The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-02-24
SHARPERS AND GUDGEONS.
TrReKsters That Cheat COnfiding Poo.
pie Out Of Their Money.


Tae town of Abbeville is now more or less
stirred up over investments which some o
! our people have made In some OF the building
and loan associations OF Atlanta.
About year ago building and loan asso
ciaiion OF that city was placed In the hands
about the streets Of AbbevilIe.
About three weeks ago another building and
| loan association went In like manner 10 the
dem milton bow-wows.
another financial association, and held q
meeting TO take council in the matter. To
this last concern our people have been payi ng
about SI75 month, for twenty months. II
! now looks as II the greater part OF this money
will be lost.
This last Investment seems TO have been The
! boss investment OF all. Promises were made
| of the most wonderful profits which would be
realized. The agent not only promised Inn.
mense returns from investments, but stated
| that for the valuable services Of himself and
his pals, that charge OF only 20 or 25 per
cent. would be made for handling the money.
! Taking experience as guide IL might be
we'll for our citizens in the future to shun all
business transactions with city Of Atlanta.
As rule we believe the people OF Abbeville Ie
the earth. We generally bet on the wrong
side when futures" are to be bought, and OF
course we have lost great sums OF money bet
Ting that the price OF cotton would go up,
when 1t always went down.
Then a few OF US tried our hands at railroad
stock, and came out some what worsted.
The life insurance companies have drained
the county Of immense amounts OF money,
and our people have lost largely by injudl
cous fire Insurance.
Aobevile has been swlndled out of enough
money - build one OF the biggest cotton
ills in the State.
Aud as for Atlanta sharpers, they just
flourish at our expense.
This newspaper studlously avoids giving
advice and az far as we now recollect we have
n Q1viEa
give reasons for acts, or for not acting.
The editor Of this newspaper has never In
sured his life. He has never taken stock In
any building and loan association. He has
never bought a lottery ticket. He has never
bought "cotton futures" or entered upon any
other game OF chance.
Our reason for not yielding to temptation In
these respects may be summed up:
1st. We have seen it stated that about eigh-
ty per cent of the life insurers lost every cont
of their premiums, and that about eleven per
cent. get only fraction OF their money back,
while only nine per cent. receive full benefit
That Is enough TO keep us out OF that scheme.
2nd. Ifthe above is denied. the financial
statements OF the insurance companies Wollld
prove that they are the greatest money-mnk-
ers en- earth, and show concluslvely that no
corporation doing>a legitimate business could
increase their wealth 80 rapidly.
3rc. While boasting Of their great increase
of revenue fund, they also publish thai a
large per cent. Of their capital is invested In
United States bonds and other low rate of in
tereat securities, clearly proving that they
make their money off the people. When we
cent and another gets twenty-five per cent.
OF the gudgeon's premium we must stand
off from that, as we never try TO beat man
at his own game.
loan association for the simple reason that
they promise too much, and we know moth
ing or the business ability OF the agents or
man ayers ofthe concern. When man Fro
al, for
mon ey 10 lend out to somebody else at six
per cen l., we think something. The fact that
NOR ey gravitates to the cities, where H. IL
worth less interest than 1t Is In the country,
halt true the people In Atlanta and other
cities would not buy United States bonds end
county bonds, which pay only low rate OF
interest And we never bet on another mans
trick.
Again: This editor is selE-conceited enough
to believe that he can manage his few surplus
dollars as well as the average strollins fellow
that comes along from the great and thriving
city of Atlanta. Even If he should atterlpt
to convince us that he is more capable OF
managing our surplus dollars than we ere,
we still have the consolation OF knowing taat
We, and not he. will have the pleasure OF
squendering 1t. A little city squirt does not
commend himself as suitable person 10 be.
come our financial guardian.
These are some OF the reasons that have
protected us from the transient fnancier
whose oily tongue and fair promises have
been effective In getting our people TO part
with their hard earned dollars.
Nearly everybody seems TO think he could
manage large sums Of money, while nesrly
all admit that they cannot protitably manage
small sums. The fact that q man has no
money proves the correctness of the last prop
osition and the lack OF funds proves the fall
cy OF the first. Our own opinion Is. that It. Is
best for all men who think that some strang-
er, of whom they know nothing. can manage
their money better than they can themselves.
should put their money on deposit in one o.
our banks.
No human devise is absolutely certain, and
future contingencies cannot always be fore
seen, but it occurs to us that If poor managers
Of small sums ofmoney would deposit their
cash in our banks that they would do inf
nitey better than TO give 1t in to the hands Of
uncertified strangers.
Abbeville will always be slow town If her
own citizens forever send all their surplus
money TO distant cities, where 1t may be abb
sorbed in munifcient salaries 10 incompe-
tent and irresponsible men. The result OF
former Investments would prove that coun-
try people generally put their money into the
hands Of city men who make way with IL, in
one way or another.