The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-01-22
Veto Message.

Gentlemen o9 the General As:a'- b!>':
return to you without MY S1a.
ture act No. 292. 1918, entitled iAi
act to provide insurance for are
houses operated by the State OF Souts
Carolina and for cotton stored t ere
in.''
This act provides for the insurance
of State warehouses and the c 'ttor
contained therein. and further pro-
vides that the warehouse comnais ion
er shall pay over to the State tre: sur
er all amounts collected by hi, as
premiums on policies issued, and that
the State treasurer shall place hese
amounts to the credit Of the sir king
fund commission.
Section 5 Of the act provides that
AL FIRE losses covered by policie is
sued by the warehouse comn1issi oner
shall be paid by warrant drawn by
the warehouse commissioner on the
state treasurer, and the State teas
urer shall charge the amount against
the fund mentioned above. ard II
the event that that fund is Inadequate
then against any other funds in the
hands of the sinking fund commls-
sion.
There are three SEPARATE funds u'i-
Ger the control CT the sinking TUod
commission.
Refunding Sinking Fund-ThiS
fund has assets of approxin,ateiy fS".-
900. Section 13 Of the refl1n6:nSr ac'
of 1912 provides: That $4,000 shaH
annually be paid by the State treas
urer 10 the sinking fund conml:sio'
of the State as an accumulatlEe ShlN-
ing fund for the retiring OF tho f'nos
2nA stocks provided for IN TINS act.
This c,early eliminates this f;'''a 'io'a
The provisions of the Har-l"'l:se stct-
Ordinary Sinking Fund-This f1'n'
has assets Of approximately $ -'2 ,oo'
s2S. 900 in cash and the oai2nce i"
loans. For convenience there IS also
carried in this fund the proceeos oi
the sale Of the property of the late
State dispersary and receipts from
nscheated estates, amounting to
100000 which. under the law, l..
held in trust for the rublic s"hoH:s OF
the State. Section 96. volume ! coue
of 1912, provides; that all revenues &c
oruins to the ordinary sinking t1'n'
..sha1! be applied TO tho rSfl2c.'1i%1-
ment of the pablo debt by inv"stin@
the same in The public securities o.
the State' This applies to the ofol-
nary sinking fund proper, rs sAc"1
above. and as the amount he d IN
trust for the schools. as provided III
acts of 1909. page 425 which seafef
,aad the n~oce"ds of such sac sa3!.
:,e turned ;nto tie state ;i,eaS>lrt ;3:it'
applied to school purposes. As n''1,'.:'i-
aG for bv the constitution Of $50 -
Under the law as quoted above. these
fl1nds are not available to carr2' orf
the provisions of the warehouse act
Insurance Sinking Fund-This fund
has assets Of approximately $23h.00O.
Section s of the act in relation = the
insurance of public buildings pro-
vides:
"Sec. s. That al funds paid cyer
TO the sinking fund commission as
premiums on policies of insurance
and All money received from intorcst
cn loans and deposits and from any
other source connected with thu in
surance Of public property provided
fcr he~ein shall be held BY the sink
ing fund commission as an iasur-
ance sinking fund for the purpose Of
paying all fire losses for which they
are liable and the expense necessary
to the proper conduct OF said iasur-
ance on public property b. the sink
ing fund comrsission. ard shall be in
vested by them as are other fun@s in
their hands. Provided, that when the