The Wateree messenger. (Camden, S.C.) 1884-1942, January 13, 1925, Image 3
XHB WATB??5Ss8BNGBR
PubUshed Rvery Tuesday by
CHAS. W. BIRCHMORB, Editor.
, s 'Established 1884
jS ?,
subscription $1.SQ a Year in Advance
Tuesday, January 13th, 1925.
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Kntered aa Second, C|asa Matter at the
Postoffice at Camden, "S. C.
... i *
THE LEGISLATURE
The lgeislature has convened and
will have many matters of importance
to consider. As a rule we balleve that
cuv general assembly is composed of
intelligent and patriotic men, and that
their honest desire wiil be to render
efficient and helpful service to their
constituents. This is a time when
they should do so, for the people whom
they reprejent have not had any bed
of roses to recline upon during the
i ? ' Rt yfiar. Short crops were made,
although the cotton crop was better
than was predicted. The food an J
feed crops are much shorter than they
have been in some years. Taxes aro
much higher than they have ever
teen, and one thing is certain, there
should be no more taxes added tQ the
r !erady heavy rate, but where possible
they should be cut down. The over
head expenses in many of our state
in titutiorvs are, wn believe, uneccess
?arily high. It would be interesting
? to know just what the overhead, ex
pen es of ihe State Highway Comm
ission are, the State Tar Commission
the colleges whero so much progagnda
in the way of printed stuff is sent out
If it were possible to obtain an itemiz
ed statement of these and other state
institution " it might pr'ove a, revelation
of extravagance when the people are
feeling vt^e heavy, burden of taxes.
^9 patriotic citizens would desire to
9ee any worthy and necessary insti
tutions of our state crippled for want
of sufficient fundfc, but at the same
time the people toant to konw that
they are/ge^ting' viilue received for
every dollar tfiey pay to maintain
these institutions.
NOT MUCH LEFT.
Just waht ia to become of the $200,
000 that the state highway comruiss
sion is to realize from the sale auto
mobile title certificates has not been
made clear. Of course it is common
ly understood that the principal rea
son for the title law is the ease with
which the money can be collected. But
still there are. a good many people
throughout the state who w&uld at
least like to know what is to become
of the money that is thu9 to become
squeezed out of them. ? Yorkville En.
quirer.
Inasmuch as the tax commission ?3
empowered to hire as* many extra
deputies as necessary to enforce the
laW referred to above, there will not
be mtf^h left for disposition. ? Bam
bert: Herald.
The automobile owners are being
squeezed on every hand now, and with
the doubling of the license fees it
does seem that they might have been
spared this extra hold up, although
there may be a wonderful advantage
in requiring automobile owners to se
cure titles and have their titles in
their pockets with tnem when driving
their cars about. There has been an
increase in the gasoline tax, and add
ing an extra dollar for ia ?title will
- bring in a stream of dollars for all
time to come, and as the Bamberg
Herald intimates there will be added
clerk? sufficient to help absorb this
revenue. We predict that it will not
be many years beforo the state will
require each automobile owner to car
ry insurance on his car and the
state to furnish the insuanco. This
is. already being talked of in somd
states. As long as the sovereign peo
ple will r'oct men to office who per
sist in ' xing them out of reason so
long \*.. this state of affairs contin
ue. But after awhile there may be rfn
uprising of the people and a reckon
ing had.
MAIN HIGHWAYS
The building of mnin highways aro
a necessity, and everyone desires to
have good roads, but there Is a ten
dency to negledt tho lateral roads. To
our mind these a i* as Important nS
the main highways, for they afford
an opportunity for the farmers of
tho county to get into the main high
way:) that lead to their market town
whoro they can fnarket their produce.
These roads should not be. neglected.
Thoy need to be put in good condi
tion for they accomodate the citizens
of the county who pay the road build
ing bills. This thing of bdllding hard
surfaced roads for tourists to the neg
lect 6f the taxpayers pf the county
who happen not to reside on the rrmin
highways does not strike us as fair.
Hety the folk at home art well as bull 1
Ing up tho main highways. The Stat,j
Highway Commission does not tako
charge of these roads while they get
the taxes the people are forced to
pay. At first flush you may be in
clined to ' disagree with us but if you
will study this ftiatter you Vrf)l agree
with us that those who pay the bills
are it 'least entitled to as much con
sideration is thee* who merely pass
through the country. Let Us be just
a* well a* gimerous.
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???,. -r?
-1925 TO BB BANNER YEAR.
Wo do not remember when report*
generally of the business outlook was
better than at this time, but we has
ten to say that we do not mean that it
? is better at this particular time. How
ever, those who have been making
surveys of the outlook freely predict
that 1926. will be a banner year in
business. This optimistic feeling
will help wonderfully, but i"-. will not
do to depend upon the pre. 1 ."foils a
lone, but we must all work to bring a
bout the splendid results that arc
predicted. Many o 1 our farmer? have
gotten away from the nil cotton crop
and are embarking in other things Vo
make buckle and tongue moot, nnd
they are the ones who are going to
materially add to the prosperity of
the country. The intensive system
of farming along with improve.' meth
osd and improved machinery will
make changes on the farm that will
be bound to result in good. We all
want to see our farmers successful
and happy, for their prosperity and
happiness Will fre reflected in otner
lines of endeavor. The farmer feeds
and clothes the world, and every one
should give him all the encouargement
possible. There nre industrial enter
prises that give promise of success
and they, too, are essential to any
community's growth and sl ouM be
encouraged. We have room in Cam
den for new enterprises and should e?,
courage their establishment. A to
bacco warehouse would be of help in
opening a new sourco of revuiuo U
our farmers. A cannery would b^
another thing that would help. An up
to-date furniture shop where furni
ture could be made and repaired would
succeed here we believe. There are
many enterprises that could be es
tablished that would swell the week
ly pay l ..Us and the w iy to j .? at
them is to have the business men ge.
to-gether and decide upon what ihe>
want and go after it. We are all in
terested in bringing about the goo-;
times predicted for 1925, and if wt
want a realization of our hopes*, an.
want it hard enough we will suc:ee ...
BONDHOLDERS GET THE IJENIv
FIY
"Municipals arc selling far closer to
taxable bonds today than they ever
did in pre-income tax day-r," says Tho
Bond Buyer editorially in comparing
municipal and taxable bond yields. I-j
is a recognized national authority o.i
municiapl bonds. Its statements
prove that borrowing municipalities
do not ?eap the principal benefit from
tax exemption of bonds. The real
beneficiaries arc wealthy investor.'
liable for surtaxes in the higher bracK
ets. It says editorialy:
"Every one concedes that tax ex
emption has been the pirncipal ap
peal of State and city bonds to cer
tain individual Investors since surtax
rates were imposed. Every munici
pal bond man has clients who did not
konw what a municipal bod was un
til the income tax collertor began to
take a big sharo of the year's receipts.
"Municipals for many years fluc
tuated around 3 1-2 per cent while
rails were worth a 4 1-2 per cent basis
and industrials yielded 5 1-2. Today,
with municipals on a 4-1-8 per cent
basis, the same rails are only a half
a point aWay at about a 4.65 per cent
basis and the industrials yield slightly
less than 5 per cent. In other words,
the spread has been cut down to less
than one-half of what it was back in
1890 and 1900.
"And this in spite of the tax exempt
ion enjoyed by municipals which fea
ture, in theory, should add-three
quarters of one per cent to the normal
differential assuming the average in
vestor is taxed on an income of only
$30,000
"Municipals today command, over
the best grado rails and industrials,
only about one-half the premium they
did 20 years ajfo. The reasons for
this are ( 1 ) the tremendous increase,
actual* and relative, In the issuance
of such bonds and (2) the resultnnt
lowering of their credit rating among
investors. As to the tax exemption
feature, that has been an important
offset to the Influence of the two fac
tors just mentioned, but its effect is
waning rapidly.
"Wero the income tax to be repeal
ed tomorrow, in long run we fail to
aee any reason why bonds of our
states and cities would not continue to
soil on a yield basis is fully as much be
low other classes of securities as they
do at this time." ? 1
Read this again and see how public
treasuries are loving money simply
because a worn out practice is not cor
fected.
SOMETHING TO THINK ABOUT
President Coolidge has announced
his intention to call a conference oi
commissioners of revenue of the sev
orhl states to consider problems pre.
sAnted by the federal and state inheri
tance, estate or succession taxes. In
the United States 46 states now im
pose such taxes. There Is striking
lack of uniformity In the law*. Over
lapping of taxes, resulting In double
and triple taxation, nnd many prob
lemrf of tax theory ?nd administration
are scheduled for discussion.
An inheritance tax is primarily a
tax upon capital as opposed to income
and, therefore, <as taxing authorities
are consumers and not producers of
we<h, any subtraction from the cap
ital wealth of the nation . i.j a sub
traction from tho common wealth. In
other Words, the same objecti >ns ap
ply as to a capital levy.
Excessive estate taxes disci-urage
accumulation of fortunes and lessen
reservoirs of wealth from which ~
spring extensive employment and in
vestments necessary to initiate- new
enterprises and develop the country.
Continuation of high taxe3 would in
evitably pare away wealth of a peo
ple to point of economic impoverish
ment
States are already beginning io re
lax on drastic inheritance laws as
they see that such measures strke at
the root of productive industry and
empolymennt and lessen the perman
ent taxable assets of a state.
NO "GOOD FIRES"
Fire protection is everybody's per
sonal problem; not only the obligation
to go and help in an actual conflagra
tion, but also to help in preventing
firec.
The United States pays approxi
mately $500,000,000 every year for
fiivs; 75 per cent of which are need
less. Almost $:>.00 per capita goes
up in smoke every year?the price of
six months fuel cr a month rent for
i the average family of five. There
j are no "good firet?7" every one is de
vouring monster. Every item of
I property burned is that much human
labor nad savings destroyed and the
nation is that much poorer.
If America could reduce her fire
losses 5 per cent, much proprety not
| now covered by insurance wpuld se
cure fire insurance protection. Tho
public would benefit by reduced rates
and insurance companies would bene
l fit by doing a larger net business be
j cause of' fewer fire losses to pay.
| ANOTHER STRIKING EXAMPLE
j Last week we made some comment
upon wills, referring particularly t.o
I the will of Mr. Gaston who died re
gently in Cheraw. In the distribu
I tion of his property his will was in
j quite a contrast wit^ most wills. A
few days ago we e.ime across another
man ? a Georgian ? who died recently
and left a will in which he made a dis
tribution of his estate in a most prac
tical and helpful way as will be seen
by tho following news story of hh
will:
Waynesboro, Ga., Jan 5.? The will
of the late Judge George O, Warnock
who died at Waynesboro on December
19, 1924, shows that his estate was
valued, probably, at $125,000. His
public benefactions are $1,000 to the
trustees of the Baptist Chu?ch of
Waynesboro toward the. building
fund; $3,000 to the trustees of the Me
thodist church toward building Sun>
d'ay school room for men; $1,000 to
A.umt't i Cr,>hanage home in Macon,
$10,000 to Southern Methodist Epis
copal church, income of which is to
be used for ministerial education of
young Georgia men; $35,000 more or
{ s. toward education of poor but
worthy white boys and girls of Huvke
v?unt>. the income only of which is
to be used each year.
According to figures comp led iheffe
Were registered ? in 1924 in S. C.
147,530 automobile" j and 15,852 trucks
Of this number Kershaw county is
credited with 2,447 automobiles and
287 trucks. The indications are this
nuipber will be materially increase 1
thin yea:.
1 Fovnc?* Gov. Frjnk O. Lowd' n, of
Illinois, is credited with saying that
whilo the 1924 corn crop was 20 per
cent, le s in volume compared with
the 1923 orop it would sell for some
thing like $7?>0,000,bo0 more thnn tho
U)23 crop. The cotton crop for 1921
was 3,009,000 bales more than the
crop of 1923 it is sell ng for $ <">,000,
000 less than the 1923 crop, showing
that the les cotton I he farmers make
the more they profit by it. There *s
food for thought in tih; statement.
It would be s. godsend to our coun
try if every child lrt or 18 years old
could have enough steady work to
form habits of industry instead of
habits of iulencs'. *
I United Stale. i Senate has gone on
record as favoring private operation
of Muscle Shoals. An amendment
providing for government operation
was voted down 32 to 49 and then thfr
Underwood bill was pas.-ed by the
same vote, Democrats and Republi
can; divided about oqually on the sub
jecL t
\
The Department of Agriculture enti
mates cash value of 1924 farm crops
at $9,479,902,000. Market value of
crops in 1923 was $753, 013,000 lesj.
Acreago in 1924 wa? a. bout 20,000,000
less than 1923. All crops were fairly
f^ood except .corn. Production of
corn was 000,000,000 busheU less than
last year, but Its value wns $188,000
000 more--total value of corn crop for
1924 was $2,405,480,000. .Gotten
ranked next.
. . ?
Start the
New Year
Right
Resolve Now to Make the
Most of 1925
let. To be good-Live Right.
2nd. To save each week some of the
money ^ou earn.
3rd- To invest all you can save each
month in shares of our association.
?**- ..f+i
CAREFULLY CONSIDER THE FOLLOWING: ,
During 1924 Our Shareholders paid in on their shares
and SAVED - - - $27,210.00
Seriously think it over and may he you will decide you
want to join them in 1925.
Our two Series No. 6 and 7^ now operating, make the
following showing:
CAPITAL ? Dues paid and earnings to date $119,723.00
LOANS ? Only to shareholders 139,389.00
Money Borrowed 22.186.00
Loss on loans during 20 years business $ NONE
We are Conservative and
Careful
Here is -Your Opportunity
Take as' m:.ny shires in Serii Xn. 8 as you can c wry. Mo:. inly payment only $1,00 per share.
First payment, Monday, Jununr.. l'Jtli.
Later if you vvn nt to repair your home, .buy a homo or build a home, we will loan ynu $21)0 per
share to the extent security y ur offer warrants.
Our officer; and director nr . and v.v belirve every share holder of our association is very proud
of our 20 yenrs successful opera on, and it is most i,. .t'ify iv jlt l<> all of us that our Association has
made it possible for many peoplj in Camden to own their homes'.
The Waieree Building and Loan
Association
Dr. W. J. Dunn, P resident
?'o): n I'. M a -key, Soc. & Trcns.
W. J. Dunn,
J1 M. Wooton,
VV . Hirchmore,
Jno. 'I'. Neltlcs,
C/FFKEK
I). Wolfif, Vice-. 'Tsirlent,
L. A. Vv ittk >u ;k j , Solicitor
D'KKCTOKH.
I'. Wolfe,
( . .1. Shannon, Jr.
1,. A. Wittkowsny,
S VV . van 1/ ; lulinffhnm,
1'. l/owis.
U-t m know how many shares youwant. Fill in sign, and return to u? hoforo Monday, January 19th
tho follow i application for number of shares wan tori.
T 1 1 K WATKUKK li(!>M)INU AND I.OA.N ASSOCIATION
Cfim<l?n, 8. ('.
Gentlemen: IMenne ontrr my fcUbncriptlon for chnrow Seripn No. 8.
First payment $1.00 per nhnre to lip mnde in iVlonrla Jntumry I'..', 1925.
(Hisrn hero.)