The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-08-23
Concerning Stock.

In these days when the dollar Is
skittish and prone to seek the cool
sequestered hooks of bank and safe
deposit vaults, we the people are
impressed with what a dear de-
lightful thing is credir. In some
respects 1t is surpassed in personal
appearance by cash, OF the hot and
spot varieties, but the fact fingers
that for a boon companion to chum
with in season and out, at home
and abroad, credit Is altogether
agreeable.
Credit does not inhabit the South
ern States in fiocks. It Is q rare
bird. 1t settles here and once in a
while, there, but as a general thing
It's dwells in Nothern latitudes.
There is no reason in the nature
of things why credit should not DO
found in large quantities in these
parts but the explanation Of its
absence is plain. Credit does not
thrive where there isn't plenty of
collateral and that's what's the
matter with the Hannah's in Dixie,
These c%apitalistic chappies in the
North despise to lend mony on land
and they don't do it. It takes
time to sell land, it is troublesome
to dispose Of, 1t can't be handled
fast. Tt is too unwieldy q lever
to attempt to raise money with ex-
cept with "great elaboration"
Land ownership has been a curious,
and perplexing thing since Adams
title to that handsome place of real
estate betwixt the Tigris and En-
pirates became clouded. There
fore your yankee Croesus eschews
mortgages If there Is a certificate
of stock waiting to be pledged.
When he wants money he wants it
quick and that Is why he seldom
lends 1t unless on some security
that is available as an asset at q
moments notice.
Southern people should accumu-
late "c~ollateral." Farmers ought
to make it n point to take stock in
manufacturing enterprises. They
should buy shares in banks too but
more banks arc not SO badly needed
as are more factories. If the man
who succeeds in paying for a two
horse farm would then buy o few
hundred dollars worth of good fac
tory stock before trying to purchase
all the land adjoining his place he
would be g%loriously independent.
When the pinch came, he would
step up to the cashier, turn over
his securities, get the desired &C.
commodation and escape the hu-
initiation of having q dozen friends
decline to endorse his note.
Our people are rich in land. The
ADVERTISER believes that the
time is coming when land will
pass by assignment just as does
building and loan or railroad or
other stock and that titles will be
universally cleared. To effect such
a reform in the laws will require
the tearing away OF the prejudice
of a hundred generations but it is
coming for the reason that there is
nothing grounded in common sense
to prevent it,. But it is a weary
way off. For the present, stocks
must remain the basis Of credit and
every man should have q supply.
In periods of financial depression
they are the life preservers of bus
mess.
The idea of handwriting farmers
buying stocks may be laughed at
but it is not ridiculous. Hundreds
of farmers do save money and
make investments but the notion
among them is that there is moth
Ing to buy except land. If that no.
ton could be rooted out, 1t would
be easier to build cotton mills, our
industries would be diversified and
the country's wealth would be
multiplied.