The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-12-03
FEDERAL FUNDS
AVAILABLE FOR
FARMERS
War Finance Corpora
ton Prepared to
Make Loans When
Properly Applied
For Through the
Banks

Columbia, Nov. 30.-How the.
War Finance Corporation May Help
the Bankers Of South Carolinaeand
Through Them Help the Farmers, .
might we'll have been the subject
Of the talk delivered yesterday af--
ternoon at the Jefferson hotel by
a. W. Mclean Of Washington,
director of the finance corporation,
to the members Of the executive
council CT the South Carolina Bank
ers' association.
Mr.. Mclean explained at some
length what the war finance corpor-e
alton hoped to. do at the present
time: he told in detail how the
bankers of the state could make
applications for loans to the loan
committee whose headquarters for
South Carolina are at the Palmetto
bank building in Coluna bia; he dis
cussed securities, told how the APP
pEcations were approved, how soon
the money became available and
answered many questions, with re-
gard to the organization.
The, speaker was presented to
the bankers by j. P. Matthews,
chairman Of the agricultural loan
committee for South Carolina. He
said at the outset that his visit to
this state was for the purpose Of
informing the bankers as 10 the
possibilities for. relief from tight
money" which lie in the war fin
ance corporation, and he express
ed the hope that the bankers of
the state would not let the oppor-
tunity Of getting money to lend to
farmers to pass by unimproged. Mr..
Mclean said it was the patriotic
duty Of the bankers to assist the
farmers as much as possible at the
present time, and he called on them
to cooperate whole-heartedly with
the war finance corporation in eff
forts to bring relief. The war fn-
ance corporation has the money, he
said:.it is willing to lend it to banks
on properly filed out applications:
the banks need it for the farmers,
and the duty of the banks is 90 find
out about the applications, secur:-
ties and other forn,aiities ana thus
procure the money.
r. I. Manning said May people
did not like to see the government
going into business, but the times
were unusual and that my ch of the
responsibility for easing he fnaa-
cial situation rested upon the bank
ers. It was brought out that by
loaning farmers money, t.ley would
be put in position to co-ltinue to
hold their cotton.
The address was heard With close
attention and it was the consensus
of opinion that the opt ration of
the war finance corporation,
through the local committee, would
do much to bring financial relief in
South Carolina
After Mr.. Mclean had left the
meeting in order to catca a train
to Washington, motion was pass
ed to the effect that group meet
ings of bankers be held over the
state. J. H. Craig, secretary OF
the bankers association, Will write
to the chairmen of the various
groups and with them will arrange
a time Of meeting for the groups
so that the plans Of the finance cor
poration may be outlined and ex-
planned.
The members of the agricultural
loan committee in South Carolina
are: j. P. Matthews, Columbia,
chairman; r. l. Manning. Colun-
bia; William Barnwell, Columbia;
J. C. Self, Greenwood; H. L. Nc
Coll, Bennettsville; E. II. Pringle,
Jr., Charleston.
At the meeting OF the executive
council OF the bankers association,
which was held prior to the meet
ing with Mr.. Mclean. the plan Of
the South Carolina Cotton Growers
Cooperative association was en-
dorSed.
The resolution read, in part:
we urge every farmer TO sign the
contract and we urge bankers,
merchants and business men OF ;he
state to assist in the campaign for
the necessary number Of signatures
10 make the contract operative.