Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-08-12

famous Culebra cut, the canal may
be ready Ior shipping by next De-
cemDer. Even earlier than that,
Agnt uraft vessels are likely to be
passing through the waterway, for as
the greater part OF the canal prism
alreauy has been cut to its final
depth, small vessels probably can
navigate It safely within a few days
after October ~, next, when the
Lambda dixie is to be blown up, thus
admitting 10 the Culebra level the
great store of water in Gatun Lake.
The "a steam shovels now in the cut
handle only 100000 cubic yards OF
earth and rock a month, which out
put Will be greatly reduced as the
uepth of the cut increases and the
avalIab., room for shoveling Is re-
duced. Cuiunel Goethals, however,
has assembled is dredges with
monthly capacity OF 100000 cubic
yards and these will be tloated in the
cut as soon as the dixie Is destroyed.
Meanwhile, not content with digging
away at the base of the cltffs, the
engineers in their haste to open up
the waterway have begun to tear
away the hills with water under high
pressure, sluicing the earth into the
bed of the canal whence 1t Is being
swept up by pneumatic dredges and
pumps and discharged into rayines
and valleys so far away that 1t can
never wash back.
a national rural banking system
was proposed in bill last saturday
by Senator Fletcher, chairman OF the
American commission on rural cred
its, appointed by the president. The
bill proposes a system of local nation
al rural banks owned and operated
by farmers with state rural bank
in each state to be owned and con-
trolled by the local banks as stock
holders, and the national rural bank
OF the United States, to be located In
Washington, to be owned entirely by
the state rural banks. To supervise
the proposed chain of banks, there
would be created in the treasury de-
partment division of rural banking,
under the direction of a rural bank
ing board" to consist of the secre-
taries Of the treasury, agriculture and
labor. The division would be under
the immediate direction Of a direc-
tor of rural banking, chosen by the
president. The main purpose OF the
banks would be to furnish funds to
farmers on long term farm bonds or
notes secured by liens on farms, not
exceeding 60 per cent Of their assess
ed value. Loans would be secured
first by a local bank, then by a state
bank and last by the national rural
bank of the United States, and they
would run from 20 to so years. The
national rural bank is designed to
have a capital and surplus exceeding
500, 900, 900, while the stock Of each
local bank would be limited to $2,-
OOO, 900. Senator Fletcher, speak
ing in the senate to urge immedi-
ate consideration Of the measure by
the banking committee, and Its pas
sage at the special session Of congress,
expressed approval Of the admins
tration currency bill as a CONNER
cial banking bill, but said 1t would not
meet the needs Of the agricultural
communities because Of the necessity
for long term loans. The proposed
Federal reserve system, the senator
said, did not offer such relief and the
provisions of his measure, he main
tanned, though not perfect, would
meet the requirements.
The Georgia house Of represen-
tatives on last Thursday passed the
Swift inheritance tax bill by a vote
of 125 to 13. This measure is sub
stitute for the three bills introduced
by Messrs. Cole Of Barlow, Leadbetter
of Polk, and Swift Of Muscogee, and
was amended by general judiciary
committee No. l. The bill provides
for a levy of tax upon all real and
personal property in the state which
shall pass on the death of a decedent
by will or by the laws regulating de-
cedent and distribution, or by deed,
grant or gift, except in case Of bona
fide purchase for a full consideration.
A tax Of l per cent is levied on such
property in excess OF $4,000, passing
to any immediate kin or adopted
children of a decedent. A tax Of 5
per cent is levied on all property af-
fected by this bill passing to any per-
son, corporation, association other
than those included in the l per cent
class. This measure, which has been
in force in two states in the Union
for eighty-five years, and is now in
effect in thirty-eight states, is by the
vote of the house one Of the most
popular measures ever passed in the
state, and is considered as probably
the fairest means of taxation possible.
With a ten minute limit on speeches
in debate, Mr.. Smith, of Fulton, took
the floor, discussing the good effects
Of the law in other states, the increase
in the states revenues that might be
expected from the passage of the bill,
and touching upon the constitutional
ity. Mr.. Slaton, of Bryan, pointed out
that the bill does not call for an az
nual tax, but tax only at the Il: le
of the transfer of the property.
Messrs. Olive, of Richmond, and
Wright, of Floyd, argued that this
bill Is the fairest of all taxation by
virtue of the fact that 1t asks for a
part of a persons wealth that has
put that person to no labor or suffer-
ing to get, but which is pure gift.
1t will be noted that the bill allows
that children or widows may receive
as much as $1,000 each without hav-
ing to give any part Of the sum to
the state, thus being assured OF being
unmolested in receiving a sum for
support. The bill does not affect ben
eficiaries of life insurance policies.
Washington, August 8: The $780,
OOO, 900 of Federal funds about to be
deposited in the national banks OF
the west and south to assist in NOV
ing the crops, will be increased to
Sl5O.OOO,000 If necessary. The desire
of the government to mobilize all the
needed cash of the public treasury
in the agricultural belts of the coun-
try to avert the money stringency
characteristic of the crop moving
bankers of the central west at con-
ference with Secretary McAdoo and
Assistant Secretary John Shelton
Williams, called by the treasury de-
partment to make arrangements for
the distribution Of the big sum.
While the representative financiers
fresh from the marketing centres OF
the middle states welcome the pros
pect of the proposed deposits the con-
sensus of opinion, it was stated, SEEM
ed to be that s50,O00,000 would be
ample to meet the situation. The
dominant tone of the bankers ex-
pressed convictions, the treasury de-
partment announced tonight, was
that business conditions were good.
but that the promised deposits would
relieve the usual strain. The 81
bankers gathered at the meeting.
seized the opportunity to present their
views on currency legislation to the
government They urged two ma
terial amendments to the pending
Glass-Owen bill-one curtailing the
powers of the Federal reserve board to
control the present bank system, and
the other essentially modifying the
reserve requirements of the measure
so as to minimize the decentraliza-
ton of credits. With these changes,
n was stated, all but two of the 81