Historical Newspapers of South Carolina

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COTTON AND BANK1NQ REFORM FaIR Upoa Tha Hoath Evarjr Year. Tha burden of our defectire bank ing ayatam falls upon no sectioi »f tha a>uatr]r more heavily titan upon the South, because the Sou:n is pluch- ed and bled annually >n inovnii ;nt of the cotton crop. In the thirteen cotton-growing States. Including Kentucky and ex cluding Missouri, there are 14.11 na tional banks with a combined capi tal stock of 91i*,917,430. The total value of cotton raised an nually in' the Southern States Is about seven and a half billion dol lars. When the capitalisation of the Southern banks Is considered In con nection with the value of the cotton crop, It ip at once obvious why they must call on New York and on Eu rope for help when that crop Is to be moved from the producer to the manufacturer. It should be mentioned in the be ginning that the local cotton business |s done la cash. Hence a buyer, or cotton factor, will arrange with his local bank to obtain funas if he wish es to purchase cotton. He gives as security his note, with warehouse, or compress, receipts, or the railroad bills of lading covering a certs in number of bales of cotton. Conser vative banks do not advance on this form of security more than their cap ital stock and surpiu*, and" so the movement of cotton is costty ami dif ficult. When the cotiou factor buys l'i00 bales and gets a loan. for. say 990,000, the local banks know that within throe or four cays it will be called upon for 9(0.000 in currency, which must come out of its rcser\i or be sent to it fro:;i reserve city banks. Approximately 1200,000.000 of currency is sent annually into the South to help finance this crop. Who gets the profit? New York bankers and brokers. They reap in this way several million dollars a year. The South pays the bill. And in addition, the mere cost of shipping the currency cosrs country •nks in the South, it is estimated. ^40.000 a year, aaide from the Inter val which muat be paid for The Ant reason for this expense is the lack of actual currency. An other la the use of actual cash where credit exchanges might be more gen erally used. Still another is the inelasticity of our currency system. A discount system would make it possible to coin the cotton crop at once into currency. Thus the enor mous wealth brought ou: of the soil would make for Instant prosperity! Instead of crippling or hampering ,t. A uniform discount rate, effective only In rediscounts for banks would tend to - equalise interest rates throughout the coumry. At present these vary from 2 3-4 and 3 per cent, la New York to 12 and 15 per cent In rural districts. Proper reforms In our banking laws would enable a rate to be fixed whkn would be uni form between banks throughout the country, so that the local banks In Mississippi cdtild get funds at a much ■malter price than is possible now. rates throughout the country ptpbobfy would vary somewhat, but thu variation would bo nothing like what 1» now; aad the mmA hangs AUDOTAJUMBn. » V' w'.lV'' C .. 4r... ^ ft ’’S V ; t ; i \ 7 ; *' ■ \ryf* i ■ V SE ' • ' - i . " S - * tv. itu. / •<* CAR 2 BIG ADDITIONS OWNED BY MR. JOHN H. PEURIFOY, ONE TO BE SOLD EXCLUSIVELY TO WHITE PEOPLE AND THE OTHER, A COLORED ADDITION OPEN TO BOTH WHITE AND COLORED PEOPLE. THE ADDITION FOR THE WHITE PEOPLE IS LOCATED IN THE EASTERN PART OF WALTERBORO, AT THE EASTERN TERMINUS OF MAIN STREET AND WILL BE SOLD AT AUCTION ON EASY TERMS ON J 5. THE COLORED ADDITION IS LOCATED IN THE SOUTH EASTERN PART OF WALTERBORO ON FISH- BURNE STREET, JUST SOUTH OF*THE COLORED HIGH SCHOOL AND IT WILL BE SOLD AT AUCTION ON EASY TERMS ON V W i e ' » X rr- A) r . V. ’ . ^ M TERMS ARE EASY TWO VALUABLE LOTS Only one fourth of the purchase pnee GIVEN AWAY FREE Cash and the balance in 12 Equ<u Monthly A Lot in Each of the two Additions will s* Ot , Payments with interest at the rate 8 per be given away absolutely FREE OF cent per annum on all of the lots in both the CHARGE to some one who attends these White and the Colored Additions. - Sales, whether or not you hid or buy * - a . ■ > '-f, * • Carriages and Automobiles will leave from in front of the Court House at 9 o’clock on the morning of Each Sale, and will carry every one who wishes to go free of charge. Everybody is invited to take the ride. Don’t miss this opportunity for remember that Real Estate is the basis of all wealth and more money has been madt from Real Estate than from any other known source of wealth today. The terms under which you buy the lots makes it very probable for them to be worth considerably more than they cost before you will have paid for them for you buy them AT YOUR OWN PRICE. Don’t forget the days . and dates, TUESDAY. DEC. 3RD. for White People only and THURSDAY, DEC, 5TH, for both White and Colored People. FOR FURTHER PARTICULARS SEE H. B. & R. E. PHILLIPS ALBERT HOTEL, : - WALTERBORO, SO. CAR. would profit equally with the farm er* and merchant* they »erve. Proper revlilon of our banking law* would work for me greater prosperity of the South, and would aid materially in the ca*y movrmifet of its staple, cotton. It wou.d make it possible for the banks of the South to take care of the South’s busines*. It would provide abundant funds when they were needed, and would provide abundant funds whe* they were needed, and would convert into cosh at once tbe South’* source of Vreultb. Noses 1 HeVUe. N#j. has been sometime since we have teaa anything from this s«*e*;on in your paper, wc have dee ded to write a few itemr. The farmers are very nusy p.'Td- ing cane. Dr. J. B. Padgett. »»>> haa l*een iU for several weeks I.h on tr* rond to recovery. Quite a numbe*- of ioi» * attended the birthday supper ot MY. \. 11. Brant v e.enin* L— and cske were served after which the young people whiled away the time playing games. L. 'T. (livens, of 'he Hleea C’-#ek section, spent Sstncdny sod kinds* with Ms. Md Mrs. W. •- MmgM a '' Among those who strvudel »he J Charleston fair from this section were: Mr. and Mrs. A. H. llran*. Miss Annie Deer. G. W. Bishop nmL |J. D. Yarn. We all regret to leant that W. C. J itrgBrant and family wtil soon move : to Beaufort, where Mr. Brant 4M11 i be engaged in truck farming. Mr. Brant and ./omily will soon move knot.- him' Uifcl will bo much missed In this section. *- , Mimes Josephine and Allie Crosby and W. C. Brant attend**! the con vention at Carters Ford Saturday and Sunday. . • Mrs. B. L. Yarn nod daughter. Miss Gertrude, spent Saturday in Wolter- ' ! T. A. Doyle Dead. Savannah, Ga., Nov. 25.—Special: The many friends of Mr. T. A. Doyle will be grieved to lesrn of his death w hich occurred here Nov. 11, at Park View' Sanitarium. Mr. Doyle had been ill only a week when the end came. Mr. Doyle had been a resident .of Charleston, but moved to -Bavannah several years ago. wbere 'he him n responsible position with the rail road. where he was well thought of by hie employers and friends. Mr. Doyle Is survived by one broth er, M. J. Doyle and one slitter, Mrs. 0. E. MeKeasie. of Charleston, be side# % nurnh^- of cftfccr Mlnttvss. The funeral services were condud el by Rev. John 8. Wilder of Soutl Side Baptist church, after which i’: terment took place at Laurel Groi cemetery. - - . ( > BAZAAR AND OYKTKK SiTPKH The Civic League will give a Bn- soar -and Oyster Supper at it* Club Rooms nt the Y. M. t*. A. Uuihllnx. the first Friday la pecember. Ire Cream, Salads, Saadwirhes. Cake*. Caudles aad other good thiagw to cat will also ha sold. WO—om OYSTEMS ABE MX»~