The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1885-07-29
Wednesday, July 20, 1865.
rI,p Rank.

Tho work Of securing subscriptions 10 the
c,uital stock OF n bank at .Abbcvil'c progress
70, The amount actually subscribed is s;",W".
with about sSWN which is partially promised.
7, would seem to us that the bank is IN ;lso'
Iutr necessity for the commercial life OF the
TOWN. We cannot exist as u commercial mart
81 Our merchandise" compelled t" pay twenty
five per cent. for the use OF money during The
busy season. To pay Charleston bankers or
factors ten per cent. interest, and then pa!
$50 forfeit on every thousand dollars is $50 OF
interest on a 81 ,O0o. 1t need not be denied that
our merchants arc paying charges which
makes the above figures approximately cor
rect.
The Charleston factor furnishes money I"
the merchant conditioned for the payment OF
interest, and conditioned also that he sha'i
send cotton 10 the factor, the hummer o. oa'eH
being usually one hundred tor every tiouSith"
dollars OF borrowed money, or else the "eF'
liant must forfeit Il sum. usually one dollar
md n half n bale. AS long as there was no
connection In buying cotton at Abbeviile
Tive forfeiture of the dollar and I half q bale
need not necessarily hurt the merchant, rs he
could make that deduction in the purchase OF
inc etllOll, ~ " an s'F
their AGENTS here with money in their pockets
to pay In cash Augusta or Charleston prices 10
The planters for their cotton 1t will be seen
that the merchant Is compelled to make good
the actual loss OF the dollar md & half 4 bale
on q hundred bales for the use of n thousand
dollars. It need not be denied thnt the agents
of the factories do pay or can ray for cotton
;pproximatinG Charleston or Augusta prices.
These agents ship heir cotton by the car lood
direct 10 the mills, without being subject 10
factors charges for drayagc, repairs. inSu:-
urcc, Wharfage, storage, or commissions, III"
without any of the other disadvantages re-
kult.ns from rc-:hipmcnt.
With these facts staring us in tho face, It
seems strange TO us that we mako 80 mucr
ndo about additional railroad facilities from
here 10 Aiken. and mako so little effort to re-
lievc ourselves OF an embarrassment, which
Is SO much greater. To get money at a cost OF
twenty-five per cent. the merchant must nee
cssarily add to the price OF his goods 10 make
good his heavy interest, and this, moro tl&
any little freight account IL what hurts Aope-
Vile, For instance, there has, we believe,
never been moro than a quarter OF 4 cent Il
POUND difference between Ahbcvllie ana
Greenwood in the freight Oh bacon, al" YET
VIC aro told tia: merchants at Grccnwoci
were selling bacon on lien at nine cents "
pound, while hbbcvl!lc merchants charged
eleven cents for the same There Is cause
for thlsd difference in the credit price for bacon,
mt Abhcvil!e ard Greenwood. other ihati Tie
quarter OF a cent In freight. Where /: IS VIC
do not pretend TO Fay. The Greenwood mcr-
chant may have charged less than q iceitl-
mate profit. We hardly think tic Ao!rviIic
merchant would charge too much. is l; not
rossib,c that our high rate OF interest had
something 10 10 with the charge which was
made uy our merchant? II bacon costs 64
cents a round al Greenwood, md : cents at
Abboville, II would seem that the Abrevi!ic
merchant must necessarily charge q fraction
more for his bacon thai the Greenwood NOR
chant, but the one-fourth cent additional cost
alone, would not warrant tho additional
charge OF W cents a pound against the GUS
TONER at Abbcvlllc. But If tic .Ab5evlile Eicr-
chant has to pay Charleston all equivalent 20
twenty-five per cent. for the use or money,
while the Greenwood merchant may get his
money from Augusta or al iesitl'
mate rates Of interest, it vii. be seen maj Ca
con actually costs the Ahhevillc merchant 81
cents pound. Itcmized, If You choose: Cost
OF bacon and freight charges Z cents. Cost OF
money with which to buy the bacon per pound
IL ccnts-making the actual cost Of bacon at
Abbevllle 81 cents n pound. If tho Green
wood merchant gets his money on note IN
bank ut August" or clscwhc'c, he VIII pay at
the rate OF twelve Or thirteen percent. per an
num-. including discounts, for the use OF his
cash, but he will seldom use his money Tor a
longer period than six months-the cost then
being from @ to Gb per cent to the Greenwood
merchant, Instead OF twenty-five per cent. as
TO the Abbevillc merchant.
II we had q Lank In Abbcville our mcr-
chants could get money on as good terms as
the Greenwood merchant, and, II hc does so.
there need be no p%erceptlblc difference IN tho
price of goods at .Abbcvillc and Greenwood.
10 secure these advantages We must have q
bunk. 1t Is q necessity with us.