Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-10-12

dred per cent Will MAKE anarchists 81
lently, faster than all the I. w. w.
apostles who can bawl. When national
banks chartered by the government
disappoint and deprive toll Of its just
reward, and stimulate resentment, we
have prepared and fertilized the soil
for a fearful crop Of disaster. We can
not persuade ourselves or make others
believe that it is right or safe for
banks to charge 100 per n a year,
while the producing people about them
are kept poor. I know Of such banks.
l did not intend to stand for them if
can help it. The country will not stand
for them"
Mr.. Williams said he invited senate
investigation Of his actions of the con-
duct of his Office.
"A majority Of the national banks
are now conducting their business on
a high and honorable plane and are
charging fair and reasonable rates on
loans" Mr.. Williams said. He predict
ed that a well Thought out, carefully
constructed, conservative system of
rural credits for the development of
agriculture would come presently and
said that in the meantime he expected
to do all possible to protect borrowers
Of all grades against rapacity. He
asked the cooperation Of all banks
further to improve conditions.
The figures he quoted, Mr.. Williams
said, were taken from the reports Of
national banks, mot pawnbrokers or
recognized money sharks.
Disruptable Rates.
These banks know" he said, "and
you and 1 know, that such rates are
disruptable and without excuse,
whatever the security for the loans
may be. The bank that lends at such
rates is destroying its constituency and
is at the same time committing slow
but sure suicide. Some reports from
the northwest and the southwest, es-
pecially in the wheat and cotton Sec
tions Of the southwest, are blood
curdling. They are like stories from
darkest Russia, Of the expressions in
ficted upon the p%easantry. The re-
ports received at the comptroller's Of
flee show indisputably that in some
states and sections, borrowers and es-
pecially small borrowers, have been
and are being subjected to extortions
and exactions which the average man
would consider impossible in this en-
l%ightened age"
Mr.. Williams devoted much Of his
time to answer criticisms Of his &C
ton in regard to lower interest rates
by Senator Weeks Of Massachusetts,,
in a recent speech before Michigan
bankers. He declared Senator Weeks
had said that the banker himself was
the man to determine interest rates,
and in reply read a list of banks which
showed an average rate Of more than
10 per cent. It included two banks in
Illinois, six in Minnesota, two in Mis-
souri,, twenty-one in Alabama, twenty
three in Georgia, six in Florida, three
hundred and fifteen in Texas, seven
teen in Arkansas, three in Tennessee,
ninety in North Dakota, twenty-five in
South Dakota, eighteen in Nebraska,
five in Kansas, thirty-eight in Mon
tana, fourteen in Wyoming, thirty
seven in Colorado, twenty-five in New
Mexico, three hundred in Oklahoma,
in Washington, ten in Oregon,
in California, n in Utah, n
in Nevada and thirty-three in Idaho.
In one southwestern state, said MI
Williams, 131 banks reported they
charged a maximum rate Of interest
Of from Is to "a per cent; sixty-seven
banks a maximum between rs and go
per cent, twenty-five banks a maxi
mum of between 60 and 100 per cent,
eighteen between 100 and 200 per cent,
and eight between 200 and 1000 per
cent.
Most Of these d%isgraceful rates."
said the comptroller, were for com
paratively small loans" The legal rate
in the state, he pointed out, was six
per cent and the maximum authorized
by special contract, 10 per cent.
Weathered Storm.
Mr.. Williams reviewed h financial
situation through the first year &C the
European war. He said that this
country had not only avoided financial
crash, but had wiped out the floating
debt of $3.50, 900, 900 due to Europe on
January l, 1915, and absorbed between
$50 and 1000 millions Of dollars Of
American securities that were held
abroad and now is in condition to
help finance the whole world at the
conclusion Of the war. He presented
a fact that the United States was
now in position to buy back the
American securities held in foreign
lands, IL they should be offered, but
that Europe has come to realize that
America Is the most stable country or
and that investors there cling
to American securities as likely to be
the best real values, las the American
dollar has become the worlds stand
ard Of value because it commands the
worlds faith"
Giving figures to substantiate this
assurance, the comptroller said 1.-The
gold supply Of the United
States in gold coin and bullion is more
than two billion dollars. Of which state
and national banks hold n billion
and the Federal reserve banks and the
$40 millions, leaving more
than four hundred millions in the
pockets of the people. At no time in
recorded history have the banks of
any country held such as the
banks Of this country hold today"
Deposits Of all the banks In the Unit
States, including trust companies.
had, in the past fifteen years, increas-
ed at the average rate Of about a bill
lion dollars a year, he said.
The income Of the people Of the