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PLENTY OF MONEY i TO LEND ON COTTON f BANKS CA> GET IT AT LOW RATE AMI All) PKODITKK. letter Signed by D. R. Coker and! Others Contains Good Advice to Farmers. News and Courier. There is plenty of money to finance the holding of cotton by Southern pro This money can be had by t?e banks at low rates of interest, and all of them * can probably afford to lend it on cotton at not above 6 per cent. If cotton is marketed as fast as it is gathered the market may readily become demoralized and the price be depressed to below the cost of production. T-P s>s\+ + /M-> ic mo rlrotorl in tpl Hp-pntl V to the banking, mercantile and agricultural interests of North and South Carolina," published below. /The letter is signed by Mr. D. R. Coker of Hartsville, S. C.; by Col. John F. Bruton of Wilson, N. C., and Mr. M. F. H. Gouverneur of Wilmington, N. C. i /These gentlemen are all members of the Reserve bank of Richmond. They are thoroughly familiar with conditions relating to the marketing of cotton. In this State Mr. Coker's iviews, especially on a matter 01 tms son, will carry great weight. The "open letter," addressed as stated, is as follows: On August 9 the Federal Reserve B bank of Richmond published its circuHKf lar So. 23, addressed to member banks, which gave detailed suggestions wlti* W reference to loans on cotton as collateral, and which we think.every one ' interested in cotton should read. We fa'- \ are asking that it be published in connection with this letter. * * 1 . A.' TTT "U "iv;e ieaerai reserve Doara ai wasuington and the Southern federal reserve banks are all thoroughly awake to the necessities of the situation and arc prepared to take care of cotton in puch a way that it will not be necesW ' ^ 6ary to force the coming crop upon the market regardless of price. .To accomplish this, however, it will be necessary for bankers, farmers and merchants to co-operate, and by this we mean they should counsel with each other and pull together. If the mer 11 LVbtVU Xfc? UAMA y , and if enough of it is held off the market until t:e demand for it arises, "the crop should bring a price that will allow the producer a fair living after paying the cost of production." Bankers, merchants and farmers must act together if the prosperity of the South is to be promoted. T':ese, in brief, are some of the -conclusions suggested in an "open letter chants and farmers are indifferent to the fact that there is a plentiful supply of money available for carrying properly warehoused cotton, and if the member banks do not furnish the necessary facilities for loans and do not encourage their customers to market tee crop intelligently, the efforts of the federal hoard and the Southern reserve banks will amount to little, ? <aiiu wc iiiaj sec ciivr yx vi vunuu uu- | necessarily depressed. The situation is one which -demands the very best thought and most patriotic efforts of all concerned, not in betalf of any one class alone, but for the common good. It would be selfish for the banks to take advantage of tfre situation and hold money rates above a figure which will give the producer a ? j. - J> _ i ?; i_ T u ' iair prospect 01 a living pruut m naming his cotton. Sudn an attitude can not be justified at present, as money is both plentiful and available. On the other hand, it would be equally unfair for the producer to decline to put his cotton in safe storage whereby it can be used to raise money ft'ith which to k. ??<? nnn?nVnnto ?Tli1 KonlfttfC fnr or? j^O> uici v;uauio auu vaunvi o ivi uu1^ vancements already made. The business men of evejy Southern town should see to it that safe and adequate storage room to take care of the local cotton is promptly available. Where properly warehoused and in, sured, cotton affords at, say 75 per cent of its market value, as good a form of collateral as can be obtained. uo maxe 11 avaiiaDie, however, uie farmer, the merchant and the banker must work together, "each for all, all for each," and any attempt "to go it ."-alone" will occasion demoralization in prices. We should recognize the fact that the world ?as for the past year faced unprecedented conditions and that these conditions may remain unchanged for some time to come. A I demoralized cotton market this fall will affect almost every business interest in our section?in fact, should - ? cotton decline to a price below the r cost of production and remain there fcr any length of time tcere will be; danger of numerous failures, and much ! of the good paper now held by Southern banks may become questionable. Some may assume from the foregoing that we are pessimistic as to the cotton situation for the immediate fuJ t tare, but this is not so. TVe present crop will probably not be greater than the world's consumption under war' conditions. With judicious marketing 1 and level-headed handling of the sit-1 uation the cotton problem should solve j itself, and the crop should bring a price + v.n+ nrili ollAn- +V?/^ nrnrliifer o fair I IIIO. L VY 11 i U11U >? LU^ pA vu u v va v* avv-* living, after paying the cost of production. We do not assume to suggest a rate; of interest for carrying cotton which 1 will meet conditions in every section.' We do, however, call attention to the fact that certain banks have made it a practice for several years to loan -? ns'ttnr) at tl~ ?x mtf> I ill U lie J Uil OlUl \^U VWWU V% W ^ ~ ^ of 6 per cent, though some of them, I we are informed, were unable to name that rate last fall. In considering the j rates at which tfc.'y can afford to loan ! money on cotton, member banks 6hould ' bear in mind that tfae Federal reservej bank of Richmond will, as indicated j Ill Its circular, ii.ruisu suuu ivauo j without prej idiC'i to the normal ):'ne of j credit extended to each bank. In most cases, therefore, the member bank' will be acting only as a guarantor and ' intermediary between the Federal Re-j serve bank and the farmer. It is "up to'' the bankers, business : men and iarmers 01 v~e suuiu iu use to the situation, work together for the common good, and prevent any repetition of the distressing conditions prevalent last fall. The problem is' simply to place a relatively small cropj on the market no faster than the world ; is willing to take- it at living prices.j rile leaerai reserve aci was paoacu largely to meet just such extraor- j dinary conditions as now confront us, , and it would be a crying shame if this act should fail to afford its full bene- j ficent aid solely through a lack of cooperation on the part of those most vitally interested. With what an abiding faith in the common sense of our people and a strong hope that each j will do his part, we cherish the belief that we shall find ourselves at the end of tin is cotton season in a far more stable financial condition than at present. Many of our State banks are eligible for membership in the reserve system. II <111 SUC-1' wyuiu piuui^nj ucv>vuiv members it would greatly facilitate the handling of the situation and it would, we believe, be of great benefit to the banks themselves. (Signed) D. R. Coker, Hartsville, S. C. M. F. H. Gouverneur, Wilmington, X. C. John F. Rraitnn. Wilson, N. C. Circular >~o. 24. . Following is "Circular Xo. 24," referred to by Messrs Coker, Gouverneur and Bruton in their open letter:FEDERAL RESERVE BANK OF RICHMOND. August 9, 1915. To the Member Bank Addressed: In anticipation of the possible needs of tfcose soon to be interested in the w.ntTAw,/->f fVia 1 ororiir /.tonlo /^rnnc_ nf ULIUK 1X1 Clll VTJL uuc the country, the federal reserve board, in a published circular, has suggested to the several reserve banks that they take steps to enlist the active interest of member banks in financing the crops, and to arouse prompt and hearty co-operation of those chiefly concerned, wkhether farmer, merchant or manufacturer. /The Federal Reserve bank of Richmond is able and ready, through its member institutions, to render any assistance needed in the district served by it in this particular connection, ^ J /ia-ta/n 4-imn + a nr? fullv fr\r a Liu. <tl LUC same uuit iu V.aj. 1UI1J av<i such otT::er current demands as may be made upon it. While grain crops win be heavy, their care will hardly require special thought or treatment, but should it be found that their orderly movement and their ultimate sale, free from undue pressure, can be promoted by any service possible for t):e reserve bank to render, such service will be available. The situation with respect to cotton is different and may require special consideration, rieageo cotton snouia be stored in public warehouses and receipts should be on standard forms, which should be signed manually and in ink. Evidence of proper insurance should accompany each warehouse receipt. Certain warehouses issue insured receipts. In such cases it would be proper for the interested member bank to satisfy itself of tht capital responsibility of the warthouseman and the personnel of-its management, in order to be able to certify to the same : when called upon. In accepting and olding warehouse receipts from any source the reserve bank would expect its members to be in position, if called upon, to verify the facts set out in any particular certificate, by inspection or otherwise. Receipts should show grades and weights of the stored cotton and must be in negotiable form. Notes pledging the staple should be 1 of the usual collateral form, giving the i rig* t to call for additional security in ; case of necessity. While the amount ; per bale advanced to the pledgor will be at the discretion of the member bank, the reserve bank in accepting such papers would discriminate in favor of transactions fairly margined. It would be unwise to await the actual presence of a matured crop before un dertaking to make arrangements for its financing and the storage of such part of it as it may be desirable to liquidate gradually, and it therefore is rPMmniPTi-dprl ti'.at member banks at once proceed to advise with their interested customers with the view of having them promptly make advance arrangements, both with iheir bank and with their responsible warehousemen / All notes must bear the endorsement of a member bank. While the law will not permit the reserve banks to accept under discount notes secured by a pledge of cotton when the notes are made by those purchasing the staple for speculation,1 or investment purposes, t':e reserve banks will serve one of their chief and proper aims wnen they accept from member banks notes made by planters growing and owning the cotton, by spinners who have i bought it for manufacturing purposes, or by merchants accepting cotton in settlement of accounts or as security from growers. Notes made by planters may be accepted by a reserve bank when having a maturity irp to six montJ'.s from the date on which the reserve bank receives the paper. In this- connection, however, it is well to ' ' T- - J-1- ~ ^ aavise Uiai tue egciie auiuuui paper having a maturity beyond ninetydays which a reserve bank may hold at any time is limited to 90 per cent of the paid in capital of any particular reserve bank, wfoich, in the case of this bank, would "be about $3,000,000. It, therefore, would he wise for single j makers', in drawing their notes against j cotton, to make them of different ma- j turities when the transaction is large, say in excess of $5,000, not only-with the view of permitting the reserve bank wide latitude of action, but in order to facilitate the gradual and j orderly liquidation of the cotton in ti:e presence of fair market conditions. The lien laws of the several States -? ? -1? J. - -1? A _ _ f interpose serious uusiacies iu me nee and safe acceptance of warehouse receipts as collateral. It, therefore, is important that member banks in accepting as collateral, satisfy themselves and be in position if asked to certify to the reserve bank, that no liens are outstanding against the cotton so accepted. Cotton mills desiring to purchase ti eir raw material in excess of a value for which open credit can readily be obtained, may store the cotton in a warehouse not under their own control, when the note of such mill, with warehouse receipt attached,! will be al* - i. iogeu-t?r acceyiauie <ti tuc rcaci vc uanxv for any maturity up to ninety days from the date of rediscount by the bank and when the note, bears the endorsement of a member bank. With assurances to our member institutions that this bank greatly desires to aid them in the situations discussed in this communication, with the least possble trouble to them and their customers, and inviting their full co-operation, we remain, Trm-rc V CI J u U1J TUUi o, Federal Reserve Bank of Richmond, Geo. J. Seay, Governor. THE LOVE OF MONET. War Has Hade Men Jndge Their Fellows by What They Do. London Times. The love of money can hardly be the root of all evil, for it is only one preserved passion out of many. But there is a kind of decorum about ? ii ~_? money wmcu maues me iove ui is. peculiarly dangerous, since it conceals from the lover the nature and effects of his passion. If a man wants too much food, he is evidently greedy. If a woman wants too many clothes, she is evidently vain. But money is not a thing, like clotfces or food, that can be enjoyed; and so greed for money is not direct greed, but indirect. It j is a civilized means of conducting the struggle for life, which to a great extent conceals from those who use it the ugliness and the animal nature of that strur?le. ' 7*. is, in fact, a kind of diplomacy, politely conducted, behind which tiner^ is war. They deal only in documents, scraps of paper; and t'uey are net aware, except at second r.and, what nT. U-ese documents, and the struggJ ? at out them, mean to the mass of m.;.i The rich man who is greedy for money does not put it to mself that hi? is grudy for the things hat irrn? v lay. Aiihoagh money " ce;3 its ; ov/cr, ;:nd is liis own t .'ivcrec ii kg::1 its real meaning. It becomes :o !::n a symbol of s- 'jTEeriur.s? inurn uuer ana uhmk i u.antic than it is. It inflames his im. gin:.lien ?.::d :iic imagination o: a great part of the poorer world, too, as if it were not merely a means of buying material things, but a personal quality in ti.:e man who possesses it. Money, it is said, can be used for great and noble purposes, which is true; but the man who is greedy for money ^ does not want to use it for such pur- ] * I poses. Often he does not even want to Juy an inordinate number of material things. His greed has become abstract and romantic. It is greed for a symbol, forgetful of what the symbol implies. And this greed for a symbol spreads among people that otherwise greedy, who do manage by means of money to engage ruthlessly j in the struggle for life without ever j being aware that they are red of tooth and claw. The decorum of money wraps itself around them and hides from them the character and tLe results of their own greed. They see only lists of securities; they do not even see i:eaps 01 gom; ana, even 11j chey do engage in a quarrel about money with some one else no less greedy for it, there is only a lawsuit decently conducted, wi.ich may cause ! circent ruin to the losers that the win- ; ner never sees. All he knows is that, he has got judgment in his favor, j which means of course, that he takes a certain number of material things j irom nis opponent. jduc it uoes uui 1 mean that to him. To him it means a I kind of religious justification, giving j yhim a moral as well as a legal right j to own the money he gets through- it. j That we do unconsciously reverence money more than te things we get with it is proved by two curious facts. You can give a man anything except money without affecting your relations with him; and a man's dependents may steal many things from him without | calling it theft, but they know always that taking money is stealing. Evi- j dently, t'.en, money is more sacred than any other kind of material possessions, but why? It only differs from other material possessions in < that it is a means of getting them, that while you have money you keep your power of choice because you have not yet chosen. So if you give money you onlv give tl:e power of choice, and if you steal money you steal the power of choice; and this power'seems to ' us more sacred than any^jf the things that can be chosen. 'Wte do reverence the man wi':o has a great deal of power, just because he has not yet chosen, and because he perhaps might choose nobly or generously: But we may be sure that, if he is greedy of the power, he will not eoose nobly or generously?in fact, that the man who can ennoble money is he who cares very little for it. The war makes all these things plainer to us than they were in time of peace. We now see greed for money as it is, and we no ! longer reverence tee rich man because of what he might do with his money, since we have other tests forced upon us than these possibilities. We 'valu6 a man for what he does, not for what f'e might do; for his actual personal qualities rather than for his possessions. In that we are like people on a sinking ship, for whom all the customary social values are. destroyed -1 " if <-> man rmlv if Via nrcvvP"? diiu a man is a xaau-U VUAJ XI ^ ~ ? himself one. <To us now the private who wins the Victoria cross is a better man than the millionaire who can not sleep at night for fear of bombs. The money test is, for the time, almost abolished. We know by our own experiences at last that a man may be poor, not because he is a fool or a weaklinz but because he cares for other things than money. But shall we re- j member this when peace comes again? Men commonly apply the money test, not so much because they are base in their own desires as because it is easy to apply. We know by hearsay wi.en a man is rich; we have to find out for ourselves whether he is simple and kindly and brave. But our judgments are worth nothing to ourselves or any ^ ~ TT-a moVo tViom fat nilT- "* UULC t!Iv>C UillCOO ?> V- IUV1U ~ selves, unless they are based upon * what a man does rather than on what he as; and there is nothing which hinders us so much from exercising 1 our own judgment as the reverence for ^ money. It hides from us our own 1 greed and the greed of others. It c spreads a fog of decorum where there ; ought to be no decorum at all; it c makes us think there is peace where 1 ! there is a sharp material war. And 6 I i. ' this war, not purely material, opens 1 | our eyes to the nature of the other. It will have one good result at least c if it keeps them open. c In the current issue of Farm and Fireside, the national farm paper pub- ^ lished at Springfield, Ohio, a contribu- c tor describes several practiv il ways in t v/hidj farmers, by spending minutes, s can save hours. The article is full of ^ time-saving suggestions similar to the t| following: g "Bringing horses up from pasture in t the morning takes considerable time if ^ the pasture is large. One Missouri j.. farmer having 20 horses, saved about j three-fourths of that time by keeping s one orse up each night and riding out a after the others in the morning. Half 0 a dozen of the horses were fair riding g( horses, and those were used in rotation q so that no horse was kept up more s, than once a week. It was just the work s, of a moment to put on the bridle. T^e e: use of a saddle was scorned as a time- ^ consuming luxury." e: Long Distance calls for f radius of several hundred "In less than one hou of flour at a total cost to i "c:_? 4.u~? ? OUiLC men vvc iidvc d Bell Telephone to every f( most profitable results, rates are reasonable and i in one Long Distance Te a dozen letters" SOUTHERN BELL TI \ND TELEGRAPH ( BOX 163, COL ARE YOl to i Panama-Pacif a San Francis Diego, C by one of VARIABLE PREE 4 < If so, write the under; fares, folders arid all partic / Excursion tickets pei famously attractive and T. C. \ General Passenger Ag( Atlantic C The Standard Rail] 10TICE OF ELECTION IV BIG :keek school district xo. 20. Whereas, one-third of the resident Sectors and a like proportion of the esident freeholders of the age of 21 rears, in Big Creek school district, No. 10, of the County of Newberry, State >f Sout'h Carolina, cave filed a petition | vith the County Board of Education >f Newberry County, South Carolina, )etitioning and requesting that an ilection be held in said school disrict on the question of levying a spenal additional tax of two mills to be 'ollected on all the taxable property ocated in the said school district. Now, therefore, tne undersigned, :omposing the county board of edu:ation for Newberry county, South Carolina, do fcereby order the board if trustees of Big Creek school disrict No. 20, to hold an election on the .aid question of levying a special admill +qy tn Via rnllentpd on I':e property located in the said chool district, which said elecion shall be held at Big Creek chool house, in said school disrict Xo. 20, on Saturday, August 28, 915, at which said election the polls hall be opened at 7 a. m. and closed t 4 p. m. The members of the board f trustees of said school district hall act as managers of said election, nly such electors as reside in said 2hool district and return real or per:>nal property for taxation, and who xhibit their tax receipts and regis ation certificates as required in genral elections, shall be allowed to vote, > One Experience Convinced Ms 1 of its Value "One of our salesmen demonstrated the value of the Long Distance Telephone to us. He was at Huntsville, Ala., and upon his own responsibility put in ifteen merchants within * m 11 r r he had sold 2100 barrel* us of less than six dollars. pplied the Long Distance /~\ ? Anr UnomaoA nri tU .aiuiw ui uui uu^ui^o} vf iLii The service is fine, the there is more satisfaction ilephone talk than in hail :lephone company wjy UMBIA, S. C. BBBMBBraHHBBBnBH J GOING :he ic Expositions t ~ / co and San alifornia the many >IRECT ROUTES ? signed for low excursion :ulars regarding your trip. :mit stopovers at many scenic points and resorts. VHITE, ;nt, Wilmington, N. (J. 'oast Line I road of the South. Electors favoring the levy of suc& tax shall cast a ballot containing the word "Yes" written or printed tfaereon, and each elector opposed to sucn levy si-au cast a ballot containing the word "No" written or printea thereon. Given under our hands and seal on this the 10th day of August, 1915. CHAS. P. BARRE, S. J. DERRICK, J. S. -WHEELER, County Board of Education for Newberry County, S. C NOTICE TO TRUSTEES. It is utterly impossible for the County Auditor to know the location and amount of real and personal property in districts having a special tax, unless he has ti":e assistance of the trustees of the special districts. I ^ therefore request and urge that all trustees of special school districts meet in the Auditor's office at different times between now and the 15th of August, 1915, and check over tfae returns and place the amount of real and personal property due to be ta^ed in their respective districts. Eugene S. Werts, 7-27,td County Auditor. No. Six-Sixty-Six This ia a prescription prepared especially for MALARIA or CHILLS d, FEVER. Five or six doses will break any case, and if taken then as a tonic the Fever will not return. It act* on the liver better than Calomel and doe* not gripe or sicken. 25c