Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-11-08
THE FINANCIAL SITUATION.

VI
AS a matter of fact the country has
never before been confronted by just
another similar state Of affairs, ano
taking into consideration all the cir
cumstances that belong to the situa-
ton, there Is very little more substan-
tial behind the existing concern ever
than q kind OF curiosity.
Whether there was any real need
for that New York panic, we do moi
know. We are very doubtful about 1t
Our own idea Is that the financial
doctors brought about the stringency
for the purpose of checkmating the
holding movement in the south. We
have already given our views along
this line at length.
What we have said, Of course, has
been based altogether on deduction
We have stated nothing as fact be-
cause we are not sure that we are
right. We would not assume to put
ourselves in the ridiculous position OF
knowing more about American finan-
cial manipulation than anybody else
does.
But whether the New York furry Is
tn. unavoidable outcome Of natural
causes, or the result Of carefully plan
ned conspiracy, one thing seems to be
quite certain and that Is that this
section has not been hard hit
However it may be elsewhere, here
the farmers have big crops Of cotton
and corn, against which they owe very
little and the banks are literally bulg-
ing with cash. 1t is safe to say that
there never has been time when the
banks of York county had more money
on hand at this particular date.
Not only this, there is lots of cur
rency in the hands Of the people, more
perhaps than in many former recent
years after the entire cotton crop had
been sold.
The New York banks having served
notice that they are not shipping cur
rency at present, the southern banks
have met this situation by holding on
to their own currency, and are dealing
with New York only by exchange
They are managing their affairs 80 as
to keep our own money right here al
home, which, except for the remarka-
bly, good condition Of the country
would be impossible.
It Is a fact that New York is now
offering a large premium to gel
money out Of the south; but the south
ern banks generally, and the banks OF
this section especially, are absolutely
Indifferent to this premium. In the
first place, they can lend to their own
people at better rates and on as good
security, and in the second place they
understand better than ordinary in
dividuals that they must not give New
York any advantage in such an emer-
gency.
We hear q good deal Of talk about
people not being able to borrow money
from the banks. There Is something
to this but not much. The local banks
are pursuing their business on the
same conservative lines as heretofore
The managers may be on little high
er tension and may have their eyes
open a little wider. None Of them are
hunting loans. That is they are not
running after anybody to lend them
money: but they are taking care OF
their business just as they have been
doing. and there Is every reason to be-
lieve that they will continue to do So
That there are people who are entitled
to borrow and who are unable to do
so, there is no doubt. This Is always
the case, under any kind Of condi-
ton. But there has been no distress
on account of the attitude Of the banks
and we do not believe there Is going
to be any. If there is we don't believe
It is going to be the fault Of the banks
There have been some cases where
people who did not need 1t have been
running around trying to borrow mon
ey to see II they could, and who have
failed, and there have been number
Of cases who have failed to borrow
money for the purpose Of sending 1t
out Of the country; but up to this time
we have not heard of single instance
where a York county bank has de-
parted from the lines Of broad and lib
eral banking.
The sensible thing for the people OF
this country to do is to pursue the
even tenor Of their way. Let them
pay their debts as they are able, lend
money to each other as they would
under any other circumstances, not in
cur unnecessary obligations, and con-
tinue to enter their deposits, when they
have anything to deposit just as they
have been doing.
Had 1t not been for the York county
banks, the Wall street squeeze would
now have US gaspilg for financial
breath. If however, depositors con-
tinue, as they have been doing, to pour
their surplus currency into the local
banks, they will be absolutely fortified
against anv possible danger.