The herald and news. [volume] (Newberry S.C.) 1903-1937, 1916-10-31
COLUMBIA MAKES STRONG
PLEA FOR FARM LOAN BANK
EeMmfttee Hears Arguments AdTane-
ed by Representative Men From
All Sections of State Urging
Capitals Claims.

Columbia, Oct 25.-South Carolina 5
claims for one of the regional banks
10 be organized under the provisions
OF the rural credits act were urged on
dhe national farm loan board at an ali
day hearing in the federal court room
today. A score or more of speakers
appeared on behalf of the state and
mass Of facts and figures designed to
strengthen South Carolina's position in
8Ae race for one of the banks were
flied with the secretary Most of those
who spoke for the State also cham
ploned Columbia's claims for the bank
J. ~ Norwood, of Greenville, presi-
dent of the Norwood National bank, of
that city, urged Greenville's claims on
the committee.
Members of the board sitting today
are: George w. Norris, chairman;
Charles 7. Lobdell and w. S. al Smith,
Secretary of the Treasury W. G. Nc
Adoo, also member of the board, was
not present, nor was Herbert Quick,
another member Both had engage
ments in other states which prevented
their attending the hearing here. F. ].
II son Engelken, director of the mint,
Eat with the committee, though not in
omeial copocity.
Central.
South Cardinals central position in
ahe probable district to be created, and
Columbia's like position in this state.
were stressed by the speakers who ap-
peared before the board. The con-
Vergence of railroads here and the
mass of business which is handled
through Columbia were cited as being
points In favor of the establishment
4o{ the bank here
The bank to be established will
begin operation about the middle Of
January, in the opinion Of Mr. Nor
yis, chairman Of the board Its capital
stock at the start will be $4,000,
which will be greatly increased with
Ghe Development of local farm loan
associations throughout the district in
which fle-hank is located. The maxi
sDun rate OF interest allowed by the
rural credits law is s per cent. and
Rnembers of the board stated that it is
highly probable that after the 6rst
Eew years of operation money may be
secgred for considerably less than this
rate.
At The opening of the session this
NGGrnfng, Chairman Norris very clearly
explained the provisions of the act,
pointing out that the act met "the
greatest need of the farmers, credit
for year or more to enable him to
Hnapce improvements in his property,
so as to secure greater productivity
Mr- Norris stated that where a mans
loans must be met in three or six
months or even a year, no permanent
agood can be accomplished by the use
0f the money "The rural credits acl
provides money to be used from five to
forty years at a low rate Of interest"
said Mr.. Norris, who added. "that
cnght to be long enough to help any
body do anything"
Nine reasons why South Carolina
should be chosen as the site OF one OF
the regional banks were set forth very
suecinctly by w. w. Long, state
farm demonstration agent, and all the
discussion OF the morning session cen
tered around the points made by Mr.
Long.
Governor Richard l. Manning was
the first speaker in behalf Of South |
Carolina. The court room was filed
80 capacity, many members of the
audience being forced to stand. Prob !
ably 800 farmers, business men and
officials were in the audience.
The interest of South Carolina in
ahe operation of the rural credits act
cannot be mistaken" said the gov
ernor. This large delegation of farm
ers and bankers is sufficient evidence
OF the way our people feel about the
splendid effects which may be ex-
pected from the act'' The governor
stressed the fact that the act had been
made into law through the agency of