The Horry herald. (Conway, S.C.) 1886-1923, November 05, 1914, Image 6
J
BUCK TELLS WHY i
OPPOSED BOND BILL
HORRY SENATOR GIVES REASON
FOR VOTING AGAINST IT
THINKS IT IS DANGEROUS
Says It Will Not Give the Financial
Relief That Is Needed. T
(News and Courier.)
Columbia, Oct. 31.?Special: Sen- ^
ator Buck, of Horry, one of the first
original opponents of the bond bill, ,
and who has perhaps made the most
progressive light on the floor of the
Senate against the passage of the
measure, states in the Senate Record,
in brief, his reasons for voting against <
the bill. He says: "It is a dangerous j
and unwise policy for the State to ad- >
opt, and besides it will not give the
financial relief claimed by its propon- ^
ent.s. The remedy is more dangerous
than the disease.''
Senator Buck made a vigorous attack
upon the measure when the c
amended bill came back from the 1
house on Thursday. He commended
those who introduced relief measures :
?but bought the situation could not ('
Le cured by any legislation enactment r
?it was an economic question the so- 0
lution of which rested with each indi- : 1
vidual working out his own case. He j V
who is honest, economical and shows i i
n 4- ^ U/,1 rv himn nlf' 4 I '
* 11 i i \j i i v i.) J iw i u i v i.i i y ^ v. | .
h?lp- and will come out all right. Of j ^
course, he may suffer less, but he will V
not be bankrupt. '
This experience is expensive, it is ?
true, but it will teach the Southern c
farmers n valuable lesson, one that s
has been preached at them for years "
and years, namely, diversified farming1 d
He must cease contributing to a fund \:
of seventy million dollars annually r
sent out of the State for food products s
which can bo raised at home. He ?
said the measure had been run through r
the Senate without having given it 1
the proper consideration.
Ho argued to the Senate that the
measure would not bring relief that ^
they claimed, that it would help the
large planter, fertilizer companies x
and such business as Mr. Anderson's
of Rock Hill, because they were able
to go, independent of any home bank,
to the large centres and realize money
with these bonds as collateral, but i
that the smaller man could not do so. r
It was stated by our Washington 1
committee tlint when the reserve svs- 1
tern gets into orerat'on that the mem- i
ber banks will hsvo an unlimited re- >
'Mscovnt liuo at Richmond. If this be (
true the banks of the State will be <
guided by their own good judgment as 1
to i?rereasing t1 m" !'hm of discounts. ]
They have a ready reached the limit, i
in many instances. <
This committee reported on its re- '
turn that they conld rot issue currcn- r
cy against the bonds, hut. that they i
could bo used as collateral for ninety
or one hundred and eighty-day notes, }
when such notes wore given for aeri- >
euUnrnl nnvnnonc ? ?. > '
... nan'llUUM1 I'EC'OipiS I
can bo usee] just as well. In both in- j j
stances you have to put cotton in the (
warehouses.
Why force the State into a snecu- .
lation business which is unsound, un- j
reasonable and "vicious?" j,
Here the Legislature is submitting!'
to the poonle richt on the eve of an
election, when they are restless and *
have bcm-i led to believe that one '
could really advance the nrice of cotton.
Many think it means a profit of* !
$15 to $20 per hale, many will vote 1
for it because it leaves Columbia with "
the support and endorsement of their 1
representatives and Senators. Wo
can't dodge the responsibility this
time by savin <> it is to be submitted ^
to the people. If good comes, the log- t
islature will be commended; if only
evil, we have pot to take the medicine A
and it will be a bitter dose, I'm afraid.
Not to discuss the policy of the <
State in entering into a speculative j
business, pass over the idea of the \
right of the Legislature to enact class (
legislation, i en ore the expediency of (
1"? + ? 1 *
.jvn'i cm uii?i t?> 11is already !inav- ' ^
ily bonded indebtedness of six million | \
dollars (not one dollar of which has j {
been paid in thirty years except ,
through accumulation in the sinking (
fund and royalty from phosphate (
rocks, of which there is no move). i ,
Forget the fact that besides the-1 \
state debt there is now outstanding j {
five million dollars against the coun- {
ties and school districts of the State, N
besides the notes and bonds of ihe (
different towns and cities, all burdens <.
which have to be met by taxation, j
pass again if vou will any possible effect
that it might have upon the cred- f
it of the State or upon the future (
progress and development of our <
schools and roads, or upon capital \
seeking investment here, all of which (
1 submit are germane to the subject. }
hut for the sake of argument, pass j
them all by and let's see what the
bond bill offers as a practical propo- j
sition. (
A party stores a 500 pound bale of
cotton, takes a receipt of State? <
State takes his $45 note due in two
years, interest after maturity, with re
ceipt as collateral, basis price 9 cents. <
' On cash payment of $4.50 to cover in- I
terest he is rriven a $45 (this denomination
for illustration only) twentyyear
State bond drawing 5 per cent in- 1
terest. i
Takes bond to merchant he owes
who agrees to credit his account at
par, but party says I must have $4.50 *
cash to pay State, which is deducted,
leaving balance of $40.50. His cotton
nets him on his account 8 1-10 cents; 1
having sold his bond he has no furth- <
er equity in the interest it earns. i
The storage charge is not yet paid;
suppose the warehouse requires this
n advance, which, for two years, will
probably be $5?this must be deducted
from $40.50, leaving $35.50; his *
cotton nets him 7 1-10 cents on his ac- j
count. At the end twc years this
note is due, if cotton is worth 9 cents 1
and his weights and grades hold out, i
he has $45 to pay the State and retire <
bis note Ho has paid for the loan of <
his bond for two years, $9.50, or at
he rate of 10.55 per annum.
Owner of bond goes to bank and
>eoures a twelve-months' loan of $45
vith bond as collateral, he pays discount
$3:60; at 8 nor cent, his loan
lets $41.40;* deduct interest paid State
54.50, he has $36.90, or a loan value of
57.38, for his cotton. Sunpose he has
ieen required by warehouse to pay
storage and insurance which will be
55, deduct and you have $31.90, or a
oan value of 6.38. It is true his bond
will earn in two years interest of
54.50, but this is not yet available. If
otton is worth 9 cents when his note
s due he will be able to retire his
lote.
Jo has paid State $4.50 ....
-Ie has paid State interest $4.50
le has paid storage and interest
$5.00
To has paid interest to
Rank $7.20?$16.70
deduct interest earned on
bond 4.50
vet cost for loan of bond
for two years 12.20'
State pays his bond 45.00
Deduct 12.20
vet amount remaining for
bale 32.80
Dr cotton at G.56 per pound
can sell to day at 0 1-2 . . . . 32.50
Ho has paid $12.55 per cent interist
and the State has had all the oxion
sos of t'ne transaction.
At the end of two years, when note
incomes due. party sells cotton for 9
cuts has $45 with which to retire his
into and the State has lost nothing
xcept operating expenses. Rut if
i.arty has not paid storage and insurmce
charges and refuses to do so. the)
State will have it to pay, and it will
lave a bale of cotton worth not $40
o pay a $-15 note, showing a loss of
15 per bale, not including expenses
noident to the operation of the busitess.
Only avenue open to State, is
o sue on note, which might be collect d
if party is responsible. You can't
afeguard the State's interest, the
moral risk" element is eliminated unlor
the terms of tho bill . Under this
dan they propose to take from the
narkct one-third of the crop, which,
nv, would be 400,000 bales. The
State would have this as collateral for
lotes of SIS,000,000.
)educt charges and your cotton
value is SI0,000,000
.oss for two years if cotton
worth. 9 cents 2,000,000
Additional loss if worth
8 cents 2,000,000 j
Total loss S 4.000.000 i
We haven't taken into consideration ,
he cost of operating* this business.
Phe bonds, which will cost something'
ike $25,000, attorneys' fees to test vaidity
of Act, say So,000, saying netting
about overhead charges, printing
warrants, notes, books, records, clerks
?tc. 1 am satisticd that if the bill becomes
a law and there is much cotton
landlod the Legislature will have to
orovide an appropriation to care for
interest on bonds, because the expenses
of operation will absorb all of the
10 per cent cash interest first paid,
this bill makes no provision for operating
expenses.
I opposed the measure from tlie beginning,
believing it unsound and dangerous,
and would give no relief.
Did not at any time engage in any
llibustering methods, but fought it
pen and above board in good faith.
Should it become a law, I hope none
>f its evils will materialize, but, on
he contrary, that it will do all the
;-o?m which its friends claim for it.
If cotton advances to ten cents and I
lie bonds are retired there will not be
ouch loss, biii the S* .1 lias no pr>ection
against loss; therefore, see
nothing in it but a speculative deal
'or the State, with no chaneo even of
i reasonable protection, but a sure
oss, t'"e amount of which depending
mtire.y on the value of cotton.
Think m\ calculations ore conservative,
b ut suppose one follows out
ho mctaning of this sentence from
section ') of the bill, and see where it
vill lead the state.
"The payment of saTd note or notes
.hall not he required until the cotton
dodged to secure the same can he sold
'or a price sufficient to pay the face
f said note or notes and interest from
lie dade thereof, and all carrying
barges on said cotton: Provided,
hat the cotton shall not be sold by
he South Carolina cotton bond oomnission
within three years from the
late of such notes or loan without the
onsent of the maker of the note or
lotes, except that if the price of coton
should reach 12 cents per pound
he commission shall have the power
o require the sale of cotton on two
veeks' notice to the owner or payment
>f debt at said date if the borrower
>hall pay all such interest and expenses."
The measure is misleading on its
'ace. It purposes to be a loan proppsition,
but on a declining market the
->tate clearly becomes a purchase]'. If
here should be a profit it goes to the
pwner of the cotton, but if there
t 111 i j / ii . i
mouui do a loss 11 lans upon tne
State.
The more the measure is studied
:he more vicious and dangerous it becomes.
Who pays the $4,000,000 loss or any
3ther amount should it occur?
Oh, we didn't have time to think
ibout that. "Something must be
lone." right or wrong, but " do something."
Well, for our part it is done.
Extraordinary times. That's true.
Hut is that any reason why we should
have been swept ofT our feet by a
measure which one of its leading cham
pions, in his usual attractive and effective
manner, describes as an "iridescent"
dream, with nothing to it.
August Kohn.
LATER?News reached Conway
last Tuesday morning that Governor
uoie L?. uiease had vetoed the Bond
bill the night before.
An Active Liver Means Health.
If you want good health, a clear
complexion and freedom from Dizziness,
Constipation and Biliousness,
Headaches and Indigestion, take Dr.
King's New Life Pills. They drive
nut fermenting and undigested foods,
dear the Blood and cure Constitpation
^nlv 25c at your druggists.?adv.
*
ENTRANCE OF TURKEY '
IN ARENA OF WAR
?? t
MAKES A NEW PROBLEM WHICH
EUROPEAN POWERS HAVE
TO COPE.
INVADE RUSSINA HARBOR
Russia Prepares to Meet Turkish
Fleet i" the Black Sea,?Sultan's
Dominion M ill End Thinks England.
London, Oct. 30.?Turkey's sensational
entrance into the arena of the
European conflict is the most striking
incident o<* the past 12 hours. It seems
a fateful coincidence that one of the
famous German cruisers whose taking
over by Turkey led to the first function
between the Porte and Great Brit
ain, France and Russia should have
been the instrument of hostility which
makes war between Turkey and Russia
inevitable.
Russia disclaims any idea of aggressive
warfare against the Turks,
asscring her intention merely is to
protect her interests around the Black
Sea from attack. The Russian press
expresses the belief that the entrance
of Turkey into the field is of more
interest to England than to Russian
on account of England's trade routes
to India and other points in the far
eaf^t.
English newspapers take equally
philosophic views of Turkey's action
and express the belief that while the
mlitiary situation will not be greatly
changed, Turkey in Europe is doomed
to extinction.
Will Be Naval Warfare.
Unless Bulgaria joins the enemies
of Turkev an invnsinn r?f rm-Arionii !
Turkey by land is impossible, accord-j
ing to British observers and the wan
fare will bo naval. Turkey's navy assisted
by the former German cruisers
Goeben and Brcslau is considered hen
to be far more formidable than her
army which is said*o be inefficiently
equipped and poorly fed. Greece
will jump at the chance of again meas
urine; her swords with Iter ancient
enemy, it is felt in London, and with
the two battleships purchased from
the United States she will be in position
to meet the Turkish ships on equal
terms.
Tii the Black Sea the Russians have
no single units as powerful as the Goe <
j hen or the Brclau, but the number of
I their vessels, it is argued ;n London,
will give them command of this inland
Sea.
Albania Falls Apart.
The State of Albania, considered a
masterpiece of the diplomacy of the
i great powers, has effectually disprov- j
ed the theories that she was a compact
nation by resolving herself irU>
several separate governments, some
of which are nothing more than independent
municipialities. The disrupted
Kuronenn concert i? rmrosnntPfl
at Alona by Italy and by four wander-j
ing commissioners with no government
to accept their advice.
Greece has invaded Northern Epir-1
us and complacently announces that;
her action has met with the approval !
of the powers. In the North Essad
Pasha, representing Turkey evidently
is preparing to occupy the unstable
throne recently deserted by Prince I
William of Wied.
Lull in Great War.
In'the area of purely military activity
there seems to be a general lull.
Special dispatches from West Flanders
continue to describe the terrible
fighting which has marked the great
battle there, but official communications
from both sides indicate that
there has been little change in the
relative situation of the. opposing arm
ies.
Beware of Ointments for Catarrh
That Contain Mercury..
| as mercury will surely destroy the
sense of smell and completely derange
the whole system when entering it
through the mucous surfaces. Such
articles should never he used except
on prescriptions from reputable physicians,
as the damage they will do is
ten fold to the good you can possibly
derive from them, Hall's Catarrh
Cure. inJinnfnrtni'A/l Vw* V I c'u ?
...v..Mvvui VM I/,t o v^num:y
<% Co.,Toledo, Ohio, contains no mercury,
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Hall's Catarrh Cure be sure you get
the genuine. It is taken internally
and made in Toledo, O., by F. J. Cheney
& Co. Testimonials free.
Sold by druggists. Price 75c per
bottle.
Take Hall's Family Pills for constipation.?adv.
UNITED STATES HAS KEPT
PEACE.
People Drawn More and More Together
By Great Wars.
Washington, Oct. 23.. .President
Wilson today issued a proclamation
designating Thursday, November 26,
as Thanksgiving Day.
The President's proclamation refers
to the fact that the United States is
at peace while the rest of the wcrld
TAX NOTICE.
The Boohs will be open for colection
of taxes for liscal year 1914, from
October 15th to Dec. 31, without penalty.
Payable during January with
1 per cent penalty, 1 per cent addition
al, and 5 per cent additional for
March, making a total of 7 per cent
penalty from the 1st to loth of March
Regular Tax Levy.
The regular tax levy on all taxable
property in the County is as follows:
State Tax 6 mills
Ordinary County 3Va "
Constitutional School tax ..3
General County Roads and
Bridges 3
Court House and Jail Bonds.. % "
Re-Indexing Records % "
Past Indebtedness 1
Township Roads and
Bridges 2
Tntol 11-1/ >?
*. vim -I I TS5
An additional levy to pay special
taxes voted for school purposes in certain
school districts is as follows:
No. mills
1. Port Harrolson 2
2. Evergreen 4
3. Dog Bluff 3
5. Sandy Plain 3
0. Athens 4
7. Green Sea 8
0. Little River 4
11. Socastec 8
It. Withers 3
13. Centenary 4
15. Haw Branch 5
10. Pincy Grove 4
17. Wanamaker 8
18. Loris 8
19. Burroughs 7
20. Mt. Olive 8
21. White Oak. 3
22. Burool 4
23. Goon Hope 3
24. Cedar Grove 3
25. Gurley 3
20. Cool Spring 2
27. Zion 4
28. Chapel Hill 4
29. Powell ' 4
30. Princeville 4
32. Hickory Grove 2
33. Finklea 4
34. Oak Grove 4
30. Grassv Be v 3
33. Hickory Hill 3
39. Simpson Creek 4
q i. uaisy 4
23 Hulls Island 4
47. Tilly Swamp 2
40. Zepar 7
47. T?o Hill ' S
43. Fight Mile 2
40. Rod Bluff 2i
70. Floy 4 s Id'
71. Floyds X Roads 4
.72. Popular Hill
72. Allen 2
76. San ford
.77. Sweet Home 7
79. High Point "
00 Muster Shed 3
01. Wampee 4
02. Savannah Bluff
03. Rohoboah 2
00. Cam n Swa rnp .
07. Mt. Pisgnh 4
03. TTomowood 4
00. Maple 4.
70. Poplar 2
71. Shell 4
72. Loon
73. 71 t. Hf?vmo?i 2
74*. Four Mile 4
77. Virgo
70. Tcddvillo
77. Strawfield 2
73. Fbonozcr 7
70. Pueksport 2
80. Spring Branch 8
31. Salem 2
82. 71 ill Swamp 3
33. Red Hill 4
87. Watts 4
80. Cedar Crook. 4
87. Feathery Bay 3
88. Waccamav/ 4
80. Seven Mile 4
00. Pauley 2
01. Pleasant Hill 2
02. Vaughts 4
94. Oak Grove 2
07. Twelve 7!i!o <>
97. Carolina. 3
98. Kingston^, 2
99. Aynor 4
101. Pleasant Grove 1
School ITouse Bond Tax.
An additional levy in School Districts
Nos. 19 and 80 of two mills, and
in District No. 01, of fopr mills is
made to pay interest on the School
House Bonds, and to create a Sinking*
Fund for their final settlement.
Capitation Tax.
A Poll Tax of One Dollar for School
Purposes is levied upon every male
citizen between the ages of 21 and 00
years, able to earn a living, except
Confederate Veterans over 50 years of
age.
Capitation I)og Tax
A capitation tax of One Dollar is
levied upon each Dog in the county.
Road Tax
A capitation Road Tax of $2.50 is
levied upon every citizen between the
ages of 21 and 50 years who is liable
to Road Duty.
Fishery Stamps.
Fishery Stamps may be obtained
from the Treasurer's Office at any
time. Persons ordering by mail will
please inclose postage.
Treasurer's Itinerary.
The Treasurer will attend the following
places, on the days and hours
named for the purpose of collecting
taxes.
Bayboro, Tuesday, Dec. 1st., 10 to 12
a. m.
Green Sea. Wednesday, Dec. 2nd, 9 to
12 a. m.
Strouds Store, Wednesday, Dec, 2nd,
2 to 3 p. m.
Spring Branch (Hammonds' Store )
Thursday, Dec. 3rd, 10 to 12 a. m.
Floyds School House, Thursday Dec.
O ~ A n A- A ?
oni| c. w ** p. m.
Hinson & Wards' Store, Friday Dec.
4th, 9 to 12 a. m.
Rehobth, (Martins' Store) Friday Dec
4th, 3 to 4 p. m.
Conway, Saturday December 5th.
Sanford, Monday Dec. 7th, 9 to 11 am
Loris, Monday Dec. 7th, 12 to 4 p. m.
Little River, Tuesday Dec. 8th, 9 to 12
Wampee, Tuesday, Dec. 8th, 2 to 3 pm
Aynor, Wednesday, December 9th, 10
to 12 a. m.
Galivants Ferry, Wednesday, Dec. 9th
2 to 3 p. m.
JOHN HOLT,
Treasurer Horry County.
Heup to organize a rulal life and
make the country a better place in
THE GRE
A successful
|^P |^P |^P all Blood Di
V"" men and women
II past 35 years. 1
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Twelve Reasons
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JVo. 2.
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Our scales are regularly inspected
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I
CONWAY, S. C.
in l? mmmmmwm- unga?wmammmmfx-mrmmmwum mi
I The FARMERS' ST,
| Uith a view to assist the
| growing section of Horry
| its w orth from the start,
| s any.
$1 If you want to depoeit y
| ing bring it 10 us. If we
^ priii uu ku in every way coi
|
{farmers' S
I AYNOR !
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To Give the Public the ]
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BBBSSHsBBSI
sell the cotton and othf
with the old reliable
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We are Prepared to do
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Short Notice.
Send us your order and
you will be pleased with
the work. 1
HORRY HERALD.
(
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