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TO PUT MILLIONS IN
f THE SOUTHERN BANKS
PLA> DEVISED TO FACILITATE
Secretary of Treasury to Ward Off
Stringency, Following Marketing
Washington, July 31.? Twenty-five
to fifty million dollars of gevernment
funds will be deposited in the national
banks of the South and West
ot- r\n/->ci Hv Cap-rots rv \Tr?Ar1nn to fscili
tate the movement of crops. Federal,
State and municipal bonds and prime
commercial paper will be accepted as
security for the money, upon which
the banks will pay 2 per cent interest.
The motive of Secretary McAdoo in
establishing this new policy is to anticipate
the money stringency in the
late summer and fall, which invariably
accompanies the marketing and
movement ot" crops, especially wnen
the crops are unusually large, as the ;
harvest now beginning forecasts He
intends to take time by the forelock
and prevent or minimize the usual
tightness of money.
In a statement today the secretary
made the significant answer that government
bonds would be accepted at
par as security for the new deposits
and that the additional money would
be placed only with banks which have
taken out at least 40 per cent of their
>VilI Help Restore Parity.
United States 2 per cent bonds,
serving as security for most of the
p, national bank circulation have been
ft depressed recently to new low market
records, dropping to 95 3-4 during the
past few days. The secretary's willingness
to accept these bonds at par
as security for the twenty-five to fifty
millions of promised deposits and
the inducement to the national banks
to increase their circulation up to the
40 per cent limit is expected to help
in restoring the parity of the depressed
2s by creating a new market
For the first time in history the government
will accept prime commercial
paper as security for deposits.
This privilege will be granted, announced
the secretary, in order to
make these special deposits available
to the banks on securities readily
within their reach.
"The commercial paper submitted"
added Mr. McAdoo, "shall first be
passed upon and approved by the
clearing house committees of the
cities in which the banks offering such
paper may oe iocaiea. ah uwumncial
paper and bonds must finally be
passed upon and accepted by the secretary."
Approved Commercial Paper.
Approved commercial paper will oe
accepted as security for the deposits
at 65 per cent of its face value, and
high class State, municipal and other
bonds, exclusive of government bonds,
at 75 per cent of their market value.
The additional deposits will be placed
with the national banks in the two
or three principal cities of each of the
States where harvesting is now in
progress, and where demand for
money for moving the crops most conveniently
can be met. The secretary
said it would not be practicable to
scatter the deposits among the smaller
cities, especially in iview of the
character of securities necessary.
The banks will be required to re'
? J-1? ?? +roao:irv
Turn iiit? iiiunt?,y w.) Luc pu.^
when the crops have been moved. The
prsent suggestion is, Mr. McAdoo
said, that 15 per cent be repaid in
December, 30 per cent in January, 30
per cent in February and 25 per cent
in March next.
"Steps are now being taken to cari
ry out the plan," added the secretary.
i "so that the funds may be promptly
available for the movement of crops."
Names of banks to receive the deposits
and other details of the arrange,
ment will be announced later.
\ Fulfills Tillman's Hope.
\ Just as Secretary McAdoo was an\nnimcine
his plan, Senator Tillman,
of South Carolina, was issuing a statement
declaring that unless congress
act<?i quickly to provide an emergency
cur^Sey, the cotton planters of the
SoutM^would lose a hundred million
? dollaB through inability to get money
to move their crops.
SAVE FARMERS $100,000,000
Tillman Says I'nless Congress Acts
Promptly Planters Will be Robbed
/ Washington, July 31.?Senator Till
. man said this evening that he sin>
cerely hoped that the banking and
currency committee of the house of
representatives can work out some
practicable scheme that will inspire
the confidence of the business people
of the country for lending money to
"banks at 3 per cent on satisfactory
"Mr. MdAdoo," said Senator Tillman,
"is well informed as to the business
conditions in t.:e United States, and
I am willing to leave it to his good
judgment as to what collateral shall
be required. Right now there is an J
emergency and, unless congress acts
promptly within the next sixty days,
the Southern cotton planters will be
~ .KI?.! O VmnrirPfi million dollars
i~UU WCU u.
or more by the fall in price of their
pri iL pal crop due to the inability on
the pavt of Southern banks to get
money from New York at any price
or oil any collateral. Ths New
Yorkers have our people by the throat
as they have had them all these years
since the war, and only congress can
A Resolution for Relief.
"The Aldrich-Yreeland act. which I
authorize the printing of the five |
hundred million dollars now lying in
the treasury grants no relief at all to
our people, because of the conditions
imposed. Tie rate ol interest Degms
at 5 per cent and increases very
rapidly each month. The relief can be
extended only through associations
of banks into regional groups. The
security asked is of such a character
tnat few, if any of our banks in the
South can furnish it and it only ap*
* C+ /> i
plies to national DanKs?uui oiatc ;
hanks at al'. A joint resolution could
be rushed throigb both ho.ises of congress,
if the houses are willing to give
the country relief. This resolution
would be only intended to give temporary
relief until the committee
an currency and banking gets through
squabbling, if it can ever get through,
and congress gives us a permanent j
"If something is not done, I see no :
? x 1 ^ 1 ^ ^ ? 4-Vi A !
way oi saving me peupic ui mc i
from great loss, unless tae banks1
take the law into their own hands,
as they did in 1907, and form clearing
house associations and issue certificates
as they had to do then. I'
for one am tired of seeing our people
held up and robbed by Ue New York
Favors Rasrsdale's Plan.
"I heartily favor Congressman Ragsdale's
idea aoubt trying to get into
cne proposed currency bill an amendment
to have the government lend
mon,ey direct to the farmers, or to the j
banks with which they deal, or warehouse
certificates on corn, wheat and
cotton stored in warehouses and fully
insured, the banks to deposit their
own notes along with these certificates
"I can see how a perfectly feasible
scheme to protect the government
from loss and Obtain money for the
farmers to move their crops' can be
worked out. It would save the South
untold loss by emancipating it from
slavery to New York financiers. I feel
certain, too, that if the idea contained
?r> tho law whir?h nassed the South
Carolina legislature two years ago
providing for warehouses to store cotton
in, but which was declared unconstitutional
by th 2 State supreme
court, were enacted into law, it would,
under a rational and safe management,
be of untold benefit to the people
of South Carolina. I hope sincerely
that the plan will not be given
up entirely and that a bill properly
safeguarded will be prepared and enacted
into law at the very next session
of the legislature."
Favors Henry's Plan.
Senator E. D. Smith said: "Of
course, I am in favor of the currency
plan now being advocated by Mr.
Henry, of Texas, or something like it.
This is no new thing. The farmers
have been advocating it for years. I
made speeches along this line before
I came to the senate. There is no reason
why a safe and practicable plan
cannot be worked out. The assets of
the farmers should be as good for
banking purposes as any mercantile
paper in use today. I will never be
satisfied until the farmers get this
and I rejoice that the way seems
10 DG Opening 1U1 t-iCiii iu 501 n.
SAYS EVIDENCE WAS IN ERROR.
Stenographer Makes Statement in
Reference to Case of "Portland
Spartanburg, July 31.?Grave errors
were made in the evidence on
n-Viirt'h Tomoc Tnlincnri aliac "Portland
Xed," the famous'cracksman, was convicted
of the ten thousand dollar safe
robbery at Enoree, this county, according
to Carlisle Perrin, court stenographer.
Mr. Perrin says in a letter
made public today that he has
discovered that a Federal indictment
introduced as evidence against JohnsorM
an'1 in which he was supposed to
have .li'-tded guilty to stealing stamps
and postoffice funds from the Enoree
safe, was not an indictment for the
Enoree robbery, but for a robbery in
Orangeburg county. Johnson had no
attorney, but conducted Vis own dofence.
Johnson was paroled by Govornnr
RIpusp rpppntlv nnd after h'S
release from the State penitntiary
made a sensation ul es^p*3 from a
deputy Cn:toj Sta'es rr.'irs;ia! who
sought to arrest him fsr an alleged
postoffice robbery ir. North Carolina.
(Leesville - Batesbui
Offers a Liberal Education
Rooms furnished with <
bureau, washstand, chairs,
Electric lights, steam he
A beautiful, safe and re:
Next Session Begi
For further information
Rev. P. E. Monroe, Leea
? ? a m
Final Limit of 1
Newberry to Washington;
Newberry to Norfolk and
I Newberry to Richmond an
Special train leaves Co
Washington 6.00 a. m.
Standard Pullman Sleep
Coaches and Southern Rai.
Excursion tickets will be
Apply to local agents
Pullman reservations, etc.,
W. R. TARER, Passenger and'
R. C. COTNER, Passenger and
L. I). ROBINSON, Pass, and T
S. H. McLEAN, District Pass. .
E H. COPEMAN, Vice-Pres. a
S. H. HARDWICK, Passenger
H. 'F. CARY, General Passenge
W. E. McGEE, Assistant Genei
OPPOSED TO PATTERSON
The Oklahoma >e?ro Conciliated for
Register of U. S. Treasury.
Washington, Aug. 2.?That President
Wilson made a great blunder
when ha sent to the senate the name
of aPtt^rson the Oklahoma negro, to
be register of the United States troas
ury is 1 ?io opinion expressed oy m:iuj ,
of the political experts ir. Washington |
Sena', rr, Tillman and S:r:ih of
South Carolina and in fact practical
every senator from the southern
States, are prepared to fight the confirmation
"As long as I am senator from the
grand old State of South Carolina I
11 ^ ^ i rv ? r\ f cnph Q
will oppose ine cuinn mdnun wi t?.
hominc.tion," said Senator Smith to
The Record's correspondent. Senator
Tillman, who believes in giving the
; good jobs to white people will fight
I to the last ditch the appointment.
rg, South Carolina.)
under Positive Christian
V* V amt M n fl nvofn
LApCIIdCd tci J muuciait
everything needed: Bed,
art square, rugs, linen, etc.
at, sewerage, hot and cold
ins September 16
address the President,
villeor Batesburg,S. C,
TON, D. C.
l AND TENNESSEE
R OF THE SOUTH
and return $10.00
d return 9.00
lumbia 6.10 p. m., arrive
ing Cars, High Class Day
[way Dining Cars.
good on all regular trains,
for further information,
Ticket Agent, Greenville, S. C.
Ticket Ag't, Spartanburg, S. C.
icket Agent, Columbia, S. C.
Agent, Columbia, S. C.
,nd General Manager.
al Passenger Agent.
For years the position of register of
the treasury has been given to a negro.
This job has been looked upon
by the republicans as a compromise
position for the colored voters of the
Southern senators have in years
gone by fought similar nominations,
but as the democratic party was so
icil ILL Lilt; (lUlJUilt.) u urn liiviv w
But today a (Afferent story is told.
Why President Wilson, a Southern
man by birth, should have stirred up
the fighting blood of true Southern
congressmen by sending over to the
senate the name of a negro for such
a job, cannot be learned. That Senator
Gore was responsible for persuading
the president to send in Patterson's
name is freely admitted. As
Oklahoma has a sreat number of ne
gro voters it is believed by some that
Gore did it in hope of clinching the
support of the negroes in his State
when he comes up for reelection.
f-t/ ?to insure comph
f along a case of
//fiBMMg or forest; at
fPil|^ Demand the G
Send for Pree
THE COCA-COLA C<31VC
I Pay Cash
For Hens 10c lb
Roosters 7c lb
Frying Chickens 12c lb
Eggs 15c doz
Jas. D. Quattlebaum,
Prosperity, S. C.
DISSOLUTION OF PARTNERSHIP.
Notice is .hereby given that the
partnership heretofore existing between
T. A. Williams, R. E. Williams,
DeWitt . Johnson and R. P. Pearson,
under the firm name of The Newberry
Untertaking Company has been
dissolved by mutual consent of all the
partners. The terms of the said dis
solution are set forth in a written
agreement on file and recorded in the
office of the clerk of court for Newberry
county, South Carolina. Persons
holding claims against the Newberry
Undertaking Company will present
the same to T. A. Williams, and
all persons indebted to the said partnership
will make settlement with
said T. A. Williams.
DeWitt C. Johnson.
T. A. Williams.
R. P. Pearson.
R. E. Williams.
Newberry, S. C., July I4tn, iyia.
ANNUAL MOUNTAIN AND SEASHORE
August 13, 1913
CHARLESTON & WESTERN CAROOLINA
Spring and Mountain Resorts in
North Carolina, South Carolina and
For rates, etc., call on ticket agents
General Passenger Agent,
829 Broadway, Augusta, Ga.
Suffered Eczema Fifty Years?>"ow
Seems a long time to endure the
awful burning, itching, smarting,
skin-disease known as "tetter"?onother
name for Eczema. Seems good
to realize, also, that Dr. Hohson's Ecnrnroo
riinfnipnt line nroven a perfect
Ia in a uunuivMi ? _
Mrs. D. L. Kearney writes: "I cannot
sufficiently express my thanks to
you for your Dr. Hobson's Eczema
Ointment It has cured my tetter,
which has troubled me for over fifty
years." All druggists, or by mail,
PFEIFFER CHEMICAL CO
" " ATtvIIJO "P Q
St, IiOlliSf 310. IT IliluuriJfiiiat jl u,
>*ot tlie Place
"I see they have operated on a
Philadelphia boy's head in order to
make a better boy of him."
"That isn't where my dad used to
operate on me to make a better boy
cf me."?Houston Post.
~ 68 ' 'j t
For ^ 1
jte success take
* beverage?in field1 fl
home or in town/ K
wholesome as it is M
Booklet. or Carbonated
PANY, ATLANTA, GA. I
Malaria or Chills & Fever
9IIHIHI ?? w ^ - _
Prescription No. 666 is prepared especially
for MALARIA or CH-ILLS & FEVER.
Five or six doses will break any case, and
if taken then as a tonic the Fever will not
return. * It acts on the liver better thaa
Calomel and does not gripe or sickea. 25c
COLLEGE OF CHARLESTON
South Carolina's Oldest College
? ? O X 1 Q/JM.
129th Tear .Begins sepremuer
Entrance examinations at all the
county seats on Friday, July 11th, at
9 a. m.
Full four year courses lead to the
. B. A. and B. S. degrees.
A free tuition scholarship is assigned
to each county of the State.
Spacious buildings and athletic
grounds, well equipped laboratories,
1 unexcelled library facilities, and the
' finest museum of natural history in
Expenses reasonable. For terma
and catalogue, address
Harrison Randolph, Pres.
To Prevent Blood Poisoning
apply at once the wonderful old reliable DR.
PORTER'S ANTISEPTIC HEALING OIL.asur ical
dressing that relieves pain and heals at
-.e same time. Not a liniment. 25c. 50c.
Wood's High-Grade Seeds.
The King of Soil Improvers,
also makes splendid fall,
winter and spring grazing,
the earliest green feed, or
a good hay crop.
CRIMSON CLOVER will increase
the productiveness of the land more
than twenty times as much as the same
amount spent in commercial fertilizers.
Can be sown by itself or at the last
I working of com, cotton or other cultiva
We are headquarters for
Crimson Clover, Alfalfa,
Winter Vetch, and all
Write for prices and Descriptive
Fall Catalog, giving information
j about all seeds for fall sowing.
T. W. WOOD & SONS,
Seedsmen, - Richmond, Va.
All persons holding claims against
the estate of Martha A. Miller, deceased,
are hereby notified to present
same, duly attested, to me or my attorneys,
Messrs. Hunt, Hunt & Hunter,
on or before the 20th day of August,
1913, and all persons indebted
to said estate are hereby notified to
pay same on or before September 1st,
Mary J. Miller,
Administratrix of the personal estaro
of Martha A. Miller, deceased.
July 25th, 1913. ,