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OUR PUBLIC FORUM
IV.-F. A, Vanderlip
On The Business ot Banking
The farmers of this nation to come into their own
must study business. We must, as a class, understand
the fundamental principles that underlie every industry,
its functions to society and its relation to agriculture, for
there can be no intelligent cooperation without under
standing. Mr. F. A. Vanderlip, president of the National
City Bank of New York, when asked, "What is a bank?"
said in part:
"The first and most familiar function of a bank is
that of gathering up the idle money of a community,
small sums and large, and thus forming a pool or reser
voir upon which responsible persons may draw as they
have tempoiary use for money. It is evident that this makes large sums in the
aggregate available for the employment of labor and the development of the
community. But much more is accomplished than the use of the money
actually deposited in the banks, for by the use of drafts, checks and bank
notes the efficiency of money is multiplied several times over. A very large
business, for example one of the great beef packers, may use very little
actual money; on.one side of its bank account will be entered the checks
and drafts it ls daily receiving from everywhere in payment for meats,
while on the other side will be entered the checks it draws in payment for
cattle, etc., its only use of money being for small payments, to labor and
If there were but one bank in a community and everybody paid all
bills by drawing checks on that bank, and everyone receiving a check imme
diately deposited it in the bank, the amount of money in the bank evidently
would not change at all and the entire business of the community would be
settled on the books of the bank. And the situation is but slightly changed
when there are several banks, for they daily exchange among themselves all
the checks they receive on each other, which practically offset themselves,
although the small balances are paid in cash. This is called 'clearing' and |
in every large city there is a 'Clearing House' where representatives of the
banks meet dally to settle their accounts with each other
A bank is constantly receiving from Its customers, particularly those that
are shipping products to other localities, drafts and checks drawn on banks
in other cities, which it usually sends for deposit to a few correspondent
banks in the central cities with which it maintains permanent accounts. In
this way these scattered credits are consolidated and the bank draws upon
these accounts in supplying customers with the means of making payments
away from home. As each local community sells and buys about the same,
amount abroad In the course of a year, these payments largely offset each
other. It ls evident that the banks are very Intimately felated to the trade
and Industry of a country. The banker ls a dealer in credit much more than
a dealer in money, and of course his own credit muet be above question. He
exchanges his credit for the credits acquired by the customers, and lends
.credit for their accommodation, but he must conduct the business with such
judgment that he can always meet his own obligations with cash on demand.
This is the essential tiling about bank credit, that lt shall always be the
same as cash."
["OUR PUBLIC FORUM j
V-E. P. Ripley
On Relations of Railroads and People
The industrial leaders of this nation are talking to
the public face to face through the columns of this paper.
The time was when if a corporation had anvthing to say
to the people they sent a hired hand, whispered it through
a lawyer or employed a lobbyist to explain it to the legis
lature, but the men who know and the men who do are
now talking over the fence to the man who plows.
When the leading business men of this nation get
"back to the soil" with their problems, strife and dissen
sion will disappear, for when men look into each other's
faces and smile there Is a better day coming.
Mr. B.- P. Ripley, president of the Santa Fe Railroad,
when asked to give his views in reference to relations existing between the
railroad and the public said in part:
"Frequently we hear statements to the effect that these relations are
improving, that the era of railroad baiting has passed and that public senti
~~r~*- ment now favors treating the railroads fairly. As yet this change in publio
sentiment, if any such there be, is not effective in results.
It is true that In the legislatures of the southwestern states during the
past winter there were fewer unreasonable and unreasoning laws passed
Mian usual, but a consideration of the hostile bills Introduced shows that
there ls still reason for much disquiet even though they were defeated by
more or less of a majority.
Moreover, the idea that the railroads have been harshly treated does
not seem to prevail in the offices of the State Railroad Commissions which
seem to cherish a notion that their business is not to act as an arbitrator
i between the railroads and the people, but which proceed on the theory that
the railroads are able to take care of themselves and that their duty is to
act as attorney for the people even though In so doing they deny justice
to the railroads. It requires no argument to demonstrate that the railroads
are entitled to justice equally with other citizens and taxpayers. That they
have not received it and are not receiving lt is perfectly susceptible of
proof. That they have practically no recourse in the courts has also been
The situation therefore is that the people, through their representatives,
must elect whether the services of the railroads shall be adequately compen
sated or not; and it requires no fortune teller or soothsayer to predict that
in the long run the service will take tb; class that is paid for and no better.
The natural competition between the railroads and the natural desire
to perform first-class service has heretofore resulted in giving the public
much more than it was willing to pay for. Continuation of this will be
impossible and no laws, however drastic, can lcng accomplish the impossible."
OUR PUBLIC FORUM
VI.-F. C. Howe
On The Advantages of Free Ports
Mr. F. C. Howe, Federal Commissioner of Immigra
tion, who Is one of the best American authorities on
marine commerce, in discussing the relation of free
ports to the development of sea trade said in part:
"Ships will go hundreds of miles out of their way
to avoid ports surrounded by a tariff wall. The only
way, therefore, tor a country with a tariff to compete
in the shipping world with a free trade country is to
establish free ports at strategical points along its coast
line. Germany has done so, and in a comparatively
short period has built up a carrying trade which before
the war was seriously threatening England's supremacy.
Hamburg, one of the three German free ports, now ranks as the second
greatest seaport in the world, its total foreign commerce in 1913 being only
.$6,000,000 under that of New York.
The free port would offer great opportunity for financial operations, now
made possible by the recent currency act. It would stimulate international
banking, and would tend to shift the financial center of the world to this
country. And America, by the logic of events, has become the natural center?
for the world's financing, just as London became that center several centuries
ago, when it shifted from the cities of the Netherlands. But the financial
center will only move to this country when it becomes a clearing house
of goods as well as of money. For credit the world over is created by cur
rently created wealth in transit or change so that even our financial expansion
is dependent upon the opening up of American ports to the clearance of the
wealth of the world. A port should not operate to yield a return on the in
vestment, but to develop the prosperity of the country." In recapitulating
the advantages, Mr. Howe brings out the importance of the free port in de
veloping our shipping, and linking us with South America, Asia and Africa,
and then concludes:
"The most Important gain is the direct gain to America. It will cheapen
commodities by bringing great quantities of goods to our doors fer importation
or export, as trade needs demand. It will stimulate the growth of exporting
houses, which can hold goods for an Indefinite period without the payment of
tariff dues (often equal to the cost of the article itself) for disposal to meet
the trade demands of the whole world. It will upbuild international credit,
and shift to America an increasing and ultimately a predominant share in
Finally, America is the natural country to be the counter of the world.
Its seacoasts face every other continent; it is the greatest of all reservoirs
of raw materials and foodstuffs. In iron and steel and standardized produc
tion it is in a position to compete with the world. But International trade,
(and Olia ls always overlooked) must be reciprocal. It cannot be one-sided,
and credit balances cannot for any prolonged period be paid in gold. They
caa only be paid by exchange of wealth."
Curiosity Telephone Calls
"Because ?.030 idle curiosity seekers In ninclum
ton asked 'Central' where the fire was, an emeraency
call for an ambulance was held np for nearly 15 min
utes and ibis delay resulted in tbe death o f-.
Physicians say that h.id the ambulance been seemed
at once-'i life raizht have been saved."
Box 42, Columbia, S. C.
IT is beyond the bounds
of possibility to answer
promptly the mass of cu
riosity telephone calls that
threaten to swamp our ex
changes every time there is a
Calls for physicians, the am
bulance or the police, held up
at such times might result in
the loss of human life.
For your protection, as well
as for the protection of your
neighbors, we ask you not to
call the telephone operator
merely out of curiosity. After
all, she has no more informa*
tion than you have.
COOK IN COMFORT
^/TOU can make your kitchen
I as livable as your living room
-if you have a NEW P?R
FECTION Oil Cookstove. No
wood-box, no ash-pan, no coal-hod
to bother with. A clean, cool kit
chen, and half the drudgery gone.
The NEW PERFECTION is
quick and handy like a gas stove. It
lights instantly, and gives you a big
volume of heat, easily regulated
just by raising or lowering the wick.
It is easy to operate, easy to clean,
and easy to re-wick. 2,000,000
women say it's ugas stove comfort
with kerosene oil."
Ask your dealer to show you his
NEW PERFECTION line
stoves with one, two, three and
four burners. Note particularly
NEW PERFECTION OVENS,
especially made for use on these
stoves. Ideal for roasting and
Use Aladdin Security Oil
or Diamond White Oil
to obtain the best results in oil
Stoves, Heaters and Lamps.
STANDARD OIL COMPANY
Washington, D. C
Charlotte, N. C.
Charleston, W. Va.
Charleston, S. C.
Long-Term Loans to Farmers a Specialty.
Your farm land accepted as security WITHOUT ENDORSER or
other COLLATERAL. Unlimited funds immediately available in de
nominations of Three Hundred and up. Established 1892.
JAS. FRANK & SON, Augusta, Gi.
?S? Write me and I will explain gjtt
^ how I was cured in four days
fg^ of a severe case of Pile of 40
tyears' standing without pain,
knife or detention from busi- *
^?S ness. No one need suffer from '
this diseaae when this humane g|
jg? cure can be had right here in ag
fe?, South Carolina. 3JT?
R. M. JOSE, jg
^ ^ Route 4. ^ ^ Lamar, S. C. |B
GEO. F. MIMS
Eyes examined and glasses fitted
only when necessary. Optical
work of all kinds.
EDGEFIELD, S. C.
J. C. LEE, President
F. E. Gibson, Sec. and Treas.
FARMERS, MERCHANTS, BUILDERS,
If you are going to build, remodel or repair,
we invite your inquiries.
COMPLETE HOUSE BILLS A SPECIALTY.
We manufacture and deal in doors, sash, blinds
stairs, interior trim, store fronts and fixtures,
pews, pulpits, etc., rough and dressed lumber,
lath, pine and cypress shingles, ftooring, ceiling
Distributing agents for Flintkote roofing
Estimates cheerfully and carefully mane.
Woodard Lumber Co.
Corner Roberts and Dugas Streets.
Our Motto: SEE
Instead ofWoodShfa$?l@s erjlate
The roofing that lasts "as long as
the building and never needs repairs.
They won't burn, crack, curl or rot
like wood shingles, nor have they the
great weight or brittleness of stone slate;
besides they are inexpensive and look better than either.
For Sale by
STEWART & KERNAGHAN
EDGEFIELD, S. C.
ARRINGTON BROS. & CO.
Wholesale Grocers and Dealers in
Corn, Oats, Hay and all
Kinds of Feeds
Corner Cumming and Fenwick Streets
On Georgia R. R. Tracks
YOUR PATRONAGE SOLICITED
See our representative, C. E. May.
SWIFTS WAR MESSAGE
Fight for Maximum
WIN WITH SWIFT'S
"It Pays to Use Them."
Insufficient plant food means to the growing plant just what in
sufficient food means to the human body.
Why buy Nitrate of Soda? SWIFT'S TOP DRESSER produces
better results with less money invested-means ECONOMY, RE
Cotton acreage has been reduced and plant food curtailed, there
fore crop conditions require immediate application of SWIFT'S TOP
DRESSER to assure COMPLETE maturity, which means bigger
SWIFT'S TOP DRESSER ls well balanced-high In QUICK acting
Ammonia-sufficient Phosphoric Acid and Potash to supplement
needed plant food.
Use SWIFT'S HIGH GRADE TOP DRESSER. Means more crop!
More Quality I More Money!
SWIFT & COMPANY
CHARLOTTE, N. C.
WILMINGTON, N. C. - COLUMBIA, S. C. - CHESTER, S. C.