The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-04-22
Wednesday, April %. 1891.
The Company with a Big Name.

Attbe REQUEST Of Mr.. Runamaker and at
tho r,sk of the pains and penalties incident to
forgetting TO give due and proper credit we
copy this week an article from the Coiumo'a
REGISTER on the subject of "the Farmers and
Mechanics Banking, Mercantile and Manu-
featuring Company OF Columbia, 5. c.
Mr.. Haltiwanger's talk OF a bank, store
or q canning factory being Of any benent 10
farmers outside of easy reach OF the CITY Is 30
yisionary and delusive that 1t Is scarcely
worth while wasting breath to refute his pro
positions. ,r
The idea that it is desirable TO have stock IN
IN nneatahlisbed institution in Columbia
whose officers OF course must be CHOSEN oe-
nou,a NJ their political affiliations, rather than
their competency and fitness for the position
In simply prep1 sterous, and one Whlch we
think no level headed farmer In AopeVllie
County will entertain for moment.
The capital stock of any institution, even
those which may be or ganiZed on the. DEB
principles, and where class prejudice does not
enter, is of doubtful value, and seldom ylelds
to the holder more than a reasonable interest,"
and often the return is so small that hoioers
sell their stock at an actual loss.
A bank In Columbia Is inaccessible to the
people living at great distance, and for thlS
reason alone 1t could not accommodate our
farmers, even II 1t had the money.
Y The stock In corporation stores, without
! single exception, as far as we know, has new.
er proved a satisfactory investment to others
than those who may have held: salaried OIL.
ces. In the winding up of such concerns the
stockholders generally hear something drop
q
ming factories Is the regular orthodox talk on
that subject, Of which we hear so mucn, ou'
. the Abbeville man who would invest his
money in such concern at Columbia muS
have money to spare or else there must be
screw loose in his head.
We would not be understood as having one
word to say against the concern with Dig
name which It is proposed to establish In COL
umbia, but asa faithful journalist, acting &C.
cording to his best judgment. we would say
Z that the farmers Of Abbeville County had
better took to the development Of Interests
nearer home, before they e1pend their money
where they will get the least possible return.
,elther incidentally or directly.
81 About two years ago our farmers concluded
: that they needed bank at Abbeville. Hun.
dreds of their number chipped into the capi-
tai stock and outsiders were invited to Join
with them.
As a result bank has been established es
pecially In their interest. Hundreds OF far
mers have been enabled to 60 there and borrow
money, and by borrowing the money they
have saved the difference between ten pei
cent. interest on the money, and the credl
price of goods bought out Of the stores.
While no dividends have been paid directly
to the stockholders, yet they have the con-
! scientiousn ess of having established an lnst'-
tuition which will benefit all classes and con-
ditions OF farmers
The Farmers Bank has done so we'll that we
would like to have some Columbia capital
to put into 1t. Patriotic citizens Of Columbia
should be willing to do for us what they ask
us to do for them.
Stock in q concern with comprehensive
name In Columbia would be worth nothing
to ds, except the possibility of getting small
dividend, with the chances that our stock
might be assessed, TO pay for unforeseen acci.
dents or unexpected misfortunes.
If the farmers will stick TO their own bank
at Abbeville they will do good TO themselves
and their ne!ghbors, but 1t would be the ex-
treme OF folly for them to send their money
to Columbia, while their ,own institution
Jacks something In capital with which to sup
Z ply all the demands Of their bretheren al
home.