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Statement of Stat Commissioner J I desire to make a public announce- < ment, tbat on a recent visit to tba J ?city of New York, in company with ( Senator J, A. Danks, we mode ar rangements so that cotton in State warehouses can bc financed at a rato 1 of Interest on straight loans not ex- 1 ceeding,;flve per cent., and on bank ' acceptances, at the present money rate, Including broker's commission, ' not over four per cent. The only difficulty is on this end of the linc, J in providing the necessary machinery. The moat practical way is to handle the matter through the local banks, 1 for the reason that the large institu tions Lu New York cannot well deal 1 with" individual borrowers desiring ' small amounts of money. In an article published in the Co- ! lumbla State of December 9, and . copied into most of the county papers 1 I said that "the new currency law. properly understood aud wisely ad- 1 ministered, is the greatest boon in 1 ilnance ever conferred upon man. lt is the first effort to impart elasticity to our currency system, and 1B a dis- | tlnct recognition of the fact that credit, not gold, is the real money that is carrying on the commerce and ' maintaining the civilisation of the 1 world." 1 In an address made by Mr. Herbert i R. Eldridge, of the National City Bank, to the New York Credit Men's 1 Association, on January 21st, he said: j "Credit, the backbone of trade, ls built u'.on the solid foundation of charao- ' ter and ability. Without such com- 1 ponent parts the structure ia insecure J and lacks permanency. No matter what amount of capital one may have employed In hts business, credit re mains his most valuable asset." For many years our cotton planters have created vast national credits which others have used to their bene fit, making us pay a heavy interest for the use of our own credit. In speaking of the re-discounts un der the new currency law, and, moro recently, acceptances under the New York State bank law, Mr. Eldridge said, In the same address: "Taking the South as an example and recall ing the evident desire of congress and the country at large to assist in its problem of caring for the large cotton crop of this season and the slow movement consequent to the les sened demand occasioned by the war, lt can be seen what degree of useful ness the acceptance privilege W3uld have permitted. It cannot be expected that a Northern Investing bank should be familiar with the quality and in tegrity of the usual 'warehouse re ceipt issued in the various cetera of .the South, But .. lt .such advances could be made against bills drawn by the owner of the cotton on a bank of high standing, the situation'Would as sume a far different aspect ' The ac cepting bank would protect itself by the deposit .with it of familiar ware house receipts representing cotton in I sufllcient amount to amply protect ! The State warehouse law. was de signed to meet just this condition of affairs, and now is the proper time to HE Would Like One of These A gold Knife, and Waldemar. ^ A pretty finger ring. A Sterling Silver Cig arette Gase. A Silver Drinking Cup. A Pair of Cuff Links. A Stick Pin. . A Watch, or Fob and Chain. . : ^J??! Between fronds, the true ; spirit of Easter ls bes* ex pressed by some little re membrance conveying per sonal thoughtfulness and good will.? Your portrait-nothing could be more fitting. ^IgAt&Tlf? APPOINT MENT TODAY Green's Art Shop Ott the Square te Warehouse lohn L. McLaurin establish ba the money centers their value aa a collateral. I have kept in touch with thc federal reserve board, and am greatly indebted to the kind ness nd intelligent aid rendered per sonally by Mr. W. P. G. Harding, who, L-oming from the South, thoroughly understands finance as lt relates to cotton. He gave me a personal letter in which he said that "the State ware* iiouoe law is, In my opinion, in ad? raneo of anything that has been at tempted rn other Southern States, and i appears to be a model of its kind." New York financiers naturally de sire to maintain that city as a finan cial center, and to do so must, offer money at a rate under the discount established at the various reserve banks. This gives the federal board considerable power over Interest rates by either lowering or rlasing the fed srsl discount rate. The Intention of Ute State bank law is to develop an acceptance and discount market in New York such as has enabled Lon don to make herself the clearing douse of the world. The National City bank is showing great wisdom in es tablishing branch banks under the roderai law in South America and elsewhere, so as to develop our ex port trade. Under the old natioual banking syBtem we had a rigid money market, producing such bankers' panics as in 1907, because just as credits needed expansion tc avert panic, there was & contraction of credits, increasing panic conditions. These acceptances will make for elasticity by extending credit when needed and automatically retiring credits when not required by ictual business needs. The new currency law, und^r its power to fix the re-discount rates, will eventually standardize interest charges throughout the country, and, to some extent, eliminate competition as to interest rates. It is to meet this condition that a system of accep tances is being ei'tsbllshed. One or two ' large financial concerns in new York seem to be preparing rb make a specialty of the purchase and sale of acceptances. This has never been done to any extent U. this country, but in the mriey centers of Europe it is used ver> largely in commercial transactions. The accepting bank is paid a small commission, which can be well afforded because of the low rate of interest at which a draft is sold. It'is to be remembered, in this connection, that the State banks ag gregate in capital and surplus sixty two percent of the entire banking power of Ute country, and'that the proportion ,hv greater In New York than in any other State. I am constantly struck with bow little knowledge the public in Soutn Carolina have to the enormous change that has been brought about by leg islation within the past year. I con fess that I did not know anything stout the changes in the State bank ing laws of New York until I made this trip, and I am saying as mach as I do now about acceptances be cause I feel that we all need a bet ter understanding of the banking sys tem. Toe prosperity bf this state de pends' largely upon; an intelligent use of credits arising from cotton. We need to learn that the correct idea of a bank ls not so much as a mere place to borrow money, but that Its highest function is to conserve tho er?dUa ot .the country and use them to the best advantage of the entire pur lie. The time is at hsnd when we mi.st better understand what is meant by r?serves, discounts and accep tances. . All that I have endeavored to do with tho warehouse system ls to t rp* sf o rm our cotton into a basis of credit I bellera that I have made a beginning in financial circles, in es tablishing the character of State warehouse receipts. The State re ceipt is the best security that can be ottered on cotton. I said In December that lt was "up to" the banks. I now gay so again. There is no excuse for charging a man with cotton eight per cent, interest in South Carolina when money can be had In New York on ac ceptances at four per cent. I have the following letter from a responsible note broker in New York: "My Dear Senator McLaurin: Re ferring to our conversation fn re ar rangements for-accop'ances' against cotton stored under the warehouse system of tho State of South Caro lina, I beg to suggest the following plan for overcoming the difficulties which are presented in the fact that the money that you propose to bor row would be borrowed for account of a number qt these obligors, own era of the cotton hypothecated. "I suggest that In order to get over this difficulty, you arrange with some reaponsible bank or finr ncial institu tion In South Carolina to loan against fV? warehouse receipts issued by *,he State Warehouse Syctcm and to take in" c-.nnactlon js?th said loans an agreement giving them the right of re-hypothecation or subrogation^ . If they are not familiar with the terms of this agreement, I shall be glad to drew lt up fdr them. "Whenever they desire to reimburse themselves for the advances SO made, can send the warehouse receipts aie In New York together with the at say ninety days' sight on a institution here who ls willing accept the same under the provis B ot our Sute law as set forth in e pamphlet which I have Just hand "The usage of the market la against aklng such contracts as these for longer period than ninety day? but ls frequently arranged that the ac iptore shall renew them upon ma lty continuously, making Ute loan fact a continnvms one. "For such acceptances the institu as who are willing to maka Jhem tiaratly charge a commission gt the .te ot ons per cent per annum tr ike rate of 1-4 j>er cent, for each You get real Easter Bargains here in every department. SPECIAL i The store that carries all the Neu* Spring Styles (ind saves you money on every purchase. i AX B. FLEISHMAN & BROS. Up-to-date Dcpaviment Stove We are in readiness to supply your Easter wants in every line of new Sering wearables for man, woman and child at the lowest possible prices . 3SSS88 H NEW SPRING DRESS GOOD .Vii , \ \2y2C new Spring Dress Ginghams for this Easter Sale at, per yard.. .So A Full Line of All the New Spring Crepe Ma terials, per yard . ..10; 25c Ratine in all colors for tli?s Easier Sale at per yard.12 Vic White Shirt Waist Goods in all L'.:e new Spring effects, at per yard. .15c Voiles and Crepes, 40 inches wide in striper and figured designs, per yard.,:.25c Ripplette, something new for the Spring in Dress Goods, per yard..15c . - ? ? . ... . .,. 25c Figured Poplin and white Corduroy, per yard. . .15c Palm Beach Cloth, per yard..39c A SPECIAL LOT OF NEW SPRING SHIRT WAISTS FOR EASTER The Very Latest Styles and Materials, \Xorth $ 1.50-Spedial for This Eas ter Sale. 98c Ladies' 1 oe Gauze Vests; special for this Easter Sale, at each..5c Middey Blouses at 69c to.$1.00 1 lot of Ladies' Skirts in Blue and Black, val ues up to $5.00; . Easter Sale.....price.. .$2.95 mm?mn??***B?^mmm?BMMimnnmm?TSmmimmmmmm3m . 25c ^Corset Covers, Easter Sale price 15c NEW SPRING CLOTHES FOR MEN AND BOYS Men's Suits featuring all the new Sprigg styles and fabrics, including the Staple Blue Serges. These Suits are made from the best All-wool Materials, style, tit and workmanship guaranteed in every Suit; if it does not give entire satisfaction in every respect we will give you a new suit absolutely $ 15.00 values; Special for this Easter Sale, ai.$9.95 Ladies' 25c genuine Silk Hose, Blade and White; Easter Sale price, pair ... . . 18c Ladies, Misses and Children's Dresses, made of Ginghams and Galatea cloth, values $1.00, . .49c * Galatea cloth', val ues up to 31.00, each . . Cr, . . .49c One lot Corsets, Eaater Sale, each ... . . .89c FASHIONABLE SPRING MILLINERY For Women? Misses and Children Our Millinery Department is showing all the new correct styles in trimmed and ready-to-wear Hats. In this department yon can lind a hat up-to-the-minute in style and one that is really becom ing to you and the prices are the lowest; a visit to this department and you will be greatly surprised at the values we are offering. EXTRA SPECIAL BARGAINS FORT EASTER WEEK Just Received a New Lot of Trimmed Hats NEW SPRING OXFORDS To Fit Every Member of the Family Men's and Young Men's New Spring Suits, worth up to $7.50, at $4.95 Men's and Young Men's new Spring Suits, worth ii0.00, at . . .$6.95 Men's and Young Men's new.Spring Suits, worth up to $20.00, Special for'this Easter Sale . . . .$12.95 Men's new Spring Trousers, about 100 pairs :n the lot, up to $3.5o values; Special for this Easter Sale, at.$1.95 NEW SPRING STYLES FOR THE BOYS All the New Spring Styles In Suits, Trousers, Shoes, . Hats and Caps Boy's Knickerbockers Suits, Pants Boy's Knee Pants, all sizes and made full College Peg Top style", styles .... .. . .25c to $2.48 with Norfolk or plain double- Boy's Hats and Caps in all the new breasted style C?ats, prices $1.48 Spring styles, at our usual low to.$7.98 prices. _ 1 " We are the sole agents for the W. L. Douglas line for men; prices range from $3.?0 to $4.00. We are the sole agents for the Gold Medal and Dorothy Dodd lines for women and' big Misses; prices . range from $2.50 to $3.75. Foi the boys and girls wc carry a complete line of Hoge-Montgomery's Slippers; solid leather through and through. J. Infant's Soft Sole Shoes at ... .25c Ladies' and growing Girl's Slippers in Pumps and Mary Jane Pumps, in Patent Leather, Gun Metal and Vici Leathers; $2.00 values; Eas ter Sale, at. $1.45 1 lot of Ladies' Pumps, about 80. pairs In lot; values up to $3.00, at.$1.95 Misses' Mary Jane Slippers in Patent Leather and Gun Metal; Easter Sale, at.. .$1.25 $4.00 Men's Sample Slippers in all Leathers, at ... . . . .-. .$2.85 Men's $3.oo Slippers in all Leathers Lace or Button, Easter Sale, at . . ...... . . . k . . . .$2.35 Boy's Slippers up to $2.5o values, in all Leathers, Easter Sale, at . . ...$1.65 I Jot of Children's Slippers in Mary Jane, and Lace'or.Button, values up to $1.50; fcVster Sale, at 95c 75c Children's ?Slippers .... AGENTS FOR MAY MANTON PATTERNS-IQc BACH B. FLEISHMAN & BROS. UP-TO-DATE DEPARTMENT STORE ANDERSON, S. C. m??mmmW?mW?m??imwm? ninsty day acceptance Draft? 50 accepted hy any one or thcipstltu tlone. t have in mind can now be sold la the market h^ro at about 2 1-J per cent pf r annum whlcti added to thc acceptance comm isa ion of "one per cent, ber annum and my brokerage of 1-8 per cent, for each ninety days, eqnal lo one half of ono per cent, per annum would make the total coat of the money no borrowed four per cent, per annum. "It your local bank loaned the money at six per cent, per annr.** they could make a profit of two pi?' cent, for their services and the negligible risk assumed. "It could doubtless be further ar ranged that the New York tr.o.ifutlon will allow them to hold the warehouse receipt? tn trdai. so that when any \ lo pay off s small ..rainsfl a particular lot of col* :1 not bi nceossary to send New York for lb? relcaae of the warehouse receipts. "Of waree you understand that -rn loans of this sort, the acceptance in Gtitutions of New York require a margin of at Io ant twenty per ?ont. upon the ascertained value of tho cotton at the placa at which tt is stored aa evidenced by your ware house receipts, and it ls probable that nome general agreement -wov ld have to be arrived ut fort t'.e adjustment cf any margin cal}? /'nat might b-s made in the event^of J? decline of thc price of cotton. "My commission would include ar ranging the acceptance and selling it and attending to all necessary de tails." The loyis?uUire --.ranted me power to negotlt/c loans and maka sales cf cotton, but appropriated no money except for carrent expenses. It is a manifest ImpOsUiUlty for .-ce, without, providing nev machinery, to hetiole these Individual luann, and I hope lt make arrangements with several local banka lo. transact, this business on a margin of two per cent profit-thut ie, if they can get the money ai four per cent. .UVv lend lt to the farmer at six per cent. I tan myself place straight, loans ut live per cent. In New York, but lt would not bc possible for me to handle them in steal! amounts. In the matter a*, sales of cotton, I am in tjnch" with a gentleman from Europe who ls familiar with the cot ton business, and I am satisfied that arrangements can be made to sell cotton? direct to tho mills. . , I believe that the ?tate warehouse system ls a scientific solution of tho cotton problem. It is tn tts infancy, bu* caa bo developed to handlo the cotton in eich of the Southern Statii on Ute same plan that wo are purxu sclllng by mills to protect purchases of cotton ic now a necessity, bicause of wide fluctuations in the price o? raw. cotton. This expense ? ls now borne by tho cotton planter. A strik ing example-was had a few days ago. When a report was circulated In tho exchanges that Secretary Houston had.said there would be no reduction pf}acreage. Prices broke sharply, which enabled short sol tors to get out of the market, and who probably circulated the story for that purpose. The uext day, un a denial by Mr. Moisten; the market rebounded to a higher point than. ever. It le to be hoped that the secretary of agricul ture will find out the .author of this ."conspiracy In . restraint of trade" and prosecute them to the limit ci ?he Tho farmers need orr-anlaatlan tro :?S" to ranko their power felt. At pros ..alue. cotton ll eil go eral States. The Farmers Union ?; strong in Terms cud North Carolina. We. should revive it in tho oilier State! so'as lp enable ut? io act to getfler in securing proper lej-iKin tlon, not only handling and marketing the crop, but In restricting produc tion. Thc present ribo in tho price of cotton is deceptive and* if lt leads' to generally increased uso or fertiliser and. enlarge?! acreage tho result will bo dlKantrouc. Those Interested ia cheap t^ton can act as a'unit. Vye i ure u disorganised nissa, each man for himself, with on cone-ert of action. I Tho warehouse Lill ls a tine example j of what can. be "nccompHsihed by so?* ? centrated effort. Fellow Farmers, let us ? organis? and act together. We create the cred its, we have the numbera, why usc our powerT ? . ' ... '., .?> Hespert fully. JNO. L. M'l.AIUMN*.