The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-10-16
FARMERS
UNION NEWS
Practical Thoughts for Practical
Farmers.
Conducted by e. w. Dabbs, Pres
ident S. c. Farmers Unien.)
Some Random Thoughts.

In the list of insurance companies
| that have money invested in South
Carolina farm property, the COM
missioner inadvertently omitted the
South Eastern Life Of Greenville Not
only are all of it's funds invested in
this State, but all it's salaries are paid
in this State. And it should be in the
list of favored companies.
=
This extract from a letter before
me will be of interest to my readers.
After carefully reading the report
OF the Sumter meeting, 1 cannot re-
sist the temptation of expressing my
entire qualification that the farmers
Of this State are beginning to realize
what it means to place their insur-
ance in companies that are afraid to
place this money back in the COM
munities from which they collect it.
on farm mortgages. 1t has always
been fact worth mentioning that
the farmers are the leaders in our
State and they are the first to grasp
an idea beneficial to them and to the
community at large, and then act ac-
cOrdingly"
Since this action of the Sumter
I'ninn
tention has been called to editorials
from several thoughtful and leading
journals Of the South along the lines
presented to several unions recently.
The manufacturers Record Of June
l5 says: I'm life insurance there is
probably still greater reason why the
South should study ways and means
to stop some Of the enormous tribute
which for years it has paid, to the
power of wealth Of New York's great
insurance companies"
The Norfork Landmark says: I'VE
are sending millions Of dollars every
year to New York and Connecticut in
surance companies. and every time
the South needs big capital we are
compelled to go to those money CEN
| tres to borrow our own money at
| formidable rate of interest" Another
paper says: "As a general proposition
the people Of the South each year
send to the north in premiums more
money than 1t takes to pay for all
their railroad freight and passenger
| traffic. Two or three hundred mil
| lion dollars of Southern money and
It's Increase are now in use in Wall
Street for buying the stocks and
bonds of Southern corporations, to
be held by the Northern capitalists
| who control the insurance compa-
| MES"
Another paper says: There is no
good reason why the insurance busi-
ness Of the country should be mono
polized by one small section Of the
| country The insurance Is not strong
er because of the strength Of the sec
| ton in which its headquarters are.
for, properly conducted, it runs itself
| The money paid by the policy hold
ers is what supports the companies
not the financial power represented
by the names Of the directors. Con-
| tidence in the integrity and good
Judgment of the men who manage
and direct insurance companies is
| what the people want or ought to
want rather than the mere knowledge
| that the directors are men who have
enormous private fortunes"
The above and much more, that
| could be quoted bear out my asser-
tions made from time to time. And
| these quotations are from able and
| conservative journals not yellow"
| nor muck rakers' either. 1t is plain
| to my mind that the South would not
| great crop, nor for money to develop
its marvellous resources if it had not
| been drained of its millions in insur-
| ance premiums. We can see how
| fearful has been the burden of the
| pensions, but as great an evil we do
| not see because ii is covered up by
our wives and dependent children.
one of the papers before me tells
lost TO the Southern men who con-
| ccived them, and developed them be-
cause Of lack of ready money, and
| now all future nrntitI have n1SGnI n