University of South Carolina Libraries
SCOPE OF EMERGENCY MONEY AMENDMENT 1IY SKNATK I?i:H MITS STATE HANKS TU SHAKE. New llsn Suggotcd by McAdoo? tcttoii by Hon**' und Appro* ul of PrewklciU Means Much Itcllcf to the South. Washington. S?pt. 13.?From all quarters of the South tho cry has been cominir to Washington that tho producing and commercial Interests have not heen aide to get hold of any of the emergency currency which was supposed to he available for their re lief. The moat conservative Southern congressmen and aenutora have be? come convinced that there is a basis for this complain , and steps are be In* taken to correct the trouble. Two daya after the outbreak o.' the war In Europe congress amended the Alrtrlch-Vreeland Emergency currency act bo as to make a billion dollars of this currency immediately available In the discretion of Secretary McAdoo. Hr.der the I? a- as It now stands, with thin amendment, emergency currency ia tasuahlc only to associations com? posed of national banks (or State bankh which have signified their In tsntlon to enter the federal reserve system.) and the rate of interest which must be paid to the go/ern? annt for Its uae ia 3 per cent for the first three months, increasing one-half of one per cent a month thereafter until the maximum rute of 6 per cont ta attained. This emergency currency may be based upon State of city bonds or up? on approved commercial paper, but sot more than 30 per cent of the amount of any issue may he based on commercial securities. Secretary Mc? Adoo has suggested that thts limit bo raised by congress to 73 per cent, ad? ding that the federal reserve board would construe properly-authontlclat ed cotton warehouse certificates to be admissible as a basis for commer? cial paper, offered b> banks as se? curity for emergency currency and backed by the Joint credit of the $5, aoo.odd banking association*) to which such currency is issuable. The sen ate last Friday passed a bill amend? ing the emergency act as suggested by Mr. McAdoo. State banks have been complaining exclusion from the enitrge- '.one. They say that t hi v are help] when they have to pay S per sea! to a national bank for money to be sjstd In Mate where the legal maximum of interest Is 6 per cent National banks have to pay at least t per cent to the government for emergency Issues, they charge at least I per cent for handling the money, and If the State bank manages to handle the aame funds at,a cost of only 1 per cent there Is no chanco of the Shite hank's making a particle of profit without violating the law and charging the individual borrower more than ? per cent. As a matter of fact it coats the State hanks is much to handle the money as it costs the national honk. There seems to be no way of rem? edying this trouble except as suggest? ed the other day by Congressman John II. Knit'.ll, of North Carolina, lit a letter to a State bank In his district, which has found It imposlble to get emergency funds under present con? ditions. In this letter, which wua sent two days t?efore the senate adopted Senator lloke Smith's amendment ad mlttlng the State banks directly to the emergency currency facilities, Congressman Small -*ald: "In my < .union the only additional remedy which can Im? offered by the fcderul government Is to so amend the law as to provide a method by which emergency currency may bo available to all l?ai ks for loans on warehouse receipts for otton. so that the Intelligent farmer may store his 'Otton nnd borrow a sufficient amount on bla warehouse receipts to enable .i to hold same until the condition #f the worhls markets create u rea? sonable demand. ? ? r nf course, care, must In- exercised that such emer? gency currency shall be amply Se? cured and prot?cted. No e t Isens sre more Interested than the farm? ers in preserving the stability of the ? CMrn re \ "I '??mmt now sec any other gov? ernmental remedy Whatever else Im done r? ts upon the co-operative ef? fort of the cotton groweis, the mer? chants ami the hankers. Substantial wareh.ao.es must be provided so that cotton may he stored and Insured at a reasonable rate ?mr people should burrow as Utile iieua-v a** p.issihle up? on their cotton so stayed, and with putlence and determination await the result." Krhluv the senate passed the bill amending the Ablrh h - Yreela. .1 Art so that the amount of commercial paper forming a basis for e mer gene \ cur? rency could reach 75 per cent of the total Instead Of onl II ggf o ut - < n utor l:eed. of Missouri, rend a letter from Comptroller of the Currency John Skelton Willi uns Ig suppor t Of the proposition. Mefore tha amend? ment was adopted, however, Senator Moke Smith, ol Georgia, secured the adoption of an "amendment to the amendment"?and here is whore the State hanks will get their wish if the house adopts the senate proposition and the president utgM the hill: "The provisions and henetits <>f tin* i act approved May ill), IMS, known as the Vreeland-Ahlri h net, and the amendments there'o, are hereby ex? tended to all State banks and trust companies having a capital stock of not less than $11,000 and a surplus of II per centum. Said hanks and trust companies shall be required to pay upon notes so issued the tax provided for in said act ao amended, and said notes shall not be subject to the pro? visions of the act of congress approv? ed February I, 1S73, entitled, 'An Act to amend existing customs and inter? nal revenue laws, and for other pur? poses.' " (The act of 1875 is the one which puts a tax of 10 per cent on State bank currency.) If the house will follow the sen? ate's lead promptly a good deal of re? lief should result. The senate has also passed a warehouse bill which is now on the house calendar with a favorable report from Congressman Lever's committee. COTTON GOING VP, Mill Scheme to Obtain Cheap Cotton Defeated by Buy a Bale Clan. The following letter sent out by Karrett & Co., of Augusta, Qa., one of the leading cotton firm in this sec? tion of the South, contains encourag? ing news for the cotton farmers and should put heart into them to hold fast to their cotton and demand a fair price for the little they sell to obtain money to harvest the crop. The "Buy a Halo" plan has blocked the scheme of the cotton mills to obtain a year's supply of cotton at their own price?and that price scarcely half the market value. Dear Sir: Today's market was a pleasant sur? prise to everyone, advancing 1-4 and closing strong late this afternoon at 8 cent basis. This advance If. due to a combination of causes. In the first place, the newspaper "Buy a Bale" movement coupled with the tenacious holding by tie farmer has removed so much cotton from the 'market that the offerings are very little. In the second place, tne short Interest continues to cover and in the third place, upper Carolina mills who had figured very closely on how far their supplies would last, have now reached the middle of September at which time they expected to buy cot? ton In largo vilume locally off wagons. The farmer in the upper part of South Carolina is not selling any more cotton than the farmer in other section and these mills are now seeking cotton everywhere In the present temper we think the rally will go fur? ther In spite of the fact that money is still unobtainable on cotton in any volume whatever. Yours very truly, Barrett & Co. Augusta, Oa., Sept. 12. Buy u Bale Campaign. bumter Business Men an? Proving Their Fultli by Their Works. The "Buy a Bale" campaign is mov? ing forward and the business men of Sumter are giving it their viearty sup? port. The following letter Is an in? dication of the popularity of tne movement. The City National Bank, City. Gentlemen: As per your a* vertlsed | roposition, l herewith enclose xtieeg for $110.00 with which you will buy one bale of cotton each from four small fanners. The receipts you will HM 11 to me. one for my wife, one each for two children. Ma/el A. Withorspoon and Ino, Knox Witherspoon and (mo for myself. This money Is a part of the pro? ceeds I am securing from the North on my life insurance pol cics. The "lluy a Bale" plan I strongly com? mend if the money COmCS from the North. Fast or West. A proposition 1 am making through the companies I represent to our cus? tomers ov r the South, a copy of whh b 1 her? with enclose, Can enable the farmers, through the merchants, to retire over $100,000 worth uf cot* ton (as small as we are), giving the farmers over $50,000 lo satisfy his obligations and live, which you will commend lo every jobber and manu? facturer doing business In the Bouth that you can. With best wishes for a resumption I of the prosperity this Southland has enjoyed) i am. Yours very truly, K. U Witherspoon. Sumter, Sept. It, 1114, p, S. I trust you will impress Upon all farmers the necessity of reducing the acreage or the l!H.r> cotton crop it least 10 per sent, riiwKrsjl Return* to Washington, Poentetl, N. H., Sept. II ?President Wilson sfienl the morning on the golf links lie left this afternoon for Washington, FACES FIGHT IN PARTY. WAR REVENUE LEG18L ATION is S'l l MULISU 151 OCK, Lender Underwood Will Asfc President Wilson to Make Open Espousal of the Tax. Washington, Sept. 13.?War revenue legislation faces a light within Dem? ocratic ranks this wck thai may rival the Panama tolli struggle. Revolt against a proposed '?'> per cent, on freight transportation charges con? tinues to grow an?l a party caucus ho* heen demanded. So strong were protests last week that administration leaders decided to await the return of President Wilson before introducing the revenue hill. Majority Leader Underwood plans to see the president on his arrival from New Hampshire and ask an open espousal of the tax. Officials close to the president have said be unhesita? tingly would support the freight tax. while others believe he will advise the commitee to make a third attempt to provide means for increasing the rev mue without precipitating party strife. Several Democrats Including mem? bers of the ways and means committee already are preparing substitutes for the committee bill. Some insist that a stamp tax still will have to he ac? cepted. Another source of trouble is the failure of the senate committee en commerce in its readjustment of the rivers and harbors appropriation bill to satisfy Republican members fili? bustering against it. WILSON WILL RETURN. President Cuts Short Ills Stay at Sum? mer Home. Cornish, N. H., ^ept. 18.?President Wilson will cut short his visit to the i summer White House tomorrow to return to Washington to take up the war tax question. The president la not Committed to the o per cent tax on freights and is understood to prefer! a Stamp tax on checks and other forms of commercial paper. The president received assurance that there Is nothing in the European situation requiring his immediate at? tention. The Ruy-a-Ralc Movement. _ The "buy a bale of cotton move? ment" is not a "charity proposition." That ought to be obvious to every? body. The people of this community who' ire asked to join in the movement are r.ot asked to give money away. They ire asked to make ain investment which so far ?'is one can see now, Will probably turn out to be a good Invest? ment for them from a business point af view, if they lose anything at all, it will certainly he very little and they are more likely to break even or Dome out ahead. That Is undoubtedly the fact. Bvch if the fact were otherwise, even If the investor facial a C< rtain money loss. the buy a bale movement could not be regarded SI In any true sense a char? ity proposition, it is primarily an ef? fort to save the farmers of the South from a tremendous 1<<4S. If they suf? fer that loss, not only tin4 farmers but every one of us will foci the ef? fects. The loss will fall upon all of us?and the losu might amount to 19(0,000,000. The buy a bale move? ment is, therefore, not only an effort to help the farmer. It is an effort to help every one of us in the South, to save every one of us in the south from a great calamity the burden of which, if it conns, we shall .ill have bear. The cotton crop this year will ' ? one of the blgesi anil heal ever grown. It may reach a total of 115,000,000 1 ales. Reforc the European war broke ??iit. this cotton promised to bring 1 u cents per pound. Returns from it, including the seed, would probably have reached the enormous total of $1,000,000,000. Not only did the war destroy thai rosy prc?spcct. but it substituted for it a prospect the \ er> re\ erse ol rosy. It cul the de? mand for cotton by millions of bales and completely demoralised the mar? ket. It confronted the South with tin prospect of having to soli its cotton I at a heavy loss. The buj a bale move? ment is designed to meet this danger by providing a market for the sah of excess cotton at the fair price of 10 cents per pound. Ry taking care j of this excess cotton, it will avert the great, slump in price which bade ' fair to Impoverish the farmer and thereby cause heavy loss to the South , as a. whole. The buy a bale plan has been care? fully thought out. it has been adopt? ed generally throughout the South and I In South Carolina it has become state? wide it has the merit of being simple, it ran he put into operation Immediately, it can be joined in by everybody. Arrangements for putting J it into effect here have been made bj the Chamber <>f Commerce with ad? mirable thoroughness. Study of the synopsis of the Chamber's plan pub? lished elsewhere in this issue should convince the most skeptical that great go<?d will come out of the movement here. All that is needed i* the co? operation of the community as a whole, everybody in Charleston win has $50 not to give away, but to in Vest for a period of a year should bu> a bah-. Those who can do so should buy more than one bale. I it is not only the patriotic thing Ito do; it is also the sensible thing to do. You ate not asked t.> donate money to the struggling farmers, you arc asked to help save yourself and the rest of us from the shadow of ,, great misfortune. The way to do It is to buy a bale of cotton at 1" cents per pound.?News and Courier. WILSON TO SCMMi.KIIOMi:. Wiii Consider Replies to Messages of PoliH'are mm) Kaiser Before Return? ing. Washington, sept. 11.?President Wilson left hero at 5.36 P. M., for the summe.' white House at Cornish X. It., where he expects to arrive to? morrow afternoon. His cousins, the MiBSCS Smith, of New Orleans, accom? panied him. While taking a week-end rest tin president will consider his replies t< Emperor William's message charging use of dum-dum bullets ami to Pres? ident Poincarc'a message, replying t< the Kmperor's ? haigas. The president expe< is the Clayton bill will be ready for his Signatur? when he returns and plans to sign tin trade commission bill at the same time. Administration leaders expect the president will signalise the con? summation of ins trust legislation pro? gramme with a statement such as h< made at the signing of tbe tariff bill. Twelve Admitted. Washington, Sept. 10.?American registry for 12 foreign ships trading between the Cnltcd states and South America was authorised today by the department of commerce under tin new law. They aggregate 15,000 ton ami most of them will use the Pun a ma canal. Epidemic nt Taing Tuo. Tokio Sept, l I.? It is r< ported Ih heavy Hoods around Tsing T?u an causing an epidemic among ihe der man garrison nnd that scores an dying. 4 A Bank You ? Can Always \ Bank On. i I The Peoples Bank ? Here's A Monument We Built A rcnuradon honec it wilt still b? ihn into boautl? nil in ir11<i of lutft and romouibr woo thai 11 i i it?3 ?\ r nri (vcitcrtfl in -i'Inoting llr I ? I <- ?. limi? < :>/iur- [ Inff StOUlM WO llUVO tkltliMl. i.i. .i| v i kaiflli'lMt ' r modern, ImtirovoW machinery for faultier. Hrtlstic work i hon* st v mid cuiiki iiMiiiousno? an dm f??uiidt* Hann of our Uudnofts, That im why our minumtnti , plea'C ami MfJtfjr, Hot only foi UlU |?r?a ? iHIt lor all timv. Wfltn lo iin, Wo aro nrtrMrml to help ynu with do< RlflM, limM ?; .mil .u;..'!"?;:<his in KCl tin1 ItrofttCtt ?' . value for your monoy, OWEN lU<OS. MARBLE ?*v (JRANITH CO., , (It coin-, r nl? 8. C. 1 COULD SCARCELY WALK ABOUT And For Three Sammers Mrs. Vin? cent Was Unable to Attend to Any of Her Housework Pleasant Hill, N. C?"I suffered for three summers," writes Mrs. Walter Vincent, of this town, "and the third and last time, was my worst. I had dreadful nervous headaches and prostration, and was scarcely able to walk about. Could not do any of my housework. I?also had dreadful pains in my back am? sides and when one of those weak, sinking spells would come on me, I would have to give up and lie down, until it wore off. I was certainly in a dreadful state of j health, when 1 finally decided to try I Cardui, the woman's tonic, and I firmly | believe I would have died B I hadn't taken it. I After I began taking Cardul, I was greatly helped, and all three bottles re? lieved me entirely. 1 fattened up, and grew so much stronger in three months, I felt like an? other person altogether." Cardui is purely vegetable and gentle acting. Its ingredients have a mild, tonic effect, on the womanly constitution. Cardui makes for increased strength, improves the appetite, tones up the ner? vous system, and helps to make pale, sallow cheeks, fresh and rosy. Cardui has helped more than a million weak women, during the past 50 years. It will surely do for you, what it has ! done for them. Try Cardui today. Write to: Chattanooga Medicine Co., Ladle** Ad? visory Dept.. Chattanooga, Tenn., for Special In Btructioiis on your case and 64-page book, "Horn? I Treatment for Women." Mat la plain wrapper. J-of Many Cakes and Puddings Fall miserable flat?because of inferior extracts f Ever use the choicest flour, the freshest eggs and wonder why the cake or pudding wasn't good? It all depends upon the flavor. Purity in your extracts is not enough?quality is the ultimate factor. In Bee Brand Flavoring Extracts you get both?and a subtle something, almost indescribable?"Bouquet**. It isn't purity, nor strength nor mellowness-?-it's a combination of all three ???brought about by patient aging in white oak casks. Try Bee Brand Vanilla today. You can get it from most progressive dealers 25c. Here are a few: V. Baula, Bradford 1-ros Branson's Cash (iro., Carolina <ir<>. Co., Robert Clark, Duckerae Bultman, Levy & Moses. J. S. Moore. ('. C. Moore. J. C. Phillips. V. II. Phelps. W. II. Pate & Son. M. .1. Sanders. .1. E. Tavlor. When You Remember That n dollar yon gave now m;i) lie worth two to you, when you need money, nay B month or oven a year hence, don't you think you outfit! to bettln saving something? ?Wi: ( AN IIKLP VOl . The Commercial & Savings Bank "A Savings B?nk for Those Who Save" Our Ladv Patrons * v % * * Will find that In the nrrau?ement of our NEW HOME we have ?>* made i|ierlal provbrtons for their comfort. In addition to a cozy \t corner of the lobby, provided with writing tnhles and comfortable ][ sent-, wi liu%'0 a spe< lal cc-t room ior the ladles, and wo cordially Invite tin in to make use or it. i i The First National Bank I OF SUMTER The Bank of South Carolina SUCCESSOR TO THE FARMGRS9 BANK (& TR.UST CO. CAPITAL - - - $200,000.00 SURPLUS - - - $150,000.00 Interest at 1 per cent compounded quarterly in Str? ings Dept. 5 per cent or; time certificates of deposit. Banking Pure and Simple. i