Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1915-10-13
BANKS CHARGE HIGH INTEREST.
Many National Banks Receive Aver
age of 10 Per Cent.

Kentucky Bankers Association his
efforts to force national banks to re-
duce their interest charges to bor-
rowers during the days of stress in
the financial and business world
which followed the outbreak Of the
European war.
OF the 7,615 national banks in the
020 have sent in detailed reports
showing that they have received an
average Of 10 per cent or more on
loans. He cited, without giving
names, instances in which the rate
ran up to 40, GO, 1000 per cent. In
one CaSe-that of woman who bor-
rowed $3.50 for six days-he said
the bank charged one dollar or 2,40O
per cent.
'These banks" said Mr.. Williams,
ARE authorized by the government.
To an extent, at least, they have be-
hind them the sanction, the prestige
and the protection Of the great Amer
lean nation---and lending $3.50 for
six days to waSherwoman, or a la
borer'S or a farmers wife, at 2,i00
per cent.
AS somebody once said of drug
giSts' profits on powdered chalk, ii
gets out Of the range Of percentage
into larceny from the person. Three
hundred per cent will make anar-
chists silently, faster than all the !.
w. w. apostles who can bawl. When
national banks chartered by the gov
ernment disappoint and deprive toll
Of its just reward, and stimulate re-
sentiment, we have prepared and fer
tilted the soil for fearful crop OF
disaster. We cannot persuade our
selves or make others believe that it
is right or safe for banks to charge
100 per cent year, while the produc-
ing people about them are kept poor.
| know of such banks. l do not in
tend to stand for them if | can help
it. The country will not stand for
them"
MIR. Williams said he invited Senate
investigation Of his actions or the
conduct Of his office.
A majority Of the national banks
"arc now conducting their business
on a high and honorable plane and
are charging fair and reasonable
rates on loans,' Mr.. Williams said.
He predicted that a well-thought out.
carefully constructed, conservative
system Of rural credits for the devel-
opment OF agriculture would come
presently, and said that in the mean
time he expected to do all possible TO
protect borrowers Of all grades
against rapacity. He asked the CO.
operation Of all banks further to i'm
prove conditions.
The figures he quoted. Mr.. Will
liams said, were taken from the re-
pOrts OF national banks, mot pawn
brokers or recognized money sharks"
"These banks know" he said, "and
YOU and | know, that such rates are
disreputable 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 South and West the North
west and the Southwest, especially in
the wheat and cotton sections Of the
southwest, are blood-curdling. They
arc like stories from darkest Russia.
OF the expressions inflicted upon the
peasantry. The reports received at
the Comptroller's office show ndis-
putably that in some States and sec
tions, borrowers and especially small
borrowers, have been and are being
subjected to eXtortions and eXactions
which the average man would consid-
er impossible in this enlightened age.
Mr.. Williams devoted much Of his
time to answering criticisms OF his
action in regard to lower interest
rates by Senator Weeks, Of Massachu-
setts, in recent speech before Mich
igan bankers. He declared Senator
Weeks had said that the banker him
sell WAS Lne man 10 uetermlne inter-
est rates, and in reply read a list of
banks which showed an average rate
Of more than 20 per cent. 1t includ-
ed two banks in Illinois, six in Min
nesota, two in Missouri; twenty-three
UGH! CAEOMEB MAKES
YOU DEADLY SICK.