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Established 1844. THE PRESS AND BANNER ABBEVILLE, S. C. The Press and Banner Company Published Tri-Weekly Monday, Wednesday and Frid^. Entered as second- lAass matter as post office in Aoheville, S. C. . Ten as of Subscription: One Year $2.00 i Six months : $1.00; Three months .50 FRIDAY, JANUARY 7, 1921 WAR FINANCE CORPORATION Whether or not the passage of the War Finance Corporation resolution wilt prove of benefit to the farmers of the country is yet to be seen. The measure was originally passed for the purpose of financing exports to j other countries and of enabling these j countries to secure credit for such \ periods as were necessary in order to | pay for the thjngs exported. It wasj 1 and is a government agency thought; to be necessary in order that the peo ple might be saved from panic fol lowing the end of hostilities. Ordinarily, of course, the govern ment has no part in the handling of purely private business affairs. The selling of the products of the farms I to other countries in ordinary times is a matter which should be handled by the merchants and bankers and , not by the government. But a state I of war makes it necessary that the j government assume the handling of many matters not ordinarily handled by government agencies. And the duty of the government to help in j war times does not end at the close of hostilities we think. Taking the view that the war was over and that the government should not longer function in matters of private business the Secretary of the Treasury sometime ago caused the War Finance Corporation to cease operation, and its capital stock, con tributed by the government, has been returned to the treasury. This along, with the restrictions upon credit by the Federal Reserve Board is believ ed by many people to be responsible for the "two hundred per cent." fall in the prices of commodities, as fig to assist producers in the sale of ^ commodities to other countries, then for a reasonable time after the war . such assistance is necessary. Especi- j ally do we believe this when so far as j we are concerned the war is still on , between this country and Germany. It is true that hostilities have ceased, j as the president says, but until peace 1 is made the resumption of trade with that country cannot be complete or , at normal. For these reasons, the as- , sertion of former Secretary of the 1 Treasury, Mr. McAdoo, that the acts , of the Treasury Department and of the Federal Reserve Board in restrict- . ing credit and in denying assistance in the marketing of products have 1 been too drastic meets with general concurrence in theso parts at least. Mr. David Lawrence, who some times writes as if inspired by the administration, says that the ' War , Finance Corporation will not func tion for the reason that two of the members are under Mr. Houston and that the two who are to be named will be powerless because the Secre tary and his two assistants will carry out the policy of Mr. Houston, rather than obey Xhe mandate of Congress. We shall not be surprised if this be true. The President lately decided to disregard a law passed by congress and which he approved. Mr. Houston as a part of the present administra tion, no doubt, feels that he has a perfect right to refuse fto carry out the terms of any law which do not appeal to him, and to enforce such as commend themselves to him. We are in the hands of an administration it seems which for all practical pur poses is both the legislative and the executive branch of the government. The War Finance Corporation will of course assist nobody if its provis ions are to be disregarded. CONGRESS ORDERS AID FOR " FARM-PRODUCT EXPORT The action of Congress in passing, over the Presidential veto, a joint1 resolution directing resumption of j service by the War Finance Corpora tion, encourages the hope that sub stantial aid soon may be forthcoming ^for those branches of agriculture and of other production which look large ly to foreign commerce for the recov ery of their normal market strength. It is generally believed that if there had been adequate means of financ ing sales of cotton to countries which stood sorely in need of that staple but which could not buy without long x n/t/tAtvitvtA/)ofinnc tlift ICI III LICUit atuuiamuuauuuo) vnv South's chief money crop would not have suffered so sharp and unnatural a decline in prices. Certain it is that with ample facilities for financng the transactions hundreds of thousands of bales dould have been sold to Eu rope last autumn, and hundreds of thousands could be sold now. It was with this fact in view that Congress .some time ago empowered the War./Finance Corporation to ex tend well'advised export credits, al though the work for which the Cor poration originally had been establish ed was, in a strict sense, completed. | As matters fell out, however, this au thorized service was not actually ren dered; wherefore Congress has seen fit to change its "may" to "shall.' Reasons for and against the meas ure have been vigorously urged. But now that the House and Senate have spoken decisively on the question, it is to be hoped that there will be no1 delay in executing as efficiently as' possible, both the spirit and the letter of the resolution. Not only cotton but also wheat, copper, phosphate rock and other commodities are concerned; first and last, indeed, the entire coun try's interests are concerned. More than that, the readjustment and re-' habitation of the whole world's eco nomic welfare is involved, for not un til the war-broken countries of Eu-j rope procure the raw material with which to resume and uphold their in- j dustries, will it be possible for them to regain that stability and that pro ductiveness on which the full flower-j ing and fruitage of peace depend. It J would seem, then, that any service! which the War Finance Corporation I may render in this connection, with-1, cut doing violence to principles of ; sound business and sound govern- ] ment, will be as well warranted as i any which it rendered in the midst of s the military conflict. i Eventually, of course, needs of this nature must be met by private capi tal?and the sooner that can be done, the better. Southern interests, recog nizing this fact, have recently organ- ^ ized a ten-million-dollar corporation ' for the express purpose of financing 1 and generally facilitating the sale of ( Southern products in foreign mar kets. A similar institution has been c established in the East, and one hav- k ing a capital of one hundred millions is being formed in the Central West. * [n due time it is to be expected these ^ and others like them will make spc- c :ial Government aid unnecessary. But until the new institutions are ac- * tually functioning and are fairly * squaPto the vast responsibilities * which they are designed to bear, it * T trill be highly reassuring to know that the help of the Wat* Finance Corporation is available. This Government agency, as Sena Hcke Smith points out, can be of ^ great value in co-ordinating the work Df the smaller corporations and of hVio ViQnlrc "T-f it ie Viarirllorl xxritVi I proper vision," he adds, "and with a real desire for its success we can ^ start quickly the export of large ( quantities of cotton (into middle Eu- ' rope. It is most impoWaiit that the farmers should be given credits that wilt e*arbl?f them to hold their cotton ^ and market it orderly, but finally < they must have markets. They can not afford to pile crop on crop, and the war finance corporation can start a movement to markets, start con < sumption at mills that are now idle., and its value to the cotton-growing states and the whole country can not be over-estimated." The fact that Congress has spoken so emphatically to this end is of itself reassuring. TVToit fVio Kocf nf tlio o/lvAnofuu I of the resolution be realized?At- ' lanta Journal. IN ATLANTA i i Mrs. W. D. Wilson and Miss Mary 1 Lawson Link left Thursday for At-, lanta where thew will spend several days shopping and seeing friends, j HIGH TAXES / You have often heard of it. This year in Abbeville county the pay ment of high taxes "cuts to the bonl." The payment of these and high priced fertilizer and low cot ton are literally robbing the tax payers. And yet there be those in South Carolina who are endeavoring to add to the tax list. Governor Cooper should put on the brakes and do it in vigorous fashion. There is no sham cry this year, when you hear peopk complaining of "high taxes." The tax payers are looking forward to the legislature and the Governor to protect them jifet as far as possible. Let all new enter prises requiring additonal taxes wait and apply the pruning knife where possible.?A. R. Presbyteri an. GOV. SMITH HAD A "JOB." (New York Herald.) I start in at 9 o'clock tomorrow morning just A1 Smith, chairman of the board of directors of the United States Trucking Corporation. What? Was I in the trucking business be fore? Oh, yes. I return to the truck ing business tomorrow. You know, the first job I ever held was back in 1899 when I worked for William J. Redmond, who had a trucking busi happ rJrvnm in ofV?n T I ncoa uvnu 111 a x vi 10 iesf X gut $5 or thereabouts a week. To tell the truth, I forget just what my salary was, but it was thereabouts?$5 a week, and it cost me more than that in shoe leather. In what capacity was I employed? Say, you fellows ought to know better than that. Capacity? What do you mean, capacity? I had a job. RICH, BUT NOT WILLING York, Jan. 5.?There are too many bachelors in Yorkville, accord ing to the Rev. T. T. Walsh, pastor of the Church of the Good Shepherd Episcopal. Mr. Walsh would like to occ ouuic vi ciiciii get maxiicu auu | he is quite certain that a great many of them are financially able to marry. "There are more bachelors here than in any town I have ever lived in," Rev. Mr. Walsh said the other evening. "Of course one naturally expects to find a lot of old maids in any town, but there Is no excuse so far as I can see for all these bache lors. And one thing that strikes me as to odd is the fact that there are so many men unmarried who could afford to marry." STOCKHOLDERS MEETING mi. _ J* -a 1 ine annual meeting 01 ine siock lolders of the Planters Bank will be field in the office of the president Wednesday, January 12, 1921 at 12 j'clock noon. Otto Bristow, Cashier. STATEMENT OF THE CONDITION ?OF THE? OPERATIVES TRUST COMPANY ocated a( Abbeville, S. C., at the :lo?e of business December 31, 1920 RESOURCES -.oans and Discounts $36,665.41 Overdrafts 221.67 Bonds and Stocks Owned by the Bank .10,125.00 Due from Banks and Bank ers Currency Silver and Other Minor Coin liberty Loan Bonds Owned by Bank TOTAL $71,179.67 LIABILITIES Capital Stock Paid In $6,000.00 Surplus Fund 400.00 Undivided Profits, less Cur rent Expenses and Tax es Paid 1^295.35 : < / > ? -> s i r - : Individual Deposits ' '* subject to check $71,179.67 71,179.67 18,837.14 1,490.00 446.12 3,394.33 TOTAL $71,179.67, State of South Carolina, County of Abbeville. Before me came J. F. Barnwell, Cashier of the above named bank, ^vho, being duly sworn, says that the above and foregoing statement is a true condition of said bank, as shown ay the books of said bank. J. F. BARNWELL. Sworn to and subscribed before roe this 7th day of January 1921. W. F. NICKLES, Notary Public. Correct Attest: W. M. LANGLEY JOHN CARTER G. B. HAMBY, Directors. STATEMENT OF THE CONDITION ?OF THE? BANK OF DONALDS located at Donalds, S. C., at the .close of business Dec. 31, 1920. RESOURCES Loans and Discounts $186,435.75 Overdrafts 4,238.16 Bonds and Stocks Owned ed by the Bank 4,500.00 Furniture and Fixtures 2,000.00 Banking House _ _ 1 1,081.63 Other Real Estate Owned 918.37 Due from Banks and Bank ers 9,383.68 Currency 1,428.00 Gold 30.00 Silver and Other Minor Coin 471.51 Checks and Cash tems 815.97 TOTAL $211,303.07 LIABILITIES Capital Stock Paid in __ $25,000.00 Surplus Fund * 10,000.00 Undivided Profits, less Cur rent Expenses and Taxes Paid ? ? 4,904.14 Dividends Unpaid 2,030.00 Individual Deposits subject to check $71,147.01 Demand Certifi cates of deposit 67,098.37 Time certificates of deposit 426.68 Cashier's checks 588.09 139,260.15 , * Bills Payable, including certificates for Money Borrowed 30,000.00 Reserve fund carried on general individual or sev ings ledger 108.78 _ $211,303.07 State or south Carolina, County of Abbeville. Before me came B. H. Smith, Cashier of the above named bank, who being duly sworn, says that the above and foregoing statement is a true condition of said bank, as shown by the books of said bank. B. H. SMITH. Sworn to and subscribed before me this 4th day of January 1921. L. J. DAVIS, Notary Public. Correct Attest: B. H. CARLTON W. R. DUNN, Directors. J. J. DUNN. The I 1,0 STATEMEN1 # Plan AT Tt D Loans an< Overdrafi Bonds 0\ Furniture Banking 1 Cash and tota: Capital s Undivide< Notes Re< Bills Payj Deposits TOTA You are cordia "The Friendly I SMITH ON COMMITTEE Washington, Jan. 6.?Senator Smith of South Carolina is one of a sub-committee of five named to de termine what course to pursue since the president has vetoed the bill which would have given railroads, for a definite time, permission to continue buying supplies from com panies in which the railroads are in terested. Asked for his individual view Sen ator Smith replied, "I think the principle that the railroads should not purchase from themselves should be retained, in that th^ peo r?ln wVm fnnt hlio Kill mifrVif nnt Kp mulcted. At the same time, I think certain modifications necessary to meet exceptional cases and to ac cord with the railroad statutes en acted last year." * SPEC EVANGI StKV Twice Dail1 W We THE Bi CHU Sank With (00 Accoui " OF THE CONDITl iters B IE CLOSE OF BU< ECEMBER 31a, 192 RESOURCES i Discounts ts yned 1 and Fixtures ...' House Due from Banks ! L . $31 LIABILITIES. itock $ i d Profits discounted able ' 21 l $3: lly invited to join our of depositors. r Bank'' A CHRISTMAS COMES AGAIN Today has been the regular Christmas Day observed by the local Greeks and the following Friday will be observed as New Year's Day. The Greek church still uses the Julian calendar which is 13 days be hind the calendar corrected by Pope Gregory V. Wheri* the Greek and Roman church divided, the Greek church retained the Juilan calendar to keep them from changing all the religious holidays which had become fixed in the lives of the common people.K/ Christmas Dav of the Greek church is quietly celebrated as a holiday and day of rest. New Year's Day is the gala day of the season, gifts being given at that time. The Grecian Christmas observed usually by religious worship is devoid of any noisy "festivity. \ 1LISTIC ICES '/?All Next :ek (\PTIST RCH Invited Over its [ON OF THE > an k IINESS !0 57,226.45 2,342.50 23,482.00 o,?ou.o? 11,000.00 L2,049.83 22,261.59 10,000.00 4.218.77 2,500.00 71,000.00 34,542.82 22,261.59 growing family bbeville, S. C.