University of South Carolina Libraries
ESTABLISHED 1844. The Press and Banner ABBEVILLE, S. C. The Press and Banner Company PUBLISHED TRI-WEEKLY Monday, Wednesday and Friday. Telephone No. 10. Entered as second-class mail matter at post office in Abbeville, S. C. Terms of Subscription: Oi.e year $2.00 j Six months 1.00 Three months .50 MONDAY, JANUARY 19, 1920. THE HANDLING OF SINKING FUNDS. Some four or five years ago the trustees of Ab- I beville School District were induced by the writeV to elect a Financial Agent for the district,' whose j duty it was, under the law as amended^ to collect ; - - .i - e 1 i all sums of money belonging to tne sinKing iuuu the district and invest the same and keep such | fmnds invested for the ultimate payment of the bonds for which the sinking fund was authorized. The measure was adopted for several reasons. \ Among the reasons were the following: The Board of Trustees is a constantly changing tody and there was no continuity in the business J management of this fund. First one man was at the head of the Board and then another, with the i result that the one had no knowledge of peculiar | circumstances attending the transactions of the j other, and the business- of the district was not managed as it otherwise would have been. The Board meets only at stated periods and mat- j tare are then brought before it of which the mem- j bers have no previous notice and decisions are then and there reached without mature consideration of the business to be transacted. And being many members of the Board the old saying that what is ereryfbody's business is nobody's business applies, aid matters do not receive that individual attention to which their importance entitles them. ? ~ - - ?J r?i?: ? The JBoara 01 Trustees ana me uuaix-wan ui mv , B?ard serve without pay. The services being gratuitous should not be made burdensome. Attention to their own business affairs forbids that they should give to the affairs of a public nature that mature thought and judgment which these matters skould have. \ When certain men have large amounts oi public money under their control there is always a clique or an inner circle who are able to borrow it on easy terms and who wish to use their own discretion as to when and how they shall, pay. This is true it matters, not what body is handling the particular fund. For these and other reasons which will suggest themselves to the public the Board of Trustees secured the enactment of a law providing that the sinking fund of this school district should be managed by a Financial Agent for the district to be selected by the Board of Trustees, and who should receive five per centum of the annual income from investments as remuneration for making the investments and looking after the same. The results I . I the action taken have justified in every way, and to the fullest, the judgment of the Board of Trus- / teee in securing the enactment of the law. The Farmers Bank of AJbbeville was elected as Financial Agent of the School District and in a little while the fund which before had fluctuated from nothing to a few thousand dollars had reached a total more than 6ufficient to pay off the bonded mdeDteaness of the school district, and that many years before the bonds mature. We mention these facts as a suggestion to other bodies handling funds of this nature. More and ore every year the municipalities are voting bonds. The issues of bonds by some of these municipal corporations are reaching enormous amounts. In a little while, unless the signs of the time deceive us, lie counties vrill be issuing bonds for public purposes. The law which allows these issues of bonds in every case either provides, or should pro?*? .v - ?i-;? - r.? J i._ ? viae, ior we rawing ui a iuhu iu icuic mc uuuuo, usually denominated a sinking fund. When these bond issues are small it may be said that it matters little if these sums are from time to time applied to otfcer purposes, or even wasted, but when it is considered that the bond issues in many places, and in Abbeville in a few years, will amount to a large percentage of the actual value of all property the ' importance of carefully husbanding every dollar of the money raised for the payment of these bonds becomes evident. If this is not done, we will wake up to the fact one of these days, or our children will, that they are heavily involved in a debt, due and pressing, with no funds to meet it. And there nil be this additional consideration: The streets low being b.uilt, the water works system already constructed, the light system and the sewerage system, none of these public improvements will last forever. If wheii they need replacing, :or extensive repairs, we^ or tho^e who are to come after us, find that the city, is already heavily involved in debt on account of previous bond issues and that the ; 1 money raised by taxation for the retirement of these bonds has been applied to other purposes, good or bad, or that these funds have been wasted or not K?properly cared for, we will find ourselves unable to refbuild and to keep up with other cities with modern improvements. For these reasons, we suggest to the city authorities in Abbeville, in Abbeville County, and elsewkere, that a law should be now enacted by the legislature providing that whenever a bond issue is authorized, or wherever one has already been au tftorizea, me city council, or me gu?ciuing uuuj, whatever it may be, shall at the time or the issue or now, elect some banking corporation or trust p. - company as Financial Agent for the city or county to handle the sinking fund for the bond issue, and J that this Financial Agent shall receive all sums of money going to the particular fund, invest it in good interest bearing securities, keep the same so invested, be responsible for the management of the fund under the law applicable to other trustees, and that 'it be paid the remuneration allowed to other trustees for the handling of such funds. If such a law may be passed the authorities that be will be more than gratified at the results achieved we believe; if some such law is not passed, the public may expect to suffer. The fact that one administration of the affairs of a municipality is careful to take care of these funds and place them where they may not be expended will not amount to much if the next administration may take these funds from the safe place in which they have been placed and expend them for anything suggesting itself to the latter body as desirable, if not advisable. ! Unless some such prevision is made for caring for the funds thus raised*. guaranteeing that they will be forthcoming to pay the debts for which they are raised by taxes levied against the people, we advise the people in Abbeville, and in Abbeville County, and elsewhere, to be slow in voting bond issues in the future. Pay day is sure to come. If there is anything which makes a day certain it is to fix that day as the maturity day of a note or bond. The wise man prepares against the day of trouble. THE CHURCH PAGEANT. I The Methodists, those staid and sober followers of John Wesley, at the Centenary exhibition at Columbus, Ohio, last summer reverted to fourteenth century customs and revived the miracle play. A stupendous spectacle costing millions of dollars to present was produced, which added in a great degree to the attractiveness of the exhibits. Quite recently the Inter-Church World Movement officials have presented this stupendous pageant at Madison Square Garden. "The Wayfarer" is the vehicle that is being employed to attract advanced intelligence .to the church and to the Bible as were the miracle and morality plays of the medieval church employed to appeal to the simplicity of the fourteenth century folk. The miracle play has its origin in the mass-service of the Catholic church at Easter and Christmastide. The first recorded play was given at a celebration for St. Catherine of Dustans. The ordinary services, say at Easter, weTe enriched with special j ceremonies, such as burying the crucifix in a tomb j of the church on Good Friday and disinterring it on Easter morning, vith monks and choir-boys to take the parts of the three Marys, the angel at the j tomb, and the chorus of rejoicing angels in heaven. j These little ceremonies gradually became detached from the service and were moved from the church into the church-yard. Later when the crowds dese- j crated the graves in their eagerness to see and hear, the plays were transferred to the public ciiioya Rir /""Tiovtr>a-r'e timo tVioco "mirao nlnre" or "mysteries'' had passed to a large extent out of the hands of the priests, and had come under the control of the guilds or trades-unions. These guilds presented the whole of the Bible story from Genesis to Revelations, in a series or cycle, the largest of which was the York cycle, containing 48 plays. It was the aim of these great miracle-cycles to give j a connected view of God's dealings with man, from the beginning of the world until its destruction. The miracle, plays attempted to teach only what j is necessary to man's salvation, dealing solely with matters of belief. Apart from these, yet a natural outgrowth from them, were the morality plays, which treated Of the side of religion which deals with matters of conduct. By means of personifications of the Seven Deadly Sins?Death, Lust, Vice, Greed, Old Age, Virtues, both good and bad, the morality play presented the conflict between sin and righteousness for possession of the human soul. Oftentimes real slapstick comedy was added to the church plays, as in the Building of the Ark, presented by the Shipwright's Guild, Noah's wife does not relish being cooped up without her "gossips," leaving these amiable women to drown. Noah finally resorts to arguments of blows and drives his scolding helpmeet into the Ark, to the great delight of the crowd. Mr. waiter Hampden, wno nas recently come into prominence for his Shakespearian impersonations, notably Hamlet, is playing the part of The Wayfarer, and is supported by a cast of over 3000 characters. He is answering the critics who are opposed to allowing the figure of Christ being featured on the stage by his aim to keep the standard of the miracle play so high that it will be reckoned an honor to be allowed to have a share in their presentation. " ' Dr. Frank Crane, of the New York Globe, and contributor to several papers in this state, thinks 'that' tKe main reason why plays ..with ..the .religious motif do not succeed upon the secular stage is that they are r/ot well enough done. Shall the church revert to the theatrical business, no matter what the end to the means be; shall the deacons, stewards, vestrymen, and elders of our Protestant churches become ushers and ticket collectors; shall the ministers become press agents for the shows of their church? All of these and similar questions are going to be sources of watchful interest in the future as there are many communicants who believe that it's all right to "rob Peter to pay Paul," so long as the end desired is attained. i THE RETURN OF THE RAILROADS. Gei^ral Approbation. l-'rcsMe*.".*. by his action, has refused the \ requests of union leaders for a year or two more of Government operation, and this attitude will meet with general approbation, for the public wishes the roads l'eturned as speedily as possible.?Bi-.ngor (Me.) Commercial. ..The announcement will be generally welcomed hv all excent the few fadists who believe that. Gov ernment ownership is advisable, and excepting those employes of the railroads who have been the fecipients of special favors, pecuniary and otherwise, at the public expense.?Middletown (Conn.) Press. A Popular Move. _ The return of the roads to their owners is a popular move with the general pilblic, although there are' many factions opposed to such a move for at least two years. Among these are the American V Federation of Labor, some organization of the farr* ,/ mers and the railroad brotherhoods. But the business men and the great majority of the farmers are no more in favor of the nationalization of the railroads than they are for the Plumb plan.?Wahsington (D. C.) Herald. The Logical Way. Of course the logical and only way to deal with the roads is to turn them back as quickly as possible, surrounding them with legislation that will prevent the abuses which the past disclosed on both sides. The roads must not be subject to attacks by Legislatures that will rob them of sufficient revenue I to maintain them. On the other hand, they must r.ot be permitted to fall into practices which have ' . Cot if: || Law Middling Strict Grfo(ji bfdinary.. IGood Ordinary Ordinary /..A. These prices are offered \ ton Association. | They ask that you give th< until Feb. 10, 1920. 'If interested Planter! The Progre: . ABBEVILl I 7 7 1 the world at 11 ^<$i0ki&isii&S?&r Camels flaw Jjxi^ win you at one I what Camels < I I mmi S choice Domest I kH this blend to eit IINnHNI' ' any unP'easal DlI'MVI pleasant cigan 1 1P 1 p; wi t0 discover ^ iiiliiliil!' viiiJililiiiwiiiifel'H'illiii without tirin IlKilfflK Take Camel cigarette conte p I ill' msr^ ? it iliiii1 m r- > rev * .' '' : i * i. vi wrecked great railroad properties in the past, ca^^B^ng ing unfair treatment and serious loss to the publiVHSnP Economy and thoroughness must be enforced on th^H?fi?M railroads, as well as in all other businesses.?Utica (N. Y.) Observer. uur rirst uuty> Profiting by what has been learned, our first duty in peace is to restore transportation to normal conditions, with national oversight both liberal and just, so that the greatest of our industries, next to agriculture, shall be carried on in the public interest and never again made the pawn of gamblers or # the sport of demagogues.?New York World. On top of the Federal budget of five or six billions theiij cannot be piled* another billion for arrears and deficiencies of railway operation and betterments without the notice of the millions of Americans who are neither farmers nor unionists. The time has come when the United States must be operated for the benefit of all rather than for the profit of combinations of classes against public interest. New York Times. ^ Back to a Peace Basis. Restoring the railroads to their owners will be mother tremendous step in getting back on a peace basis and will be sure to have a stabilizing effect on national industry and business in general. It may _ require some years of hard work to bring the railroads up to their pre-war efficiency, wken they were conceded to be the best in the world, but American brains and energy are equal to the fraek.?Birmingham (Ala.) Herald. ^ ton ' p J i I f. 'I 1 $ 4 Ill ' -Mr J, call at the " $ 7 i 5 Bank | .J nve Bank. ij: . LE, S. C. , \ j? ] I \ ^ I arettes made to B et your taste! B| offered you as a cigarette entirely |l||t iinary?a flavor and smoothness IS |?jj ttained. To best realize their qual- ij jijj Camels with any cigarette in gj|t any price! c ' ||||| >r is so refreshing, so enticing, it wiH II j||j e?it is so new and unusual. That's |jlM jxpert blend of choice Turkish and JiijijllBJ ic roDacco gives yuuj iuu n pad 1 her kind of tobacco smoked straight! fil l I 1 )ke Camels, you'll note absence ?f |J 1 . x ^ it cigaretty aftertaste or any un- |J| I itty odor. -And, you'll be delighted || 1j i, \v it you can smoke Camels liberaWy JI j ' g your taste! i | s at any angle?they surely supply j j |i tntment beyond anything you ever | ||j| They're a cigarette revelation! |j||| ot miss coupons, premiums or gifts. j| j|' refer Camels quality! 1B 1 mrm. mM ?v?rvwft^ri> in *c: e nt lfica 1 lv sealed Dock- i'ltiliill'lf jfl f20 egarettes or ten packages (200 cigarettes) in a IM I ||l! ' I ->e-paper-cove red carton. We xtrcwfUy recommend |5^l 'jP]1, j rton for the heme orolhce supp.y or when you travel. j I'l J lill H NOLDS TOBACCO CO.. Winston-Salem, N^C. Wr _ :L t - ?fil J J