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

No. /, A. E. & n, $15,115.74.
No. 8, A. E. & N, $5,331 AS.
No. 9, c., N. & L., s2,654.26.
No. l, c., n. & L., $4,000.
The first three amounts are due the
State sinking fund commission and,
as before stated, bear interest at the
rate of 3 per cent. per annum from
January 26, 1913. The last named
amount, $4,000 is made up of three
81 900 bonds and | have been assured
by the holders Of two of these bonds
that they are not anxious for the pay
mant of the bonds at the present time,
but will hold same until they can con-
veniently be paid. The interest on
these bonds has been paid to January
p, 1918, and there is now On hand
about $500 to the credit Of the fund
for the retirement of these bonds.
understand that it is proposed to
issue twenty-year per cent. bonds to
take up this indebtedness. Let me
beg of you, gentlemen, not to do it;
l ask YOU not to burden the people of
these townships for twenty years long
er if it can possibly be avoided. And
I believe that it can be avoided
The money from the State sinkiH g
fund commission was secured after the
most persistent effort on my part, aid
ed by the influence of Governor Blease,
a member of the commission. NotWith-
standing the fact that these loans have
been called, I verify believe that they
can and will be continued by the State
sinking fund commission at per cent.
if the matter is properly handled and
presented to the commission. I be-
lieve that if you will use your int1u-
ence and good, Offices with the chair
man of the finance committee Of the
senate and the chairman of the ways
and means committee of the house, |
think l can safely promise to get
enough additional votes on the COM
mission to insure the continuance OF
the loans and thereby avoid the is
suance of new bonds.
However, if this plan should fail and
the loans can no longer be handled by
the commission, | believe that the
money can be secured from other
sources at a rate Of interest not eX-
i ceeding six pr cent. per anaum. Only
few days ago, in conversation with
the president OF one Of the leading
banks of the State, | was told that the
loan could probably be handled by his
bank. but if not, he believed that his
cashier would be able to negotiate the
loan through other parties.
Now gentlemen, if either one OF the
above arrangements be made, the first
named debt can be retired by March
|, 1917, a period of only four years;
the second named debt by March I,
1921, neriod of only eight years; the
third named debt by March /, 1915, Pc
riod of only two years; the fourth
ramed debt by March l, 1915, a period
of only two years. These estimates
are derived from careful calcula-
ton, based upon the present tax levy
and present assessed property valua-
ton in the respective townships.
In view of these facts. why issue
twenty-year bonds? 1t must be borne
in mind that if new twenty-year bonds
are issued, none Of the surplus arising
from the tax levy after the payment
of interest coupons each year can be
applied to the rduction of the prin-
cipal. but interest must be paid On the
entire amount for the twenty year
period. If the loans are continued, Of
course the entire amount Of the tax
levied and collected each year can be
applied on the payment of the notes
and the interest payments each year
will materially decrease.
IN connection with this bonded in
debtedness, / might add and respect
fully suggest that some provision be
made for the adjustment OF two $780,
90 bonds, held by the commissioners OF
Public Works for the Town OF New
berry and N. G. Evans, Esq, Of Edge
field, S. C.. My recollection is that one
Of them is against Newberry township
and the other one against Mendenhail
TOWNSHIP. Neither Of them has ever
been other one agains .asccSksVVV
been validated under the Act of 1898,
consequently they have not been paid
,N