Historical Newspapers of South Carolina

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the m.vttek ok m:n m>in<; THE STATE S 1 M>ElUfcDNES ? (^ONTINl"KI> FROM PAGE Of course, we arc all in favor of ge [ ting our public debt at us low a rat M of interest as possible. and of couis? would be 10 the advantage of the Stat' W. l oth financial and r.therwise. if this rat ? could be lowered to 1'our per cent, c three and a half per cent. But thi l should net be done unless the refuiu ing bonds can be placed either at pa or at a premium. This cannot be don under the present act of 1912, an "ivithout the tax exemption recommeni -ed by me and which has been incoi ^ ;>orated in i;e former acts of 1S92 an Hk Why discriminate Aaainst Home Pet Why force cur bonds in the hand I ? of northern capitalists and deprive on South Carolina institutions of hives' ?r? thneo corMirifses? Whv make our bond issue so attractive t our home institutions that the issue, c the grater part of it. will be cwne by our home people? Under the pre: -;nt conditions- and restrictions in tli act of 1912, if the bonds are owne outside of the State, or even by ii dividuals within the State, no count t?YP? pollpftpf] G [same; yet under tv.is same act, if ftbank or corporation owns these bond: Miere is no exemption from taxatio Boy reason of such investments. It i ^Vshown that about $1,000,000 worth ( B these bond5, one-sixth of the entir issue, is owned by the banks, in C'liai H leston alone. Hundreds of thousand IB of dollars are owned by other bank K and corporations in other towns an ^cities of South Carolina. Why nc Kive these local banks the same prfr Mlege you gave the northern capitilis individual South Carolinian? Wh strict the field for investment F There can not only be no good reaso B advanced for such legislative discrin: iination. bur many and excellent reaso can be and are advanced against sue discrimination?the market of invest pent will be materially enlarged, an< ks is shown by the testimony of es ? rts in such matters, the bonds ca P?L,?old to good advantage and a a premium possibly, while, under-to net of 1912. the bonds cannot be sold a |11. And this can be done withou ke loss of a single dollar of prope xaticn to the State, at the same tim I ring the State the' advantage of tli breased price for the bonds and th hancement of its credit in the finaii al marts of the country. L The Loans to The Counties. There is another matter in conectio; iih this refunding and retirement c b bonded indebtnoss. to which I de Je to call your especial attention at is the action cf the sinking fun pmission in calling in the loan |ich are due the sinking fund com Ision, most of which were bearin fcrest at the rate of five per ceni r> unnnTn on el ncijio- tho nrXnooHc n uii.j. m ui.u 2y* vvvvuu v Rese -loans, the assets of the sinkin; commission, in the retiremen of 4% per cent, bonds. In c-onsiderin I this phase of the question, I woul I Ttave you to keep in mind the fact tha these loans were gilt-eclged. and fher Avas no possible chance for th.* Stat W to lose a dollar of them; also, bear i: I mind, thar under the act of 1V2. unde which these bonds- " ore issueth of So'i:h Car?':l::i:: :vk?.- v s th to call :r. a-.'d p;;y the whoI> <? B ajhy part o?' the issue at any tiiu I after the first of January. 1! '. s i tl1at it was and is not neci-ssi;ry Mr this time to call in and pay of "bonds unless it was to tl.-e advun-ag ' i th: State to do so. IjL If you wen- indeotf. 10 A.in -'a ??>nr. say, of r million dell.-.r.* Llaying him four and a i: .. iiereit on the debt, and B \va d to you. say, in a simular . tin ts paying yea five v.- r cent., o . ", and pay A V Ipijp i ; v ?? ftf* ' ' : r on her I , ! iiidebtness. S .Now. tho State has _'<? years from I .January 1. to pay these four and ne-half jmvt* cent, bonus. However, the State's agents require the counties to pav tip their loans. t Some of the counties haven't the I money and are forced to borrow elseii i i where, and pay a higher rate of in- ' ' j terest than tiiey are paying the State. : Tlien the State takes the money and 11 i pavs these four and one-half per cent. - ... I " bonds, thereby losing the profits which f l* she is making from the counties, and J I at the same time causing heavy loslO v ses to the counties. ! d ' ! The counties of the State?hence I- ! 1 I tue citizens of the borrowing counties i _ ! , | ?lose -doubly: (i J j First, as the citizens of the Stae. Second, as the citizens of the conn- j ties. * This is a plain business proposition, 151 I which can be seen by even the most II ! ignorant. L" Suicidal Policy. V ^ , j r consider this a foolish, nonsensical, 0 | suicidal financial policy, and I have >r i refused and now refuse to be a party ^ ! to it. and I never expect to be a party ! ; to it. Tit ere are men all over South L | Carolina, and all over the world, who j (* i are borrowing ether people's money j 1_ at a low rate of interest, and lending j it out at a higher rate, and are making | 11 good livings for themselves and their j a families, and some of them are piling j up fortunes by such transactions, and n every bank in the world does business on this principle. Yet agents of South | )?j Carolina hurry to do to the contrary, e j to the detriment of the citizens of the State. ^ There is not a man in y.our bodj b | but who would be glad to borrow $1,-; u j 000 000 at 4 1-2 per cent, and lend it j >t I j out at a higher rate; yet, when the; " j State is doing this, you order- it end- i | i * i ed. and force your counties to go to ! j other sources to borrow their money! " land pay a Higher rate oi' interest than ' n j they are paying the State, not with- j "! standing the fact that the State is bor- j n | rowing the money at a lower rate of : 11 j interest than the counties were paying 1 i her. and trie profit was being made by . 1, I 11. . Oi _ A _ 1 me oiaie. * " | Gentlemen, you may consider this ! n | gcocl business judgment. Lt I did not. e I do not. L~ Xow, gentlemen, I have shown you j 11 the folly of withdrawing a 5 per ccnt. I r i i loan from your own people and fore- | e ! ing them to borrow money at a higher rate of interest, when yen are paying e only 4 1-2 per cent, for this money > l~ which you are lending the counties at | 5 per cent. T hpli^vp in n fair arid <>nnnrp ripal I 11 Tuis is what I have been fighting for. j H If I am wrong, I have not yet been ! convinced of it, and I have been mak-1 ~~ j ing the tight for two years. If-J am ^ j right, then' it is your duty, as repres sentatives of the people of this 'State, to come to my - escue and help me, not g only in the matter of the refuiding of L the State debt, so far as the bonds are concerned, but also in this matter of => lending and borrowing money. >*o Personal Regard. ? We are all liable to make mistakes. ^ j I may possibly, gentlemen, have been j 1J wrong in the position which I have j taken m regard to this matter, but I 1 e ! assure you that I haven t received any: 11 ward, nor have I hope of any re1 ward save the consciousness of liav- I iug do:ic my d: iy o my people, tis I i v -ee it. If the bonds had been refund- i 1 ed, if all money had been chilled ; i :i, and every dollar of it paid out or j relcaned. i would not have received; n:e c >f>per from &nv source. I was ; / * | not expecting any rebate. Hence, I . 'have had no hard feelings towards! I anybody in this matter. I haven't got ; ' ;:ad about it. hecaus?, no mai;er which ; " : way it went, not a single iota of a i n: was going into my individual: } pocket- Consequently i saw 110 rea- j 4 !i to ' Vila'], or 1 :::v I . pi I haa been going; to recede some i'i' r. ; ana -oni body hi ! ' n\;:?r: : ,.o *:i . ' ; r'I vavc- I-./; y ' ' 1 : J: ! ' ' ' ll'lll - j i .v . \ i ' - : .1 i" -r > : ' ' : . i ! ; > . T ' r ?-1" 11 ?r . i ' ] 1 , I , . ! I ! ' . . . i I ' i O ' ' : ! i: ' ' . ;; hat :ks iro ]?ay'!i- t'.. d i i 1-1' p?T -lit. I. r i i i est, and 4 per ( ( lit. interest, and tlin "balance cash in banks to the credit c S T. Carter. State treasurer, as treas i:rer of the sinking fund comniissioi belonging io his fund." is "earning per cent, per annum." when Xewber ry county is or was paying "> per ceni per annum, and yet the effort has bee to call in ti:e county loans. 1 am satisfied that, after a carefu reading of the entire record, many c you will be surprised to know tlie fi nancial condition of your State, as will be revealed to you therein, if yo will read it as yon should, and I ar satisfied you win oe surprised at in positions taken by some of the mem hers of your sinking fund commissio who are State officials. I have don what 1 believed to be my cl/ity. 1 hav done what I know is my duty, and th burden shifts from me to you, and yo are responsible to your people. Very respectfully, Coleman Livingston lilease, * Governor. T "->*? Doct Hc-> Tnnir . \lV/ UUt ?T VUbllVl A VK1V GROVE'S TASTHLHSSchill TONIC enriches tl blood, builds up the whole system and will woi derfully strengthen and fortify you to withstan the depressing effect of the hot summer. Jjpc^ WE KNOW REZISTOL Will Help You To Regain Your Strengtl and Energy. Report of the Head Physician in Leading New York Hospital on the Cure of Brain Fatigue and Xerous Exhaustion."A few years ago we considere that we were doing well if we cure 10 per cent, of the cases of Brain Fa itgtie and Nervous Prostrat.io: brought to us. but since tiie introduc tion of Rezitol into our iiospital w >->i nro llinn 'III n?P O Afi T nf : 1 ] t T> sases in its various forms brought t us. It builds now tisues, gives ne^ energy, new life, new blood an strength to any part of the gody at tacked by these diseases."' Rezitol is a powerful tonic, nourish ment food medicine, composed of val uable tonic stimulats obtained fror vegetable drugs. Rezitol contains n narcotics or other dangerous drug which merely deaden pain temporari ly, but gives no permanent relief o cure the cause of disease. Rezitol is a powerful body builde and blood maker; it is the best reme dy known to the medical professio; to enrich thin, watery blood and sup ply new, rich red blood to the wliol h nrl v It will be found a most valuabl remedy in cause of over stimulatio: in which the excessive use of liquo cause depression, dullness of the fac uliies or intoxication; it counteract the depressing effects and restore the system to its normal condition. FREE?To prove the wondarful mer its of REZITOL we will mail a larg com r\1 & 'hnf-'Ho f/-iv in cilvpr A 3C4.1.LJL jjr? Vs ISVyWl/lV iVi ? W AAi *? * A ^w stamps for postage, etc. Rezitc Chem. Co., Boston, Mass. I /s Sickness Jk rz?S$S ? A Si" of ? Commission | or a Sin of Omission? Or ISotli? We transgress Nature's laws, the Liver I strikt-s, t:x-n we o:nit or neglect until 5 we ache or sicken. S T _ 41. ~ ,1 l,;io T.'/ir.T\ if J" XJ?J< l|T "??0. >V y . >/ g loosv> with the t?l:i May.\>ple ? Root, H'odopi: . Podophvliiu wiih E the gripe taken out is culled 11 f | '0 f l uc*7iX^ Cx /J,- .. ci?.. , I?; V WORTHEN'S . Wonder ( {/ ) Worker Tl.<- Ui-out ?rv<' ;ni(! liram Food. Highly recommen'K'd for Xervou Debiliiy. XVrvous Prostration. Doclin <>r Strength. Loss of AmSitioit, In somnia, Melancholy, Nervous Dyspep sia. Ki :ii. y r.nd B". Uler Trouble am Con ion. ' WORTHEX'S WONDER WORKERS :: : . : : r foi i . . r l. ' - ' . " . V- ' ' 1 i :: ' -a ( r i .aor. ' ' 5 : - ! V ' I. o >- ; y .!.!iir::ry, ' ? * u:- !i ine]:i ay. F : SH Street?Tuesday, Februar. '! >1 I ;i It Is Ne> _____?__n i Fai* Mnr i A VI AT?V/A t u [1 e It works a e e observes neithe e Our SAV cent, compoum 51 Deposits le _ i interest?in oui * i T^ar\nci fc a] L/UpV/OIIC \Jfi b The Newl i d d v p * " i e ! 0 i FSPlH r 4 I We have the : " which to prepar We are now | ? wagon on the m I THE CELE I e Let us show it t< J good values in ] I W7 1 TT w orK narness a Several ear* 1< I "CORNO." As i food for horses booked up on th We are agents :j I I i . .. v , e fvji I dmod6 vOii . i See us before s complete line of and Old Domini ' | ing to cur Hard 1 TI w I ; p? -A < i / '4 t | V; * ; ? V' ' ' ' 1 ; ' I ; '.? y j' f;: . -**, . . J \u $ ? tat-i 7 4 2 ' l 2 . / I 71 i > . t : - - cu. . ' \ ? -i " ? c . ..V V-WUrVOBtt' .* -tSl/.-r yvr], / .?* \:(3?iy, F-. l?r ry ' 11 :l. " ' ?- * 1 ; A. v "'!.' o. . 0;n i : e i/Vi-' \v, I* ' i! - : ; . ' ' r. r ' I r r wonldVdislike very much to navo to , ...I I this ]1 ua.ty t?-it I n:t? ivqu r.v-a 1.1by law to do so. Tiie law requires a y , tax on -.il notes, mor. s and ::: >n rer Too Col ley to Earn is well in winter as i r Sundays or Holida] INGS DEPARTMEI ied on July 1st and J ft for three months r Savings Departmen F any amount gladly 7 / berry Savin I ing Culti\ iw at Hai Harro *vs and other i e your land for the t * -4 J jrepared to sell yo arket for the mone} BRATED "OWE ) you. Aso we arc Buggies, Buggy Har nd Bridles. ?ads Flour and fee k to see the famous 5, cows and chic! is feed and can save ? for the celebrated ; imbia Guano Co placing your ordei heavy and staple D on Hats. We are ware department. ? 9 0 ' ? :' a* fi 7 % a i ? ? l/.V? > ft* % . ! - -i - > > ^ V 'J *L & -I - V . ? - .v r +JV5 ' - tETSi- " ' : " c? '-0. i ' . V : \ . / : v-.': 11 ft - p o ; is j ' ! .:s n- i r ' ;? for ' n .;i5 . :t !. 1 : ro;. vty in t:ie -.'.a !' State. All ::;11 e : ersons from T. to CO ! ' XCVjSl tfllLUU'.i a 1 [ui1 * O, VI ' ' r -Hy beirrsr maimed or from anv i " ~ 1 ' . hi 'la:' to : / . -ol-: * ' .: * i;'v>. 11! r. I'i-, i i-,\-i;:..- is to be a-. c. k : :'i's y ar. ]Inch '..a :t or I >fc oi.' land aaist 'C as-:.'4: - 1 vnlvly. A ) :i:-_ j to assessor whether you have bought j cr sold any real ' state since last re-' j " i Id interest % r in summer; and rs. pays 4 per fanuary 1st. or longer bear t received. gs Bank ; rohnn ic ClUUil 1 o id. * implements with >ig crop for 1914. u the best farm NSBORO." ; showing some ness and Heavy ids of all kinds. "CORNCT Mill cens. We have i : you money, an d wide world . Fertilizers. r. We carry a ry Goods, Shoes continually add- j I i I 3 fl iprfj ?e? v>" ..; i_ -.'. ji-V.. vv.'ij; ^ 5 qJ* gaqrrjji'g^agaa&r-.' ^.px^ rsac i-nt/- ".-^r i jimii ? i zjzzr+exv? :iz *3?aa* rr,? * * Ml! nro . I" 11. i I i U . vjuii . o x ~ . both real and "personal, be nsi "at Its true value in money," : ! to mean, "The sum r ' ' .ui<: / re- " ri un ary cireiimstanees, "would : for ';sh. VI ' t ask .tlu;t.your property f,: i Lao rax duplicate the *- ^ -r?n i> ""r/^a X ? J i .1 W - V. ' ? . 4 i i ; v: '>?><* -:y'''hiust be- listed 01 *:' " } - v'-' urn blanks .and property-s!| ' and mom to Ly person making : "urn. !':ca---e be sure to have 'n- in, c'r: or before the 30th of F i : rv, 1024. Eugene S. Werts, County Auditor. Dee. IS, 1013. j