Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-10-01

to conduct a state warehouse business,
must expect that 1t will be a charge on
them in those periods when 1t Is not
utilized by the farmers.
The State repeats that the conduct
of a warehouse business in the name
Of the state Of South Carolina gives
to its receipts no mystical or magical
power to command money loans.
| Rankers will apply to them the same
cold standards and measurements that
they apply to private companies and
If a private company be more wisely
and prudently conducted than a state
Econcern, its receipts will outclass those
of the state warehouse.
Unless the receipts Of the warehouse
company, state or private, shall be ac-
ceptable in the centres where interest
rates are lowest, the warehouse bust
ness fails Of its principal purpose and
neglects its main opportunity. II the
South Carolina warehouse system has
made it possible for South Carolina
farmers generally to do what Mr..
Banks Of Calhoun, has done by means
Of these receipts, 1t has already ac-
complished marvels. Indeed, we are
almost ready to say that, considering
the brief period Of its operation, its
success has been miraculous.
We await with eagerness the testi-
mony Of numerous other farmers that
they are able to take or send their
state warehouse receipts to the great
banking centres and obtain loans upon
them at rates Of six per cent and
lower. II one man IA do 1t, others
| should be able to do 1t, and the SOON
er that the practice shall become COM
mon the better will it be not only for
the farmers but for the state ware
house system itself. If the producers
| Of cotton are now In a position to bor-
row money on South Carolina ware
house receipts in New York and other
| cities, a commercial victory has been
won for them by the warehouse man
agement Of a value beyond estimation.
Moreover, Mr.. Banks has done a
public service to his fellow-farmers In
bringing to their attention the tre-
mendous power with which the ware
house system has suddenly endowed
them.-Columbia State.
Although the Columbia State docs
not speak" to The Enquirer. because
The Enquirer is not in the "me too"
class, we are very we'll pleased to re-
produce the foregoing editorial as a
reply to what we had to say to an out
burst Of our Columbia contemporary
in our issue Of last Tuesday.
We really feel gratified at this edi-
torial. Not only is it sound and SEN
sible: but it shows thai even the State
is beginning to realize the wonderful
achievements and the still more won
derful possibilities of the warehouse
system.
It IS observed that the State Is still
in doubt as to whether the name and
prestige of the sovereign state Of South
Carolina behind a warehouse mikes
the receipts thereof any better han
the receipts of a private company; bat
that is only because our contemporary
has not yet fully informed itself. 1t
does not know a great deal about the
warehouse business to begin with, and
then it is evidently not acquainted with
the facts as to what has been done;
but since our good brother has begun
to give more attention to the subject,
1t will learn.
One Of the differences between q
state warehouse receipt and an indie
pendent warehouse receipt Is that u
state warehouse receipt can go to the
money centers and serve as collateral
on it's W merits; but an independent
warehouse receipt cannot go anywhere
without the backing Of a local bank,
and this is important. 1t is not neces-
sary for the holder Of a state ware
house certificate to go to New York
after 6 per cent money. There are at
least four York county banks that are
ready to lend 6 per cent money on
such receipts right here at home; but
large farmers like Senator Banks, who
do business on a more extensive scale.
can go to New York with their state
warehouse receipts and get money as
cheaply as the local banks themselves.
So there is no IF" about the CONNER
cial victory to which the State refers.
1t has been won already.