The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-03-04
Mr.. Editor:

Mr.. Editor;
! am glad that the Supervisor has
written i'm reply to my cOmmunica-
tion. .lr. Pitts takes the position that
the money could not be legally loaned
by the commissioners. l have never
for one moment cOntended that the
county could legally loan the money
out. and have not figured from this
standpoint.
The assessment for county purposes
for the year 1918 was S42,67I15. This
Is arrived at i'm this way; The COM
missioners make an estimate as TO
the necessary expenses OF the county
for the year. then the legislature fixes
the rate necessary to raise this
amount. taking into consideration the
aggregate amount OF the taxable
property returned. This $i2,C7l.15 is
collected from ali the people who pay
taxes. III IL was necessary to have
this amount for 1914, to run the couu-
~ government. then it will be ncccs-
sary TO have at least the same
amount for 1916. Suppose that the
county collected from the city $1,000:
then 1t would ly be necessary TO coll
lect S37.671.15 from the PEOPLE. Is
not the money worth eight per cent
in the hands OF the people? Who is
II that bOrrows money from banks or
elsewhere for less than eight per
cei' Perhaps a very few persons,
WI borrow at and per cent. In
making the calculations / did not
Egurc on The county loaning out the
fsoney from ycar to<ycar.s eut'' = v-;-:f
simply showing what 5000 put out
ct interest and compounded from
year TO year would amount 10 at the
rates OF 3. and & per cent. respcc-
lively. Suppose that the county had
q piece OF property now, which il
could sell Cor S42,C71 20, and did sell
IL for that amount. IL would not be
necessary FOR the county TO collect any
taxes during 1915. as thcy would have
funds enough on hand with which
TO run the county government. Would
not that si2,571.15 be lcft in tho
hands OF the people! would it not
be worth to them from SIX 20 eight
per cent per anuum? Tho same
principle would apply to a less amount
derived from some other source. This
was what 7 meant when 1 SAID that
the money would bc worth the ngUrc5
Stated Ia M former article.
IL seems To me. there fore. that the
Supervisors argument about the
county's legal right to loan out mon
ey, and the rate that can be obtain
cd. has absolutely no application TO
this question. because If The $1,000
was paid To the county the county
should collect $1,000 less taxes from
the people. Some may say that they
would still collect The same amount
OF taxes. even II they had the S5,-
600. This may bc true. but they
would have $4,000 moro To spend im-
proving the roads. and il would not be
idle.
Not only this. bu,. by recent act Of
the legislature. the county IS author
lied to borrow $2O.OtO with which TO
improve the old. or build a new Jail
The act further provides that If the
county sells the opera house Tropc! IS
the amount OF same then to Dc used
and To borrow the difference j. -
tween tnet amount and $4,000. Sup
pose the county sells the property Tor
$4,000. then il would only have to
borrow $4,000. They would save
paying interest On th,s $1,000. because
when they borrow $4,000. they haze
To pay interest on 10000. bat wh.u
they borrow $4,000 they only ha,c
10 pas ON $4,000
notice that the supervisor did rot
take into consideration !n his figure.
at all. the money that would be- ou-
aiaed by way of taxes. should th'
property he sold by the city. Ihc
piece that handed in to The IL p.
stated that lin case the city sells IN.
property. IL would be nut on the to.
BOOKS in all likelihood. at not Jos
than $4,000" The printed article
shows $4,000. This H an error. ou.
~ my friend. the sup rylsor. L1d
made the calculation at ave and one
half mills. as stated In the piece. d..
weuld have seen that 1hc lru
made an error, because SSO.000 at
3 1-2 mills would bc $1,000 20 yoar
taxes. whereas The figures show tlat
I only took into consideration $1,000.
which would be ~ mills on $50.
eco.
This would make the taxes. aud .A
interest on the taxes. amount to $685.
S1G.17. IL the county was to got