The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1890-12-03
TO ALLIANCE MEN.
STAND BY THE STATE EXCHANGE
AND II WILL STAND BYYOU.

Committee in Deciding TO Establish a
State Bank.
To the Members Of the Alliance in
South Carolina: At the meeting Of
your committee on the State Exchange,
held in Columbia on the 18th instant.
much progress was reported, and was
requested by the committee to publish
some facts by way Of information as
eXhortation to our members through
out the State.
AS you are aware the matter Of per-
manent location Of the State Exchange
and what was the best disposition or
use to make Of the S50,0G0 subscribed
to the State Exchange was placed IN
the hands Of a co mlttee.
Afte- careful consideration your COM
mittee decided to lGcate the Exchange
in the City Of Columbia, not because
Columbia offered any greater induce
ments than our other cities. but be-
cause it was more central and, being
TIE Capital Of the State. is visited Tor
various reasons more frequently by all
classes of our citizens than any other
Of our cities, thereby giving our mem
berS a better opportunity TO make a
personal inspection Of the working OF
the Exchange, and to become famll-
iarized with the means Of Information
it is proposal to supply through its
agency.
You are also cognizant of the fact that
the different tS1b-Alhances throughout
the State subscribed last year S3OOOO
as a capital stock for the State Ex-
change: 25 per cent of this amount was
called for and promptly paid into the
Exchange treasury. The board Of dl-
rectcrs Of the Exchange decided that
the business should be done entirely
Oh cash basis. This decision, OF
course. soon demonstrated that but lit
tie capital would be needed, conSe-
uuently even part of the amount col
lected was invested in State bonds at a
low rate OF ir teresS.
The question then arose as to what
was the best investment to make with
this fund so as to have it do the great
est good to the greatest number. Your
committee came to the unanimous con-
clusion that the thing to be done was
for them to apply for a charter for
State bank of 100000 capital, have our
State Exchange charter so altered and
amended as to allow the Exchange to
subscribe $4,000 to the capital stock
of this bank. Individual members Of
the Alliance will be invited to take
stock in this bank, as well as other citi-
zens who may hf 7e faith in our enter
prise. Ct will say by way of parenthe-
sis that we have received some very
hattering propositions from capital
beyond the limits of Our State to join
in with US if we really mean businesS.)
This bank will be organized and con-
Quoted just as all banks of similar char
acter are managed. We have been
asked what more does this mean to the
Alliance than the mere establishment
of another bank in the State?
Let US see if the facts do not bear us
out in claiming that your committee
acted wisely in reaching their conclu-
sion. While your State Exchange may
not need any large amount OF money
to do its-buSiness, yet at the same time
it IS very necessary that it should have
money credit at its con mand and
likewise have business rating in the
commercial worlds
The solution Of these two questions
viii be very simple and easy, when 1t
becomes a known fact that this Ex-
change owns $4,000 Of the capital
stock of properly and ably conducted
State bank: that it did IN the first sew
en- months of it's existence cash buSI-
ness of over 100000 withrut the loss
of one tenth of per cent.
60
catch on, so I will take the liberty of
mentioning fact that occurred with
our State Exchange the past season,
which is illustrative. When the State
Alliance met in July last and the mat
ter of bagging was taken up Mr.. Don
aldsoa, the State agent, announced that
he had a proposition for 100000 yards
of sugar sack bagging at low figure.
one-half to be paid cash, the other IN
thirty days; the offer was accepted.
Suddenly, without notice, the agent
who sold the goods to Mr.. Donaldson
Informed him that "his people" would
not fulfill the contract without the en-
tire bill was paid cash. l need not go
into details here as to why this party
acted in this manner; it is enough for
US to consider that here was some thlr-
ty odd thousand dollars to be raised at
short notice or good trade lost.
Mr.. Donaldson, through his personal
credit and with the kind assistance of
some of his banking friends, was en-
abie0 to carry the amount and hold the
trade. Had Mr. Donaldson at that
time represented $4,000 of the capital
stock of one of the banks in the city
of Greenvllle there never would have
been question raised about the trade.
] don't suppose any one is simple
enough to imagine that the bank IS to
do the entire business of the Alliance,
or that it will work any great revolu-
ticn in the mode, manner or terms on
which an Alliance man will get none
tary assistance when needed. Your
money is to be put in this bank to make
money for you as other banks make 1t.
It will help you very directly and ma
terially through your State Exchange,
and indirectly in a healthy influence
over other such institutions. Does it
not occur to you that if your business
agent, without carrying dollars
worth of stock, has saved you thous-
ands of dollars in a business way, that
a bank owned and controlled largely by
you, collectively or individually, may
aid you much in a financial way?
The education and life OF our farmer
leads him to look at things not in the
abstract, but always N the concrete
form. If you tell him anything he has
got to see the result right there and
then; if you show him anything and
don't allow him to put his own hand on
it at once he Immediately becomes
doubling Thomas.
as Twas asked to give some lnfor-
nation relating to the work Of the
State Exchange here is fact tangent
to every member Of the Alliance. Your
agent bought not only the 100000 yards
of bagging above referred to, but this
purchase was supplemented by further
orders amounting to 100000 yards more,
making total Of 100000 yards, and