The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-02-28
SUPERVISOR Answers MAYOR
MIX. PITTS TALKS or CPER \
HOUSE SALE.
says Ihat County Docs Not Wish to
Block PrOgrcssiycncSs, but Points
cut Why Mr.. Jennings CalcuIa-
ton is Erroneous.

! ""I WHY MI. Jennings Calcutta
ton is Erroneous.
Mr.. Editor.
MI. Jennings very clearly sets
lorth, in his article Of February Gath,
one side OF the question as to the adj
Visapllity of the county relinquishing
It's claim to the opera house property
to the city for $4,000 and lie appears
unable to understand why the COM
inlssioners will not aid the city in this
progressive step. He states that the
only just way for the county and
city officials t. agree upon 81 price for
the property will be to select a sum
that will, if put out at interest, be
| equal to the probable value of the
property at the expiration OF the lease
under which the city now occupies
the property or in other words 43
years and months. The calculations
compiled by Mr.. jennings showing
the princely amounts that $4,000 will
eqdal if loaned out at 6, and per
cent at the end of as years and 5
months would be ample pay for the
property at that time, no dol't. But
where can the money be legally loan
ed out by the commissioners at
6, and 8 per cent VIII the banks
of our city give interest like this for
money deposited in their savings de-
partments? The law does not allow
the commissioners to invest county
funds in real estate mortgages, stocks
and bonds, etc, but requires them
TO place any surplus funds in the
banks for current expenses unless 9TH
| erwise provided. The banks give
and IA per cent for long time de-
posits and not 6, 7 and per cent and
amount to $27,002.36. Would the
property be worth no more than this
in As years from now? | am inform
ed that it will bring $75, 900 to $780,
600 if placed upon the market today.
If it were possible to receive as
much as 6, Z or per cent for the
amount derived from the sale of the
opera house property the Commiss-
toner's would find it impossible to
lend the money out legally on account
Of a clause in the 1911 supply bill
which authorizes and requires them
TO use the money received from the
! sale Of the opera house property up
on the new Jail, along with whatever
additional money it Will be necessary
to borrow.
Mr.. Jennings states that large
amount will be received by the
county for taxes upon the property,
if it is sold as it will be put on the
tax books for a least $4,000. What
piece of property is put upon the tax
books in Sumter county for the full
value? He evidently overlooks the
fact that il is customary 10 make re-
turns for about ne-third of the value,
if that.
l feel certain that the County
| Commissioners consider the rights of
the city just as carefully as those of
the County and they do not feel that
they are asking an eXorbitant amount
for the property when they offer it to
the city for $4,000. This amount
If loaned out in the way suggested
by Mr.. jennings but ct u much lower
rate, namely per cent, would equal
H. 4G years $10S, S,009.i4. If the prop
erty will bring $4,000 today, who
doubts but that it will be worth over
| SlQn,00 at the end Of IS years. Mr..
going before the Grand Jury and
asking that they recommend the sale
of the property TO the city for $4,000,
but the recommendation OF that body
did not state that this was a just
amount, but left the price to the dis
cretion of the Commissioners.
The County Board certainly is not
cndeavoring to block the progress OF
the city and it seems unbelievable
that any one should feel that this Is
the case. The Board fully realizes
the great amount of revenue derived
from the taxable property in the city
of Sumter and it has always beer
their purpose to do all within reason
ID build up the county seat
=. NJ. Pitts Supervisor.