The county record. [volume] (Kingstree, S.C.) 1885-1975, 1919-07-24
ELECTED TO VICE PRESIDENCY
OF Carolina Building And Loan
League

OF Carolina Building And Loan
League
Mr.. w. H. Carr, Secretary and
treasurer of the Kingstree Building
and Loan association attended the
eleventh annual meeting Of the South
Carolina Building and Loan League
at Columbia last Thursday.
The meeing was addressed by Go
ernor Cooper who emphasized the
Importance of encouraging the own
ing of homes, and who pointed out to
the members of the league the op-
portunity which they enjoy of rem
dering assistance to men who wish to
secure homes of their own. A sub
stantial citizenry is a citizenry that
owns it's homes, the governor, said,
and Bolshevism and anarchy will find
little encouragement in a country
where the people are home owners.
The address by the governor was
warmly applauded at its conclusion.
Mr.. E. L. Keesler, of Charleston,
president of the United States Lea
que of Building and Loan associations
was present and also delivered a very
timely address, saying that the ac-
emulation of wealth and renown as
the most powerful government on
earth are of little consequence if our
people are restless, discontented and
unhappy. Idleness is the mother OF
mischief and some sections Of our
country are already suffering from
that situation.
He told of the conferences held in
Washington and of the efforts spent
in drawing up a bill, now pending in
congress. The bill, briefly, is fashion
ed somewhat after the model Of the
Reserve or Farm Loan Bank, by
which building and loan securities
would command money at low rates
of interest, and would be free from
taxation.
In substance the bill provides that
a Federal Building and Loan Bank
be established in each Of a given
number of districts, probably H..
Each bank is to have not less than
100000 Of capital, issued in certifi-
Gates of $1,000 eac:. Ten or more
associations must c. nprise the men,
bership of each of the banks, having
aggregate assets of $50,000,000. No
bank shall issue to member, asso-
citation bonds in excess of 20 times
the amount of the capital stock own
ed by such member. The bill further
provides that the interest rate shall
not exceed Az per cent. The bonds
are to run 20 years and semi-annual
payments are to be made by the bor-
rowing member. A 20 year bond
would call for an annual payment of
5 per cent. or a semi-annual payment
of 21s per cent. thus amortizing the
debt. Various restrictions are thrown
about the proposed building and loan
banks, somewhat similar to those
which protect the farm loan bank.
In pointing out the advantages OF
such a bank, Mr.. Keesler said that 1t
would accommodate a very large
class Of the population that has been
overlooked. He said that commercial
interests are provided for by the re-
serve bank; that the farm loan bank
meets agricultural needs, but that,
so far as the government is concern
ed. the mechanic, the laborer, the
LAWYER. minister, manufacturer, clerk
or bookkeeper- in word, the town
dweller-must paddle his own canoe
or drown. The town man, he said,
has a protest to make, and now
wants some provision made for him.
He pointed out some of the advan-
tages that would accrue from such
an institution and made an eloqeunt
plea for it. The league indorsed this
plan.
Mr.. Carr addressed the gathering