The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1890-12-04
eSFrJzEMC C~~sT4E STATE EXCHANGE
kLOAA4AA<ND 1T WILL STAND BY you!

State Bank. q
10 the Members Of the Alliance in , ,
South Carolina: At the meeting OF ,
your committee on the State Exchange, i
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
eNhOrtatiOn to our members through
out the State.
AS you are aware the matter Of per-
manent location Of the State Exchange
ana what was the best disposition or
use to make OF the $4,000 subscribed !
TO the state Exchange was placed in |
the hands OF committee.
After careful consideration your COM |
mlttcc decided to locate the Exchange
IN the City Of Columbia, not because
Columbla offered any greater induce
mcntS than our other cities, but be-
cause 1T was more central and, being
the Capital of the State, is visited for
various reasons more frequently by all
classes Of our citizens than any other
of our cities, thereby giving our mem
Dcrs better opportunity to make Il
personal inspection of the working of
the Exchange, and to become iamil-
lariZed with tho means of information
1t is proposal to supply through its
agency.
You are also cogniHant Of the fact that
the different cntSuD-AllanccS throughout
the State subscribed last year $S5UNNGO
rs capital stock for the State TX
change; % per cent of this amount was
called for and promptly paid into the
Exchange treasury. The board of di-
rcctors OF tho Exchange decided that
the business should be done entirely
on cash basis. This decision, Of
course. soon demonstrated that but lit
tie capital would be needed. corSr-
qucntly even part of the amount col
lecteu was invested in State bonds at Il
low rate OF interest
me question then arose rs to what
was the best investment to make with
this fund so as to have il tlo the great
est good to the great est number. Your
committee came to the unanimous con-
cluslon that the thing to be done was
1or them to apply for Il charter for Il
state bank OF SlUO,WD capital, have uur |
State Exchange charter SO altered and |
amended as to allow the EXCHANGE t. |
subscribe S5O,NOO to the capital stock |
OF this bank. Individual members OF !
the Alliance Will be invited TO take |
stock in this bank, as well i.!> other Citi.
Zcns who may have faith in our enter
prise. Twill say hy way Of parrnthr-
SIS that we have received some very /
tatt"rlng propositions from capitAl |
beyond the limits Of our State to i0in
in with us if we really mean buSin,MSD |
This bank will he 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 - see if the facts do not bear MS !
orr IN claiming that your committee !
acted wisely in reaching their conclu-
sion. While your State Exchange may
not need any large amount Of money
10 40 It's business, yet at the same time /
II Is very necessary that it should hlvr
a money credit at its cor mand and
likewise have business rating in the
commercial world.
The solution Of these two questions
Will he very simple and easy, when il
becomes Il known fact that this Tx
change owns $4,000 Of the capital |
stock OF properly and ably conduct rd
State bank: that it did IN the first Srv- |
en- months OF its existence Il cash brSl- !
ness OF over SlOOOUO with rut the loss !
of one tenth Of per cent.
Our farmers arc sometimes slow 10 |
catch on, so will take the liberty rt
mentioning TACT that occurred With
our state Exchange the past season. (
|
Alliance met in July last alIi the ml2t- +
ter OF bagglng WAS taken up Mr.. Dur-
aldSo1, the state agent, announced that J.
ne hau proposition for 5lW.Hw wards !,
OF sugar sack bagging at Il low figure. /
onc-hall TO be pald cash, the other in G.
thirty days; the offer was accented.
sWithout notice. the agent IL
VINO sold the goods to Mr.. Donaldson Il
informed him that his people" would | II
not iul!ill the contract without the en- i
tlrc bill was paid cash. | need not 90 / +
into details here as to why this party
acted in this manner; it is enough rorf
us to consider that here was some thir- {
ty odd thousand dollars to be raised ut
short notice or good trade lost. /
Mr.. Donaldson, through his personal |:
credit and with the kind assistance Of |,
some of his banking frlcndS was en-
abled to carry the amount and hold thrf
trade. Had Mr.. Donaldson at tina, |,
time represented S0N,OOO Of the capital I
stock Of one Of the banks in the citv},
of Greenvlllc there never would havr{
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 rcvolu- 4
tion in the mode, manner or terms on
which an Alliance man will get none L
'dTy assistance Wncn needed. our II
money is to be put in this bank to make !;
money for you as other banks make 1t. | |
1t Will help you very directly and ma
tcrially through your State Exchange !
and indirectly in a healthy influences {
over other such institutions. Does it !
not occur to you that if your business ii
agent, without carrying Il dollars | t
worth of stock, has saved you thouS- =
ana" Oh dollars III a business way, that )
a bank owned and controlled largely bv b
YOU, collectively or individuals, may $
aud you much in a financial way? I
Inc education and life Of our farmer n
leads him to look at things not in the Il
abstract, but always IN the concrete y
form. If you tell him anything he has \
got 10 see the result right there and Y
then; if you show him ANYTHING and HI
dom allow him to put his own hand on g.
u at once ne Immediately becomes a Il
Thomas. w