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? 4 < . 1 ' v A - r ; i; Thursday, May 10, 1928 Judge Peurifoy Comments On Bank Believes Federal Intermediate Credit Bank Should Benefit Many Farmers COLUMBIA, May 10.—“If the far mers of the Southeastern states who have borrowed $40,000,000 of the Federal Intermediate Credit Bank of Columbia through local lending insti tutions were able to make as great a saving as those who borrowed from our corporation, and I believe they have, the benefit of this bank to the Carolinas, Georgia and Florida, runs into the millions of dollars,” said Judge Jas. E. Peurifoy, Pres'dent of the South Carolina Agricultural Loan Association here today. “Growers have borrowed from our association, set up specifically to lend to farmers and rediscount their notes with the Federal Intermediate Bank, about $6,000,000 in the last four years. By thus borrowing and paying cash for their supplies, they have saved about McCORMICK MESSENGER, McCORMICK, South Carolina. Page Number Two half a million dollars compared with the prices they would have paid had t^iey purchased o n time. But this isn’t exactly a true measure of use fulness of the bank to these states. Ore has only to remember the bank ing cond tions in South Carolina and the other states in this district since the Federal Intermediate Credit Bank was established to realize the actual benefits to the agricultural interest cf th s district. I do not think that any of us ca n fully visualize what would have occurred in certain sec tions of our state had it not been for the new money brought into these sections through the medium of the Federal Intermediate Credit Bank. So desperate was the condition in certain cdunties that there was no bank left and the farmers had ab solutely nowhere to go to get money with which to purchase fertilizer and to carry on their farms. “For instance, in one county not far away our association lent be tween $40,000 and $50,000 last spring. These borrowers, to a large extent, would have been unable oth- SEVEN DAMS A WEEK. NO EASY ORDER THAT. If any man thinks it is, let him plan just SEVEN consecutive dinners with out repeating a single item on any one menu, for there must be that much variety. A woman must have considerable ingenuity to plan, and considerable executive ability to prepare twenty-one meals a week. Good meals are more easily prepared with good foodstuffs, the best of which ar6 always obtainable here.. • J, PRESS BLUffill Main Street McCormick, S. C. VOUR BANK BOOK IS (BOB BOOK OF SOCCESS Success comes to those who save and happiness follows success as night fol lows day. Your bank book showing a nice savings account, is your book of happiness and success, for it is the re minder that you are financially inde pendent and ready to capitalize on any new opportunity that may present it self. SAVE REGULARLY EACH WEEK If you do not already have a bank book showing an account that puts you in the independent class, you can soon acquire that amount by saving regularly each week. This bank extends you a friendly welcome to open your savings account here. Every feature of an efficient banking service awaits you here. IE PEOPLES BANK McCormick, S. C. ffll EBB ONE SALE On Thursday, Friday and Saturday, May 10th, 11th and 12th, wc will run our Nyal’s Two For One Sale at our store, that is, two articles are sold for the . price of one. Get a circular for full details and list of articles offered. STROMS’ DRUG STORE McCORMICK, S. C. 1UBEE MEALS A DAE erwire to get loans, for the last bank in the county had closed. If thoy had gotten any credit it would have been thi-ough the merchants in the way of time payments on what they purchas ed Such credit, of course, is very expensive. The merchant, frequent ly, borrows frCm the bank and he is charged interest and must collect it plus a profit, plus a carry'ng charge from the farmer. WJe estimate that the farmers in this county who got this Federal Intermediate Credit money saved from $3 to $7 per ton on their fertilizer, and that from 60 to 65 per cent of the money went to purchase fertilizer. In another 1 section, where every bank in the county had closed its doors by last fall, we put out $250,000 with the same benefits to the farmers. “The farmers in South Clarolina who have borrowed close to $6,000,- 000 through our association in the last feur years have used at least 60 per cent of it to purchase fertilizer and have saved enough on fertil'zer alone to make a net gain to them of at least half a million dollars. The borrowers have saved enough in this way so they colild have lost their capital stock of 10 per cent twice. “Most of our loans have been to South Carolina farmers. To me, it is wonderful what a come-back these farmers have staged in the last few years. Our exper'ence demonstrates again the inherent soundness of the fundamental theory upon which the Federal Intermediate Credit system is based On account of the slump in the price of cotton in the fall of 1926 we had in January, 1927, loans of $874,000 outstanding, rediscount ed w th the Intermediate Credit Bank. In addition to this carry-over we put out $8d0,000 more in 1927. One year later, on January 1, 1928, the farmers had not only paid the past due loans but the current year’s loans, with the exception of only $137,000. Since January 1, practical ly all of this has been paid or re newed. “The Federal Intermed'ate Credit Bank, of course, does not make loans direct to farmers. These local lend ing agencies, such as banks, credit corporations or livestock loan agen cies are absolutely necessary to get this type of constructive, helpful credit to the farmers. This section of the country probably has more such agenc'es using the facilities of one of these banks than any other, yet there is need for moi*e of this type of credit among farmers. Loans run for a sufficiently long time, six to nine months, to permit them to make a crop. The interest rate charged has not exceeded 6 3-4 per cent and this is governed largely by the rate wh’ch the bank has to pay for the money which it obtains through the sale of its debentures or short-term bonds. “The only other loans made by the Federal Bank are those made direct to the farmers’ co-operative market ing associations, such as those hand ling cotton, tobacco, peanuts and other semi-perishable commodties. To date it has so advanced about $35,000,000. “If I interpret correctly the trend of conditions in this state, the fac ilities of the Federal Intermediate Cred't Bank are going to be more and more in demand. At present the city banks do rot undertake to handle farm loans at all. The banks of the country have not the resources to take care of the agricultural needs of their respective communities, and if they had the resources, they are more and more adopting the policy of the city banks, of placing the’r money in more liquid assets, invest- 'ng in commercial and industrial pa per not connected with farmers’ ac- t'vities. Unfortunately, many small town banks, due to the many fail ures, are either carrying an unus ually and probably unnecessarily large cash reserve, or are sending money to the big cities for invest ment or to purchase short-term liqu : d securities of one kind or an other. Many of these local country banks could serve their rural com munities well if they would take good farmers’ notes, given for agri cultural purposes and runr' ig for six months or longer, and v aid re discount them with the Fc ''”al In termediate Credit Bank of r ' 'iumb : a. It can take up to $50,000. r ' ^ worth of agricultural paper and { '' ■ would go a long way in rehabill .ling the farmers of this territory. “Congress has never e nc J od any more timely legislation ‘r r -far as the financial reeds of thes? rtates is conccrnecf The bank h r loaned over $40,000,000 through < f \5 local agencies—64 agricultural credit cor- porat'on'’ and 25 banks—t - at least 185,000 farmers, and it is safe to say that a very liberal per centage of them would not have been able to get a loa n from any other source. In fact, I believe the bank, together ft"!- f th _ -• ,/ 1 I. ; rn-j Federal Land Bank districts, has an excellent opportunity to develop into a federal reserve system for agri culture.” Bradley Bank Charges Are Nol Pressed Solicitor Spigne T ' Announces Evidence Against Forr-»c- Examiner Insufficient COLUMBIA, May 2—Charges of malfeasance i n office, brought against W>. W. Bradley, former state bank examiner, following the clos ing of the American Bank and Trust company, of Columbia, were nol pressed in Richland General Sess ons court Tuesday by Solicitor A. Fletch er Spigner. The case was scheduled to come up for trial as early as possible at this term of court, but had been delayed somewhat by the necessity of a second trial of B. F. P. Leap hart, of Columbia, who faced charges in connect ! on with the closing of the Columbia Savings Bank and Trust company After the Leaphart cas' had gone to the jury for the secow time, Mr. Spigner rose and in a br ef statement announced the decisioi had been reached to nol pross the case against Mr. Bradley. Briefly review'ng the case and re peating the charges against the for mer bank examiner, Mr. Spigner said that he and others engaged to aid in the prosecution had found that the state did not have suffie’ent evidence J o go before a jury and ask for con viction. “We have looked carefully into the case,” said Mr. Spigner, “we have interviewed witnesses, and I say by way of parenthesis that there are witnesses who are not over anx ious to testify and whose heart and sympathies are with the defendant. After careful review we have reached this conclusion, that the state has not sufficient evidence that would war rant it’s go ng to a jury and asking for a conviction in this case.” txt Roman Catholics— Public Schools Declare War on All Insects—AT/// Them —and keep them ewry. Dee Brrmd Insect Pow der or Liquid kills Flies, Ants, Roaches, Poultry Lice, Mosquitoes, Fleas, Bed Bugs, and other in sects. Won’t spot or stain. Use powder on plants and pets. JVrite us for FREE insect booklet. If dealer can’t supply, we will ship by parcel post at prices named. McCORMICK SC CO., Baltimore, Md. BEE BRAND Powder Liquid 10c & 25c 50c & 75c 50c & $1.00 $1.25 30c {Spray Gun) 35c t f 4 4 ft (Pickens Sentinel.) Governor A1 Smith, of New York, Candidate for presidential nominee on the Democratic ticket, is proud that he 's a Roman Catholic. Since Mr. Smith believes in the doctrines of the Roman Catholic organization it is to his credit that he dots net pussyfoot about the matter tui boldly states that he is preud of h's membership therein. Since the* Roman Catholic organi zation is definitely opposed to the public school system of the United States it naturally follows that all its loyal members are likewise oppos ed to public education and in favor of parochial schools. How would you like to have a pres ident of the United States who be lieved that all public schools should be abolished. Here are opinions of some leading Catholics and Catholic papers on our public school system: Cardinal Gibbons—“An imperfect and vicious system of education which undermines the rel'gion of youth.” Cardinal McClocy—“We must take part in the elections, move in a solid mass in every state against the party pledged to sustain the integrity of the public schools.” Father Walker—“I would as soo. 1 adm'nister sacrament to a dog as to Catholics who send their children to public schools” Father Schaner — “The public- schools have produced nothing but a Godless generation of thieves and blackguards.” The Cathdl’c Telegraph—“It will be a glorious day in th's country when under the laws, the school sys tem will be shivered to pieces.” The Chicago Tablet—“The com mon schools of this country are sinks of moral pollution and nurseries of hell” The Catholic World—“Education must be controlled by Catholic au thor ties, even to war and bloodshed.” Pope Pius—i“Educatio n outside the Catholic Church is damnable heresy.” Many other like opinions could be cited were it necessary. When Mr. Sm'th was a member of the New York constitutional conven tion in 1915 he introduced a reso lution to strike out that article of the state constitution which prohib- ts the appropriation of any public money for parochial schools. He stated that his purpose w-as to em power the legislature to make ap propriations for parochial schools if it desired to do so. How’ would you like to be taxed by the state to support a Roman Cath olic or any other denominat'onal seVol‘ > - A pure drink of natural flavors “refreshing* At home the same as when out in the busy world, it’s good to pause, relax and re fresh yourself. .. And “refresh yourself has come to mean “drink Coca-Cola.” Greenwood Coca-Cola Bottling Company 8 million a day IT HAD TO BE GOOD TO GET WHBR E IT *1S m B SAVE VBUB ENERGY There is no use for you to worry over the various problems that bob up in the spring cleaning of the home and premises in general, nor in the prepara tion and cultivation of the garden and farm. We have many devices for the spring cleaning work and a full line of implements for garden and farm work, which not only save time, but enable you to do much better work. The prices are very rea sonable, and we shall be glad to help you select the proper article or implement for the particular job you wish to do. WHITE HARDWARE CO. MAIN STREET McCORMICK. S. C. " 32 Send Us Your Orders For Job Printing UNBEREAH SERVICE We are prepared to render, on short notice and at very moderate prices, up-to-date undertaking service in or out of town and county. Embalming on short notice and at reasonable price. Free ambulance service in town or county. Call or see G. P. or G. H. McCain or J. B. Smith G. P M C CAIN Undertaker, McCormick, S. C. PHONE NO. 77. Look After Your Subscription Now m o -o- BEST CAFE SERVICE -o- -o- For the best ice cream in the town; for the best hot dogs and cold drinks; cigars and cigarettes, you don’t have to go to any other place than the DIXIE CAFE Main Street McCormick, S. C. We Also l>erve Regular Dinners. The fellow who continually blows his own horn is all right if he belongs to a band. 383 Read The Advs. In The Messenger