The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-06-25

hundred of his operatives were passing out
of his mill: 1 enjoy feeding and clothing
these poor people more than l enjoy all
the money have made
III by what | shall say here today can
arouse one dead, sleepy town to action; II
1 can cause one honest Georgia widow.
with her helpless children, to leave the cot
ton field where they are not making their
expenses and move to a new cotton mill
to be built in her country town--to move
from the old dilapidated cabin in the coun-
try to the new white cottage in the mill
village near by, where they Will make
Molv cledf money in one month than they
made in twelve months on the cotton farm
| VIII be delighted, and Will welcome the
slurs and abuse of these selfish and mar
low minded men, who, because they own
Few shares in some cotton mill, or perhaps
hold an office in one, will shower upon nay
head their harshest epithets
II am almost prepared to say wherever
there Is bank in a GeOrSia town ana no
cotton mill the bank has not done its duty
| viii say most empha tically the bank has
neglected most important opportunity OF
increasing is own business and the bust
ness OF every individual in the community
from the largest merchant 70 ne most IN
significant washcrwoman or woodchopper
For the truth OF this assertion | have
hut TO refer you to my own town, Monroe
to Harmony Grove, to jackson, to ro2coa
and to Elberton, in each Of which places
prosperous, dividend paying cotton mills
have been built under the supervision OF
the officers Of the local bank and are now
being operated most successfully to the
great good OF the banks and for the bene-
iit Of every man, woman and child in those
towns, DO not understand me to say that
the banks are in partnership with the mill
This Is not true and would not be adyis-
able. But the mills are under the fostering
care OF the banks, an officer of the bank
being an officer Of the mill.
The mills need monc.' to buy their sup
ply of cotton in the fall and winter, just
when the banks are full of money. They
use the banks money from say November
until May, and pay il back in time for the
farmers to use 1t in making their crops.
The cotton is fully insured and is held and
owned by the bank and is paid for before
1t is spun by the mill. II is stored right
at home, not all in one large warehouse,
subject to one fire. but in several ware
houses holding from one to three hun
dred bales, and perhaps in sheds on the
mill yards under the protection OF excel
lent water works. There Is no better pa
per or better collateral. There is not
banker within my hearing who has In his
vault better paper than the note of either
of the cotton mills l have mentioned with
warehouse receipt attached to II.
country bank with a cotton mill under It's
care need never have an idle dollar Not
so with a bank without a mill in Its vi
cinity; 1t sends its money in October and
November TO its city depository. where II
remains without interest till the spring OF
the year.
Another great advantage TO country
bank in having a cotton mill In its care IS
the fact that the stock owned by the eitl-
zens of the town or by farmers near by
affords such excellent collateral upon
which to lend money. Cotton mill stock
worth par on the market is as good col