The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1922-01-27
FRIDAY, JANUARY 81, 1922
THE TINE.

It is hard just now to pay debts OF
n kind. Money is scarce for this OF
any other purpose. It is harder to pay
taxes than anything else because it
Gems an awful hardship to pay the
enormous amounts now demanded in
order to make people be good when
they should be born that way.
But With all this we do not see
that any great good is to be accom-
plished by extending the time for
the payment of taxes for last year.
It is no more difficult to get the
money for that purpose now than it
will be in June. The taxes must be
paid and unless some advantage Is
to be secured. unless the burden Is
to be lightened or made easier to
bear, we confess to an inability to
see any good reason why the time
should be extended for meeting the
governments demands.
There are serious objections, too,
to the extension. The State of Thurs
day points out one of the most seri-
GUS objections, and that is that mon
ey. has been borrowed by the state
for the payment of which the. taxes
to be collected have been pledged
actually or in effect. This money is
now due, or will become due very
shortly. It cannot be paid without
the taxes are paid because the mon
es cannot be had otherwise. The
state government. is run on borrowed
money, and heretofore we have been
borrowing from Northern banks at
low rates of interest. We have Sc
cured favorable terms because the
banks from which we borrowed re-
garded the notes Of the state as gid
edged paper. If, however, these notes
are not to be paid at maturity, the
credit Of the state will be impaired,
and the ability to borrow in the fu-
ture on favorable terms will be like
wise impaired. That is a considera-
ton Of serious moment for the tax
payers, because they pay the inter
est charged as well as the principal
and if interest rates are to be rails
ed, the taxpayers must do the pay
Ing, Then again most Of the money
borrowed goes to pay bills in the
state. These tho state government
and officers cannot pay unless the
money is procured, and it is doubtful
whether the state officers may be
Sbie to borrow from year to year if
previous obligations are not paid at
maturity. II we cannot borrow some
body must wait, and that means
state officials and other persons who
look to the state for compensation
for work done. 1t means that the
states institutions will suffer because
if it is attempted to run them on
credit all kinds of difficulties will be
encountered.
The same may be said of the coun-
ties. Abbeville County, for instance,
borrows each year the money to
pay current bills, pledging the taxes
which r paid in the fall and early
part of the year for payment. If we
do not pay what we borrowed last
year We may not expect the banks
to loan US for the present year. Our
credit will be impaired and at the
same time the county will not be able
to pay its current bills. .
There is another consideration of
great Importance. Most of the money
borrowed by the county is borrowed
from Northern banks. AS already in.
dictated these banks expect collections
to be made when notes become due
and It is a serious matter to default
in meeting these obligations. For tina,
reason Abbeville County and every
other county is forced to call on the
local banks to help out when these
notes become due and payable and
there is no money in the county
treasury to meet them. The result i:
that when local banks are able K
help the surplus money Of the banks
is thus absorbed and taken out 0,
the county. and these banks are By
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