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The herald and news. [volume] (Newberry S.C.) 1903-1937, July 08, 1921, Image 1

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VOLUME LVII, NUMBER 54. NEWBERRY, S. C., FRIDAY, JULY 8, 1921. TWICE A WEEK, $2.00 A YEAR
V1 n
J* - '
MELViN L K1NARD
CLAIMED BY DEATH
COLUMBIA'S OLDEST MERCHANT
DIES AT HOME
. Had Been in III Health Since the
Death of His Wife a Year Ago.
Confederate Veteran
The State, 5.
, Helvin L. Kinard, the oldest merchant
in Columbia, died at his home
on EUmwood avenue yesterday afterv
noon at 2:30 o'clock after a long ill
Bess. He was. 81 years oi age, navi?S
.been born in Newberry county
&fay.?, 1840* He came to Columbia
at the age of 17, and except for the
period of the Confederate war, he
has been connected continuously with
the business life of Columbia since
1857, at which time he entered the
drv troods store of his brother, the
-- --- . ,
* late John Henry Kinard.
:<Mr. Kinard's paternal ancestor
ccme to America from Germany, was
an American soldier during the Revolution,
and settled upon land given
him by the government The parents
v of Melvin L. Kinard were John G.
and Elizabeth Harmon Kinard. His
father died in 1889, at the age of 91
years.
Hi* War Record
In the winter of 1860-61 Melvin L.
kinard joined the colors with his.
cjoppauy, the* Richland Volunteers,
ofie .qf the first companies taken into
trvice. He witnessed the firing on
I?ort fcumter and throughout the war,
iBBjg? *aitiad?red' at jC^Jdsboro, ~N.
<&*? th$ verf&Mft' ftt ^ ^r. #ter
tlfe cdfttlusiori of the ?ix months' enlistment
with the Kichl&nd Volunt^ejfc,
hte Darlington Riftes
teg
fftftt, this company pamcioatea
fifit $4ttjtc qf Run. He
^ * soon afterwards invalided* on acci)ttM';of
vpneumdtiia, arid sent' to the
d jlfe joined PiersofiV company
ifc'ffc t^fenty-foiii'th South Carolina,
Vfc&t Cbl. C. It. Stevens, and *as
MUfk fiiic nnrntviahd in time to uartici- j
WMIW vw ^ ?
gife; in the Battle of. Secessiensvlle.
Hs regiment was then -transferred to
tjte^Vesttern army tihder Gen. Joseph
E. Johnston. Among the campaigns
and .battles ih which he participated
wef6: Fort Sumter and Bull Run in
^ . 1861.; Jafties Island and Secesions*
#An - ifs lVti?i?isinni. I
vuie,- XOO&t MO>nif/aigu >i> * ?. ??*> ??-?f r ., ,
1S$3; campaign of Hood And Johnston
16' T^nrtfessee, Georgia aitd Alabama
itrl868 and 1864, including the battles
of Chickainauga, Missionary
l^&e, the tons fighting retreat from
I>#iton .to-Atlanta and Franklin and
^ Nashville.
"VMr. Kinard was first lieutenant of j
l?is company at the cloSe of the war,
** ? ?1Jf? ? is illiic.
*nd his worm as a BV1U1C1 to utuu |
trated by an incident in the retreat j
toward Atlanta. His regiment, as
pickets covered the retreat of Walker's
division. The supply of .parched'corn
in the haversacks of the men
had been exhausted for some hours,
^ fcut under orders Col. Ellison Gapers,
commanding the Twenty-fourth regiment,
held back the overpowering
t-.- ".f.fVio Union 1 forces until
quxiujga ?.v
daylight. The enemy then closed in
Vut were driven back by a spirited
charge until the Confederates could
ctois. a river.
v Lieutenant Kinard had been quite
ill-for"several " days, but-declined to
leave his company. In a fainting
condtion he reported to Colonel Capers,
and presented his sword, asking
,k<? ftaved from capture. Colonel
Wia v * w -w v?. - ??
\ Capers declared that Lieutenant Kinard
was much too valuable an officer
to fall into the hands Of the enemy,
so he dismounted and himself proceeded
on foot, requiring Lieutenant
Xinard to ride to safety. This Colonel
Capers was afterward a brigadier
! general, and after the war Bishop
Capers.
i?jvUtt war Mr. !
At tnc COnCIUMUH Ui uiiv ttU? v
Kinard returned to his father's plan-1
tation in Newberry county and during i
the summer of 1865 assisted in putting
in the crops. After this he came
to Columbia and engaged in buying
cotton for some factor*. He saved
some $600 in gold and decided to go
into the clothing business. He invested
$500 in erecting a store building
on Plain street, now Hampton,
Tfip remainine $100 paid
'icai iuohii A <>
the freight on a stock of goods which
he was able to get on credit. His
business prospered from the very bet?nning,
and increased steadily until
ftt one time he was recognized as the
principal clothing merchant in the
state. Last year he incorporated his
business as the M. L. Kinard company
and remodeled the store room which
had been his place of business for so
many years.
Mr. Kinard was recognized as one
of the substantial citizens ot tne community,
and subscribed liberally to
the building of cotton mills, street
railway and other community building
enterprises. His integrity and
square dealing, combined with good
business judgment, made his business
prosper at times when others suffered,
and he passed through numerous poor
crop years, panics and other troubles.
His Home Life
Mr. Kinard was twice married. His
first wife was Miss Cornelia Williams,
granddaughter of Judge Baylis Earle
of Greenville. She died in 1872, one
year after their marriage. His second
marriage in 1876 was to Miss
Florence Lyles, daughter of William
Lyles of Fairfield and sister of Wil
liam H. Lyles of Columbia. Of. this
union one son and four daughters survive:
Melvin L. Kinard, Jr., Mrs.
Young: H. Vance, Mrs. Jas. A. Hoyt, j
Mrs. Jno. W. Wilkerson and Miss Susan
Kinard, all of Columbia except
Mrs. Hoyt. All of the children were)'
with Mr. Kinard when he died except)]
T T*. nrVirt V>ori hppn I
ITI. li. XV.xi1c11 u, oa., itiiv
called to Albany, Ga., by the serious |;
illness of his infant son. Jas. A. Hoyt jis
expected from Detroit, Mich., Wed-|
nesday.
Mr. Kinard was a great "home ,
body." He loved his flowers and his
vegetables. For years h:s chrysanthe- ,
mums have been greatly admired by ,
hundreds of Columbians. This was
Mr. Kinard's principal recreation and
pastime, caring for his plants and .
vegetable garden. ]
Mr. Kinard received his education ,
in the classical schools of his comfciuntv.
btrt he'was in fa?t a self edu
cated man, for he enjoyed reading.!
fte had notbeefc in robust health since ]
the death of his wife a few years ago,
but ' had been going: regularly to the I
store for a short time daily until last
winter when he began to fail rapidly.
His wonderful cOnsttution and his re- ?
markable tenacity and courage never
yielded until yesterday, when he quietly
fell asleep and passed out calmly
ahd without pain. While Mr. Kinard,
on account of poor eyesight, had not
gone about much for some years, yet
he was a man of great sociability and
enjoyed the visits of his friends at his ,
store and at his home. He might be
termed a pioneer merchant, one of
those who undaunted by the destruction
in the wake of passing armies and
unmoved by the serious difficulties of j
reconstructon, set to v.'ork to build
a newer and greater Columbia out of
the ashes and ruins of the past.
Modest and unassuming, he never
thrust himself forward in public matters,
but he ever took a keen and
lively interest in public affairs and
wt:s ever ready to encourage, aid and
back up any movement for ^ood government
and progress in city and j
state affairs.
funeral arrangements had not been
completed last night, but it was announced
that the funeral will be held
at the residence at 6 :30 o'clock Wednesday
afternoon.
Good Chairman Hunt . .
Associate Reformed Presbyterian.
The Baptist Layman's Convention
is in progress in Greenville, S. C., this
week. Many noted speakers are down
on the program. Among them such
men as Ex-Secretary Josephus Daniels,
Dr. Mullins, Dr. Truett and
others. Col. I. H. Hunt of Newberry,
S. C., is chairman of the executive
committee and had no small part in
arranging the convention. Mr. Hunt
married an A. R. P. and Mrs. Hunt
is taking in the convention with him.
The honors are even as Col. Hunt
usually/attends the Linwood confer-1-:
A
ence with Mrs. Hunt. 11 lb ciaiuicu i
! that he is as good an A. R. P. as he is J
| a Baptist. j
Eptin^-Edgeworth
The State, 7th.
An interesting marriage was sol
f ef Ponl'ci
emnized at tne parsonage ui ^v,. *
Lutheran church yesterday afternoon
at 6 o'clock when Miss Mary M. Ep-!
ting of Little Mountain became the I
bride of Wayland S. Edgeworth of i
Hartsville, the Rev. H. A. McCullough
officiating:.
< ?i ^-.roo-r, aII.'q\7 from vourself
Always im " j ? ^
and in an general direction, with
the warp threads first and then across.j
SLAYER OF LIPSCOMB
CAPTURED BY POSSE
Negro Farm Hand Who Killed Dr.
Lipscomb at Ninety-Six Home
Taken From Greenwood
mi rij i iv
ine Mate, oin.
Greenwood, July 5.-^?Two hours after
the fatal shooting of Dr. Lawton
C. Lipscomb, prominent farmer and
druggist of Ninety-Six, Pink Griffin,
a negro farm hand, was captured by
a posse of citizens headed by L. M.
' i.u_ J ? J
LipSCOIttD, a cousin oi tut; ueau man, .
brought to Green-wood and turned j
over to the county officers. The ne- !
gro was spirited away from the j
Greenwood county jail for safe keep- j
ing. Governor Cooper will be asked j
to call a special term of court to try j
the negTo. A full confession was
made by Griffin to his captors. David
Machen* another negro implicated, ;
was also carried away for safe keep-1
ing. Dr. Lipscomb was shot six times, (
three of the bulletts taking effect in '
the region of the heart. Following- a
reprimand given Griffin for 'beating
his mule, Griffin followed from' the.
barn lot and began firng when Dr.'
Lipscomb was a short distance from
his house. Apparently Dr. Lipscomb
had turned and made an effort to
wrench the pistol from the negroes,
hands, powder burns- and bullet j
wounda in the right hand indicating I
such. He was dead when his wife
reached him. The news of the fatal
shooting of Dr. Lipscomb quickly
spread and fully 2,000 citizens formed
a posse and literally combed the
ni-An/ia anr? swamns for miles around. J
TTWUO Witvt w * . w...{
The negro was captured on the Seaboard
railway, near Alexander's brick
yard, about five, miles from the scene
of the deed. Sheriff Cannon Blease
of Newberry was telephoned for and
with bloodhounds responded at once.":
When captured, the hounds were Hot;
oh Griffin's tracks. Members of Dr.
Linscomb's family urged that the law
be allowed to take its course, and
the posse1 dispersed soon after the
negro was brought to jail.
Dr. Lipscomb is survived by his
wife, who was Miss Sallie Cathcart
of Columbia; one sister, Mrs. G. T.
Calhoun of. Ninety-six, and three
brothers, George W. Lipscomb, E. P.
Lipscomb and J. N. Lipscomb, all of j
Ninety-six.
Special to The State.
Laurens, July 5.?Greenwood officers
who spirited the negro slayer of
Dr. Lipscomb out of Greenwood this
afternoon to avoid possible mob violence
arrived in Laurens shortly after
6 o'clock. They al?o had with them
?1? ~ rv> frier or is said
tne negro wnu uic muiuviv.
to have forced to carry him out of
Ninety-six in a car and who is said
to have informed the officers of the
slayer's identity. The prisoners were
lodged in the county jail until some
repairs could be made on the officers'
car. Then accompanied by Sheriff
Reid, the party proceeded toward
Spartanburg or Greenville. Deputy
Sheriff Owings and four rural police
men who went to the scene of the!
tragedy after first going to Saluda j
and vicinity to- assist in the man
hunt returned here tonight. Dr. Lips-!
comb was a brother-in-law of W.:
D. Byrd and was related to many
other Laurens people.'
- Dr. Lipscomb was for nearly 20
years a resident of Columbia and for
15 vears was the owner and propri
- v *7
etor of the drug: store that still bears
his name.
Coming to Columbia as a young
man he accepted a position as pharmacist
at the state penitentiary under
Dr., D. S. Pope and Col. D. J.
Griffith, who was then superintendent
of the penitentitary. He also worked
for a time in Fisher's Drug store,
later going into business on his own
account, establishing . Lipscomb's
* 4-ko r>r?ctnflfir?p In
drug store ntr<ti wc ^uuw.?v..
1913, his health failing, he sold his
business interest to the Wingfield
drug store and moved to Ninety-six,
his former home, to take up life
on his farm.
Dr. Lipscomb was married to Miss
Sallie Cathcart of Columbia, who
with three brothers and a sister, all
of Ninety-six, survives him.
* - - j
Dr. Lipscomb was a consistent ana
| faithful member of the First Baptist
.church during his life in Columbia
land prior to moving to Ninety-six had
been for several years a deacon in
this church. He was a gTeat home
i ? rit.izen and an
IUVcJl* a
! unselfish neighbor and business friend
REPUBLICAN HOST
I BADLY STAMPEDED
DEMOCRATS AND INSURGENTS
ROUT OPPOSITION.
Director of Budget Giving Orders
to Members cf President's
Cabinet.
Hugh W. Roberts in The State.
Washington, July 3.?.Insurgency
against Republican leadership in the
house and Senator Lodge and Representative
Mondell has been exhausted
They are helpless if not hopeless.
* 1 A1 ? A1, ? ? nn J n# f Vl a
/\L Hie UU1CI CiU-L Vi unv. a<vnuv,
Gen. Charles G. Dawes is in supreme
command. He is head and shoulders
above any officer of the cabinet. He
has demanded and received authority
to enter unchallenged the holiest precincts,
and to go over the heads of
any and all departments ad libitum.
This state of affairs is entirely
without precedent. Rock-ribbed Republican
newspapers are bitier in
their complaint, and the staid Boston
Transcript has promised, in a series
- ' * * ' t ^1 A. J 1
of trenchant editorials, x,n<*t me majority
in both houses teamed by leaders
"unwieldly," will be reduced as
soon as the people have., an opportunity
to express themselves.
* The Republican in congrsss with
power is Senator Borah, self admitted
to be independent, irreconcilable,
1 J - PAnr/iCon _
ICOIlCiaSXIC. in WIC I1UU4C> xw.yifcovi.
tative James R. Mann jgof ..Illinois
could easily be supreme, were his
health good and were h?irable to remain
permanently on th<r;flobr. By
virtue of the headless condition, Representative?
Porter, chairman of the
foreign relations committee, h'ar forged
to the front. He outpointed Sen>-orro-rrlincr
tV>p neaee re
ttl/Ul miVA .... r
solution but went into partial oblivion
and total eclipse when he attempted
to sidetrack theJBorah disarmament
resolution.
Riding to Ruin. t
The administration forces rode
headlong: to their ruin -when they
attempted to "put across"'the Knox
resolution, originally framed as a rebuke
for former President Wilson
and a political issue. The house insisted
on the Porter resolution, and
congress finally accepted a compro
mise between the two which is regarded
as impotent.
But their total destruction was
scored when they stood like a wall
against the Borah amendment. In
Senator Lodge's committee they managed
to "kill it." When it was resurrected
by Senator Borah on the floor
they brought word from the White
1
House that Resident naraing opposed
it. But Borah, at the head of
the other Republican insurgents,
stood his ground. Senator Underwood
rushed the entire Democratic
strength to his support. Senator
I Lodge thereupon surrendered in the
{ belief that the amendment could be
strangled in the house.
The great obstacle faced by the administration
forces in the house was
j a phalanx composed of more than 100
I independent Republicans, and the
entire Democratic personnel. So
strong was this phalanx that Mr.
Porter, after careful consideration,
deemed it unwise to risk his substitute
amendment. It died a-boring,
therefore, and the conferees between
the house and senate had nothing
bfore them but the Borah proposition
I At the end of the day President
Harding sent word to Floor Leader
Mondell to withdraw his forces?and
this was done.
The hopelessness of the situation
is illustrated both by the administrations
policy respecting: the $10,000,000,000
owed by Eurooe to the
United States, and respecting: the
pending Fordney tariff bill. Secre*
* 11? 1 r>r?ncrrocc
tary ivieiion nas unuuuvu
that -were the United States to force
Europe to pay its obligations, the
United States would be ruined becaus
Europe, even if it. paid interest,
could not purchase American goods.
At the same time, the United States,
absolutely dependent on the ability
and willingness of Europe to buy,
r* _
| and associate snd there are many uo
lumbians shocked and grieved at his
, death.
| The body will be brought to CoI
lumbia at 2:30 o'clock this afternoon,
j the funeral being conducted at 1217
I Hampton street at 5 o'clock this afjternoon.
Interment will follow in
1 Elmwood cemetery.
[COURT WEEK NEWBERRY
JULY TERM SESSIONS
j Much Business Disposed of Neatly
??1 W;?k Di*natrh. Officials Hav
! "' ? ?
ing Everything in Readiness
The July 1921 term of general ses-!
j nons court (?onvej.ed for business'
. Tuesdr.y morninp, rft-i.- lh<* saleid^y
recess on Monday. Judge Frank B.
Gary, Solicitor H. S. feHckwell and
Stenographer R. J. Syphar at tneir
respective desks, with Sheriff Cannon
G. Blease, Clerk J. D. Wheebr and
other local court officials promptly on
hand. The following cases we.-e disposed
of:
! S. Jethro Glenn, assault and battery
with intent to kill and carrying concealed
weapon; not guilty.
I Lewis Williams and Bennie Davenport,
shooting into dwelling house;
not guilty.
n?onrl Kaffrprv l
j IViarv LUtcu, acsaun auu
wth intent to kill and carrying concealed
weapon; nol prossed.
I Emma Cromer, assault and battery
with intent to kill carrying concealed
weapon; nol prossed.
j Reuben Boozer, murder; on chaingang.
James Summer, disposing of property
under lien; nol proa.
Ben Watts, housebreaking and lar,
ceny; continued.
Henry Buchanan, disposing of property
under lien; directed verdict of'
not guilty.
Allie Gray, assault and battery
with intent to kill; pleaded guilty to
| assault and battery of high and ag
1 prepares to raise a tariff wall which j
j will deny Europfe the right to sell to \
(the^ United States. It is an axiom j
I th?t':thfe nation which can not sell can |
not buy." .
Tariff Puzzling Dilemma.
The tariff presents still another
! dilemma* The- Republican, leaders of
the seriate woulcl postpone the en
' LIU Tn?,
actmenfc t>l a tar;ir diii. i car |
ize that the condition of the countries
of the world is not sufficiently
' stable to permit the United States to
institute .a new and permanent tariff
! policy?that values are so far from
fixed that their change is almost hourly.
And yet the rank and file drives
the leader and late in October?
scarce1y before?the tariff bill- will
be enacted.
' T~ +V>n administration
| in trie sciiaiC) uiv
or Lodge forces proceed in mortal
terror of Borah. The situation is exceedingly
happy for the Democrats.
'In any crucial test they can line up
with Borah and his faction and put
the Lodge crew on the run, for that
* i i
crew, as demonstrated in tne aisarm'ament
fight, prefers to run rather
than go down fighting for a principle.
J In the house, an identical state of
, affairs would exist were the insurgents
headed by a man as strong, as
, honest and as able in oratory as
' Borah. While a Lancelot is missing,
the insurgents are feeling their
- ~ ~ i T> ^
j strength. *rne iuu newiy eiecteu xvt;.
I publicans, after issuing a statement
; that they were tired of a "do-nothing"
house, and the intricate tangle of leg,
islation as a result of red tape, met
,1 in caucus this week and ordered
Leader Mondell to appear oefore
them. This he did. He promised the
; new members recognition and applied
"soft soap" in copious quantities.
. ?
There were eloquent expressions ui
-complaint and dissatisfaction, of
| which Mondell is said to have taken
terrified cognizance.
Dawes Takes Charge
In administrative circles. General
Dawes has taken charge. He is in
supreme command. He has jr.form;
ed the cabinet that in reorganizing
j the innumerable bureaus he must
, have a free hand and that there must
! be no handicap placed in front of his
* ? ?^ c? "
j "honest ana nonpartisan cuuiuo.
J In addressing the cabinet, at the
'head of which was the president.
General Dawes did not indulge in
." his "Hell and Marias," but he jumped!
'from one end of the room and back
again, banged desks, talked with the J
I bark off, shrieked at the top of his
voice?and made an impression. !
I TT_ fnrrpful man. ad
j XIt: is wic inuuv
i mittedly, connected with the government.
If he succeeds in his undertaking,
he might make the Harding
j administration one that will stand out I
in the history of the country. There j
. is already speculation as to whether (
f this man, depended upon to bring or
der ouc 01 cnaos, wm nut, j/iu?c imu'
self, in the long run, to be a formidable
contender for the presidency.
gravated nature; $25 or 30 days.
Allen Thompson, Robert Trap and
Nathan Alston, housebreaking and
larceny; continued.
SeDhus McDowell, assault and bat
tery "with intent to kill and carrying
concealed weapon?three indictments;
pleaded guilty to assault and
battery. Two months in each case.
Sephus McDowell, violation of dispensary
law; pleaded guilty. Six
months. After service of 30 days
and payment of $100, balance of sentence
to be suspended on good be
havior.
John Hiller and Sam Glasgow, violation
of prohibition law; pleaded
guitly. Twenty days in jail.
George Wise, Henry Wise and Willie
Johnson, violation of. dispensary
law; all pleaded guilty. Six months
each. Upon expiration of 30 days'
service and payment of $100, balance
of sentence to be suspended on good
behavior. i
D. G. Gray, assault and battery
with intent to kill; pleaded guilty of
assault of a high and aggravated nature.
$25 or 30 days.
Oscar Tucker, assault and battery
and carrying concealed weapon; continued.
Tom Griffith and T. C. Werts, viola- J
i
tion proniDinori law, cuumiucu. I
Oscar Henderson, obtaining goods I
under false pretenses; pleaded guilty.
One year.
Mack Connor, abduction; pleaded
guilty. Two years?sentence suspended
as long as the defendant shall
stay from the girl in question and
during good behavior.
Albert Ruff, abduction. Two years
or $100 fine. (
Spencer Robertson, disposing oi
property tinder lien. Continued,
f . Dock Wasson, reduction. Nod
I prossed. , . ;
1 Callie Davis, assault and battery
with, intent to kill and carrying con
cealed weapon, Continued. ,
George Reeder, assault and bat- '
tefy. with intent to kill and carrying
concealed weapon. Continued.
j Tom McCants, rape. uontmueu.<
I George Hawkins, assault and battery
with intent to kill and carrying
concealed weapon. . Continued.
Johnnie Sims, alias Johnnie Means,
rape. Continued.
Eddie Wicker, abandonment of
wife. One year.
Will Brown, assault and battery
?ir4fV. infant to till. TiWO V ?rS.
vr ion aivv/iiv w * . _ .. _ ?
<
Elliott Turner, petit larceny. Ten ;
days in jail, with privilege of the fa-1
ther of the boy whipping him in the
presence of the sheriff, when sen- j
tence will be suspended.
As we go to press the case against j
Marshall Berry, for rape, is being
tried.
]
Blood Hounds From Newberry
In Its account of the murder of
Dr. Lipscomb the Greenwood Index-,
Journal has the following:
As soon as he was notified of the 1
flight of Griffin, Sheriff E. M. White'
notified every sheriff in adjoining1
counties. He stated this morning
that the long distance operator gave
him connections at once and no time
was lost in telephoning. Sheriff Cannon
Blease was asked for dogs, andj
started four hounds in a car at once.
He was met at Chappells by R. E.
McCaslan in a Mercer car. Mr. McCaslan
made the trip from Chappells!
to Ninety Six in thirteen minutes, it
is said. The dogs headed by a mas-j
sive bloodhound, the skin on whose
face wrinkled in folds and whose
drooping ears almost dragged the
orr-onnH when trailing:, were carried
J to the plow Griffin had left and allowJ
ed to smell the plow handles. They
j were then carried to where he had
' gotten out of the buggy, and there
I they struck his trail. With a small
red hound baying intermittently and
the wrinkled old leader of the pack
frc'iinor +v>p flicrht. of the ne-;
BUCllLXJf uauiiif,, wiv ..-0.. .
gro was traced by hundred? of men
in shirt-sleeves, armed * ith every,
i conceivable sort of we? jon. They
streamed behind the dogs for over a j
I mile, attempting to keep up. Fat
grocers sweated, puffed and plowed
through cotton rows behind lean bank
clerks in wilted white collars, beneath
a torrid summer sun unobscured by
the slightest cloud. As numerous as .
was the crowd following the dogs, j
hundreds more were beating the;
woods on all sides and watching every
road. When captured, the hounds
were hot on Griffin's trail, about a,
mile away and fast gaining on him.
i f
9
WOULD LIMIT RATE
OF RESERVE SYSTEM
REPRESENTATIVE FULMER BELIEVES
CHANGE NECESSARY
Member of Congress, on Way to ^
Orangeburg, Discusses Bill
Introduced by Him
i
|
mi_ _ r?x _ x ^
ine otate.
Representative H. P. Fulmer, who
was in the city yesterday on his way
home to make an address at Orangeburg
on the Fourth, is very much
pleased over the reception that has
been given to his bill to limit the rate
of interest chargeable by the federal
reserve banking system. He declares
that this great centra] bank has piled
up many millions of dollars which are
not useful to itself and have been
taken at a real deprivation to the
?11 V>r> /imiTifrv an<j "VlPlT
SII13U UillllU Ui tuc tuuuwi ji uiiu >..?
customers. Mr. Fulmer says that this
bill has started a great deal of action
in Washington, and he believes that
favorable attention would be increased
if the bankers of the country
would write to the members of congress
and urge its passage. Himself
a banker, Mr. Fulmer feels that he has
a practical, common sense remedy for
some of the big evils of the day. 1
Wants Five Per Cent
Commenting upon his bill, Mr.
Fulmer said:
"I believe that if the high rate of
rediscount charged by the federal reserve
bank is reduced to 5 per cent
it will do more to bring about a revival
of business than any other one
thing we could do.
"It is generally pointed out that -it
?r;ii Ko im-nnssible to reestablish jiot
mal conditions and bring about a revival
of agriculture, cdthmefah
industry except by a lowering of tiie
rediscount rate on agrictfltttfid \ and
commercial paper to from 4-.I.-2 per
cent to 5 per cent. I .believe that
such a reduction. is a great national . .
necessity, a world necessity., - a&d it
is only in this way that proapefity v,
be promoted in America and. that
Europe- can begin to reftaDmiate. ,
."Everybody knows that t^e ltestriction
of credits and the extfglitt high
discount rates have stagnated ^ridustry
and commerce and paraded agiiculture.
V"I
am sure that I am vpifcing the
conclusion of every bank ntifi in the
agricultural sections of America in
asserting that, if the bankers obfcy
the law in regard to the fates of interest
that they are allowed to charge
their customers, under the national
hankinsr laws, and are at the same
time forced to pay such high rediscount
rates as are now charged by
the federal reserve banks, they will
have to go out of business. That
seems to stare us in the face as a certainty.
"The people of the United States
understood that the creating of the
federal reserve bank system meant
the financial salvation of America
and her people, by being able at all
snH under all circumstances to
l/llll VsO utts*
take care of any situation in any section
of our country, and in a manner
that would not only hold up a panic
but in such manner and at such rates
of discount as would make the member
banks financial strongholds. All
of which would mean so much to the
building of good roads, the educating
" 1 ~ rUvplrmment of
oi me peopic aim wv .?r __
our national resources.
Unreasonable Rale*
"If you will read the combined
statement of the 12 federal reserve
banks made at the close of business
May 25, you will be struck with the
indignant feeling that they have violated
right and reason by charging
unreasonable rates of discount to
member banks. That statement snows
that, after paying 6 per cent dividends
to the stockholders on a paid-in
capital of $102,173,000, they have a
surplus of $202,036,000, besides $35,271,000
reserved for government
franchise tax.
"Congress seems to be long on ere
ating departments and appropriating
large sums to be spent by th*m, and,
after making these appropriations, in
setting aside for them sums of money
in the way of contingent funds, allowing
them to spend not only these
but to come in at a later day and
secure still more under deficiencies?
whch is borne out by the passing
yesterday of a deficiency bill canying
(Continued on Page 7.)
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