The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-08-19
NO NEED TO WAIT.


Hi there il; no need to await sale
f6f the bonds authorized before be-
ginning work; that is, if the banks
[in Abbeville are as much disposed to
FEassist in matters looking to commu-
|Iity welfare as are the banks in 9th
|eE places. Not much money will be
needed before the legislature is in
session, and the banks should be
willing to lend the amount actually
needed until that time. When the
legislature meets an act may be
passed which will allow the Board Of
Trustees to continue to borrow mon
ey and pledge the bonds as security
until the bonds may be sold at par.
There is not much money in the
country just now, it is true, but the
banks will have money before it is
needed for the school building. Peo-
pie who are holding cotton and at
the same time owing banks must
either pay up without selling cotton,
or sell and pay up. In addition to
this the present crop is coming on,
and in the next few weeks it will be-
gin to be marketed. The money from
it will go into the banks, and when
the banks are paid, the balance will
go into the hands of private parties
who will have money to lend. The
hard times through which we have
passed the present year will not be
with US much longer. 1t will be no
hardship for the banks to carry
these bonds for a few months and by
working their heads a little the mem
bers of the Board of Trustees should
be able to sell the bonds in that time
for par as easily as may the bond
dealers, and they are asking par for
like bonds. a.. T..
It would be too much to ask per-
haps that all the banks of the city
enter into this enterprise. The bid of
go which has been accepted has been
accepted with the understanding that
the proceeds of sale of the bonds
will be deposited in the National
Bank, and it in turn adds two per
cent to the bid, so as to make it ap-
pear 90 instead Of 80. The National
Bank offers the two per cent. for the
money on the understanding that the
money is to remain with it for an
average Of six months, which means
that it pays four per cent for the
money. 1t will of course lend the
money for eight per cent discount,
which means nearly nine per cent.
which the bank will receive for the
money. Five per cent, it's profit, on
100000 for an average of six months
means that the National Bank is to
get $2250 out of the transaction, and
of course it may not be willing to
pass up good trade like this. And
there is no ground for criticism of
the bank as such in this case for
making good trade.
But while we may not expect one
bank to give up what appears on the
face Of things to be a good trade for
it, nevertheless we might expect the
other banks of the city to demand
an equal showing in. all matters per-
tanning to the public and equal fav-
.et with every other bank in the city.
We might expect them perhaps to
forward and offer to assist the
public officials of the, school district
in passing over the daH period in
which we find ourselvS. A public
service which they may perform Of
fers itself. The banks no less than
any other taxpayer, and no less than
any citizen of the town should be
willing to help in every enterprise Of
this kind.
If'the banks will not assist in the
way suggested. then we say that we
should make some temporary ar
rangement for carrying on the work
Of the schools until the bonds may be
sold for par. There is no need to be
rushed headlong against brick
wall. Fools have always rushed in
where angels fear to tread. Our en-
thusiasn for q pood nrosnect and the