Goldsboro weekly argus., 1909-01-14

and the next S0n0rdUlOn Will W1IuSSS
wonderful progress. We of this day
should in every practicable way en-
courage it. Whether it is feasible to
adopt a general plan of State aid to
or cooperation with the counties un-
der present conditions of our rev.
enues is extremely doubtful. The
State can enact an improved up-to-
date law which shall apply to every
county that hereafter adopts the tax
alton plan of building good roads and
thus promote uniformity of system. A
thing to be considered in adopting
State aid plan is that if the State
should help the counties either in ac-
cordance with their wealth or popu-
lation the counties which need it most
would get the least help per mile OF
road. In my judgment a State high
way commission may with great ad-
vantage be created to consider the
whole matter and report to the next
legislature, as we have no department
charged with the duty of invest1ga-
tion and reporting upon this import
ant subject.
We have vast areas of swamp lands
and profitable. In many cases the
timber will pay the cost of drainage.
The time cannot be far distant when
these lands will be drained and be.
come largely free from their present
disease breeding conditions and will
be the most productive lands in the
State. The State can undertake the
drainage and levy assessments on the
benefited land for expenses, but 1 do
not think there is a present necessity
for this method. An experiment on a
small scale is worth trying in the
drainage of some of our swamp land.
Also some comprehensive, liberal and
effective law should be enacting au-
thorizing upon just terms and under
proper regulations private owners of
swamp lands to enter upon the lands
of others for the purpose of effectual
drainage.
| BANK DEPOSITS.
The last platform upon which the
incoming National administration was
elected declares for postal savings
banks, and it is not unreasonable to
presume that before the administra-
ton ends Congress will obey the
pledge of the Republican party and es'
tablish postal savings banks. The Ma
tiona1 Democratic party is likewise
conditionally pledged to postal banks
Under present conditions crtain re
suits may confidently be predicted
from the postal savings bank system
Vast sums of money in small individ
ual accounts, much of it now in the
pockets of the people, will be placed in
these postal banks, as the federal gov
ernment will guarantee it's safety
This money will in turn be deposited
in the national banks with the inevi-
table result that a greater proper
tion of the cash of the country will
find it's way to the national banks in
the money centreS-that is in the
larger cities of the country, not one
of which is in our State. These re
suits will tend to drive every State
bank out of business, as State banks
cannot be expected to stand the com
petition with rivals having such ad
vantages over them, and thus a
mighty impulse will be given to cen
tralization and a serious blow upon
the independence Of the State infiict
ed. AS no national bank can have 8
capital of less than $4,000. there
would be danger that many OF ou1
small towns would be deprived ol
banking facilities which they now en-
joy. Our State banks are the crea
} lures Of our own legislation. They
} have blessed the State, and especially
the smaller towns. They have aidet
-,
record has been one Of merit and
safety. In comparison with nations
} banks when measured by assets los
or deposits involved in failed instita
, tions our State banks do not snffer
as the history of the last generation
, shows. Under present conditions whe1
a banks solvency is suspected b.
, other banks and other banks are tn,
, first to suspect it, then every bank IL
that vicinity is in self-defence com
| PEELED to hoard its cash and withhold
it from solvent borrowers for legiti
mate purposes so as to be prepared
l to meet any probable run on it caus
ed by the anticipated failure of TIT
suspected institution. With the pres
ent stockholders liability and prope
inspection our State system is right
fully pronounced sound and safe. Ye
something further is needed. no
merely to encourage our people t,
deposit their money instead of hoard
ing it, to moderate the effects Of pan
1c, to prevent runs on solvent banks
and to insure depositors, but to enabl
/ our banks to survive the postal saw
1ngs bank system. In my judgmen
, the bank guaranty deposit policy will
benefit not only the banks but yer,
greatly the public. All successful
banks prosper on the money Of deposi
tors. The State and Federal Govern
ments require security for their de
posits with banks, yet these public de