the rate Of 5 per
cent per annum 1t will thus be seen
that the local sinking fund commits
sio2 nas paid all interest on thfse
bonds and Indebtedness, amounting to
at least $4,000, if not more, and in
addition, has reduced bonded debt Of
S67,S00 by the amount Of $H,G9S.54, so
that there remains total balance Of
only s2G,1O146 for all three of the
townships; and this work has been
done at total cost of only si,792.30,
which amount includes all expenses
attorneys fees, compensation of mem-
bers CT the commission, pr ting,
$ -Ns 20 sL...0ncTy.