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. _ v j||t ||er(i$ gi$ Jem ? littnd at tiia Postoffice at New?&v ^ j Srrjr, S. C.? at 2nd class matter. % ? ; v E. H. AULL, EDITOR. ^ -* ' ? < i < Aft-i .rriaay, January 1*, i?zi. A SENSIBLE TALK. Suppose you read the address of Hon. Thos. P. Cothran at the open-j ing of the legislature on Tuesday, ; | following his election to the speaker-j ship of the house. His ideas are cor- i rect. These extraordinary atroro-! , priations for permanent improve-! ments shoulds not be counted in the appropriations for the expenses of; the government, ibut should be pro-j IgV vided in some other way, and we be- j lieve that he is correct when he says; they are in contravention of the con- j stittttcon of the state. if " And he is fcorrect in another mat-; NX J i ier. We have often said the same, L thing, possibly not so clearly and I; forcibly as he pots it. We have saidi L that at one time we were an ardent j advocate of returning property at its j i actual value, but after an experience. r; with the legislature and a mingling j J with the members and hearing them: |||| discuss the tax problem we had | |?v ' reached the conclusion that the aver-j i age legislator did not or could not' N distinguish a levy from an appropria- j tion. So many would .be willing to 1 k i make almost any appropriation if k j Wjfc could be done without increasing the mlevy, and would argue that so, long ] l^^the levy had not sheen increased: Juau uvi> uccu mvieascu, . M^^Hj^Vrongh the assessment should be | if the levy was net increas- j ^es had not been increased^' Hnnp. reason we had changed' Off our position as to a true or reaij property valuation for the purposes! B" of taxation. V " Here is the way Mr. Cothran puts'i fl it: "The real underlying reason why) All* m?ATVAirKr i lucu uv uvd iq'-uiu wjuf vybt uj i at full value is the fear .that with a J ^11 assessment, the psychological] effect upon the general assembly' would be to increase appropriations, j * and it seems reasonable that if these | "" appropriations continue to pile up asj they have done upon a scant assess- j Twawj f1?o Ti>c.rl+ wnnW Ko onnallino'! upon a full Oi unless there were a j (jonstitation&l limit." We suppose] '"psychological cTect" is the proper! way to put it; Certainly the result j would ibe to -pije up appropriations, j and about the otfly way to prevent j that would be to have a constitution-1 al limit beyond which we could not. go. The bigger the assessment the . (bigger the appropriations, if that can j be xJone without increasing the levy, j and in recent years even with an ra-?j creased assessment there lias been! no compunction about letting the j levy climi> aloitfe even a little more j . rapidly. f j We all know ihat there is great in-j Kj&ffieoualitv in the assessments, and nec-j essarily the taxes are' unevenly laid,1 ||pr and any effort looking to a . yore j equitable assessment of the property j I should be hailed with pleasure, and j gfv another thing that should have atten-i t +i/%T? ?a +? orof r>n ,t>ip tax books much I of the * property that is not paying! any tax at ail. Of course there al-j ways will be inequality in taxes, and | , the tax problem will always 'be ai problem so long as government is I maintained and taxes are laid, but j there should be some way devised by! ^ whicji we could "at least approximate! a more just assessment of the prop-| erty. Now if the plan suggested iby Mr. Cothran will do that it is all j right. We had never thought about ?? l?atrino* er? TTVTlph TTIOneV I fcUC lUavWi VI UV v e3 on each county and then on the! I school district. That brings the mat- j ter closer to the payer of the tax and i it might work well. Certainly there is inequality among the counties and |C that makes the burden for the state rev. tax bear unevenly and his plan would help in a 'way to remedy that. At |: any rate what Mr. Cothran has to say , ||| In this -brief address is worthy of ' jj? consideration and gives much food; for careful thought* and study. It I T might be well to fix a maximum ! r>- amount .beyond which the approdria- j iion bill should not go. - j E Mr. Cothran is right in another j l? ^natter. The people of the state have | their eyes on this legislature as they ; never ibefore have placed them on; I any legislature, and they are de| man ding that the (members think [ carefully about the appropriations I that they make this year. It is not k the unthinking class of our citizens j that are looking at the matter either, I if there are any such among our citizens. The people do not want the! state <to take any backward step, norj do they want to see the state sto<p j all progress and stagnate, but they do demand that all unnecessary ap. propriations be cut out and many of the top heavy items cut off, and in jnany of the affairs of the state there is most too much supervision. No Eone desires to clog the wheels oti # progress, but we might get along' t< with some ?ew less engineers and! r; conductors. ' i si i Si Since writing the above we have j hurriedly glanced over the annual | message of Governor Cooper and he^a makes the recommendation contained j ^ - -- ~ I A in the address of Mr. (Jothran as ro >? the permanent appropriations or the a appropriations for buildings and so ^ on. The idea is to make a loan suf- b ficient to do the permanent work for d ten years and thus stretch the S amount over that period. P r Senator Hoke Smith of Georgia 1 gives someN facts an regard to the j b functions of the war board and what j b it should be able to do if it is put in j d operation at this time, and how it can o grant to the nations over the sea' e credit so that the peoples of that' a - - - - - . i country might be able to go to wotk a and help us by using the raw mate-js rial which we have and which they t want, and he says they would be able ' c to give ample security for the loan,! a but that it would be necessary to; r give them ample time in which to! pay for dfc. He shows how much of our cotton, !T for instance, they could use, and.*, that they need it should be evident < to every one when the calls for aid fco keep from freezing and starving are read. . J j It is just what ws have said alijr along, that there is really no over-1 r production of either cotton or fcod.: The thing needed is to* be able to let" ^ the people have it who really need it,; f and if they can give us the proper1 + security it does seem that there j should <be some way in which to grant; ^ them the time necessary for them ( to be aible to pay for it. j t And besides that, as Mr. Smith! says, unless we can aid them with;1 -what"We have they will not be able C to pay the indemnities which have, ibeen charged agadnst them on account of the war. Their (mills are standing idle and the people are wanting to go to work and are wili-'a ing.to work, and it wou'd s-eem to us. to be the part of business to give! them the opportunity if we can, and \ those who should know say. that the ; war finance board, or whatever it is! called, is the one way by which wc j can extend the long credit that is | necessary. j But we doubt very much if Press-1 dent Wilson will appoint the other j two members of the board so that it j may function, an-d then df the Re-i publicans-carry out their policy ih-2 j appointees will not be confirmed. It seems that Mr. Hcaiston is determined that"'this .board shall ntft be revived. j, But it is, not so long as it has been* to the 4th of March, 1921. : ? 1 ' ! Dr. T. H. Dreher writes'a very rea<$able article in The State wfi-ch we copy in the paper today. We agree with a great many things he [ says. It is true as he says, that |fwe J 1 are an overgoverned people no-w. j The tax consumers will, soon equal j ' ~ ; - ? a- -T ! fihe taxpayers it we go nox siw dawn, in our methods. We look too ! much'to the government and too lo> j tie to ourselves." All of this isuvery truev There is too much tendency j to lock to the governmer^ for evcryi thing. In this country the idea should | be to be as little governed as possible. In fact that is our motto or the principle upon which oiir government . j is founded. And there is entirely too < | much supervision of everything, by 4 'the government, that' is the way it | appear to us. But we do not agree 1?<\? +V>a rouival nf the WlllU lite UUt 1/U L Vli kUV war board. Somehow it seems to us < 4 that this is a good thiftg, if we un? < derstand what it means. The pur- ( pose is to give the people who are begging for food and clothing an op-, iportunity to go to work and make , } wihat they need, and the opportunity ' | to pay for it rather than beg for it, and the only way they have to get [what they want and what we have, I except to beg for it, is to extend xo j them the credit so that they mayji have the opportunity to go to work;-; and pay us for it. It is too big an j undertaking for the individual and the government could do this and at- t the same time help us and the starving and naked peoples who are suffering from the devastations of the t war. Several Confederate veterans have j read the article written by Mr. Russell Wjight which we printed in the last issue, and desire us to say that they endorse the position he takes 1 and would like to see the legislature,* amend the pension laws so as to do c away with so much overhead expense ^ and give the old vets who served the c country in time of st>*ess something worth while. In this day the tend- s ency is to supervise and *have a mul- j tiplicity of jobs. We commend the article of Mr. Wright to our legislative. ( The engineers are surveying the road from Newberry to Kinards and there is some talk of relocating it from the Rikard place to Jalapa so as :> avoid all grade crossings of the! 1 ailroad. The change will depend j < amewhat on the extra cost neces- j * ivy, we are told. < In a recent issue of The Herald nd News we gave a partial list of I; tie institutions of the county and the j; iVir!on^c +Tij?t tViPv wprp navine* and' mong the number was the Bank of I; Vhitmire. It was first set up in lank, that is the capital and divi-! end were left -blank until we could! et the correct information. The aragraph in some way was not cor- , ected and it was printed blank. , 'his is one of the prosperous young anks of the county in one of the ?^ -i-efo+A onrl T\OIa 'tibu IU W lid III tile 01(41^ C?X1U AW W MiU V* ; ividend of 8 per cent, on its capital f $50,000. The statement pubiishd today shows that it has a surplus nd undivided profit of $29,104.51! nd deposits of $398,993.31 and! omething over $100,000 in cash. The j otal of the statement is over $600,-; 100. A mighty fine statement for jiy bank and especially for one so ecently organized. The statement for the iiank 01 ro-1 naria was sent for the last issue of ' I he paper but in some way was mis- j >laced either in the office here or! omewhere else. We had to get a du- j >licate which delayed its publication, j t is stated so that the blame may not est on the bank. It is a good state- j nent this bank makes and while we j lo not know that it is a thing to be j nf thai-, vnu have not borrowed i ,*v. tny money but if a bank can do that hing and accommodate it3 patrons it! s doing mighty well and that isi vhat we understand this bank has! lone. But it always seemed to us; ;hat the matter of lending money was ] Charter No. 6S94. Report of Con:l PEOPLES NA1 t Prosperity, in the State of South On December 29, 1920. 4 Resoun 1. a Loans-and discounts, including (except those shown in b and c) d Notes and bills rediscounted wil "Rpaervo Bank (other than bank sold) (see item 4a): ...... 2. Overdrafts, unsecured 4. U. S. Government securities owne a Deposited to secure circulation par value) : d Pledged as collateral, for Stat deposits or bills payable Total U. S. Government securitie 5. Other Bonds and securities, etc.: v e Securities, other than U. S. bos ~stocks), owned,and unpledged..,.. 7. Stock of federal reserve bank (5 tion) , . .v 8. Value of banking house, owned 9. Furniture and fixtures ...... LI. Lawful reserve with Federal resc L3.. Cash in vault and netJ-?mounts di Total of Items 12, 13, 14, 15, 1(: 17. Checks -on banks located outside nftrfiiw ilianlr nnr? nfliPT* .rnsVi ih 18. Redemption .fund with U. S. Tres Treasurer Total / Lrabiti 21. Capital stock paid in..... 22. Surplus fund i 23. a Undivided profits b Less curernt expenses, interest paid 25. Amount reserved for taxes accru 27. Circulating notes outstanding.... 29. Net amounts due to national bar 32. Cashier's checks in owr. bank on ' Total of items 28, 29 30, 31, 32.. 53. Individual deposits subject to ch^: 37. Dividends unpaid Total of demand deposits (other ^deposits) subject to Reserve, items " 36, 37 and 38 39. Certificates of deposit (other tha 12. Other time deposits Total of time deposits subject to A r\ A A At ~ ? J A O OtJ, ^U, 1JL UIIU 17. Bills payable, other than with Fed eluding all obligations represents than rediscounts) . 18. Bills payable with Federal Reser . Total 54. a Liabilities for rediscounts with (see item Id) *Of the total loans and discounts interest and discount was charged at >y law (Sec. 5197, Rev. Stat.), exclu :harge not to exceed 50 cents was ma oans was none. State of South Carolina, County of Ne Ir L. W. Bedenbaugh, Cashier of iwear that the above statement is tru >elief. Subscribed and sworn to before me Correct?Attest: T. A. Dominick, R. T. Pugh, J. A. C. Kibler, tv; 4. i :he main business of a 'bank and if it ft! :ould borrow money at a low rate a and loan it at a higher and of course' t] on good security that it was good; a business to d^ so. In other words as h we heard a banker say the other day|g it was evidence at least that the bank; b had good credit and could borrow as; e well as lend. But Mr. John C. Aull s hns rlnrip mirrbtv well for this bank I at Pomaria and really saved its very | i existence and now it is paying good c3 dividends and has a good surplus. v ? t <?> ^ <$>*<$> ? ^ ^ : 2 * AMONG THE SCHOOLS j a Teachers Meeting. The next meeting of the county j s teachers will ?be held at the court ? house next Saturdav. that is Satur-! ( day of next week, or the 22nd. I f say court house because it will ibe s convenient and then we would like to' c have the trustees meet with us and 11 the court house will be more conven-; ! ient for them. Prof. Leuco Gunter, j will be with us at this time and it isj the purpose to discuss !by the teach-; i ers the importance of- teaching- the j fundamentals in our primary and j grammar and graded schools. And ] Vtt ic mpnnf-. snrvh thin<?S; i UJ XUXiUUUlV4tVM?W AW ^-- ? J as spelling and reading and writing t and arithmetic. I shall be glad to ' see every teacher in the county pres- i, ent at this meeting "and every trus-; H tee as well. 1 i The trustees have; ail been imailed j a statement of the approximate in-!, come from their district and the' nrobable expense of operating the; < school. I hope 'that all the trustees understand the statement and that ^ , Reserve District No. 5. ition of The \ TONAL BANK Carolina, at the Close of Business r ? *>/ ces. rediscounts, - r $530,#64.99 th Federal I i* acceptances ? 35,451.03 ^ $495,113.96 359.15 <? l (U; S. bonds ? . $ 6,250:00 e or other 05,000.00 a 71,250.00 ids (not inciting ...J IS,000.00 ?0 per cent of subscrip if. 1,500.00 and unencumbered....... 1,500.00 i,3uu.uu irve bank J. 22,054.81 le from national flunks.. 13,854.00 I 13,854.00 t of city or town of reams ..< 1,286.58 isurer and dufe from U. S. %.... *312.50 ; $626,573.00 ties. > 25,000.00 il 25,000,00 $27,931.90 and taxes v 6,930.46 21,001.44 ed 1,000.00 6,250.00 iks 2.58 itstandina: 544.23 $046.81 ck i 116,965.36 8.00 than bank - I 33, 34, 35, $116,973.36 n Tat* mr\r>c%\7 600.00 ! *4 AUi iUVliVJ mw * * v TT ' ? 366,641.39 reserve items * I 367,241.39 eral Reserve bank( in- j ig money borrowed other 10,000.00 I ve bank 53,500.00 j : j| V $626,573.00 j] l Federal Reserve Bank 35,451.03 5 shown above, the amount on which j rates in excess of those permitted j sive of notes upon which total de, was none. The number of such \ I I i wberry, ss: j the above named bank, do solemnly ! e to the best of my knowledge and jj L. W. Bedenbaugh, Cashier. this 10th day of January, 1921. E. W. Werts, Notary Public. I i I ley will examine it carefully and [ I rrange to keep the district within j lie income, and if there should be j ny doubt about it I would like to c ave them confer with me and let us]S et together and see what is best to j ^ e done. I am very anxious thatj very scnooi snail nave at leasx a j j; even months term, but it is extreme- j I y imoprtant that we Jceep within the 11 ncome this year. In several of the q listricts we are largely dependent tpon the state appropriation to run 1 he school at all. If the legislature hould by any means fail to make the j , ippropriation to carry out its own j % ict several of the schools will be in I l bad fix financially. 3 I hope to resume my visits to the! ;chools now and will get around justF is fast as I possibly can. I do not;' expect to be sitting around the ofice at the court house unless I have something to do there, and I do most |, >f my correspondence from my office; i it home and do the work at night, j 1 Dut unless I am out of town I may be j1 round very easily and will always' gladly answer any calls. I may be at; r my three phones, the court house j ?hone is 220, the heme phone is 76; md The Kerald and News phone is I. j( [ mention this because now andj ihen some one will say that he called at the office and could not find me. J rhis town is not so large that any j 3ne may not be found very easily if j he is in the town. I am so consti-( -fViof T miicf. ,hp .drying* something! i/U^&U (/11U V A 0 _ w _ and there is nothing to do at the of- j Ike at the court house at this time except to approve claims, and that is! Lhe big job on Saturday and unless something unforseen should happen I may be easily found on Saturday at the court house. I .'will gladly stop anyihing-^else I may ibe doing to at-: tend to any matter pertaining to the I , 1 -1- -J? it-* I scnoois oi me cuum^. ' ' E. H. A. " t Bank No. 395. Statement of the Condition of the j BANK OF WHITMIRE 11 Located at Whitmire, S. C., at^the Close of Business Dec. 31, 192*. Resources. Loans and discounts $525,864.74 ! Overdrafts 3,224.31 j Bonds and stocks owned by the toarjc ..j 2,800.00 j Furniture and fixtures.... 3,091.13 j Banking house 3,756.46 j Due from banks and banks ..... 44,696.68* Currency 11,687.00, Gold 218.50; Silver and other minor coin ...? '695.73! Checks and cash items.... 4,966.85 j < ap* * WBBf^EaMMKvmEmDMMnn ' ? |if o || .:; i ; / | % Statement d?1 % Loans and investmes Overdrafts, secured Cash on hand and in J > t , Capital stock Surplus and profits.. Bills payable Dividend No .47 due Deposits We take pleasure ing statement publish port to the State Bai Year we desire to tha for the business they had high ideals conc< endeavor to maintair the New Year bring happiness and prospe TheC "The Bank i at r\ tv/t ir iw ADD *JIVO. ltl. iY Presiden FLOYD BRADI Asst. C t nsurance department .... 2,000.00 j Total $603,001.40 r] Liabilities. 'apital stock paid in $ 50,000.00 1 urplus fund : 15,000.00 Jnaivided profits, less current expenses and 5 < taxes paid 14,104.51 .* )ue to banks and bankers 3,39.7.58 )ividends unpaid 4,006.00 ndividual deposits 268,295.39 Savings deposits 1,057.88 rime certifi- * ( cates of de- * posit ; 129,135.36 Cashier's \ checks 504.68 398,993.31 3ills payable, including certificates for money hnrrmvod 117v500.00j - i Total $603,001.40 | State of South Carolina, County of Newberry, ss. Before me came W. R. Watson, j . ashier of the' above named ? bank,. who, being duly sworn, says that the ibove and foregoing statement is a :rue condition of said bank, as >hown by the books of said bank. W. R. Watson, j CI ? Mvt/] onkcr/iviKQ/) i CWUIIl LU ci:u ouujuiu^u ne this 10th day of January, 1921. ! T. P. Young, Notary Public. Correct Attest: j E. E., Child, | T. H. TVatson, Jno. L. Miller, Directors. ! Sank No. 231. Statement of the Condition of the ' SANK OF POMARIA L,ocated at Pomaria, S. C., at the Close cf Business Dec. 31, 1920. RESOURCES. Lcan3 and discounts $120,644.56 ' Overdrafts 1,922.71 Bonds and stocks owned / We are prepared at Silverstreet. c a trial we will do you. Nichols & i? II? ii.i in i i inn in Bin ii iii . ! 'v V .4.1, -.VJ. . . s . | Newberry, S. J sT. Condition Decei % nrcAi rnrrc x i\LJV \J ?VVC<w7. 4 - . ,-v ; its : and unsecured banks -V : ? * *. LIABILITIES. \ % I i January 1, 1921 i in again calling your at Led above, which is cond tik Examiner. At the b .nk most earnestly our fi have entrusted to our ca 3rning our business iranj i these ideals through th< to all of our people a fu jritv. ommercial i That Always Treats Y t. Vice i .EY, W. T ashier. t by the bank 1,895.59 Garniture and fixtures./ 1,984.06 Banking house 1,238.50 Due from banks and bankers 8,241.13 Currency 2,341.00 Silver and other minor coin 325.75 Checks and cash items.... 144.52 Total $138,737.82 LIABILITIES >. Capital stock paid in. . .$ 15,7)00.00 Surplus fund . < 5>000.00 Undivided profits, less ^ current expenses and taxes paid '< 5,896.38 Individual deposits sub- r- - j e c t to check $41,661.55 , v. Savings de-, posits 71,652.62 C a s h i e r's /. ? J g checks i.i ??- 326.27? ^ ' ' 113.G41.44 0: iB ti\ V Total $138,737.83 State of South Caroling ^ "e County of Newberry, ss:* Before me came. Jqlmf C. Aull, cashier of the; above'na^etl bankr i i - ? 4.U-A. 4-lr_ who, Demg aiuy sworu, wiau above and foregoing <staiem|zit is 4 true condition of said bank, as shown by the books of sai&tyank., \ John C. Aull. Sworn to and subscribed, before me this 6 th day of Jajj^ary, 1921. , '^ 'Thoma^A. Setzler, - ' Notary ^rxi^ic for S. C. Correct attest:A ' ^ Z. T. Pinner, WL R. H. Hipp, ^ , R. J. Johnson, \ 1 ... - uirecwjre. <?r n r i bmw????nvmma??? ? ICE! to work on cars ome ana give us our best to help / ... Longshore 1 ' . i * ? * 11 . "" V > JI } t I Bank :v JP ft. f? P I 5 M P I 0;:: ^ nber 31,1920 t,-1 "'I 1 : . I v i! 1;Wt,741.51 *4,806.50 136,352.77 4lT $ 1,338,900.78 - ?*. 50,000.00 114,581.58 , nnn nn .......... f jivy^vvvivv "3,000.00 1,07|,319.20 $1,338,900.78 J ri '.: tention to our excellensed from our reeginning of a New iends and customers - re. ' We have always" tactions, and we will e coming years. May ill measure of health, y Bank on Right" J. Y. McFALL, Pres. and Cashier. .BROWN, Asst. Cashier. I ' , ' . - ' 1 -.V , . V