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STATE LOAN "CONTROVERSY."
Treasurer Jennins Sizneld on Date
Stated in His Card to Press--Oth
Columbia, April 294.-A copy of the
notes for the loan of the -50.000 was
furnished today at the office of the
State treasurer. The notes are dated
April 20, which was before Uovernor
Blease and Cashier J. Pope Matthews
went to New York to secure the mon
It has been stated that the notes
were "executed" before Governor
Blease took the trip to New York..
The notes were drawn up on April:
20. but according to Gov. Blease's
+ entthe three signatures could
not have been signed on that date.
How it Was Done.
From the treasurer's office tae
notes went out with the State treas
urer's signature; then they were tak
en to the office of the Secretary or
State, where ti seal of the State wac
affixed. Chief Clerk Carter, of the
treasurer's office stated today that,
inasmuch as the notes, as drawn,
would iot be good without 'he three
signatures, (the governor's, the State
treasurer's and the comptroller gen
evai's) that department (the treasur
er's departinent) was not furth - con
cei ned, and turned them over to
Cashier J. Pope Matthews, as stated
in ')apt. Jenrings card to the press.
The notes themselves are so drawn
as to make them no good unless the
three signatures were affixed. Gover
nor Blease states that he did not sign
the notes until after the loan was fin
ally negotiated in New York; there
fore the notes could not have been
executed before that time.
There are six notes, four at $100,000
and two for $50,000.
Governor Blease being out of the
city today, he could not be furtheri
seen with regard to the transaction. I
The following is the form of the
notes, a copy being furnished the
press today: .
Form of Note.
"Executive department of the State
of South Carolina, $100,000.-Colum
bia, S. 0., April 20, 1911.-Under and
by virtue o'f an Act of the general as
seinibly of the State of South Caro
lina, entitled 'an Act to make appro
priations to meet the ordinary ex
penses of the St'ate government for
the fiscal year, commiencing January
1, 1911, and to provide for a tax suf
fi.cient to defray same.'
"The State of South Carolina, by
Cole. L. Blease, governor; R. H. .Jen
nings treasurer, and A. W. Jones,
comptroller general, on December 31,
1911, promise to pay to the order of
J1. P. Matthews, the sum of one hun
dred thousand dollars, value received.
at the Hanover National bank, in~the
city of New York, with interest, after
date, at the rate of 3 per cent. per
"In witness whereof, the State of
South Carolina has caused these pre
sents to be executed by Cole. L.
B!ease, governor; R. H-. Jennings,
treaurer, and A. W. JTones,. comptrol
ler general, and the seal of the State~
to be attached day and year above
"State of South Carolina,
(Not signed in copy.)
The details as to the bids from the
several banks for the negotiating of
the $500,000 loan, the awarding of the
same to the Pahubetto National bank
of this city, and the other information*
in regard thereto, appeared in The
News and Courier on the day after
THAT HALF MILLION LOAN.
Gov. Blease and Treasurer Jennings
Make Statemnents.-Slight Tar
Columbia, April 28.--Following a.
statement by State Treasurer Jen
nings today, on the half million dol-,
Jar loan made for the State govern
ment, Governor Blease this afternoon,
made a statement, in which he differ
.ed from Capt. Jennings in one partic
ular. Capt. Jennings said in his state
mient to the press that the notes were.
executed on April 20. Gover.nor Blease
states that Capt. .Jennings is mistak-,
en in this and that the notes were,
not signed by him until after he and
Cashier J. Pope Matthews h,ad seen:
the bankers in New York and arrang
ed for the loan. Governor Blease
made the further statement this af-.
ternoon that. fofllowing the conference
at which he. Comptroller General
Jones and Treasurer JTnnings took~
part, the trip to New\ Yor .was dis
cuISyn. HeI :sk'd that Ca p.Jnin
zo. it holmsg stat~d to th governr
that one State official shoni go. Capt.
a reason for not being able to go. and
nhe Zovernor 'ho, felt at his dm: to
zo to New York~ to r'p:nra the
State. Th'? foling is Sta Tr.anirer
"Inasmuch as some erroneous com
ment has been made in regard to the
money rec.ently borrowed by the
State, as required by law, I respeet
fully submit the following statement
of facts in connection therewith: Af
ter due notice, the bids by the s.,veral
banks for the loan to the State of
$500,000 were submitted on the 17th
of April. These bids were considered
by thE governor, comptroller general
and State treasurer on trie 19th, and
the award for the loan was then-made
to the Palmetto National Bank, their
bid being 3 per cent. with allowance
of I per cent. interest on the average
deposit during the life of the loan,
which would reduce their rate to:
about 2 1-4 per cent.; the bid of the
Germania Savings Bank, of Charles
ton, was 3 3-4 on $200,000 for six:
montbs, or 4 1-4 per cent. to January
1, 1912. These were the only bids
"On the 20th of April notes were
executed for $500,00 at 3 per cent. and!
delivered to J. P. Matthews, cashier
of the Palmetto National bank, to
whom the award had been made. We'
know of no agreement by which de
posit of these funds will draw inter
est. During my administration it has
never been necessary to leave on de-,
posit any amount of funds borrowed.
In 1908 we borrowed a portion of the
money for the State at 3 7-8 interest.i
In 1909 the money was borrowed at
3 per cent. as it was needed, which is
the lowest rate during my administra-;
SOUTH CAROLINA'S CREDIT GOOD
Gratifying Information Given Gover
nor Blease in New York.
Columbia, April 27.-That the State
will be able to get a good deal in'
New York, when the State bonds are
refunded in 1913, is the assurance
that was giver Governor Blease by
the Northern bankers, on his trip to
the financial center. It was suggest
ed to Governor Blease that the legis
lature pass an act limiting the
amount of interest to be paid for the'
money had, say to 4 per cent. and
thus very ciheap money may be had.'
Alabama's experience, where an act
was passed worded so as to say that
the mon:ey should not- be obtained at
a rate "of less than" a certain per
cent. was pointed out to the governor
as an example of the passage of a~
dangerous act. Should the State
pass, through its legislature, an ap
propriate act, Governor Blease be
leves cheap money will be had- for
the refunding of the State debt.
Governor Blease was pleased to
find out in New York that this State's
credit is regarded so highly. The
bankers told him that if the matter
of refunding the debt is arranged
properly and the legislation suggested
passed, the State will come out well
in the bargain.
Governor Blease was gratified to se
cure, with Cashier Pope Matthews, in
New York, the loan for the running
of the State government at as low
a rate as 3 per cent. This, is the
cheapest money had since the admin
istration of Governor Heyward, when
some 3 per cent. nmoney was had.
There are no strings tied to the $500,
000 loan. In some cases it had been
necessary to leave on deposits 20 per
cent. In this case such a clause is
not in the contract. Also, while the
money, in part, is on deposit here and
being used it will draw interest for
the State, thus further reducing the
net cost of the loan to the State.
The appropriation bill shows that
the State is paying interest on its;
bonded debt as follows:
Interest on $5,601,281 R. B. C., at 4
1-2 per cent. amounting to $252,057.67
interest on $400,000 blue, at 4 1-2 per
cent. 18,000; added to this are four
minor terms on Clemson stock and
other items. Thus, about $6,000,000
is represented in the bonded debt.
Fifth Annual Horse Show Greenville,
May ,".11, 1911.
Accounts of the above occasion, the
Southern railway announces very low
round trip rates, tickets sold May 8,
9, 10 and 11, 1911, good returning un
til May 12, 1911. For detailed infor
mation call on ticket agents, or A. H
Acker, T. P. A., Augusta, Ga.; J. L.
'ek, A. G. P. A., Atlanta, Ga.
Thirty Years Together.
?hin~y years of association-think
of it. How the merit of a good thir.g
staids out in that ime-or the worth
lessness of a bad one. So there's no
guswork in1 this evidence of Thos.
Ariss, Concord, Mich.. who writes;:
"I hav used Dr. King's New Disco.v
ery for 30 years, a.nd its the best
cough ami cold cure I ever used."
One~ it finds entrance in a home you
8na pry it out. Many families have
u s-d it forty y.kars. 's th''e mjost 'in
faNlUe t1roarUN an 'un med'i'n on
earth. UneguOed cor laripp, asth
lungs. Price -~0c, 8301 OI
free. Guaran.teed by WE.
If You Wani
When a N
' r .
HE MUST) ,
These Things '
The first thre
#(met" by our v
farm and city,0
. fourth we ask
Space will not I
but a few of our bar
find what you wail
farn and city "cata
453 Acres. The price
needed for the sale of th
town. Good dwelling a
$12.00 per acre.
400 Acres. Well tim,
county at the price. WE
46 Acres. Every foot
Just 5 miles from the Co
E. H. Aul, President.
If You WanI
From the fact that e'i
gets a .square deal or n
actly what you are b
WE SELL TRtL
tnat's the whole story. W
and as little as poss;ible, so t
Our Goods I
Our Prices I
We therefore truthfully ciai
a BARGAIN TRADE FO
offer bears the same relatior
that a Diamond does to oth'
chief of all. Some dea!.us<
gain'' and trust to the nam<
Our Bargains Are Gent
And best of all bargains off<
prove to you that you can s
us than any where else.
O. K LE
CH A RLO T Ti
From Now Unt
Cash Must Acc<
T he OBS ERVI
to Sell Land
Ian Buys a
e questions are
ery large list of
you to careful
Permit us to mention
gains. If you don't
- below, write for'our
is the only advertisement
[s place. Five miles from
nd tenant houses. Only
)ered. Best farm in the
will sell at $5 per acre.
can be easily cultivated.
urt House. Price $1,700.
Paul S. Halfacre, Manager.
ARE THE BEST
~ery one trading with us
othing. We tell you ex
ying, or in other words,
try to make an honest 7profit
hat the buyer may come back.
tre All Right
are All Right
m that every trade with us is
R YOU. Every bargain we
to ordinary so-called bargains
r stones-it is the king and
:hristen any tbimg as a "Bar
a to sell it.
me in Name and Nature !
red. Comc at once. 'We will
ae more money trading with
T TNE R,
BOBSE RVE R
i the End of the
mpany All Orders
Charlotte, N. C.
SUMMER & HIPP'S
*** * * * * * * * * * *
Summer and Hipp Piano Contest. *
* ** *** * ** ** ** *
In the piano contest conducted by
Summer & Hipp, the following is tha
standing of the candidates:
Dosha Franklin, city.. .. .. ..52,640
Mary Hardeman, City.. .. ....11,230
Mary Yocome, Mollohon.. .. ..10,400
Daisy Milstead, Mollohon.. .... 7,000
Laura Lominick, City.. .. .. ..60,190
Lizzie Earhardt, City.. .. .. .. 1,000
Lossie Mae Boozer, City.. ..229,130
Willia Mae Wise, Prosperity .. 7,000
Annie Singley, Slighs .. .. ..185,475
Annie Mae Bedenbaugh, Sligs.194,630
Vera Boland, Little Mountain. 1,000
Ellie Jacobs, Little Mountain..14,041
Cora Sheely, Little Mountain .. 6,248
Maud Setzler, Pomaria.. ....23,391
Anna Koon, Pomaria.. .. ....21,180
Helen Hentz, Pomaria, R. F. D. 2,000
Annie Eargle, Pomaria.. ......1,000
aura Suber, Pomaria.. ......8,141
annie Mae Sease, Newberry, R.
F. D... .. .... .. .....--..13,954
oe Caldwell, Neiwberry, R. F. D. 1,000
ayme Cromer, Newberry, R. F.
D.. .... .... .... .....37,892
Carleston, S. C.,i
Cincinnati, New Orleans
A Hligh lass, Modern,
ombined Baggageland Smok
Pullman Drawing Room
Lv. 9.38'a. m.-....SUMMERV
r.12.50 p. m._.COLUMBIA
Lv. 1.00 p. m..COLUMBIA
Lv. 4.15 p. m...SPARTANE
Lv. 6.35 p. m...HENDERS(
Ar. 7.34 p. m....ASHEVILL
Lv. 6.50 p. m...ASHEVILL:
Lv. 11.35 p. m...KNOX VILI
Lv. 7.10 a. m...-.LEXINGTC
r 10.00 a. m..-..CINCIN
Immediate connection at L
rlle and St.!Louis, andlat din
St. Louis, Indianapolis, Detr(
For detailedi informatior
call on nearest TicketiAgent,
J. L. MEEK, A.G.P.A., W. E. McGE
Atlanta, Ga. Charleste
E. H. C0APMAN, V.P.&G.M., S. H. HA
wahiton, D. C. Washi
Novice Brown, Newberry, R F D 1,0 0
Kate. Henderson, Blairs, S. C.
R. F. D.. ...........-.-5,260
Rena Whitney, Blairs, R. F. D.. 8,032
Mary Hardy, Blairs, R F. D. ..10,654
Nanny Eison, Blairs, R. F. D... 1,000
F'rances Jeter, Whitmire, S. C... 1,000
Winnie Henderson Whitmire.... 1,000
Edith Folk, Jalapa ........193,312
Mary Brown, Newberry, R. F. D. 1,438
Marie Wendt, Newberry, R. F. D. 4,447
ssie Wilson, Newberry, R F D..5,260
Willie Riser Chappells, R. F. D. 1,000
Nina J. Atchison, Chappells... 9,060
Maggie Livingston, Newberry, R.
F. D. No. 4.. .... .... 1,000
Pearl Schumpert, Newberry, R.
F. D. No. 7.. ..3.. .... 3,34
Maggie Livingston, City.. .. .17,224
illia Ringer, Pomaria, R F D...10,326
Maggie Bobb, City.. .......-1,000
Ola Brown, Newberry, R. F. D. 1,000
Clara Gibson, Prodperity, S. C...10,604.
Eula RAy Sligh, Pomaria, R F D 1,000
Ida Coleman, Silverstreet.. .. ..12,162
Lucia Hazle, 'Colamans, S. C... 1,000
thel Crumbley, Colemans, S. C. 1,000
Ella Summer, Newberry. .. .. 25,126
da Glenn, Salida, S. C... .. ..4,49*
attie Glasgow, Jalapa, S. C... 8,40
aura Eargle.... .... .....2,300
ell Harmon.. .. .. .......184,590
ay Lake, Silverstreet...- . .17,450
10ON WITH *.
a exas Pac fc Rwy. 4
Solid Vestibule Train,
ng Car, First Class Coaches,
Sleeping Car, Pullman
ON (E. T....Ar. 8.45p.m
LLE.-.-Ar. 8. 05 p n
RG.._-- Ar. 1.40 p. in.
NVILLE.... Ar. 11.20 a. mn.
(E. T.)......Lv. 10.25 a. m.
~(C. T.)....-.. Ar. 9.15 a. mn.
E .__- Ar. 4.45 a. mn.
NT ___ Ar. 9.00Op.im.
ATI ._..-Lv. 6.30Op.im.
~xington for and from Louis
cinnati for and from Chicago,
dt, Toledo, Columbus, etc.
,Pullman reservation, etc., -
E, D.P.A., A. H. ACKER, T.PA,
n, S. C. Augusta; Ga.
RDWICK, P.T.M., H. F. GARY, C.P.,
.ngton, D. C. Washington, D.!C.