The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1892-05-04
POOR FOLK AND RICH BANKS.
The Folly Of Borrowers Fish ting
their BenefactOrs.

Indolent persons who haye inherited
abundant money and possess ample provis-
ions to live on throughout the year may be
perfectly independent of credit from mer-
chants and banks. But to farmers and other
men who are energeticaiiy engaged IN the
conduct OF busine>S-no matter what their
financial standing-the time Is sure TO come
when they will need credit from somebody.
Even the richest bankers at times avail them
selves of the advantages arising from the
temporary use OF money belonging TO 9th
erS.
But let us look nj our own affairs, and see
what is being done right here In AbheVllle.
This newspaper Is perfectly certain that we
have in town many men who are worth con-
siderable sums OF money. But as fur as our
Information goes, there Is not single firm or
individual engaged In business here that has
not made arrangements 10 borrow money
this summer. The great mass OF our citizens
get credit from the merchants, while q large
humber Of our people have sufficient credit
To borrow money from the banks, and In :e-
turn, our own banks must borrow money
from the banks In the money centres.
Then the man OF ordinary intelligence, who
will give The matter moments thought can
see that bankers and merchants are neces-
sary TO the prosperity of any people. No
people has ever attained q decent success
without them.
The banks are established by the money of
persons who have retired part or the whole
else 1t Is the money of old men and women
who prefer 10 entruSt their money TO the man.
agement Of others with the hope of safely
eurning a reasonable income.
The stores and banks are conducted by
young men of energy, and they handle the
money Of others. They let IL out TO the great
multitude, whose circumstances make IT ad-
vantageous TO them to give the banker and
the merchant reasonable prOflt on their
goods or money.
"But now are they many members, yet but
one body. And the eye cannot say unto the
hand, have no need of thee: nor again the
fAat .taF 0f fy-nI NV
much more those members Of the body,
which seem to be more feeble, are necessary.
But God hath tempered the body together,
having given more abundant honor TO that
part which lacked: that there should be no
schism in the body: but that the members
should have the same care one for other.
And whether one member suffer, all the
members suffer with it; or one member be
houored, ail the members rejoice with It,"
So 1t is In the body polite. The corpora
tions-merchants, bankers, and railroad men
-lre necessary To the prosperity and happi-
ness of the great mass of the people. And no
Intelligent man can strike down either one of
them without acting the part OF the shame
less vandal. And no man With reasonable
intelligence will do so, except in the pre-
sumption of the ignorance of those who are
stone blind, and would refuse TO see noun
tain, though they were at its foot, or whose
dullness could be SO stupefied as TO induce
them TO deny at noon the existence Of the
sun itself
No man of Intelligence. possessing a hig her
degree of honor and patriotism than may be
assigned to public enemy would seek to de-
stroy, oppress or ruin the banks, or the mer-
chants. or the railroads.
And we say 1t without fear of any success
fui refutation that any man who seeks to eX-
cite the people against corporations Is either
ignorant or vicious.
And the man who has no more sense than
to join a crusade under such warwhoop,
would make an Ideal anarchist or an accept
able member of the commune.
The history OF the world has proven, time
and again the folly of arraying labor against
capital, and recent events have shown the
error OF massing the people against corpora
tions.
Corporations are composed of individual
citizens, and whatever hurts the corporations
| works all immediate hardship to those who
have invested their money while bringing
| injury to the whole country.
There are hundreds OF millions OF dollars In
| the United States and elsewhere seeking IN.
vestment at three or four per cent.
But the SIX per cent. bonds of the State OF
| fully appointed officers cannot refund dol
| lar at four per cent
When this crusade against capital was
started some two or three years ago our bonds
were above par, and our banks could borrow
money in the North at small per cent.-per.
, hapS four per cent. But now the best OF our
banks can get only a limited amount OF mon
ey. and for the money which they do borrow
| they are required to deposit double the secur
| iIy formerly demanded, and must pay SIX OF
seven per cent. interest.
The result, therefore, which comes home 10
all alike, is that the State and individuals
must, for the recent foolish assault on ouI
credit, pay q much higher rate Of Interest fol
| all the money which we borrow.