davidaulloa/AmericanStories huggingface dataset:
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
FOOTE DESCRIBES
FINANCIAL SYSTEM
(continued From Page one.)

wisdom of men. We continue to edu-
cate ourselves and progress chiefly
by observing the manners and Gus
toms of others. resulting in the pow
crful stimulus of comparison. But, as
we progress, we constantly experience
greater comparative need of personal
preparedness, merely another term for
equipment and readiness. Response
bilities grow. and are greater with
each succeeding day, consequently the
banker Of today is charged with the
necessity Of a more efficient present
and progressive future.
The banker Of today who does rot
feel a higher sense of responsibility
than those who preceded him, does
not honor his forbears. or commend
himself to his contemporaries.
In discussing this subject | shall in
cline more to country banking. There
arc fewer problems associated with
the large banking interests OF cities,
due to- their more technically trained
clientele and because they deal for
the most part with subjects that are
developed. or at least, partially 50.
# Is in the producing processes Of
the rank and file. particularly in the
rural districts, that we find most 10
engage our attention. and it is in this
arena Of thought and action that the
bankers Of the South must expect to
win or lose hOnOrS.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Reserve Act.

Banking today is principally that
banking which came into being as the
result Of the federal reserve act, so
no discussion of this subject would
bc possible without some reference to
the federal reserve system. No one
act Of legislation ever exerted such a
.ar-reaching influence for good over
nancial and business conditions in
america. Its creation was of inter
rational consequence. It affords US
The dual blessing OF a sufficiently elias
lie currency and an adequate source
Of discount The critics Of the sys-
lem have been legion. and much OF
The criticism has proven beneficial by
way OF pointing out superficial faults,
hut it is extraordinary that none OF
he authorities have accused it OF be
ng unsound. The currency system
Of a nation should be SO impartially
and we'll ordered as to commend it
self to the people individually and col
iectiyely, so as to be accepted. APP
proved and ratified in a manner to
cause complete rest and peace. Only
The constitution OF a nation is OF great
-r concern that its monetary laws.
and. aside from the constitution, in
no other public act is fundamental
5OUndncss so necessary to public tran
guilty. The eg" IS so emphasized in
human nature that greater sensitive
ness attaches to financial ViCiSSitudeS
than to all other practical issues.
Therefore. the unchallenged sound
ness of the reserve system after eigh-
Teen months of trial during a OpriOd
Of the greatest international unrest
in history, establishes it as an indy
ing institution, a boon that will con-
tinuc to strengthen the circulation of
the country. nourish its enterprises
and add impetus to the nations ener-
t-iN
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Conditions Change.

We are now living among changed
conditions, so different that they are
called new. although merely the same
old habits and ideas that have just
slowly, but steadily, by addition and
subtraction, evolved themselves into
d different expression Of sentiment
concept and energy. It is the result
Of calculation. AS soil fertility, and
other natural resources recede. the
necessity for better personal admins
tratiOn always increases, and it was
due 10 the menace OF the same old
spur-Necessity- we quickcned
our pace and became more inventive.
Only in comparatively recent years
have banks become numerous in the
South. The commission merchant in
the cities, and the supply merchant in
the country met practically all finan-
cial requirements, and il was due to
the heavy toll they eXacted, and the
economic necessity for their elimina-
ton, that country banks commenced
to multiply, and as the banks appeared
the commission merchant and country
supply merchant disappeared.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

pose of obtaining adequate currency,
especially if federal reserve notes can
be used by them as reserve. and it
will be in this field of operations that
the greatest currency expansion and
contraction can occur. The force of
these facts can be best appreciated by
comparison with the fact that it re-
quired only three hundred and eighty
Eve million dollars OF the Aidrich
Ereland currency to meet the crisis
caused by the European war. If no
agitation was ever started, nothing
would happen: it is always so. What
viii prevent the beginning Of trouble
voids trouble. and it is one of the chief
purposes. and easily within the power
Of the federal reserve system. to
Guench the fires, so TO speak, that
Otherwise would cause a great finan-
cial cOnhagration.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Horse Sense.

A horse that 1efrains from eating
is using the horse sense method OF
curing itself of some intestinal trou-
BILE. Nature sometimes fails, so take
no chances but go to the aid of nature
as soon as you see something wrong
with your horse and give it dose or
two of B. A. Thomas Stock Rebedy. If
it does not respond at once, this medi-
cine costs you nothing and it's just
as sure with cows or sheep. We give
you your money back. Denham & Co. /;
New Corner Drug Store-Adv.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
WOMAN'S sODY FOUND.

Jackson, Miss. april 2-Tbe body
of Miss Annie Fletcher, member OF a
prominent family in this city. who dis
appeared two weeks ago. was found
today floating on the surface OF Pearl
river about four miles below where
she was last seen alive According
to members OF the family. Miss Fletch-
or while mentally unbalanced. es-
capped from her home early in the
morning. She was seen sitting on the
edge Of Peall River bridge. but be-
fore an alarm could be given she had
disappeared 4 continuous patrol Of
the river has been kept MP since
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

considerable extravaganza. waste. too,
50 exalted itself that the South was
bound by thongs OF debt. We entered
the hard and thorough school of adj
much, and have advanced our stand
ards to the highest point of efficiency
the South has yet achieved. we have
made but a fair beginning, and with
so much experience behind us we
should feel charged with greater re-
sponsibilities, and lcok more seriously
TO our future course.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
What It Accolnpiishes.

1t will accomplish thorough mObili-
cation of the reserves of the country,
and will make the nation financially
independent Under the old unliQuid
system OF ultra reserve requirements
that were only sentimentally useful,
any great expansion Of credits result
ing from active trading caused such
q relative scarcity OF reserve funds
that the financial integrity Of the en-
tire nation was subjected to q serious
menace AS soon as the country COM
menced to enjoy substantial benefits
from an era of prosperity, the news
papers would announce the very de-
mOralizng fact that the surplus re-
aerves in the centers were getting
dangerously low, with he result that
the entire nation watched the weekly
clearing house returns and adjusted
accordingly. The pessimist and calam-
ity bowler then had their inning. caus-
ing multitudes in every section to be-
gin undoing what had been accom-
plished, the retrcn eGment occasionally
proceeding with such rapidity as TO
cause p2ndomoniC-n.
The federal reserve act not only re
duced the necessary legal reserves in
al national bank s., thereby releasing
g vast amount OF capital. but in addi-
ton thereto. provides the great bull
war1 of empowering the Federal Re
servo Board to .uspend every reserve
requirement specified in the act. Fur
thermore. the demonstrating powers
of the rserve banks are such that
every dollar O. cold held by them can
be converted !. % two and half dol
lars OF fedora reserve notes, thereby
multiplying aC ordingly the reach and
usefulness OF me reserve system, and
the gold supply OF the nation.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

Lumber Company is suffering from
an accident received yesterday while
loading car of timbers here He
slipped and fell. seriously iniuring his
back. Cohn resides on the Gulfport
road. about nine miles from Carnes.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
G ID Modified

When q ii eral reserve bank is.;., s
It's notes il mast deposit against same
a gold reserve of 40 per cent. 1t will
therefore be readily appreciate to all,
that with free and unrestricted use
Of federal reserve notes, the mobiliZa-
ton of the gold of the country will be
more rapidly effected. Our gold should
be in the hands OF the federal reserve
banks, and the currency of the cOun-
try should be federal reserve notes.
The adequate safeguarding Of our gold
and complete financial preparedness
can he effected only in this way. The
general populari&ing by acceptance
and use of federal reserve notes would
cause greater public intimacy and
sympathy with the reserve system,
and cause its standards to become the
economic pTecepts Of the nation.
To illustrate the force and energy
Of the system, it is estimated that its
note-issuing capacity. when the trans
fers to it as provided by law have
been completed. will be at least one
billion dollars This does not measure
the full note-issuing capacity of the
system. though, by any means. The
member banks will, in times of alarm
or necessity, place additional gold
with the reserve banks for the pur-
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Poor Collections.

Poor collections have handicapped
rs. The rule has been to indulge
each other. and only too frequently
has q loan Tor four months culminat-
cd il four years Indulgence. The
practice to renew for a customer as
long as he is considered. good has re
suited in the banks c2pitaliGing much
business. and thereby graVitating TO
such a relation to same that it is nee
cssary to stay in. SO to speak, while
other creditors collect their money
leaving the bank to hold the bag;
whereas il is exceptional to hear OF
loss on concern that pays in full at
regular intervals.
Poor collections are due in no small
measure to a lack Of business courage.
cngendered often by competition,
which proves the unsOundness that
creeps in when business men are
GENEROUSLY competitive. The banker
who collects makes fewer enemies
and firmer friends. He wears well,
and never has any dress in his fire
box. while the other, whose discipline
is so weak that competitors fix his
standards. suffering from auto-lntOX-
cation. must eventually eliminate
pampered and disappointed clientele.
1t is interesting to note the effect OF
good bank discipline on community.
If q banker is indulgent, his custom
crs are apt to be equally so III the DIS
cip!ine OF their business, and, per
contra. the banker. who is collector,
cngenders the same spirit in his com
nunitv. Such communities are char
acterized by a more thrifty and indie
pendent people, where as poor diSclp-
line. with it's attendant lack Of bust
ness or moral courage, is marked by
2 lack of thrift. and consequent lack
Of working capital.
If the business interests of com
muritv are scientifically ordered,
such evils as the One-crOp system
would give way to more diversified
industries.
AS people think and devote them
selves more to analysis, they come
irto a higher appreciation OF their
own rights. and better understand
ing Of the rights of others, the result
hoine more businesslike action and
greater Justice everywhere.
True seIf-interest should actuate
our people more. The principle OF
standing on ones rights, with rea-
sonable sympathy and forbearance,
offers the only hope for successful
collections and economic efficiency.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Rural Conditions.

The fact that the South is so essen
tally and extensively an agricultural
country. and must ever be, makes i
Of the greatest importance that we
keen rural conditions always IN NINA.
the soil is our chief resource, and Its
ont-turn the cardinal hope OF our III
tire. Keeping the boys and girls on
the farm. so often discussed. IS the
PRINCIPAL problem. 1t can be accom-
nlished only by making the rural en-
yir0rment equal TO the allurements OF
town. Building good reads and nm
nrovjng country schools oher the ad-
yantages and attractions calculated
IN hest attain the end. The willing
ness Of nroperty owners in the South
to he taxed for tie purpose, as eVl-
denced by the many improvements oil
the kind. either completed or undef
construction. bespeaks the apprecla-
tio1 and earnest desire OF our people
. neglect this important field.
~, 1rs have manifested a lively
and creu.t..',le interest in this sphere
Of ection. L. : details Of which are SO
familiar thai we shall not dwell upon
them here. but we must continue an
active Campo ign for better rural con
ditions. TIE farmers not only need
and deserve our cooperation, but the
welfare of banking and Of all other
business demands it. Agriculture is
the only Industry save the fisheries
that can Weld its products at no eX-
perse to nature Good farmers not
only do not exhaust the soil, but to
the contrary, build it up, thereby ac-
tgally increasing the natural resources
OF the. aoantry, and they produce more
wealth dian the other combined IN
dustrfes.@
The efficiency of farmers would be
greatly increased if they would elias
sify themselves as business men. 1t
would result in a higher conception OF
sponsibilities, develop changed
point of view, and they would think
from a different angle. Men are de
veloped only by responsibilities, and
it is important that our farmers as
sumo greater civic obligations, and
get into the real merit of questions,
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
For Commits ioncr.

The News is authorized to announce
l.. McAULAY as a candidate for COM
missioner of the city of Hattiesburg.
subject TO the action of the Demo-
cratic primary OF June e. 1916
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
For Commissi oner.

The News is authorized TO announce
NJ. T. SHEEHAN as candidate for
commissioner of the city of Hatties-
burg, subject to the action of the
Democratic primary of June 6.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
ANNOUNCEMENTS
Fer Mayor.

The News is authorized to announce
T. L. BATSON as a candidate for
Mayor of HattiesburS. subject 10 the
action of the Democratic primary of
June &.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

The depot which the Cali & Ship Is
land road erected here. has been COM
pleted. and is now ready for use.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

Alec Cohn. well-knOWn sawmill man,
and one OF the owners OF Conn Bros.
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

CAaNEs ESTABLISHMENT STARTS
OPERATIONS WITH MORE
THAN IS WORKMEE.
Special 10 The Noes.

. p tUt 70 Z 10 y 10
Carnes Miss. April S-The Wolf
River C0mpany's naval stores plant
has just started operations. employing
more than - men. The company has
p crops ahead Of it. which means a
>, ear run
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Errors Creep In.

Many errors and much waste Crept
into the banking business as the re
suit Of the mental and moral attitude
towards custom. The distorted. though
intended high. sense of fasr play,
caused lack of economic consistency.
resulting in poor personal and bust
ness discipline. and 4 consequent lack
OF cohesion and progress of the mate
rial forces
While it was out OF this sentiment
that so many errors were injected into
business and continued deep-roOted
for decades, ii would be an injustice
not TO note the many lofty spirits OF
the Old South. men whose chivalry
cqualled that of the cavalier, whose
devotion to truth. home and country
viii be forever unsurpassed It was
these strong inspiring, central figures
who fixed the high standards Of the
South. and laid the predicate for the
wholesale acceptance of the personal
equation in all things
It was this peculiar and alluring
setting of the sentimental and practi-
cal that precluded individual financial
statements. and initiated in lieu there
Of the common acceptance that q
mans word was his bond. and that it
was dangerous to doubt it, 1t was be-
cause of this same sentiment that col
lectiOns were not enforced and over
drafts originated. and as this exalted
sentiment of the old school gentleman
steadily became more adulterated
with carelessness. ineiiiciency and IN
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

How about those vacant lots of yours
Have you had the weeds cut?
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08

Have you had bonfire? DO it now!
The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1916-04-08
Bankers Are Keystones.

The city bankers have always been
ready to lend cooperative spirit,
and it would he impossible TO calcu-
late the vast benefits that have flowed
10 the country districts as the result
OF their patriotism and earnest desire
10 cooperate for the general better
ment, but the fact that the require
menis Of primary production cCntinu-
0usiy press themselves on country
banks. makes special responsibility
in The SOuth's development deyOlye
upon them. Bankers occupy keystone
positions in their communities, and
it matters not in what direction one
may turn. if he is efficient and loyal.
he will find himself confronted with
responsibilities Of a peculiar nature.
and only to the extent OF his accept
anca and discharge of them will his
true character and success be meas
ured
This subject is TOO large TO treat
with that degree Of information, ac-
curacy and conclusiveness that would
be desirable. To treat the subject
thoroughly as it pertains to the whole
South would require too much detail.
even that is true Of a relatively small
section Of so vast a territory as the
South. 1t is always best to localiZe
in studies with reasonable geneTaliZa-
ti0n for breadth. so | shall discuss con
ditions principally in the sixth federal
reserve district This family Of banks
all have something in common with
each other by virtue of geographical
lines, similarity Of people, ayocati0n,
thought and opinion.
For decades business in the South
both suffered and enjoyed the waste
ful handicap Of sentiment, and it is
only in recent years that we have
made marked progress in the elmina-
ton Of sentimental control in bust
ness relations. Since the South com
menced to calculate more, and take
more practically into consideration
cause and effect, its progress has been
more rapid. conditions have grown
more wholesome. and the standards Of
efficiency more encouraging. Senti-
ment is an essential constituent. the
absence Of which always causes a void
in character that is difficult to bridge,
yet its indulgence causes more false
ideals. illogical reckoning and head
strong unth0ughtedness than all other
human Weaknesses. No nation could
boast Of its literature without its
poets. but for the standards Of a peo-
pie one would seek their philosophers.
The Elk Mountain pilot., 1916-10-12

There is more Catarrh in this section
of the country than all other diseases
put together, and until the last few
years was supposed to be incurable.
For great many years doctors pro-
nounced it local disease and ,prescrib-
ed local remedies, and by constantly
falling to cure with local treatment,
pronounced it incurable. Science has
proven Catarrh to be a constitutional
disease. and therefore requires consti.
tutional treatment. Halls Catarrh
Cure, manufactured by F. J. Cheney
Co., Toledo, Ohio, is the only constitu-
tional cure on the market. 1t is taken
internally. 1t acts directlv on the
blood and mucous surfaces of the sv.-
tenn. They offer one hundred dollars
for any case it fails to cure. Send for
circulars and testimonials.
Address: F. J. CHENEY 4 CO., To-
ledo. o. Sold by Druggists. 76c.
Take Halls FANNY Pills for constipa-
ton.
The Elk Mountain pilot., 1916-10-12

Fred Eilebrigilt, of Gunnison was
a business visitor here Wednesday,
Mr.. Eilehr.ght is the main stay with
the farmers down the valley, as he
is not only their { arpenter, out has
the only threshingmachine this SIDE
of Gunuisun. He. informs us that
nie oats and barley are better than
expected,
The Elk Mountain pilot., 1916-10-12

The budget of the Mountain State
Telephone and Telegraph Com pany
for 1917 expenditures calls for 50,
S91 $50 for these improvements.
Practically every section of the state
will be beaifted through receiving
a part Of this outlay. There viii be
$500 miles OF wire strung on exc
slrg lines.
The Elk Mountain pilot., 1916-10-12

The Choice" is new book by
Mrs. Montayne Perry.which will ap-
pear in Today'o Magazine this year.
The author is one Of the most pop
ular magazine writers and The
Choice" is her. masterpiece. This
book will sell for 81 25 after it has
appeared in Today's. For farther
particulars see our big magazine club
offer, open to all new or o.d sub
scribers 10 The Pilot.
The Elk Mountain pilot., 1916-10-12

The following inquiries have been
referred hy the State Board Of immi-
grafton ia the Montrose Laud Office.
W. W.. Woodward, Austin, Mo.
Wants information ON western Colo.
as to opportunities forebusiness and
stock raising.
Chas. " Davis, Route /, Yuma
Ariz, Coming to Colo. this fall.
Wants land suitable for raising alial.
fla, fruit and potatoes.
J. I. Robertson, Haskell, Texas is
very much impressed with western
slope VANS land at reasonable
terms in that section.
o. j.. Harmon, farmer; son W.
L. Harmon. Banker; and sop-in-
law, T. j, Hearn, school teacher !;
all Of Joplin Mo- now in State look
ing for homesteads for stock grow
ing. Have sufficient money TO cover
their needs.
George Dunkloo, 1909 E Thomp-
son ave. Sapulpa, Okla. wife four
children to 16 yrs, a single bro
ther, Mther-ln-law and mother.i in
law; all coming 20 Colo, in searcl,
OF homestead for stock raising. has
50 900.
Willie Howell, Island, Okla. fam
i,y OF three. Has 81 900 and -four
head of horses. proposes TO come t.
Colo. i'll thirty days. Wants grazing
land for dairy purposes.
Any ofoui readers that lave some.
thing that might suit any OF the a.
bove would Go favor to write them
The Elk Mountain pilot., 1916-10-12

An investment of only % cents in
our splendid magazine club offer
will give you and your family a
monthly income of en- nJoynept and
instruction Tor whole year.. Let US
show you these magazines.
The Elk Mountain pilot., 1916-10-12

Ii Ryou will subscribe for the Pilot
or renew your subscription at once
we will include four standard mag
azines, all one year, for only % cents
extra.
The Elk Mountain pilot., 1916-10-12
Local News

The County publishes IT'S deiin-
euent tau list, Why not the newspa-
pers publish their delinquent sui
SCI. bers.
The Elk Mountain pilot., 1916-10-12

William Lacy is helping at the
Robson Lumber Co. store during
rhe sickness Of Tnney Notkodich.
The Elk Mountain pilot., 1916-10-12

w. p, Wisdom OF Easten Kansas
filed on 4 homestead on Cement
Greek.
The Elk Mountain pilot., 1916-10-12

Maybe it's just absent-minded
ness on John Bull part. but he seems
to be always committing some little
aot that otfends the United States.
The Elk Mountain pilot., 1916-10-12

Papers for sale at the PrLoT Office,
rice aud clean. Just the thing 10
plt under your carpees and 10 use
upout the heuse.
The Elk Mountain pilot., 1916-10-12

England is preparing to give up
free trade"-London dispatch. So
is the United States.
The Elk Mountain pilot., 1916-10-12

Several Of the school teachers
and pupils are visiting Mrs. Thos.
Young at Floresta today.
The Elk Mountain pilot., 1916-10-12

Ii the election returus could only
he flashed in the daytime the victori-
Gus supporters would feel even better
the next morning.
The Elk Mountain pilot., 1916-10-12

Ear Beary Of Patton Iowa Is visit
ing hls Uncle near GUunisoa.
The Elk Mountain pilot., 1916-10-12

Mrs. Thomas Young, MIR. and
Mrs. Cutler of Floresta were shop
ping. here monday.
The Elk Mountain pilot., 1916-10-12

I. S. Young, assistant Superior
ant Of thee. F. & [, at Floresta' was
a. business visitor here Monday.