The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-10-28

bonds for the relief of the peo-
pie the more I am convinced
that it is not only what it should
do, but it is good political econ
omy, and wise craftsmanship.
%, says certain newspapers, sit
is the function OF the State to
govern, but not to embark in
business" Ordinarily this is a
correct theory, but 1 contend
that it is a proper function of
the State to protect it's citizens
when they are Econfronted with
ruin, and, if necessary to do so,
lit is justified in exerting not only
it's power. it's influence, but its
fullest credit, and then some, to
put it's citizens in condition to
restore normal conditions. Issue
bonds, of course issue bonds, if
by this means our people can
obtain the means to relieve their
distress, this is no time to con-
slider whether or not the people
will have to be taxed in the
future, relief is needed and must
come or the entire business is
paraly5ed.
One Of the arguments of GER
tain newspapers to frighten the
voters away from the issue is
thas there will have to be a. tax
levied for these bonds. Nothing
| of the sort for the present, be-
Icause, under the terms of the
Act as passed by the Senate,
provision is made for two years
Interest which is to be paid by
the person selling or borrowing,
therefore l say this tax scare
Iamounts to a misleading buga.
boo.
There is an element. fighting
the scheme as impractical, who
argue in one breath that bond
issue will not do and will bank
rupt the State, and in the next
breath urge a bond issue solely
upon a loaning basis to be hand.
led by banks, the loans to be
tmade on basis Of seven cents
per pound with reserve of 10
per cent for expenses. ''Consis-
tency thou art jewel" If it IS
good business and a proper func-
ton OF government to loan the
etates credit with cotton as Sc.
!curity on a basis Of seven cents
per pound, a value greater than
the market price, then why is it
mot as good business 20 buy out
right at a stated price, or loan
more than seven cents per pound.
The loaning proposition as pro.
posed I do not see.any relief 10,
but I do think I see a splendid
opportunity for lawyer-bankers
to reap a fine harvest in the way
of fees for negotiating the loan
land fixing the papers. Those
Iwho borrow money know the
ischeme of the lawyer. bankers
to their sorrow, I have no doubt.
Application is made for loan,
the bank at the time has loaned
all it can for the present. but
the lawyer banker thinks he can
arrange it otherwise, and to
make the arrangement a fee is
charged for negotiating and then
another fee is charged for pre-
pairing the necessary papers, of
course, the bank does not share
in these fees, it is solely for the
lawyer, then too, there comes a
time when misfortune causes de-
fault to be made in the:payment,
the bank stockholders if consult
ed might be willing to grant in
diligence, but they have no say
in the matter. the lawyer banker
prepares foreclosure papers, Oh
tains a decree from the court and
the property is sold to lawyer
banker as attorney, but this
does not mean that the mortga-
gagor need lose his home, be
cause, it often happens that the
lawyer banker will resell to him
at an advance price and new pa
pers to be paid for by the pur-
chaser, the lawyer banker has
not only made his original fees
out Of the property at the outset
| of the transaction, but when he
foreclosed additional fees and
costs rolled into his pocket, and
| all in the name of the bank,
when in fact, the bank had not
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