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THE FINANCIAL QUESTION.
'eview of the President Financial
Situation and the Need for Elas
tic Currency by One of the
South's Brainiest Men
Takes an Optimis
tic View of the
Mr. D. A. Tumpkins, of Charlotte,
the foremost eiiizea of North Car
-olina and one of the South's brain
2est men today has written from New'
York his views on the present finan
cial situation and the need for elas
tic curre-cy. Mr. Tompkins is well
known in busines! eireles in South
Carolina and on accou-nt of his recog
-nized superior jud.M121ent in such mat
ters, we publish below his communi
cation. which appeared in the Char
New York, Nov. 5.--In latter years
the United States has been very pros
perous. Wages have increased, the
value of all farm products have in- t
ereased and everything which money
bnys has increased. While these
6hanges in values have been going on
fbe -olume of money in the country
has h-ad no proportionate increase.
It -used to take $25 to $30 in cash to
pay for a bale of cottou. Now it
takts $50 to $60. Three hundred mil
Iion dollars used to handle the crop.
Now it takes more than six hundred
million. Here in New York I am
told it' takes sixty thousand dollars
per day to pay street car fare on the
Metropolitan or Interborough Rail
way, if that's the right name for the
combine. A few years ago no such
amount was required. Prosperity has
increased the riding on the street
cars and railway trains all over the
United States and it requires. more
cash.' Wages are greater and require
. In the face of this situation and in
the very midst of an abundant pros
perity timid people lock up and hide
away the currency.
l High-priced cotton and good wages
made a good condition. In times like
these when times are good but only
ready cash is short everybody ought
to put money in the banks to keep
the good prices up. Taking money out
of.circulation tends to decrease prices
and wages and whoever does it is con
tributing to break down the good I
prices for farm products and good
*It's a little like the ship-wrecked
mariner who saw water everywhere
and not one drop to drink.
There is abundant property and
good business and the only trouble is
*short'age of actual currency and this I
is -due to action of those who lock it
amp -or hide it and take it out of cir
The next congress will probably
-amend the banking law so as to allow
the banks to issue currency in tinr 3s
of panic pressure to take the p1-ace of
that which is taken out of circula-1
tion. When that is done we may have
squeezes but not disastrous panics
where a firm or corporation doing
good business has to shut down be
cause it cannot get the currency to
pay wages, buy and pay for farm
products and othterwise keep agricu>
ture, manufacture.4 and commeree
On the subject of an el'astic cur-'
rency the St. Louis Globe-Democrat
"The present tension shows what:
has often been shown before, that~ our
* currency system needs a little more
elasticity than it has had in the past
third of a cenutry. It does not re
'spond quick enough to new demands
for additional circulat'ion. In a cer
tain degree clearing house certifi
eates supply his lack. But this em
* ergency currency is available only as
.a means of meeting the balances be-'
tween tbe banks.
"'Some sort of an emergency cur
rency. however. may have to be adop
ted, which will be available for use
* among the people. Many plans for
creating this sort of currency have
been suggesfed. The subject is diffi
-eult. as is shown by the fact that
bankers and financiers in general
* -differ as to the sort of currency whichI
would best meet the demands of a
situation like that which' the country
is now passing through.
4'Currency which will expand when
the .need srises and contract when
the occasi5n ends and which will be
safe at all times is what the country
requires. This is a subject to which
our financiers and statesmen should
give immediate attention.''
The Globe-Democral is mistaken as
'to the differences between bankers
and students of the subject. The truth
is that the argument is well nigh un
-animous. At the bankers' conven
- ton in Atlantic City a plan was pro
posed which was practically only op
posed by one man. The plan propos
ed at Atlantic City is not only sup
ported by the bankers but also by
business men generally who have stu
:'4d !he :4"ub1ject.
B1ut whatever value may come fron
as asset currency whnn authorized by
law such value is not available now
[n the present situation the next best
hing to a national bank asset note
s the clearing house certificate.
Plearing house certificates give a
praetical emergency currency, not
particularly authorized by law but
vet not at all forbidden by any law.
Ih.. are not issued by banks but by
learin.: houses or an association of
The cl-aring house is a very good
ntitution for -ities wheie there are
i num'ber of banks at any time. It is
een how they can help in panic but
A*'en there is no panie tilv do much
. facilitate the business of a city
U166 to make bank transactions safe.
ezardless of ile ;ght money mark
t, Charlotte (ught to have a clear
n14Y hoase. The vity is big enQugh
d.I(, her financial -.n"-rcsts and trans
tetions are extensive enough to jus
ify a clearing house. D. A. T.
EDITOR GRAVES IN GOTHAM.
lis Promotion a Tribute to His Mar
ked Abilities-Will He Like
It is a distinguished compliment to
he abilities of Colonel John Temple
rraves that he has been called to
e' York to edit Mr. Hearst's morn
nw newspaper. Say what you will of
dr. Hearst, he is a good judge of
tewspaper talent, and although he
nd Mr. Graves are personal friends,
te would .never have chosen the
xeorgia writer to -preside over the
ditorial columns, of his leading news
>aper unless he had satisfied himself
hat his friend was qualified for the
We doubt not that Editor Graves
vill make good, but it remains to be
een whether or not he will find a
ongenial atmosphere in the editorial
ooms of the American and in.-the city
f New York. Henry Grady once
nok up his residence in Gotham, but
te did not remain. The secret of his
[eparture was subsequently revealed
>v him to Editor Daniels, of the Ral
gh News and Observer. He related
hat as he . stood at his front door
me morning he saw a white hearse
tanding near by and finally saw a
ittle white coffin brought out of a
eighboring house by the hirelings of
he undertaker. It was followed by
i man and a woman, supposed to. be
he child's parents, but by them on
. Another woman stood at her door
ooking on. Mr. Grady asked of her
everal questions concerning the
bhild's death, and the woman finally
-eplied with some show of irritation:
'I 'm sure I do not know: it 's no
:oneern of mine.''
From .that moment Mr. Grady de
ermined to shake the dust of Goth
m from his feet.
"I resolved then and there,'' said
ie ''that I would make gny home in
10 eity where the death of a child
vas no concern of the neighbors.''
JAPITALISTS VISIT LAURENS.
President Carter of South and West
ern Railroad and Party Make a
Laurens, Nov. 7.--George L. Car
ter, president of the South and West
arn Railway company, .and a party of
gew Yorkers, who are interested in
the building of this road, visited
[aurens th.is afternoon, being accom
anied by Col. John B. Cleveland of
Spartanburg, president of the Char
leston & Western Carolina i-oad. The
party is traveling in a special car,
Clinhfield.'' They were met at the
tation by a local committee consist
ing of J. 0. C. Fleming, director of
the Charleston & Western Carolina:
Dr. Hugh K. Aiken, president of the
Laurens chamber of commerce; D.
H. Counts, J. Wells Todd and Dr. W.
H. Dial. Carriages had been provided
and in company with the Laurens de
legation, the visitors were taken out
to Laurens and Watts cotton mills
for an inspection. President ,Cartei
and others of his party expressec
themselves as much impressed witi
The party visited Greenville afte1
leaving Laurens, returning here to
night. They proce.eded to Columbit
over the Columbia, Newberry & Lau
rens road. The fact that the Souti
& Western officials have been over th<
Charleston & Western Carolina fol
the second time recently is regarde<
That Chinese newspaper which ha:
j>st given up the ghost, after a shor
but stormy existence of 986 yeart
doubtless was the oldest inhabitan
L"E AT U3S G IVE "I1AN~KS."
Proclamation Fixing Thursday, No
vember 28, as Day Appointed by
Gov. Ansel has issued his first
Thanksgiving proclamation, fixing
Thursday. November 28, as a holiday
to be observed by South Carolinians!
in gratitude for the many blessings
bestowed upon all during the past
The proclamation is unusually ap
i propriate, the governor thinks, after
the season of plenty, and therefore
his message to the pekple of the
statl is something nore than a mat
ter of' for. He says:
"In conformity to a beautiful cus
tom established by our forefathers
and perpetuated by the religious sen
timent of.our people, I. M. F. Ansel,
governor of the State of South Car
olina, do heerby designate and ap
"Thursday, the 2Sth day of No
vember. 1907. as a day of general
"The State of .South Carolina has
been signally blessed during the past
year. We have enjoyed the liberty
and security guaranteed by a peace
ful government; we have advanced in
education and morality; our material
resources have developed; our fields
have yielded their harvest in great
abundance: we have been spared from;
famine and pestilence and no public
calamity has befallen the common
"Let all the people, therefore, put
aside their usual vocations, upon the
day herein appointed. as?emble in
their houses of worship and in their
homes to return thanks to Almighty
God for His wonderful love and
mercy to us as a people and as a state,.
and for the manifold blessings He
has bestowed upon us.
"Let us also, on this day of
thanksiving and praise. remember
the poor and needy, the widow and
fatherless, the sick and distressed and
the orphanages in our state with"'
words of comfort and cheer and with
The Finest I
Thefe are hundred
ma6rket, but not one of
the results attained by
and not one of them
positively cures dandru
prevents baldness. It's
in the world. Its succ<
Other so-called hair ton
but this will not. It is c
or gummy, or of disagre
Its use absolutely i
ant, beautiful head of ha
If you get a bottle of ti
not cure you, bring the emj
dissatisfied, and we'll reti
whoever asks for it.
CILDER. & WE
I u~TE 9
115~~~ (PI e~ it I tI ii
tun::te. realizing that the greatest
Christian virtues is charity.
"And let us ever invoke the Gre
Giver of every good and perfect gi
for a continuance of his infini
kir.2ness, that peace. pro:perity al
happine. may: ahide in the land fc
LUMBER--VIIrh and dressed, to
,ried and grooved of all kinds ai
grades. Shingles. sash. uoors, blirt
laths. roofing, roof paints, etc.
large st,)-k of good mat,erial upi
whi- I wll meet all prices. al
st uive go '\e satisfa-:'ion.
C. H. - annon.
Newberry, S. C.
DOWN - DOWN - LUMBER ai
building material of all kint
Flooring, ceiling and shingles of
grades. sash, doors, blinds, latl
roofings, etc. C. H. Cannon w
give the very lowest prices ai
meet all competition. He is in f
small profits and large business.
Notice is hereby given that tl
books of registration for the Town
Newberry, S. C., are now open, ai
the undersigned a- Supervisor
Registration for the said town w
keep said books open every day fro
PY a. i.. until 5 p. i.. (Sunday e
etpted) including the 1st day of D
Eug. S. Werts.
Supervisor of Registration.
WANTED-All your cotton seed
the hi,-hest market price. Seal,
and seed house at C., N. & L. depc
C. H. Cannon.
3 BEST BY",TEST OF TIME-Pa
oid, Asphalt Gravel and Asbest
Spark proofroofing. I have studi
the roofintr question and will n
sell any but the best. Come and s
C. H. Cannon,
Newberry, S. C.
4air Food In
s of hair foods on the
them has accomplished
this scientific remedy
is backed up by such a
Ff stops falling hair, and
the only real hair restorer
~ss has been remarkable.
ics may have failed you,
[ean, pleasant-not sticky
nsures a healthy, abund
ir that w~ill last for life.
tis hair tonic and firnd it does
pty bottle to us, say you are
ta your money. We make
up to it.
Sformula of this tonic to
THE RUSH LINE
d IN OUR LINE
e GAME WE ALL PL)
" LOT To Do WITH
of YET OTHERS ALSC
ill OUR SUCCESS. YO1
m IONOF YoURSELF.
e HAVE, BUT IT WOUL
OTHERS To HAVE
oUHERS 4VUDGE YOJU
HOW ELSE CAN
at BECAUSE THEY SE
* THEY HEAR YOU
CLoTHES THEN, I
- TAKE PART. SoM
r- HELP YOU WIN:
a A GooD- SUIT
oD. A BETTER STIT
et THE BEST SUIT
Will be Held
tOne Fare plus 25 cent~
Grand Military Prize E
to participate. Fire
Contes s. Fo
Street 'Carnival, Illumin
Economy is a frugal andj
which spends money to adva
great bargain sales.
We have just returned frc
the market an!d securing ma
for the public to inspect ou
t~ore. We 1ave the new ti
Prints from 5c. up, White F
ap, complete line of Dry Go
double width, at Soc. is a gr
;out1s' $2-50 to $ro.oo, Bo
hings in Hats and Caps. I
:2ave ever had. Our experi<
from the North, and our im
ready for inspectiou, embrac
mm.:nse line of Furniture is
Groceries, Hardware, Cr'ock
is now complete. We have
ers, and the bargain; coma
ple wonder boy'. we can sell
i8 ars. best Qranulated Syg
\Iachine $25.00' new Defen<
for 20 a ears. We has e onl:
nake spe. ial ont . $42.50, e
t'i e old reliable Iron King a:
blt- on the market. For e3
choice on our bargain count
THAT WHETHER YOU PLAY
fooT BALL OR SEE OTH ERS
PLAY FooT BALL You MUST
BE DRESSED RijHT YOU
THE GAME You PLAY, IF
YOU WE A R GOOD CLoTHES.
ALL, bUT THERE IS ONE
Y--SUCCESS. WE HAVE A
OUR SUCCESS oURSEL VES
.HAVE A LoT To Do WITH
J CAN HAVE A GooD oPIN
THIS IS A GooD THING To
D bE A BETTER THING FOR
A GooD oPINION of YoU..
FIRST BY YoUR CLoTHES.
'HEY FIRAT JUDGE YOU?
E YoUR CLoTHES bEFoRE
SPEAK. WEAR GooD
'I WHATEVER GAME YOU
E oF THESE THIN6S MAY
* . 0 310.00,
. . . .$15.00
DR. MAIN AND COLLEGE STS.,
IL PALL FESTIVAL
ov emrber 18 to 23.
on all Railroads for Round Tri .
~rils and Parade. State Comnpanies
en's Parade and Horse Reel
rth Annual Poultry Show.
Neck vs: d611ege of Charleston.
.del vs. College.
aon of City, Band Concerts, Free
ular "Fighting the Fiamnes"
on Marion Square.
udicious use of money-that managemet
ntage. Economy is best exemplifed in our
mn the Northern markets after searchinj
ly excellent bargains. We are now ready
immense stock in our great department
ings, the nice thinks, the cheap things.
omespun 5c. up, Checked' Homespun 5c.
ods and notions. Our Imperial Broadcloth,
eat bargain. Men's Suits $3-50 to $15 oo,
y's' from 75c to $6.oo. New and nobby
~rettiest line of Rugs and Art Squares we
~ned Northern Milliner has just returned
nense stock of fashionable Millinery is now
ing the s'ew and up to date things.' Our
now ready for inspection. Our stock of
eryware, Trunks, Valises and Woodenware
added a new feature in roe. and 25c. coun
ed on the m is creating a sensation. Peo
goods so cheap. We mention a few specials.
r $.oo. Ne.w drop he-ad Domestic Sewing
er Machine, drop hea4d, $17.93, guaranteed
two Organs left, and to close them out we
legant tones, oak and walnut. We handle
id Elmo Cooking Stove, beyond doubt the
ery five dollars you trade we give free one
er. - -
n-emnotTHE~Y SELL FOR LESS.