The Caucasian. (Clinton, N.C.) 188?-1913, 1912-09-26

the commercial bank. and which are
controlled ordinarily BY the directors
and officers Of the commercial bank.
These so-cailed trust companies par
Per cent on deposits. loan chiefly on
commercial paper. often at a higher
rate than the legal rate. and scoop
the difference az their profit Farm
loans BY these and the other banks
are discredited. We declare against
these practices. The Legislature
should enact laws. al the Northern
commercial States have long since en-
acted. limiting the savings bank TO
It's legitimate sphere. In New York
City, the savings banks which pay in
terest on deposits are limited In lend
ing money TO loans on real estate,
within q radius Of fifty miles of the
banks locality, and upon certain ap-
proved securities like State. NUM-
eipal, and railroad bonds. Conse-
quently. the savings Of the people are
in a great measure kept at home.
Now, / doubt not that there will
be opposition to my suggested scheme
from interested quarters. Anything
supposedly new shocks the so-called
conservative, prosaic mind. Much
conservatism might be more aptly de-
scribed as assumed virtue of men
who are limited In vision. wanting In
information, slow in mental grasp
and timid in action There liz moth
ing new in the scheme suggested,
for it has been tried out for years in
other countries, and there Is nothing
new in legislation in the State using
its credit in the establishment of
such banks. We have voted stock
subscriptions to railroads, under leg
islative sanction, in the cities and
towns of the State, and State aid to
railroads was an established policy,
when in their early stage of build
ing. We would be doing nothing
more, if we use the credit of the
State for the proposed banks, and
the beneficial results would be far
greater.
| am welded to no particular
scheme; it is the main object | wish
to see reached. The perfected
scheme will be a matter of detail
Why should not the State lend it's aid
to the accomplishment of such a be-
nevolent purpose? 1t will be admit
ted that, if the one-horse farmer, or
larger farmer, could obtain loans,
even at the legal rate on long time, in
order to improve and develop his
farm, and current loans in order to
plant his crop; then, pay cash for
his improvements and supplies, the
agricultural interest of our State
would be more prosperous, and, in
| directly, the whole State would re-
GIVE the benefit. The farmer would
be benefited in borrowing with great
er facility and at lower rates, the
merchant in receiving cash for sup
plies sold, and the local commercial
bank, in the increase of deposits and
transactions through bank channels,
would find its business more satisfac-
tory and would share in the prosper
ity attendant upon a greater develop
ment of our agricultural interest
invite the farmers of the State to
consider the scheme and unite with
the Progressive party in an effort to
write it into the statutes of North
Carolina.
If, per chance, / am elected Cover
nor of North Carolina, my efforts will
be directed to rendering substantial
service in this any any other matters
looking to the greater development
of the State and the greater prosper
ity of our people. We have been
following, in North Carolina, self
centered politicians, not constructive
statesmen. We have discussed thread
bare issues instead of studying con-
structive measures, and the hope OF
this Progressive movement is to
bring the political thought of the
State to a broader vision of greater
things to be done, in the interest OF
thought into action.
Public Roads.
i We are spending large sums OF
money by counties in North Carolina
for roads. Are we spending it wise.
ly? Yes, perhaps, as to the object
to be sought; but much Of this will
> be wastefully spent in poor construc
ton. Good roads are economical te
the farmer. 1t is money well spent
If the roads are reasonably perma
nent. The State might well coop
crate in the construction of great
public highways, under the super
vision of trained engineers, in road
building, and by a department OF
highways supplement the present
work being done in the State by the
separate counties. The Progressive
party will support measures for ex
tensive road building, but, inorder tt
secure proper efficiency and economy
the expenditure of public money fol
, the nurnoSe should be under intelli