McCormick messenger. (McCormick, S.C.) 1902-current, May 10, 1928, Image 2
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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
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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
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