Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1875-03-25
For the Advertiser.

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MRssRs. EDITORS: Sincerely craving
your patience and forbearance, Iagain
ask place in the Aduertise'' for reply
to othelast communication of "a Widow"
| There is strong internal and some cir
cumstantial evidence that ga Widow"
sustains only the relation of sponsor to
the two bantlings christened with her
name. Through her thin veil, can,
methinks, distinctly discern the mark-.
ed features of the real author of their
being. I therefore, take leave of "a
Widow" with my most respectful obe'
sance, and pay my regard to Mr.. Ether
edge i't propria persona.
In his first article, Mr.. Etheredge as
serted substantially tnat lie had, since
the war, loaned the Graniteville Compa-
ny about ten thousand dollars at seven
per cent. per annum interest; and cited
the fact as one of his god deeds which
had contributed to the reliefo widows,
orphans and other poor laborers" in
Graniteville. To this, at the suggestion
and by the authority of Presidents Hick
man, I repliedthat, "Mr. Etheredge has
never loaned the Granitevillo Company
one dollar; nor has the Company ever
asked loan from him." Of course, the
denial is limited in all it's terms to the
time embraced in the allegation, and
cannot be forced to include the whole
financial history of the Company since
its organization. Ia his reply, Mr..
Etheredge repeats his alteration; and,
by the same authority as before, now
repeat my denial.
Mr.. Ethcredge affects to ridicule the
idea that there is any substantial differ
ence between a deposit on call and
loan. Practically" hesays "the diffor-
ence is about that between tweedledum
and tweedledee." Is he so ignorant of
the technicalities Of banking phrases
Ito use his own words-as his language
implies? Surely not and do him no
wrong and cast no imputation upon his
good name, when say that, if one
should present himself before him in
the character of borrower, he would
soon teach such an one the wide differ
ence between deposit and aloan. Lend
or and borrower arc the correlative terms
in the one case; depositor and receiver,
in the other case. The lender usually
dictates the terms of loan; the bor-
rover is generally forced to accept those
terms. The depositor, ON the contrary,
usually accepts the terms dictated by
the receiver. Loans are secured in this |
age by good collaterals; deposits have
for their security only the confidence of
depositors in the integrity and solvency of
receivers. Moreover, a large part of Mr.
Ethcredge's deposit accounts is the pro-
ceeds of cotton sold by him to the Gran
iteville Company. Did he sell his cotton
that he might accommodate the Company |
with "his money at a low rate of inter-
est, where it could benefit in some de-
gree the needy-nothing more?" Credat |
Judnus Appella, non ego.
Now, rs to the amount of this alleged |
loan, Mr.. Etheredge has manifestly look
ed only at the credit side of his account,
ignoring the debts altogether. tits true
that all the deposits, made at various
times since tho re-openiug CT his account, |
with the compounded interest accruing,
do i'll fact aggregate the sum Of Sll, ,703.&.
Are we to conclude from this fact that
this sum is the true amount of his ac-
count? II, on the contrary, We look
only at the debit side of his account, and
add together the several sums Of money
paid him at different times, it wouldap-
pear that the Graniteville Company has
loaned him S6.772S.4O. The latter conclu-
sion would be just as true and correct as
the former. Neither of The two conclu-
sions would be correct. The true amount
OF ar account, at any specified time, is
the balance Ut debit or credit at that time;
and, for TIC 'choie period Of its existence,
the areruge balance. Taking this as the
only correct view, iearlessly assert with
Ihe data aI5tsT'A 5t'Ts':A Hle that Mr. Etheredge,s
deposit does not musb exceed one third
OF ten thousand dollars.
With regard to the low rate of interest
allowed MIR EthereGge on his deposits,
] have only this much TO say, that it is
much higher than the interest allowed
on such accounts by any Of the Banks
in Augusta save only one, or by any Of
the brokers, so far as am informed.
10 conclude the Whole matter, Mr..
E.heredge is in gross error as to the
average amount--the only true one-of
his deposits. He is in error i'll calling
his call-deposits a loan, and by necessa-
ry implication, if not in direct terms'
presenting the Granitcvillc Company
before the public in the attitude Of bor-
rover seeking his aid in running the
factory "on full time and at full pay"
This is tho gravamcn Of my objections
to his two articles. If he had put the
mater in its true light; if he had stated
that the Graniteville Company had re-
ceived his deposits for his own accom-.
mediation and convenience aid at his
repeated solicitations, after repeated
refusals, and allowed him n liberal in
terest therefor, then I would not have
penned word in reply. He did the
Company great injustice in return for
greet Ssrzunintentionally I doubt not
--aSd 4 hayspnlye attempted to set the
trdnsactioA sntits true light- ~
Mr.. Etheredge has, without a doubt,
done many acts of great liberality and,
Kindness, of charity and, benevolence,
and would not willingly offend linn. L
have carefully avoided inditing q single
word that would give him just cause Of
oifense. But ] must be permitted to
say, with all due respect, that his alleged
loan is not one Of his deeds Of charity.
JAS. n. GILES,
Sec'ry. Gran. Man 'fac'g. Co.
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