The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1885-05-06
We Need n Bank.

II We would cease our contention about the
Issuing OF bonds, or the borrowing Of money,
for The proposed railroad 10 Aiken, we could
unite In un effort to establish a National bank
Mt Ahbcviilec The stock in q National bank
would he worth its face value, while no one
claims that the stock In the proposed road
will be worth q cent. \ Natiola' bank would
enable our merchants to get money for much
lcSs than the amount which they now
ray. At present many OF them pay their fac
tors say, ten per cent. and entcr into an obli-
CATION to send them a specified nambcr
or bales of cotton or forfeit q specified sum OF
money In case of failure to send the cotton.
We believe that nearly all Of the country mer-
chantS living Oh the lines OF any of the roads
leading to Charleston make arrangements to
get money from that city. Un'ier tho pres.
cnt system OF sending cotton to Charleston, 10
lay Oft these obligations, when cash buyers
representing the Northern cotton mills are in
1own ready to take our cotton at figures so
high that our merchants find it to their
interest TO sell to them, and forfeit the SLID or
Sl.EO Il bale, TO their Charleston factors, it will
lie seen that our merchants are actually ray
ing from two hundred TO two hundred and
Nfty dollars for the use of a thousand dollars
Il few months in tho year. Formerly, when
Charleston was our market ond before the
present sharp competition Of cash buyers was
inausurated, but little was lost 10 the mer-
chant on the contract to ship cotton, but now,
we are told. it sometimes happens that our
merchants prefer to sell on our own streets 20
the agents OF the mills and pay the forfeit to
the cotton factors. No such system can last
long, and the sooner such ruinous contracts
are abandoned the better Tor all concerned.
If we had a bank, money could be borrowed
at n fair rate Of interest, without the cmbar-
assmcn and loss which surely follows con-
tracts for the shipment of cotton to Charles
ton. Theexpense Of selling cotton in Charles
ton is so great that but little or no cotton goes
80 thnt city, except such as may be contracted
for, and which may be subjected TO any
loss incident TO the sending Of our produce
10 tho wrong market.
With q bank in town, our merchants would
be more prosperous, and the reduction in the
interest charles would be far greater than any
lille difference In the cost of carrying our
goods OH any new road which we might build.
When VIC consider that the stock of II bank
IS worth Its face value In money and when 1t
is known that the stock Is n good collateral
for the loan OF money, 1t is amazingly strange
that anybody would seek to borrow money on
the credit OF the town, or be willing to allow
our bonds to be hawkcd about the money
markets 10 raise money for n speculative
chance 10 get q railroad, which If secured,
would pay the stockholders not ore cent in
return. II seems strange that no one proposes
10 levy q tax on the town for an enterprise
which would yield q fair return for the money
Invested, md which werid be Of inesti,nable
benefit to those Of our citizens who might
need the accommodations which n bank can
and docs always give. II the people OF the
1swn sh ouldn mite In issuing bonds to organ
lie n bank, sure and immediate relief would
be given to the mercantile Interests, while the
tax payer would receive Il good return for the
money which lie pays in taxes. ly this
means the bank would merely become Il saw
ings bank In which the money OF the citizen
would be surely kept, and where the citizen
could safely rely apon finding his money.
But when money Is wrung from the citizen to
be put into Il corporation which does not even
promise q return, his hope as we'll as his mon
~, Is gone, rs the hand of Il SoullcsS cOrpOra-
zion CLASPS the moEcy which is his own Ivy
right.