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

1
til a part of such funds has oeen useu
in the payment of losses and expenses
and in that event the premiums Oh in-
surance shall be again paid as provlo-
ed herein until the fund again reacn-
es the sum Of $1,000, ,000.'
This section clearly shows that tnls
fund IS to be held in trust for the
benefit of those State 1nstltutlohs'
school districts and counties whlch
have contributed to this fund ard
therefore it is not available uncer the
warehouse act.
The sinking fund commission STANDS
between The owners of State oonos
and the State, and must necessary
act with extreme caution IN the
handling of ali funds entrusted to lls
care in order that the value OF the
public securities Of the State may not
be impaired in the slightest degree,
and that the credit of the state De
kept up to its usual high standard.
The object of this bill is to pro-
vide cheaper insurance for the ware
houses and the cotton stored therein.
1t is indeed doubtful if it would Sc
cure the desired result. This means
that a farmer can store one bale Oh
cotton in a State warehouse, insure II
fer $50 at a cost Of s2.37 for one
year. IF he decided to sell MS cotton
after it has been stored for one week
he only pays one-fifty-second OF $2.3l,
Or about four and a-half cents. This
is as against rate of $3.50 charged
by insurance companies. In the
event the warehouse act becomes op-
erative il will be necessary for the
warehouse commissioner to secure con-
siderable reinsurance. Will he be able
to secure it at as low rate as s1.5S, or
whatever rate is named by him for
the insurance to be carried?
1t may be pointed out that the
warehouse system has paid out large
sums TO the insurance companies TOR
insurance during the period of its ex-
istence. This is quite true, and it is
also a fact that they have been most
fortunate in escaping any serious fire
!oss since the inauguration cf tho SIS
ton. anl il is Submitted that the
Snort period CT tiI1a wil.cn tne "are-
t,ol;s. system has beer !. effa.t docs
10: asta,!3st the trila los, fs.;;o. ~
<var"iIo::sc SYSTEM s22s par. az, eur
iag cl3a YER lAi INSURANCE aI,e,.ciai1ls
20 II: alnulla. o: $9.GeG. : SIA;,i ira
in ans ,c!.e of t..e w;.Ge' c.!scs coi;;1
| cause {. loss oii thai ansoaa,. TEsur-
ance to the snlount Q! over >"op. Gao
is being carried; Or cotton sJorsd n
one particular four scct;Gn Vare-
house without fire protection OF any
kind
The Ere losses st.stai.2et; @, tie
state warehouse system during the
year .a1S amounted to S56.e04, which
aMount is greater than tho aneotia:
Of fire insurance premiums paid by
the warehouse system during the years
1917 and 1918.
therefore return this act to ycur
honorable body without my approval.
Columbia Jan. 15-Chances for the
passage Of the bill proposing increas-
es in salary for state officers have not
yet wholly gone gliinnierirs. but oaiSs
the most skilful manipulation by pro-
ponents Of the measure can successful
~ steer its course to enactment into
law by Monday night, and receive the
governors signature.
AS the bill came from the senate it
provided a salary of $1,000 for the
governor; $3.50 for the lieutenant
governor, and $4,000 for all State Off
GERS for whom the ways and m cans
committee recommends salaries Of
$3.50. The senate hill also rrcc;des
SO, 900 salaries each for the insurance
commissioner the chief game warden.
the superintendent of the State ,,eni-
+ertiary. the secretary Of State tcaid
of charities and corrections, chairman
rf the State tax commission. All
these have beer slscrn from the bin
hv the ways and means COMMITTEES.
together with the provision OF o sal
ary of $4,000 for the chief justice oi
the supreme court, $4,000 each for
the associate justices, $4,000 each fcr
circuit judges. $4,000 each for solici-
tors and $4,000 each for court stenog-
raphers.
Tire bill as recommended by the
WAYS ard means committee :sroTiGcs
fci- 8 net increase. which the ta&-
,,ayerS OF South Caroline woaslt: .,e
ea:ied on to pay Of less than SS$.1G3
as the salaries of the railroad con-,
,,,issioners are Paid by the railroads.
Considerable opposition has 3ee.1
registered against the proposed in
creases. but the majority by far IS in
favor of the passage of the measure
restricted by. arendennts to apply
on,v t. elective States officers ard if
opposition can he kept within reason-
able limits the bill is likely to be. en-
acted into law Monday night.
HOUSE HAS LIVELY MORc-NC
SESSION.