The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1897-12-15

II 8Yod0 3neS SIef6fte9c9 OF SUcG a OepfOraOtt
3 condition of; AFFAIRS, the Six Per Cent: Assoc
cation u WiIi hare il It's constitution what il
kDour as compulsory loan CLAUSE. which
ss1w III require every sock holder to borrow.
Thss q sbs only eqnisasle solution OF TIL
matter
ain. Stuckey saye, DR. Aud
prospectrs Is that the association snail rur
until esei share shall be worth tie sum o
500, This is Ike The old plan OF the Sumter
mud fhe Peoples which were 10 run unit
+ they resched i valuation Of $70e per share, .
and he 9ses 90 TO say that. the Sumter
and People 3 wound mp long before The
shsfes reached xnin4lion of $500. and that,
under Dr.. Anid.s plan, The Same state OF If
s. fairs sure 70 follow. e a reckless asser.
fion. Eet me AJAX, Is il NOT plain 70 every
= person nf average inteIlieeocs that an asso.
eiEsi1n nbseh loans only 500 10 the share
and charges 6 per eeet. Interest, will mature
il vesy mach leas time fhan one which loans
sas much as $3.50 Dc $500 10 The share, and
1 chssRes interest al the rate OFFS per cent.
6 NJ Sinckas surely has not given his subjec,
su16cieut slough ana while claiming 70 call
things BY their right 1amee, esidendy does
sgnot NOV spade from . piichfork.
Mr. SfuekeJsvantsa b 3 & association
- hich III slioW . pe.son TO pss up and ges
snui uhsneser sbe desires whieh on : fair
and honest basss IS isimpoesikle, nnless he can
5 suppl ) fIie 81 which the Iife OF "a B. & Z.
associations can be correctly figured ont and
snRgesss The following Bsopisn scheme:
Eax1s 81 $foO fo$be made 10 The sbars The
6ogyonsss 10 be chsrRed s per cent. interest,
s61nm The associatioa tosrun until
ssessh share shall reach q Yalus,lon, by sbe
scc6mnia&ionso OF stock 4nd interest, of Sl0e.
8 RefmN tstnete or Others Who may desire TO
do so 10 pay 10 advance, allowing q proper
ssiscoaDt e the borrower ont at any
fime be Dsy Geo proper 70 pay back his $1Ce,
etc., etc. and Gays There can be no usury
bsre- :, ne will zee sbont that tnrther 90: }
Such eeheme y above wouid not oe sb q
/ i. aae0ciAta0ns butA bank How could such
ssan ofganISAtion evef masure Does any one
Z knoss when the stock Of either Of our Sumter
a6AukB NEl mature ls there s1cb thing Z
): The aanks are operated on very much the
seme pisns except. they do not allow their pa
1sIrons any disconot When they cbooss 10 pay
theM notes bsiors maturity log obvious rsa-
SSsone.
s.. Stncksy.s sngRestion that the proper
snay 30 'eerve applications TOR mooey, Is &c
ScordiDG 10 the amitler,s rule, hrst cone, hrst
sesved = Rii!. NOT work " bile be claims the
justuess at the fule ne admits that It 10 q bard
s0ne is jnst Law that person Who COM
mifs morder shall sniter death, tat It is pref
~ tough on ths criminal. The justness Of
psnslsy does rot make i aoy sweeier. Nc.
Stuckey tayssthat, whec boy waiting atea
NH, 4be1 used TO try 70 amose m myseif going
hshirR, bathing, &c wnile ~alnnR 70 oe
served aud ecmetimes bsd tedious, long
sgaif Just 90, no doobt. There is gentle
man 70 ttss city, wbo says that ne has done
al that, Mr. Ssnckey did, and in addition bad
10 60 home without his grinding, and &c
back another day for t. Woe be 10 the B:
3 & y. association where applicatioce for
norey are treated by the "miller's rule, "
unless there be facilities for getting the money
onsside, to accommodate those stockholders
who csnnot wait. let us suppose eonyes.
sasiCn between SECRETARY and treasurer IN
such 30 association, and stockholdsr Mr..
81. who hopes sometime to build hooee for
himesaf sud family
Secy s Treas.-.sNr. B, we lend money
10 stockholders 10 the order IN which thei,
applications are approved. You nsd better
Gle ycnr application At once or yon may not
BE able 10 &c. any money when Jou want it :
Hf. B-"Wiil be compelled 70 fske the
money when nv turn comes
& T.-sfYes We made this rule to
preyert any stockho'der from specnlaiiog
upon the necessity of any other stockhoider,
I by giyjn2 away his turn for pecaniary con-