The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-01-17
INDEPENDENCE AT LAST.
The Up-Country No Longer Depend
'ent Upon charleston Banks for
Money.

A phase of the condition Of marked
property Of South Carolina at the be-
ginning Of this new year which is Of
special interest and application to the
Charleston financial institutions is in
the large accumulation Of wealth in
the upper section Of the State, tending
to make that section Independent of
local financial circles this year.
Charleston has been the banking
center of South Carolina for years, in
fact from the very beginning Of the
State, and this financial relation has
been the means of much of the infu'
ence which this city exercised.
Charleston money has been used in
the development Of all sections, IN
building railroads, and establishing
cotton mills and other industrial and
mercantile Money which
could have been put to good use in
promoting local establishments has
been used in the development of other
communities and sections, and now
many OF these communities have be-
come so solidly established that they
have ali the money that they need and
are now independent Of their former
source OF financial dependence. This
is especially the case this year on &C
count Of the general prosperity Of the
farmers and country merchants. The
high price of cotton allowed the farm
ers to pay their liens and give them a
bank account, after putting their prop
erty in good repair and the payment
Of these liens has thrown a large
amount Of money into circulation.
There is more money loose in South
carolina this year than there has been
in many years, and the people have
eenageneraly more prosperous than
ever before. With the establishment
Of banks about cotton mills, built
with Charleston money, the profits Of
the mills have found their way into
these repositories and the, wealth Of
the sections have grown and become
strong to such an extent that under
ordinary conditions, these banks can
supply the money needed for sucn
Icommercial enterprises, without max
ling a call on Charleston. The numbee
Of these banking centers through the
State have grown in number as we'll
as wealth and standing, and the show
ling of these various communities at
the beginning of the new year has been
in the nature Of a general revelation
and surprise to the financial people.
Columbia banks have deposits Of
more than SIS, 900, 900; there are sew
fenteen banks in Anderson county with
deposits Of almost $4,000, 600, which
with the dividends of cotton mills and
other enterprises have netted the 10
| vestors more than half a million dol
lars, and many other cities and u
ties through the State make an almost
equally strong financial showing
The present prosperity is exceation-
III, and the present feeling of i~nuepend-
ence on the part of the larger COM
munities in the upper section Of the
State towards Charleston may not last,
but there is sufficient wealth and
standing to make these places require
less support from Charleston than they
have had heretofore and all indica-
lions point to a continuance of this
state of affairs, with the upstate bank
ing Institutions growing more numer-
Gus and stronger. While there will
be times when Charleston capital will
be needed for commercial enterprises
through the State, these calls will not
be as heavy or as numerous as they
have been in the past, and this is the
lesson which is now taught in the
unprecedented prosperity and sound
ness of the finances Of upper South
Carolina especially.
The idea of the Charleston bankers
is to have Charleston the banking CEN
ter which her great wealth naturally
entities and creates. and it is not prob
able that this position will ever be
wrenched from this city by any Of the
magnetic cities OF the interior. With
the growing independence OF the mon
e;y circles OF the interior of the State,
the Charleston bankers Will keep in
! close touch and will endeavor to make
it to the mutual interest OF the cities
and sections that Charleston shall con-
tinue 10 be the money center Of Sout:
Carolina.
The less demand for Charleston
money is expected to prove a good
thing. perhaps the best thing that has
ever happened for Charleston. for il
will result in this enormou capital