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The Press and Banner o- ~^" ----- - ABBRYILLK, fS.O. Published Every Vfediiesday by W. W. Bradley, W. E. Bradley, President Vice-President Wednesday Uct. 2b, l *i'i TAKEN TO TASK. Under the caption, "Careless Com ment," the Greenville Piedmont f j takes issue with an editorial which * appeared in the last issue of the Press and Banner, ancnt the attitude "... of cotton mills toward the farmer in ? J' his present crisis. The Piedmont very generously re frained from naming the paper to which it referred, since it relerred to y the editorial as of the kind "which enable us to understand how Cole Blease made political capital out of . . attacks on newspapers." stated that the cotton mills of South Carolina have fo? years had an un Jn the -editorial referred to, we derstaiHlinjr mar me\- woum um %J. . v. ft ? . ' v compete with each other in certain j ' allotted territory. This feature ot our editorial the Piedmont didn't *attempt to deny, and in the light of "-'..certain information which we have, ~ we are not willing to recede from. Our statement that mills are mak Ing something like 100 percent on contracts sold ahead we will have to ?.' t..V modify. The Piedmont quotes some figures * ". to show the decline in cloth as be .^'tween Ju?y and October. Admit his ?{< figures correct for sake of argument, j'"., r The three grades of cloth mentioned |\ >'V * showed a decline in pound value of \ manufactured cloth of 7.35 cents, (i.87 f.v' .cents and G cents, respectively. It ( may be mentioned in passing that s''the editor of the piedmont has i*iv- . - adroitly selected the goods*that show %"?! the greatest' difference. Here are . ' -so.me quotations from the Journal of ^ v^Ob'tnroerce of October 20th covering ^ the same period as that referred to by the Piedmont: 3A .yard goods, unbra$ided sheetings, 34 cents decline ^ ( oh . each pound of manufactured ; v 4 product; 4 yard goods 5 cents decli ne on each pound of manufactured t'product; 5-yard goods, 5 cents de cli ne on each pound of man ufactnred * product, and 6 yard goods 4.1 cents ^ declineon each yard of manufactured X" goods. Striking an average of the prices quoted by the Piedmont and those here taken from the Journal of ' ' Commerce, we have an averaged de cline per pound of manufactured product of 5.55 cents. Cotton sold in July from 13.75 to 14 cents per pound, and it is now selling at G to 0] cents; a decline of 7 cents per poiuid. There is then :i ^- profit of easily 2 cents per pound in the cotton alone on cloth contracts sold ahead in July, taking the aver N < age; while there is a profit on the ; /'. cotton alone of somethiug like M cents on certain other grades of cloth pounds. To this of course is to bo ^. added the usual profit by the mills at ;--f . the higher price of cotton. The Piedmont may have shown that our statement as to mill profits wps not;mathematically accurate to the cent, but it has not shown from the facts that we were in error except V in degrees. i . We would not wilfully harm the cotton mills, for we recognize that not even the cotton producer is a greater factor in the life of Southern ' v industry; but we submit that instead of buying from hand to mouth, in stead of withholding from the mar ket by concerted action, the mills should in this extremity make a j- market of Southern mills by buying liberally. V ' While we are not convinced of any serious error as shown by the Pied r mont's editorial we have had certain r .Side lights thrown on the mill indus . try by certain friends, who aje stock holders of the Abbeville Cotton Mill. ? ..... ... , , We stated tnat many muis nau soiu ?.V- their output from six months to twelve months ahgid. We are relia bly informed that this is not the ease with the Abbeville Cotton Mill, but ' on the contrary, it has large quanti v ' *\ ties of cloth on hand, manufactured : \ from high priced cotton, that must be sold on the decline or held for better times. This being the case the ..Abbeville Cotton Mill must lose on -> . * c' -- its stock much of what it may make C .. on new contracts. As we saw only one side of the proposition we must 'K-. 1n fairness acknowledge our error as to the other side. ' Xfi V i>'.' "v * ONLY HOPE IN KOJN1J iSSLtt. 4. .* - Why must the State of .South Car ' A - - olina ask the Sec^etmy of the United States Treasury# 6r anybody else, to v. approve her bond iSsue ? The State ^ , has the sovereign right to issue bonds for any purpose whatever or for no purpose at all. It has the a - right to base those bonds on any of her property, personal or real, or on no property at all, pledging her cred it simply*. But in the Contemplated r. bond issue, the State will have cot ton as collateral, at a price not less than the cost of production, and LV hence, atla price that it must ulti ' mately recover, and none of the pro ceeds of the bond issue will bo put Vv out exc ept on this collateral. ,?v "? If n one of the bonds can be sold outside the State many will be bought in the State, for they can be used by the banks as collateral, to borrow money under the Aidrich rv y / Vreeland Act and thr Regional Re serve Act, which will give . us a healthy expansion of currency, to' the limit of our resources. Then ajfain, there are low merchants who will not exchange their accounts lor the State's botuh hearing six per cent: for the ho nets can he used as collateral in Xrw York, where cotton can i?o!. If cotton production is I'cducetl, as it is sure to he, whether by legisla- j tive enactment or voluntarily, thej value of cotton will improve, and ' the State's risk will he proportion ately reduced. It is just as fair toj assume that cotton, with 'reduced acreage, will resume its normal price, and after the war go much higher than :it anv time within late vears,! . .. .. . . ! as to assume mat 11 musi umav.i u-j main at G to 8 cents. li'tlie .State undertakes to shoulder, a pail of the cotton producer's bur-J den temporarily, her constitutional i right to limit production, by an Act, e at least lnorally strengthened. if cotton should not advance with in three or five years to^i price that would liquidate the bond issue with out loss to the State, and a third of the debt would have to he usiid by direct taxation, real estate would pay four-filths of this tax. If an imme diate remedy, such as a State bond issue, can,sustain realty values, a.s it is likely to do, even in this crisis, that &1111C realty will be the better }Ale to bear the brunt of liquidating the debt gradually, when the'erisis is passed. The bond proposition resolves it self into this: will the people, who are the State, distribute their burden over a term of years, with strong hope of losing little or nothing ulti mately, or will they take a stunning loss, at one blow, from which they can not recover in the next decade? When the bond issue was forfced through the Senate by sheer force of logic, it was not supposed that the 00HUS I'OUIU USl'U il? tl MI1U of bulky currency on intrastate ac counts. Now it develops as a result of a legislative committee's visit to Washington, where it was in confer ence with officers of the Regional Reserve Board, that the contem plated South Carolina bonds will be acceptable to the regional reserve banks. This means that South Caro lina has gotten the lead of her sister States, and through her bond issue, she is going to be able to borrow money not only within her regional territory, but in Western and North ern regional territory with prefer ence over other Southern States that are not so armed with collateral. Then let other States issue bonds, or not, reduce acreage or not, South Carolina will take care of herself, il she will proceed to enact the pend ing bond bill. MAIN BKXKFICIAUV, THK liUUDEN BKAItKK. % * It is surprising that the editor ol the Columbia State, who is usually so logical and so unbiased in discuss ing public issues, should display so much vigor and such shallow argu ment in opposition to the Cotton HmiuI I?iif His :iro,mn<>nt is bused on the assumption that cotton must* always remain at present or lower prices, and the State will be forced to make up a deficit on the bond is sue of which its citizens have gotten the benefit. Spinners admit that they could pay two to three cents more for cotton than they are now paying and make a good profit at present prices for cloth. There is at present no foreign market for cotton, a condition that prominent English officials tell us*can not last long. Distress cotton is being thrown on the market. There is every prospect that the burden assumed by the State will grow much less, if indeed it is not entirely wiped out, even be fore the close of the war. Jt makes, little difference what the several Southern legislatures do as to next year's crop, for the people are them selves reducing the cotton acreage by planting oats. liut says The State: "Of the white population of 720,000 in South Caro lina at least 100,000 have little or nothing to gain from the bond scheme." This 400,<*U() must be made up of merchants, lawyers, railroad em ployees, carpenters, mill operatives, public officials, business men of va rious kinds, and day laborers. If the bond issue can not improve the condition of these, it can certainly make it no worse. Surely the editor of The State has not heard of the trains that have been taken oil' the roads. He has*not noticed that the sound of the hammer has ceased. He has riot observed the long faces of professional men. lie has not asked his merchants of their collec tions this year as compared with last. If it can be shown that in\i cotton country all industries are not affected by the price of cotton falling to little more than half the cost of produc tion, the readers of The State would like to seethe process by which the conclusion is reached. It isarecog-j nized principle that when the farmer prospers all industries prosper and! the converse is equally true. Again, says The State: 4,ln the last analysis, the load of public debt is in great measure carried on the shoulders of labor." This sounds like campaign thunder. Inspection of the tax books of Richland county will serve to convince the editor of / Thr State that the mm 1o whom the benefits wouM accrue mainly, Il??j farmers and merchants, would bear eighty-five per cent of the burden in refunding the dcl>t, il' it is not re funded by advance iy tlnj pricn of cotton. These men are willing to inee: the b;;rdeh when they have had opportunity t<? prepare for it. iiui it is not unreasonable thai they ask the aid of Hie Slate to nieel a ca lamity that they could not have fore seen and for which they are in no seine responsible. It is a fact that citizens of a State may do collectively what they can not do individually. The individ ual's note, iu times of financial stress, may not pay debts, but the State's Ixitwl tfill A h/\tisl Ku?.ivino' nor r, - r ? cent interest, payable in three years, backed by the'credit of a State whose public debt is comparatively noth ing-, is not going to be hawked about, either at home,or abroad. If the statement of the "Reserve Board of the regional banks to the effect that the "South C arolina bonds, slightly modified as now proponed, will be acceptable to lh?-? board as security, means anything, it nn-aiis that these bonds will be accepted at their face by regional banks, as se curity for loans. It means that they may not only furnish a basis of credit to borrow all surplus funds in the regional banks of this locality, but they will be accepted as \vell by Western banks, where money is plen tiful and demand is light. Hut if not one dollar of these bonds could be sold, thV-y would be accepted in payment of debts by South Carolina merchants who will gladly wipe their accounts off their books in ex change for the State's bonds bearing six per cent. The editor of The State is in error again in assuming that the tenant farmer would not get the benefit of a bond issue such as is contemplated. As an act juf mercy toward the ten ant as \\;e!fas for self-preservation, the landowner in tlie vast majority of instances is helping the tenant t(> hold his cotton, until conditions are more settled. Will the editor of TIfc State say that the end does not jus tify the means if these te nants may settle their debts with bonds in ex change for cotton ? And we assert positively that we. have heard mer chants who are financially able to perform what they undertake, suy that they would gladly settle all of their lien accounts by accepting-State bonds in settlement. The State of South Carolina, COUNTY OF ABBEVILLE." PltOHATK COPKT. ^ in tlie- flatter of tin- Estill*1 t?f Bui.Pit S. Bell, Sr., lJorejistsl. Xotiee to Debtors and frPditorS. All poisons indebted to said estate must settle without delay, and those holding claims against the estate must present tfiern properly attested t o Koliei t S. Bell. Admr. Trespass Notice. We positively forbid any bunting, fish ing or trespassing on our lands, day or night. Iiy white or black. Friends please do not usk any favors in this wav. J. S. Stark, 11.G.Smith, .). A. Wilson, Bob Bowie, S. L. Wilson, D.H.Hill. Oct. 5,1914. Agt. Cabell Estate. Estate of Richard Teunant, Notice or Settlement and Application for Final Discharge. Take notice that on the I7t.li day of No vember. 1!>H. I .will render a linai account of my actings and doings as Administra tor of the Estate of iiichai'd Tennant.dc eeased, in the oil ice of .Judge of l'robate for Abbeville County at lit o'clock a. m.. and on the same day will apply for a final discharge from mv trust as such Adminis trator. All persons having demands against said estate w;ill present them for payment on or before that day, proven and authenti cated, or be forever laired. * : *.? , \Y. M. Tennant, Administrator. % ? At tne New Cj yfK UGXt <JOJ GC w The Olympia candy kite!] w you want. We keep a nice ]i 'ft fruits of all kinds home made /ft specialty.--Telephone No. 56. I N. Q. ME I n I Cigars Speed's D Phou Always Read} Stationery wa , fhs State of South Carolina,1 ABBEVILLE COUNTY. ; Probate Court?Citation for Letters of Ad ministration. I | By -T. F. Miller, Esq., Judge of Probate. | . W'lie.iVHS, George Albert Mclhvuin hath 1 made si.it to me. to grant him Letters of I Administration of ti.e Estate and effects of Mrs. Vaginia Hagaa 31cll*vain, late of : Abboviiie County, deceased. These are therefore, to cite ;ind admon-. J i-.li nil and singulai ihe kindred and eredi-j tors'nf the said Mrs. Yaginiit Ifagaii Mell-! wain, deceased, that they he and appear, before me. in the Court of Probate, to be j held at Abbeville C. H.. on Thursday, the 5th of November, it'll, after publication hereof, at 11 o'clock in the forenoon, to I show cause if any they have, why the said Administration should not be granted. (liven ui/der my hand and seal of the Court, this 22nd day of October, in the I year of our Lord one thousand f ine httn I (Irod and fourteen and iu the 1.19th year of I American Independence. Published on the 2fth day of October. 1014, in the Press and Banner and on the I Court House door for the time required by j law. T. F. MILLER, Judge of Probate. I STATEMENT of the condition of The Peoples Savings Bank located at Abbeville. SC. at the ciose of i business Oct. 21,1914. RESOURCES. ! Loans and Discounts $177, <25 97 : Overdrafts. ,. 95 Furniture and Fixture* 1,200 00 ' Bankrtig House 3,000 00 I Other Ileal Instate ownou. uiu nu I Duo from Banks and D?nkers.11,720 .?>fi Currency.. 4.805 00 Goiri * :: >45'00 Silver anil other Minor (.'??in. .. !>oo r?u Checks and Cash Items 1,135 06 Total...,!. $204,988 44 LIABILITIES. Capital Stoek Paid in i 2l(800 0!) l Surplus Fund.. 21,800 00 Undivided Profits. l<!ss Currerit Expenses and Taxes Paid..,. 1.880 72 Individual Deposits subject to Chock 53,472 24 Savings Deposits 3(1,000 00 j Time Certificates of Deposit 1,029 48 I Bills Payable, including Ortiii ? eal.es lor Money Borrowed.. 75,000 00 Total.. 1.5 #201,988 44 1 State of South Cnrolina; / - 1 County of Abbeville. ? s" j Befole me came \V. F. Niekles. C.ashier ! oi the above named bank, who, being duly j sworn, says that the above and foregoing [ statement is a true condition of said bank, .is slfpwn by the books of sairl bank. W. F. Niekles. | Sworn to and subscribed before me this I 27 day of Oct., 1914. T. C. Thomson. Notary Public. i Correct Attest: i r, s .Tillies. i , >8. G. Thomson, ' - Di recto is. 6. A. Neuffer, . \ , ?__ STATEMENT . , of the condition of The Farmers Bank of Abbeville County, i located at Abbeville, S. C., at the close of I business Oct. 21st. 1914.. i RESOURCES. I Loans and discounts .. $203,619 84 Overdrafts : 2,318 11 Bonds and Stix:ks owned by the Bftnk 4.100 00 Furniture and Fixtures ... 848 00 Other Ileal Estate owned '... 5,014 77 | Uur- iroin l>aiiKS aim i>;iiik?:is i[ Currency ...... |Ot>itr !.... i Si Ivor ami Other Minor Coin. ! Checks and Cash Items T">al H UATVTTilTrKS. Capital Stock l'aid In . . . > 75,000 00 Sui*i?1 iij= Fund ....'. 10,750 00 . Undivided Profits, less Current Expenses and Taxes Paid 1,729 27 Dividends Unpaid ^ 179 00 individual Deposits Subject to Check 44,788 80 Savings Deposits 50,082 31 Time Cert ideates of Deposit 5,229 14 Dills Payable, including Certifi cates for .Money Borrowed 50,000 00 I Reserve Fund Carried on Gen eral Individual or Havings Ledger 827 31 0.382 00 1,115 00 581 25 !K)G 96 5244,585 83 * ran oo .LOlill eft Statu-of South Carolina, ? Count y of Abbeville, j Before nie oanie J. C. Thomson, Cashier of the above named bank, who, bein# duly sworn, says ttiat the above ami for?agoiii? statement* is a trim condition of said bank, ?is shown hy the books o!" said bank. 1. C. Thomson. Sworn to and subscribed before nie this I 27t.il dav or Oct., liH4. IT. G. Smith, Notary Public. I Correct Attest: j C. C. Gambrell, j J. F. ISarnwell, Directors. F. E. Harrison, * rvctmr > ? > xtum.au, ja hua. ataMCBK??Maa?aau?aBt \ Of Metiers Egotistical. The egotist. wouldn't be satisfied , with himself unless he felt that every I body else was also satisfied with him. i w rted?the best in I>??tii. ^ andy Kitchen $ irt House , ^ ) TO W en. I!" it's candies or fin its W nc of fresh candies and fancy \|f candies and ice cold drinks a- Vf/ Any order will be appreciated. \f/ <os & -*c-? vt/ a** >*. ^ Candy rug Store. e 18. ' io Serve You. Toilet Goods That's exactly- what thes and at the prices we They are positively unmt Consider them from ever; fabric, workmanship, ti mings. They'are the bts the world for the moi wear one, then you'll kr Prices $6.50 $8.50 $1 $12.50 $15.00. A GREAT OP \ w i< Is now ot / v.- . ? '. Who have in sto( of New Broad Clc bendines and. otiier Goat Suits and Dre These goods were be pean war broke out, 1 colons and quality. It will have Linings Buttons i trimmings for coat suit or for any article in Ladies interest to see our stock. low. tmmm \ t . :y J?i .. ./ '' ' ?k a complete Iifife ; >thes Serges, G&l) wool fabriques for ! ^ isses. 7 1 M mght before the Euro Ihey are the latest in pay you to see the line We ind all other nessessary Dress, when in the market wear. It will be to your rilson Co.