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THE NEW CURRENCY LAW. A Measure For The Benefit of StocJ - Speculators and Boncl Syndicates. Bankers Magazine for June. In order that the position of tho Bankers Magazine may he made clear with respect to the new currency law, two preliminary statements Seem essential: First.?The editor of this magazine hits always been a Republican. Second.?lie has never proposed any specific plan of currency reform. l'/arly in the recent session of congress a bill was introduced in the senate by Mr. Aldrieh proposing to allow national hanky to issue an omergency circulation based upon 1. nited Slates, State, municipal and railway bonds. This bill passed the senate (alter the provision in regard to railroad bonds had been stricken out) and on ciiiiiiii',' before the house it was referred lo I lie banking and - currency commit tec. .\ number of ' lie leading bankers of the countrv, us well as represenr.itIves of importanl coininercial organizations, appeared before this conimltlee and condemned the bill in the strongest possible terms. Antagonism to the measure was almost universal. It was I inally tabled by the banking and currency committee, and was appar* enlly killed. I lime in control ol the legislative program in I lie house (hen took matters out -it I he hands ol tin' hankim? and currency cormiiTYIee, and a new bill. named alter Mr. Vreelaml of New N ork State, was introduced and passeil. The senali* refused to acc.epl this bill :is the house had refused to accept 1 lie Aldrieh bill. ('onlerces were appointed on behalf of I he two houses, but after prolonged conferences, Ihe\ failed to agree. I lien, when I lie session was nearimr its close. e\I raoidiin,ry effort* were resorted lo tor lorcing a financial bill llirouuh ;>l the last moment when il would be too kite for public opinion to make itsell tell in opposition. To insure the success of this scheme .1 ?|ua I i I ied form of bribery was employed. 'I he public building's bill? commonly known as the "pork bill" was held over I he heads of members as a club to force them to come 10 an agreement on the currency bill. I his public buildings bill carried, we believe, appropriations amounting to .$2.1,000,000, apportioned among congress districls in various parls of Iho country. lo :;el a share of these appropriations is regarded by I he average congressman as tfie one tangible v\ idence ol his elheieucy as a servant ?l 'tis particular district. His failure to secure an appronriat imi for a pvblic br'Mfi1: of some kind, in his] district, is regarded as a mark of incompetency. That the public buildings bill was used to force currency l"?rislai ion, substunt raily as described above, was openly proclaimed. Il was coercion if not bribery. As an American we regret to say tfiis. Hut 1 he I acts, ugly as they are. must be set down as a part of the record of this dis^raccl ill episode, of which the "New ^ ork ''.lournal of Commerce " justly says, "A more deuardiiu; and! 11 u11111 i a t i n '_r exhibition o t u nscru pu- I lolls abuse of i he power of legishv-j 'bv a nation d body it would he ; hard to fi?d in all history." Au.I wh\ w;is i!,is bill passeil? Was il tavored by men whose studvl and experience ipialify I hem as e.x- ! peits. No. Not one o| these men, so tar as we know, defends this law. All o| them \?itli whom we have talk- : ed. or whose views we have read, de-i noijace it. Then why was the law vnacled ! In onr opinion the new currency 1 law was passed for two reasons: j Firsl.? Certain ill-informed politi-j t'iaus believed currency legislation id* some kind to he a political necessity j in view of I he approaching national elect ion. Second.?-Certain powerful finait'vial interests 111 a I contribute large amounts to the Republican campaign lund will be enriched by the appreciation of securities to be used as a basis lor bank circulation under the new law. As ! > the firs I of ll.ese reasons, it may l>c said that if the Republicans iad passed a sound and honest measure, designed to benelit the whole country, they could have gone into the campaign with clean hands, and would have had a good chance of winning. For there are few things of more importance to the producer, the wage earner and the merchant than an absolutely sound and scientific currency system. But a law that will chiefly benefit slock speculators and bond syndicates can hardly be considered a good political asset. As to the second of these reasons, it is no doubt true that certain financial interests holding bonds which may be used as a basis for bank cirV 'r'''' * * ^ ' < * * culation under tho now law will pro iii^ largely by I ho enhancement in tli price of their bonds. Whether th law is made use of or not, the mer fact thai those other bonds are mad available as a basis of bank eircula tion will, from its sentimental effee alone, cause an appreciation in thei price. Iji fact should tho principle of this law be permanently embodiet in our banking law?and that is wlia is aimed at?there need no longer b< any "indigestible securities." Tin syndicates can buy (lie bonds, ant gradually work them off on the publu through (lie* banks, for in the end : hond-secured bank note is only a pari of (lie bond upon which the note i: based. Tho syndicates will buj these bonds, turn thorn over to thoii hanks, and these in turn will pul them up with the treasury for so called bank notes (actually 11011-in I terest-boaring bonds in small denominations) and those will be handed Mil Id the people instead of money. This will help create a market foi I lie securities made available as a basis for bank circulation. Heretofore I lie only bonds that could be used to secure I lie circulating notes of the national banks were United States bonds. Now the door is opened to a miscellaneous class of securiI ies. The currency that may be issued under the new law will not he of any henelit to legitimate production and trade. Il will lie of service to Wall sheet specula! inn and will boom the securities deall in by bond syndicatos. In Iraining the law the wage-en rj'ier. Ihe farmer, the merchant, the maniilncl urer and all legitimate business interests seem to have been completely ignored and the Wall street speculator and the powerful I iuaticinl syndicates most tendej'ls cared for. The Republican politicians in forenig through a measure of jliis character have shown an uller contempt foi public opinion. They seem bent onl\ on placating certain "interests." regardless of | he welfare of the business community. To carry out theii plans I bey were compelled to rcsorl to coercion and construclivo briberv Wo shall not at this time enter upon a discussion of the details of this law. They seem of little importance Hut, involved in its passage, is n question of momentous import to the people of the United States. It is their operations and the latter nr< acted and administered for the people s benelil or for the benefit ol speculators and bond syndicates'? This is the main issue now to be decided. At present the speculator! and the syndicates have triumphed I lie former are furnished with unlim i!ed supplies o| currency to carrv 01 liteir operations ami the latter an provided with a market for their se curities, enabling them to reap practically unlimited profits. The met who toil and sweat to produce the na lion s wealth; (he men whose capita and skill keep labor employed; tin men whose brains and energies keci the wheels of commerce moving?foi all these supports of our industria and commercial fabric this new lav contains not a line or a syllable. Mill I heir voice will vet be bean and their power will yet t>c fell. I nless the Republican parly in it? pl.Utorm a! ( hieago shall domain I lie repeal o| this bond-syndicate am slock-spcculalors' currency law, am take strong ground in favor of I Ik passage of a measure I ha! will be foi the benefit of ;ill the people, and demanding also thai the surplus pub lie lumls of the treasury be no longei made available for I ho use of stool speculators, it will he the dut\ ol every pat riot. of every honest man <?? labor ami vote for I ho defeat ol the Republican parly, in order thai uovernmenl of "the interests," foi "the interests" and by "the infer 0*1*" shall perish from the face ol the earth. Any bank that takes out currency under (he new law will be doing one ol Iwo things: it will either bo securing a loan of currency, on collateral or rediscounting its commercial paper. In either case the hank will b( borrowing currency at five per cent I he strong and well inanngoc banks of the country will not subjeel themselves to the suspicion of weakness that would attach to them il I hey should take out currency undoi this law. TEACHER WANTED. The undersigned trustees of Lone Lane school will receive applications for teacher of said school for noxi term. M. A. Ron wick, T. IT. Rrock, S. A. Riknrd, Trustees. # |.. .. : - .,\ i \ REPORT OF CONDITION OF ! THE EXCHANGE BANK r of Newberry, S. C., B 1 condensed from report of State Bank Exarr J iner June 4th, 1908. 3 1 RESOURCES: J Loans and discounts $199,738 7 1 Overdrafts 2,115.5 t Furniture and fixtures 3,696.6 * Cash on hand and in Banks 26,548.3 f 1 * $232,099. C t liabilities: . Capital stock $ 50,000.c . Surplus, net .... 8,439 7 I Unpaid Dividends 12.5 Cashiers Checks 1,162.8 . Bills payable 65,000.c T~v .. . f Banks $ 1,492.74 eposi s, I individual +.... 105,991.82?107,484.5 I $232,099.6 ' Reliable and absolutely safe. We pay 4 per cent 011 time deposits. * J. D. DAVENPORT, M. h SPKARMAN, President. Cashier. ! EDW. R. HIPP, W. B. WALLACE, Vice-President. Assistant Cashier. | GEO. B. CROMER, Attorney. NATIONAL BANK OF NEWBERRY S. C s J ' 5 * i'' ON THE RIGHT ROAD 1 | if it leads him to deposit his cash in The Nation i Bank. Means that he'll improve his financial credii quit handling soiled bills by paying by check, simpl fy book-keeping and be able to keep a stub record c j all transactions?a few of the favors our Bank extendi DIRECTORS: 1 M. A. Carlisle. H. C. Moseley. T. B. Carlisle. J. A. Blackwelder. Robt. Norris. Geo. Johnstone - B. C. Matthews. S. B, Aull. Jos. H. Huntei ' CHICORA COLLEGE, GREENVILLE, S. C. j Owned and controlled by the Presbyteries of the Synod of South Carolina. A high ^rade college for women. A Christion home school. ' Graduate courses in the Arts and Sciences, Music, Art, Expression, Gymnasti and Business. j J,arge and able faculty, beautiful grounds, elegant buildings, modern commences, healthful climate. Location in Piedmont section, and in city of 25,000. EXPENSES FOR Till". ENTIRE YEAR. 1 A. Tuition, Hoard, Room and Pees ..... ?183.1 1 R. All included in proposition (A) and Tuition in Music, Art or Expression j $203.00 to #213 ( j Next session opens September 17th I'or catalogue and information address S. C. BYRD, D. D,, President. ?I a???MMM?<rn Mi M K BMMMMMMBiTBBg??BU ttmcVUSS*3CBrJEBaMU?DfU*HB REA& and PROFIT For a limited time we will giv< p subscriptions to the : McCall Magazine ; FOR 20 Cents a Year 1 " * ' Call at Our Store and Learn Par \ ticulars.' O. KLETTNER ; The Fair and Square Dealer. We have many other Bargain* 1 I that no ot^er store can offer. . V . _ -Y. \ 'J* h ; {* J IT" RESOLVED ~ It that it? a mighty confortable fcellwq j> to knowyou have onthe proper clothes. ) if we go to the proper place: we can i . j FEE!. s<>'re WE ARE ALL RIGHT WE OWE ! ] it to cur.selves to dress well > '* ^^'Z^ |^ " 4 or COURSE You WISH TO Go TO THE PROPER. PLACE To BUY THE THINGS YOU WISH To WEAR. WE WISH YOU WOULD INQUIRE WHETHER. OR, NOT OUR STORE I.J THE PROPER PLACE TO DEAL. IE YOU KNOW OE ANYONE WH DEALS AT OUR .STORE. A.5K THEM HOW WE TREAT THEM.- OR BETTER .STILL, CoWE IN ? ,4ND LET US SHOW YOU THE GOODS WE CARRY, THE PRICED WE .SELL THEM AT, AND JUDGE EoR YoURSELE. WE BELIEVE WE TREAT OUR .CUSTOMERS RIGHT BECAUSE WE .SEE THE SAME EACES SEASON AETER SEASON. JUST - NOV. WE ARE ESPECIALLY SHOWING: HOT i WEATHER SPECIALTIES, BLACK ALPACA, _ MOHAIR AND SICILIAN SACK CoA"S, D. B. BLUE 5 SEDGES, ETC. 5 RESPECTEULLY, H EWART-PERRY CO., j 3 THE UP-To-THE-MINUTE DEALERS, a I t. I l" I i JONES' GROCERY, [ S, B. Jones, Proprietor. DQALBR IN 9 STAPLE <? FANCY GROCERIES, PRODUCE, 3 Confectioneries, Fruit, Cigars and Tobaccos. Phone 212. Newberry, S. Jan, 17, 18. cs Dear Madam Housekeeper: | We wish to call your at- j o tention to our stock of Fancy and Staple i ao groceries and solicit at least a portion of I your potronage during this year. j We feel safe in saying that our stock is J ?the most complete that is offerea here and M that we can serve you in a satisfactory man- 1 1ner- ] We will ever keep in mind three very im- j 5 portant points: quality of goods prompt ser- J vice modorate prices. I If you are not already a customer of ours I we would be pleased to add you to our long J| list of satisfied customers. jflB We wish 1908 to be our banner year. Will mH you join us in making it so? Jf] Yours for business, SB Jones' Grocery. IH t k?1