The Abbeville press and banner. (Abbeville, S.C.) 1869-1924, February 23, 1920, Image 4
ESTABLISHED 1844.
The Press and Banner
ABBEVILLE, S. C.
The Press and Banner Company
PUBLISHED TRI-WEEKLY
- Monday, Wednesday and Friday.
Telephone No. 10.
R; '
Entered as second-class mail matter at post office
" in Abbeville, S. C.
Terms of Subscription:
One year $2.00
Six months ? 1.00
Three months .50
Is
MONDAY, FEBRUARY 23, 1920.
Rk
MiiNiriPAI. BONDS. ^
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1 :
On several occasions in the past we have referred
to the matter of the sinking funds for the
f ultimate payment of the 'bond issues in the city of
Abbeville. We have advocated the selection of
some banking or trust company to handle the money
annually collected for the retirement of these bonds
at maturity, to the end that the money might be
iaken from the control of the local authorities, a
body which is constantly changing and which is too
often tempted to make investments to please some
set of individuals, or otherwise to endanger the
safety of the money entrusted to their care.
We are glad to see that these are other people
-muf+.pr attention, as well as to note from
(giving .
the article below quoted that at least in some
states there is legislation looking1 to that end. In
a speech made recently by Wm. Henry Holt, of New
York, before the League of Virginia Municipalities,
he referred to this matter in the following words:
Serial Bonds.
"In my opinion, the general law should, in the
third place, require all municipal bond issues to mature
in annual series of installments, and should
abolish the sinking fund system for future bond issues.
The cost to the community of issuing serial
bonds is exactly 'the same as the cost of issuing
Isocalled 'straight' or 'sinking' luna Donas, maturing
all at one time, provided the sinking fund earns
interest at the same rate that the bonds bear. But
in point of fact municipal sinking funds are not usuly
ally maintained as they should be, and it has seemed
to be impossible to prevent mismanagement and
losses of such funds. Again and'again the absence
or insufficiency of the sinking fund makes it necessary
to refund the. bonds at maturity and to post.
pone the payment of the debt to a date long after
.?.i? ?;?fVio iif0 nf the imorovement for
IWiC CApuai/iVii vx ^
which it was incurred. Bond dealers and investors
now understand serial bonds and look upon them
with favor. It is noteworthy that Massachusetts,
New Jersey and North Carolina require all dty
bonds to be issued on the serial plan.
Payment of Old Bonds.
. "In the fourth place, the administrative code
should not only insure the final payment of new
bond issues at maturity by requiring serial pay'
ments, but should provide a definite plan for estaib
lishing and maintaining sinking funds for old
straight bonds. This could be done ,as it is aone
in New Jersey,* by placing municipal sinking funds
in the hands oflocal sinking fund commissions indeg||:
pendent of the local authorities, by creating a new
Mfe-V: state officer to' supervise the maintenance and administration
of sinking funds, and by requiring
I municipalities to make certain annual contributions
to their sinking funds. It would be impracticable
Kr , in many cases to make good the present deficits in
?? sinking funds, due to mismanagement and losses in
| gfc'; ' the past. The tax burden would be too heavy, and J
B&r; refunding must be allowed to some extent, cut
I there is no reason why the annual sinking fund conBp
' tribution should not be at least equal to the amount
I |L' which, if contributed annually from the original
K" date of issue of the bonds to the date of maturity,
assuming that the sinking will earn 3 1-2 or 4 per
5** iSSSgj^ent. per annum, compounded annually."
In South Carolina we have not yet had any legfislation
looking to the safeguarding of these funds.
The large number, and increasing size of bond isEV
^ sues by all municipalities should suggest to the
legislature^ this state the-enactment of a law
R|; looking too^he handling of these funds by some
body entity independent of the mayor and city
E?:- ^ council (r^a p$-ticj4ar city. But until it does, that
is no reaSSn why.gie authorities in Abbeville should
I*. not seek^fomo legislation which will serve the same
^ Duroose^n aft fa??as$his city is concerned. There
I w fiv?gbaij$s i#*- th? c^y of Abbeville anyone of . I
!*ti ^yhich will jthdSgta}^ thg m&iagement of this fund
?for a fftop&b rfimuneraTOn.^ W,e need a law which
mL, ^will agfthojgzeJke'TyeleflfcioiSof^ne of these banks,
Rn or m<??e ^an^ne^s ^SiSkirtg'FijC&d agent of the
|*?s. city rficeive asSj ittyest^the^ fg$hd&, with power
[to f^ceShe^ay^eriFinftt it$ ha5&ds'?of all sums
levies ^ th? C&y QPunal t|k retirement of
boR&s. 0 5 ? ^ ^ ^ *?T ?
^hti^theafcitjpCo^iciljse^S agd p?b.c\j&s the^en
ada^ei# oft lqgr lqgTriig tdj^hijgfendlit .Tpould as
well fcff tlgf pefcplegto gass^p jforthgr b^id iaSj&es.. ,
The management ^cf the si$?ki&g funds'ijf the^city
by the present City CouncSJ empha^zes^the n??essity
of so doing. * ** *?
OF HIS OWN GRAVE
H|i' jD\'a.-Tenn., of some
mtj 3 ceived by Sergeant Enoch Lawson7rec?ft
jgfr ^ charged from oft 117th jBffantry.^ ,The pho
B were sent by Hre War Dgfartmenl^and plai
i| p ' the grave i.; which the^bords oij^he Am*
M fgfcHonnry fyces rej^pt the Ajidy of^
u? jtovdon is no? buried. Strange ta> l-elate?
* i (B *
nz w r ?w ? w
1 rjZ ( 2 O O ^
El 5 CJ ; A>
K:o ? ? 4 V jraf- f'
s
ed corpse received the photographs addressed to jw
his father and viewed with much interest and en- ^
joyment the scenes of his interment. This incident Hi
was the climax of four reports previously received jjj
by the father of the soldier stating that his son had j|g
received the "wooden cross." A touch of local in- jjj
terest is given the sergeant's remarkable liveliness, Hi
despite the efforts of the efficient graves registra- ^
tion bureau to make a dead one of him, in that Law- jl
son was one time first sergeant in Capt. Fulp's com- m
pany, but was transferred before the company went jj
overseas.
We presume that the head of the graves regis- S
tration bureau will shortly receive the usual med- g
als awarded for efficiency.
A GOOD MAN TO HAVE AROUND.
A preacher is a mighty good person to 'have M
around if you are expecting to die or if you are jH
running a newspaper?that is he is a good person j|
to be around when you are running a newspaper if J
he knows how to run it. And Dr. Louis J. Bristol g
knows that. He can not only plan and preach a m
good sermon, ano deliver it in simple and elegant g
language on the Sabbath day, but having done ?j
that very thing he can go clown to the printing ofthe
paper, make up the forms, put them on the ?j|
the uauer, make up the forms, put them on the jjj
presses if need be, fold the paper and deliver it. g|
That is what he can do in the mechanical end. He H
' can also run the news end of the paper, and write S
editorials with the best of them. He can do all of lj
it and stay in a good humor.
And because he has been helping us out this ||j
week and heretofore we make mention of the fact. U|
He is a good man to have around?and that for ?jj
more reasons than one, or two, for that matter.
ONE USE FOR CAVALRY.
The London Post is raising a howl against the g|
recent ruling of the British War Department in S|
practically doing away with cavalry units in the ??g
army. It is a commonplace of military science that 11
the development of modern warfare, as exhibited in B
the World War, has rendered cavalry practically |1
useless. Speaking of the question with one of our jj
boys who was an inf^Vitry officer overseas, he re- H
marked that it would never do for 1 the United ?|[
States to relegate the cavalry to the salvage dump |H
for on one occasion in France in 1918, an infantry
company would have gone without rations if it had jE
not been possible for the supply officer to have bor- jjj
rowed some horseshoes from a skeleton troop of Jj
cavalry at Epinal.
V THE OPINION OF OTHERS. V j
V VVV^V^U V U
AN INABILITY LAW. jjj
Representative Fess, who proposes an amendment jS
to the Constitution underjwhich Congress, by con- jj|
' current resolution, may refer to the Supreme Court |[g
for decision the question of a President's inability gjl
to perform the duties of his office, dares not ex- f?|
plain why it is necessary to consult the Supreme jl
Court concerning a non-judicial matter.
The Constitution says that in case of the inability j|
of a President the power and duties of his office ||j
"shall" devolve on the Vice-President. Inability is |g
a question of fact. When a President dies, another H
question of fact, the Supreme Court is not asked |j|
for a death certificate. Then why ask it for an in- - jjj
ability certificate?
Should a Vice-President, on the ground that in- jj
ability existed, assume the Presidency and the Presi- jjj
dent should resist, a justiciable issue would arise, ]g
but courts do not commonly decide moot questions. H
The judicial function relates to controversies, and jjj
although the Supreme Court has sometimes under- |[1
taken the performance of administrative duties it ji
is averse to them.
The so-called blanket clause of the Constitution, ??
under which Congress is authorized to pass laws Ij
needed to carry a constitutional provision into ef- ?1
feet, seems to make a constitutional amendment 1|
si'mprprrtcn.fnrv T-f flnncrrooc pan dofino nrliaf iti_ I =s
terstate commerce is, or what an intoxicating bever- ; Bj
age is, it ought to be able to define inability and to H
provide how the fact of inability is to be ascer- (j|
tained.
The argument that Congress might not be impar- jg
tial has no weight. Would a court several of whose (j
members owed their appointment to a President be
more impartial? It is not wise to have a condition Hj|
under which the independence of the Supreme Court H
is impaired by making it the arbiter of delicate ?H
matters outside of its proper sphere.
It is now admitted that the President has suffered S
from inability for several months. The President [H
himself practically so acknowledged when he wrote ?H
to Secretary Lansing that no one could do his work. |?|
But Vice-President Marshall, who was the only one Jl
TtrV> a o nloo* +A + olr e\ fli a mifiofnrA n a^ . .
w uvs uuu a wgtu Ai^uv iw i/ctrw^ vi*^ luinaiiv J vaxvi iiv/o ; ?--act.
It is doubtful if any Vice-President would be ?H
willing to act under similar circumstances. So if jl
the inability clause is not in the future to be a jl
nullity, obligation rests on Congress to pass an in- J
e injury may be done to the coun- |jj
iterrcgnums during which it is Hf
:w York Tribune.
i hopes of keeping up the transey
rum might take Earning from gj|
a certain drug stoi-e in one of the (ji
>lina c;ties which some days ago ||j
report, eighteen hundred dollars |I|
/ . o bottles of beer, wine and iron. 35
:?f vmi Hiprp will hp somp- i
J" \WM
leedilv at that.?Index-Journal.
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The Rosenberg I
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Department Sto
Four * c r
j jj Stores nuucvmc) v#
III HARDWARE
= 3c
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1 11
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Farm Mac!
? ? 2
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We have just received another sh:
CULTIVATORS, STALK CUTT
ROWS.
i if (
Stalk Cutters and
% These implements are made by 1
vester Co., which means that they a
ity, Design, and Price.
Our stock of steel and chilled PL1
the best patterns in the Blount, Cha
can Lines; and you will find here the
for your requirements.
We carry a full line pf points and
and if we haven't the part you need
quick. /
! If
IIHarness
I! * *
An outfit from our Harness Dept. i
look like a Dan Patch. We have re
ments of Buggy Harness, Saddles, (
Double Lines, and Harness Parts.
Special Values in Work Bridles
months ago.
II
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II
I 3 8
I Paints and Va
| a i
j|
Now is the time to plan for your
There is no article that varies more
Paint, yet it is almost impossible to
when you buy. Peaslee Gaulberts Pi
the market for many years, and wF
you know you are getting the best.
New goods for all departments ai
We will be pleased to show you.
I!
THE
II ri l Alt
Kosenberg ivii
ill
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Her. Co. |
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res
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XT4.C41 IJ || jj|
Departments
STORE I j
11=3
H . Hi
lenery ' I |
?**=ft'
ipment of RIDING
ERS AND HARfig
i SB
Harrows I
International Harre
RIGHT in QualOWS
include all U
ttanooga, and Vuli
Plow best siiited
repairs in stock,
I, will get it for you t
B
*
vill make a "plug"
iceived new shipDollars,
Breeching,
1 Ll ^1
f oougni several
II 9
3 ===
I ^3
gj|
rnishes ' I
Spring Painting. j
in quality than
tell the. difference
lints have been on
len you buy them,
= 2 Hgf
81 H
re arriving daily. H
s
si ^
I
ere Co. |