The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1899-06-30

been under the supervision Of the
officers Of the local bank aud are now
being operated most successfully to
the great good Of the banks and for
the good Of every man, woman and
child in those towns. Do not under,
stand me to sny that the banks are
in partnership with the mill. This is
not true and would not be advisable.
But the mills are under the fostering
caro- Of the banks, an officer of the
bank being an officer Of tho mill.
"The mills noed money TO buy
their supply Of cotton in the fall and
winter, just when the banks are full
of money. They use the banks mo-
ney from say November till May,
and pay it back in time for the farm
ers to use it IN making their crops.
The cotton is fully insured and is
held aud owned by tho bank, and is
paid for before it i, spun by the mill.
1t is stored right a, home, not all in
one large warehouse, subject to one
fire, But in several warehouses hold.
ing from one to three hundred bales,
and perhaps in sheds on tho mill
yards under the protection of excel,
lent watprworhs. There is no better
paper or better collateral. There is
not banker within my hoarir g who
has in his vault better paper than
the note Of either of the cotton mills
| have mentioned with a warehouse
receipt attached to il. A country
bank with a cotton mill under it's
care need never have an idle dollar.
Not SO with Il bauk without Il mill
IN its vicinity; it sends it's money in
October and November to it's CITY de-
pository, where it remains without
interest till tho spring of the year.
"Another great advantage to
country bank in having Il cotton mill
in its care is tho fact that the stock
owned by the citiz"ns Of the town or
by farmers near by affords such ex-
cellent collateral upon which to lend
money. Cotton mill stock worth par
on the market is as good collateral
as government bond. If there is
il Georgia village cotton mill
which is under proper management
ard which has been kept up-to date
in all modern improvements, whose
stock is not worth par, do not know
1t. Not so, however, with some of
the mills in cities, where high sala-
ries, high taxes, labor unions and
tramp labor have ruined their profits.
When these advantages which the
villages have over the cities in the
manufacture of cotton become folly
noticed and appreciated, the new
mills will all be located in the vii
lagos and tho country banks will
prosper rs neve, before
"Bnt it is in the construction of
the mill that tho banker can do the
most good Tor his community, and at
the samA time reap rich harvest for
himself. What can bo better for a
country band, with one Of it's officers
president Of an incipient cotton mill,
than to have in it's assets several
thousand dollars Of subscription notos
for stock in the mill upon which one
half or ono third of tho amount has
been paid? How nobly the bank
can assist the struggling mill by adj
vancing the cash or solvent subscrip-
tion notes. With the aid Of the local
bank mill can be easily built in
many q Georgia town, when, without
sncb aid, mill will be an inpossi
bility
"Io those present who are inter
ested in tue upbuilding Of thoir
towns, | will say select the very best
mon IN your community and author
lze him to say to your people that
the bank will advance the money at
q low rate Of interest on their sub
scrlption notes to mil after one
third has been paid. You w,ll be
surprised to see how nobly they will
respond.
"Not many weeks ago a banker in
Il Georgia town suddenly awoke to
| the fact that the manufacturing
towns around him were outstrIpping
his town, and he determined to build
cotton mill. He appealed in vain
|