The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-11-30
Bankers Association
Lndorses Edge Bank

OF long time credlC ana LHe dlAelioio-
ton of deprecated exchange values
would be the chief methods employed
by the company in accomplishing It's
immediate aim of supplying mar
ket for Southern products. The COM
pany, with capital stock of $6,o0O,-
600, has been organized in the IL
Southern states and would. Mr.. Mat
thews said, be ready for operation by
January. "The best bankers who
have studied the situation are unan-
nous in their expression of approval"
Mr.. Matthews said, adding that "any
banker who does not take an IN
terest in the company will be back
number" Mr.. Matthews is a member
of the state campaign committee IN
charge of the organization work in
South Carolina.
Representative w. F. Stevenson
followed Mr.. Matthews, describing
the purposes and intents of the Edge
act, under which the international
banking company is to be organized
and also defending the federal re-
serve board from what he termed "a
very great misunderstanding which
has gone abroad" The Edge act, Mr..
Stevenson said, was promulgated for
two purposes: To make the United
States the banking center OF the
world and to provide for these ex-
port companies with authority to ex-
tend long time credit.
Long Credit Necessary.
The history of the United States
trade with South America, he pointed
out, was conclusive proof Of the need
for such export finance sorganlza-
ticns. Here America had repeatedly
failed to make headway because the
1sSso5fHhsHf' sSoHhsH eaameffcan Duyer
months credit and the best that the
United States could offer was so
days. Germany, Belgium, France,
Poland, Italy and other countries, Mr.
Stevenson said, "were starving for
cotton, their spindles rusting, their
laborers idle" not because they did
not want the cotton but because they
did not have the money to buy it.
The South. he said, would have to
discover that there was no use IN
chasing rainbows'' of help from out:
side and make up its mind to help
itself or go down.
The present financial situation in
the South was not to be attributed,
Mr.. Stevenson asserted, to any con-
traction of currency by the federal
reserve board. A comparison of fig
ures will show, he said, that the con-
trary has been true, that the cur
rency has under the federal reserve
board been expanded rot contracted.
The real cause of the situation was
TO be found in the scarcity of credit,
strained to the last minute to pro-
duce raw ma Cerials for which there
is now no market.
Following Mr.. Stevenson's address
the meeting adjourned to the ball
room for the Thanksgiving banquet,
where the discussion of the banking
company project was continued and
subscription of stock made. A. C.
Phelps of Sumter, who has recently
made an inspection trip to several
European countries, told of the need
there for cotton and of the necessity
of long time loans or other financial
measures to make possible the pur-
chase of the raw product.
Indcrse Banking Company.
D. R. Coker of Hartsville and E. H.
Pringle, Jr., of Charleston also ad-
dressed the meeting, indorsing the
company, while Richard I. Manning
presented plea of assistance from
the bankers for the American Pro-
ducts Export and Import corporation
and pointing out that the export cor
poration and the banking company
did not conflict in their fields but
were each the complement and sup
,laroo,,+ of tho other
E. o. Black, president of the state
chamber Of commerce, asked for the
Endorsement of the bankers for the
effort now being made for the secur-
inc of branch of the federal re-
serve bank in South Carolina. A res
olution offered by Julien c. Rodgers
was adopted pledging the South
Carolina Bankers association to join
forces with those of the state cham
Der of commerce in the effort to Sc
cure the branch bank for South Car
oina.