davidaulloa/AmericanStories huggingface dataset:
The Camden chronicle. (Camden, Tenn.) 1890-current, 1922-06-23
THE CONTRACT RATE
OF INTEREST LAW
Report and Recommendation of
Tennessee Bankers Association

see Bankers Association, held at
Knoxville in May, the association
adopted the following resolution
presented by the legislative COM
mittee of the association relating
to the 8 per cent contract rate of
Interest law:
"Two years ago, at our Memphis
meeting, we recommended passage
of q contract rate of interest law to
permit contract rate in excess of
the legal rate of 6 per cent. The
sound reasons for such legislation
were apparent at that time, and sub
'sequent events have abundantly
shown the wisdom of that recon-
mendation.
"The General Assembly Of 1921
passed an act legalizing contract
rate of interest not to exceed 8 per
cent per annum. On the day this
act became a law, and prior there
to, the Federal Reserve Banks, the
final and controlling source of
money and credit and interest
rates, under our banking system,
were charging their member banks
the following rates:
~ per cent on loans secured by
Liberty Bond collateral, where the
applicant was the original pur-
chaser of such bonds.
III per cent on loans secured by
the same collateral, where the ap-
'plicant was not the original owner
of such bonds.
"755 per cent on loans secured by
commercial paper as collateral.
cit is evident to any intelligent
citizen that no bank can afford to
borrow money at = per cent and
loan it at 6. The simple statement
of this proposition is sufficient to
establish it's truth and no argument
is necessary to support it. If any
banker should ever be so rash as to
adopt hepolicy of borrowing mon
ey at a certain rate of interest and
then lending it at lower rate, his
own depositors would convince him
of the error in this experiment as
soon as they became aware of his
system. At the time of the passage
of this law and prior thereto there
was a money famine in Tennessee,
and it was largely produced by the
fact that borrowers in other States
and in foreign countries, where
elastic rates were in vogue, were
not only monopolizing the loanable
capital outside of Tennessee, but
were actually draining this State
of it's loanable funds.
"The banks of this State were
compelled to break the law or to
break their borrowers. 1t is no
olot on their records to admit that,
the majority of them who were
confronted with this alternative
resolved it in the interest of hu-
manity.
"But this condition was removed
by the enactment Of this law, and
the beneficial effects of its passage
were immediate. The situation of
the borrower began to improve,
and that improvement has been
steady and continued. Money and
credit are more plentiful in this
State than they were prior TO the
enactment of this law, and rates
have decreased, and it may be con-
-9idently predicted that they will
further decline before this act can
possibly be repealed The fact
The Camden chronicle. (Camden, Tenn.) 1890-current, 1922-06-23

Wanted-A load of Is or 20 inch
wood for cook stove; seasoned wood
preferred. Apply at The Chronicle
Office.
The Camden chronicle. (Camden, Tenn.) 1890-current, 1922-06-23

'tions to this rule, in some commun
tiles, does not impair the truth of
its assertion as a rule of general
application and of almost universal
effect throughout the State.
"This law has of itself worked to
refute every argument that was
advanced to oppose its enactment,
or that has been suggested as a rea-
son for its repeal. Millions of dol
lars of outside capital have been
loaned in this State during the
past twelve months at rates vary
ing between 6 and Z per cent, with
the rate showing material decline
during that period and manifest
tendency to decline still further.
Fhe law of supply and of demand,
having been unshackled by the re-
moval of an unreasonable arbitrary
restriction, has worked its natural
tendency to relieve the excessive
demand, and this slackening in de-
mand is producing it's enevitable
competition between lenders of
money. and~a' consequent lowering
of interest rates.
Turning now to some future
contingencies that we may be called
upon to- face, let us consider brief
ly the matter of the War Finance
Cooperation, which is now Offering
funds for agricultural credits at 81
per cent with the privilege of re-
newal for three years, but with the
reserved option to increase their
rate to 6 per cent. Assuming that
the rate will remain at 81 per cent
during the three-year period, what
will be the condition that will con-
front us if our own rate is reduced
by law to maximum of 6 per cent?
"There may be some of us who
have been so fortunate, but their
number is too negligible for their
example to become precedent for
the vast majority of us who are
unable to establish an infallible
system for the collection of notes.
The banker who never acquired a
bad or a doubtful note is either en-
gagged in some special form of bank
ing, or is using his funds for the
exclusive benefit of that fortunate
class who are least in need of &C.
commodations.
"If it were legally enacted that
hogs should not sellat more than
& cents per pound in Tennessee,
such law might produce scarci.
ty Of pork in our State, but it could
not prevent the people of the Sta e
from reaching a higher market be-
yond our border for their swine.
Our own supply for consumption
might be normal so long as the out
side markets did not exceed six
cents, but when those markets ad-
-vanc beyond that price, the pro
ducers of hogs in this State would
have enough intelligence to reach
those markets, and home consum.
ers would either have to evade the
law or do without.
Exactly the same rules prevail
in the money market, because mon
ey is a commodity and of all COM
modities it is the one most easily
and quickly transferred. 1t would
require some time and expense to
transfer, say,~a 800, 900 worth of
hogs from Knoxville to Chicago,
but al individual can transfer a
$780, ,000fromKnoxville to Chicago
with all the spee1 of mail train
The Camden chronicle. (Camden, Tenn.) 1890-current, 1922-06-23

adopted at a conference OF manu-
facturers, merchants, publishers,
bankers and farmers held at Nash
vile June 5-6 The meeting was
held under the auspices of the
Tennessee Manufacturers Associa-
ton and WAS attended by about
five hundred men representing
every section of the State:
ave must not expect an econom-
ical business administration of
governmental affairs from ineffi-
cient and incompetent officials.
Therefore We earnestly appeal to
each county in the State to send to
the next General Assembly legisla-
tors not only honest bat capable; !;
and to this end we do most earn
estly appeal to the intelligent and
patriotic citizens of Tennessee to
manifest more interest in the af-
fairs of their country and to. make
the sacrifices that disinterested
public service always entail upon
patriots
awe deplore the enactment OF
numerous unnecessary, frivolous
and vexatious laws, and suggest
that legislator should be COM
mended for the number of bills he
defeats rather than for the number
he passes.
"We deplore the reckless extrav-
agance in the use of the taxpayers
money, and favor the selection of
g committee to compile statements
showing the exact amount of mon
ey expended by all State agencies,
and the publication of this inform
alton for circulation among the
taxpayers of the State.
1--WE favor reorganization and
consolidation of State administra-
tion, with centralized and conspic.
,uous responsibility, centralized
purchasing, budget for the pre-
sentation of which the Governor
shall be directly responsible, aud
the retention of efficient. employe
personnel; and we demand the ab-
olition of every useless and unnec-
essary board, official and employe,
"We condemn the present sys-
tenn for the collection of delinquent
taxes and for the back or reassess-
ment of property, with the penal
ties and commissions, and unneces-
sary cost to the taxpayer without
corresponding benefit to the State
aud county.
"We recognize the necessity for
proper penalties against taxpayers
who, through fraud or copnivance,
have been inadequately assessed or
whose property has entirely escap-
ed assessment or who become de.
linquent.
at should be the duty of the
county officials, all of whom are all
equately compensated, to collect
back or delinquent taxes without
special attorneys or back-tax COL
lectors, SO that ali taxes and penal
ties will inure to the benefit of the
State and counties.
I'VE are opposed to the manda-
tory primary election law in toto
and demand its repeal, believing
that the people cf the counties and
other civil subdivisions of the State
should be left free to determine
for themselves the manner of Sc
lecting their candidates for Office.
ave recognize the Fundamental
The Camden chronicle. (Camden, Tenn.) 1890-current, 1922-06-23

Send Pie Chronicle the happen
ings in yoer locHi.ty.
New-York tribune., 1922-01-22
Walk Down TO Times Square,
Then ''Turn to the Right

Walk Down TO Times Square,
Then ''Turn to the Right"
Turn to tho Right" another one Of
those fine Rex Ingram productions, will
open at the Lyric Theater Monday
night. Mr. Ingram has made hts pic
ture from tina fs.n Golden stage sue
-ssa which waA written by Winchell
Smith and John e. Hazard. The play
ran for year and half in New York
and for a year in Chicago. and it is
believed by those who have seen Mr..
Ingram's picture that it will repeat
the success Of the original. John Gold
en- would not surrender the full rights
Of his play, but has retained half in
terest, and this will be his debut in
motion pictures. Metro paid s250,000
for & half interest. The cast includes
Alice Terry, Jack Mulhall, Harry
Myers. George Cooper, Lydia Knott,
Eric Mayne and Edward Connolly.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
OBION AND GIBSON COUNTY
TEACHERS ASSOCIATION
Meeting to Be Held at Mason Hall
Saturday, March 4.


Program will be as follows:
Devotional, Rev. Hickman.
1000. Welcome Address, w. o
Hornaday.
10:45. Response, Prof. O. e
Holmes, Gibson County.
1915. Response, Prof. Geo. Alley
Obion County.
1915. Teaching English in High
School, Prof. H. L. Jones, Obion, and
Miss Birdie Patterson, Gibson.
1885. The Teachers Halo, Prof.
F. E. Ranck, Obion.
1925. Reading, Miss Ercelle Reed
11:4O. Sufficient Support for
School, Supt B. A. Vaughn, Obion,
and Supt. F. L. Browning, Gibson.
1900. Noon.
1:3O Music, Miss Ella McNeely.
1:45. Sufficient Support for Schools
and What the Teaching Profession
Should Give in Return, Prof. R. L.
Jones, Pres. State Normal, Murfrees-
borO.
2:45. The Teachers Preparation
for Her Recitation, Prof. J. NJ. De
Bow, Gibson.
3:45. Business Meeting for for
Each County.
$50. DismissiOn.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
VOL. 81, NO. 40
Farmers, Attention!

Never before there such need for the cooperation
between the Farmer Packer Manufacturer Banker and all
kinds of legitimate business day. We all need work
together. The farmer the first catch the decline in
prices and he must be the first to be pulled out II
Manufacturing and other business prosper unless
the farmers prosper The very existence of this Packing
Company depends upon the farmers of this community.
Thousands of dollars lost every month in Obion County
by the farmers selling their grain instead Of feeding hogs
cattle Go into the Stock Raising business stay. Sell
average number of stock yearly instead of by Spells Keep
your stock until they fat and ready for market then they
will command the best price Every farmer in this county
should raise both hogs and cattle and every landowner should
encourage their raise enough chickens and hogs for
their
When you have live stock for sale call for Mr.. c.
Saunders, stock buyer We always in the market.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
C. E. Convention in Newbern.

The second annual convention OF
Northwest District of the Tennessee
Christian Endeavor Union will be
held in Newbern April T., s and g.
with the societies of the Cumberland
Presbyterian Church, and it is ex-
rected that there will be one hun
dred and fifty visiting Endeavorers
in Newbern at that time. Northwest
District is composed of nine counties
in upper West Tennessee, in which
there are forty societies, and it is
said that this is one of the best or
ganized and most efficient districts
in the State union. The officers are
as follows: President, Clark Will
hanson, Newborn; vice president,
Ewell Reagin, Mckenzie; junior su-
perintendent, Mrs. r. H. Thomas,
Mckenzie; intermediate superintend-
ent, Miss Ethel Fumbanks, Dyers-
burg; Tenth Legion and missionary
superintendent, Miss Ruth Gladhill,
Dyer; Quiet Hour and Life Work
recruit superintendent, Miss Mildred
Stehr, Humboldt
Local Endeavorers are already
planning for the entertainment of
the visitors among whom will be rep
resentatives of the State and All
South unions. Lawrence C. Little,
of New Orleans will also be present
throughout the convention, and it is
expected that the program will be
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
Truck Growing Increasing in Dyer

Dyersburg, Tenn, Feb. 24.-Orin
Hunt in charge of the truck growing
plans Of the county, has received two
carloads of fertilizer and one million
cabbage plants ready for setting out.
The tomato acreage will be even
greater than that put in cabbage.
Strawberry acreage is being in
creased and many farmers are plan
ming to put in beans. This will be a
truck year in Dyer County.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
Arrested in Sick Bed.

Hickman, KY, Feb. 25.-OIiver
Williams, accused of breaking into a
jewelry store at Ridgely, Tenn, and
stealing watches and jewelry, was
arrested here by Sheriff ]. O. West on
complaint of Lake County officers
Williams was sick in bed when ar
rested. He was confined in Jail and
later tried by Judge Chas. Nugent,
being released on writ of habeas
corpus issued by Judge Nugent.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
Commerce Chamber Opposes Bonus.

Washington, Feb. PA referen-
dunn vote among the members of the
Chamber of Commerce of the United
States upon the proposal that a cash
bonus be given. former service men
resulted in a 72 per cent majority
against the suggestion, it was an
nounced to-day.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
SUNDAY MEETING AT
JIMMIE'S PLAYHOUSE
Corner Stone of Business and Char
acter Building.

Despite the rain very fine audi
ence was present last Sunday after
noon at Jimmie's Playhouse for the
Christian Endeavor exercises.
Miss Inez Lovelace entertained
with a reading number and Mr. c. V
Jones with song number.
Mr.. H. NJ Oliver, the well known
Union City druggist and enterprising
citizen, made an address along the
line of community and character
building. Just as the reporter en-
tered the playhouse Mr.. Oliver was
quoting from Marshall Field and
Dombey & Son. One of these was
the famous American retail mer-
chant, the other the house in Dick
ems Imagination that was the symbol
of successful business. We presume
that Mr.. Oliver had expanded on the
foundations of these concerns.
Speaking OF the cornerstone of
character Mr.. Oliver said that he was
not familiar with the ethics of the
legal profession, but he could not un-
derStand why a lawyer would seek
to protect and defend criminal in
the courts of justice. Reasoning from
his own standpoint, he thought the
lawyer so doing was equally as guilty
ha o1.ir1 SoiI tho cnnoknrs
the lawyer accepting a fee from the
man he knows to be a criminal
should be held responsible in same
penalty.
And then Mr.. Oliver discussed the
profession of the bootlegger, saying
in effect that but for the support of
the so-called better element the pro-
fession would have very little en-
couragement. Why should we have
10 invoke the aid of the police to pre-
serve order at the Elks' dances. This
is one OF the examples of the support
of bootlegging. Said he was an Elk,
but how can the Elks' organization
sustain it's character and neglect a
practice of this kind.
Building character and building
business is composite having rel
ative influences. Says Mr.. oliver,
Union City is the home of its citizen
ry, therefore the municipality is
ours, and whatever we do for one
citizen we should do for another. If
we build concrete pavement in the
heart of the business section every
citizen is entitled to the same kind
of improvement in his own locality.
He favored street construction but it
should be equalized.
Calling attention to another i'm
portant department of city govern
ment, Mr.. Oliver said that the hands
of the Board of Education should not
be tied in the management of the
City Schools. We owe it to our chill
dren that every advantage should be
given them in mental and physical
as we'll as moral training. Building
character, building business and i'm
proving the mind are all in the gen.
eral plan of good citizenship. The
Board of Education should be free to |
handle the school funds and to super
wise the city schools.
The address elected the very kind
est attention and interest.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
To the Teachers of 0bion County

There will be free conveyance at
Kenton and at Trimble to carry the
teachers to and from Mason Hall.
The teachers can go down on the
early trains and return on the even
ing trains. Every teacher in Obion
County ought to be at this meeting
and here's hoping that you may.
Very truly,
B. A. VAUGHN.
The commercial. (Union City, Tenn.) 190?-193?, 1922-03-03
one of the most attractive and bene-
fetal ever attempted by a district
union.-Newbern Tennessean.

Thirty of 48 States have libraries
which serve less than one-half of
their populations.
The New York herald., 1922-08-02
MOTOR CARD RUSH
GOES ON OVERTIME
Lahey Says Limit Isn'tExtend-
ed and Late Applicants Need
a Good Excuse.

Hundreds of persons continued yes
terday and last night to visit the police
stations for the purpose of obtaining
the new traffic warning cards. despite
the fact that the official time limit. as
set by orders from Police Headquarters.
expired at midnight Monday night.
Chief Inspector William ]. Lahey de-
MED a report yesterday that the time
limit had been extended week. No
new orders have been sent out on the
subject, he. said, but applications for
the cards still are being accepted.
The police" he said, will place a
liberal and reasonable Interpretation on
the ordinance for perhaps a week or
ten days, provided persons caught with
cut cards have a good excuse. Nearly
everybody who was not out of town or
had some good excuse has obtained
mis- card. There will be no wholesale
arrest Of those who have for sufficient
reason neglected to provide themselves
with cards"
Persons who do not live in New York
are not required to obtain cards. but
they may have cards If they want them
by applying to the traffic squads head
quarters in the old West Twentieth
street police station.
The New York herald., 1922-08-02
HONEST TRUCKMEN
WERE RUM HOUNDS
Their Shirts and Overalls Put
Liquor Sellers Off
Guard.
ICE BROKEN WITH HORSE
First They Asked Drink for
for Faithful Pete Then
Themselves.

"A truck laden with packing cases and
manned by three begrimed workers in
overafls and khaki shirts, with cotton
hooks hanging from their belts, started
out from Broadway and Twenty-fourth
street early yesterday in a general
northeriy direction. Pete. a faithful
old animal of fifteen summers or more,
hauled the truck and was the excuse
for some twenty-five stops before City
Island was reached. Pete, 1t seems
possessed an abnormal thirst and a
shoe had habit of getting loose every
so often.
Thesthree men aboard the truck an
swered to the names of William STAFF
ford. Peter Reager and John Kerrigan.
and they did not seem at all put out
by Petes pranks. In fact, they very
readily came to a halt when Pete
snorted hrice. the signal for a drink,
or when clanking sound was heard
which betokened the fact that that in
fernal shoe on Pete's starboard side
aft was loose again. Proprietors of
candy stores, groceries and an occa-
sional thirst st-quenching establishment
were Samartans to the unfortunate
crtter
They were so kind in fact, not only
to Pete but to his three guardians. Will
lam. Peter and John, that a few more
Gays will pass before they get through
explaining it. The kindly proprietors
supplied buckets of water to quench
Pete's thirst and hammers to tighten
his delinquent shoe. If they had quit
there there would have been no occa-
sion for this article. 1t was what hap
pened after Pete had been fixed up that
they will have to tell about and in no
uncertain manner.
To let the proverbial cat out OF the
bag. William. Peter and John are
among the most efficient members Of
the staff of Ralph A. Day, the gentle
man charged with the duty of keeping
New York anti-alcoholic. Their expedi-
tion by wagon was a new wrinkle In
enforcement tactics and the trio agreed
last nigh: it proved knockout. Oasis
operators they had been after long
time but that had failed to respond to
the ordinary good fellowship entreaties
literally fell over each other in the de-
The New York herald., 1922-08-02
TELLS HOW POLICEMAN
CLUBBED MAN AT GAME
Witness Says He Was Quick
to Resent Slur.

Additional testimony of alleged unfair
actions and unnecessary violence was
given yesterday at the trial of PATROL
man Frank ]. Neidhamer. formerly of
the West 177th street station, before
Judge Johnstone in General Sessions. He
Is charged with first degree assault on
James S. Carpenter of 7s Sherman ave-
nue.. after a baseball game at the Polo
Grounds August last. He is alleged
TO have blackjacked him because he
brushed his foot against his coat
Joseph D'Abate, a disabled soldier
from Fox Hills Hospital, swore the de-
fendant told Carpenter to take your
damn foot off my coat and Carpenter
replied. What you need is private
box Then. he testified, Niedhamer
struck the complainant over the head
D'Abate said re tried to go to the aid
of Carpenter, when William Boudreau. a
detective. told him not to butt in and
threatened to blackjack him.
The trial will be resumed to-dav
The New York herald., 1922-08-02
CLOTHING WORKERS
BLOCKED BY COURT
Permanent Injunction Entered
Against the Amalgamated
Organization.

PHILADELPHIA, Aug. IA permanent
Injunction restraining the Amalgamated
Clothing Workers or America from
molesting, intimidating or otherwise in
terfering with the employees of the A.
b. Kirschbaum Clothing Company was
issued to-day by Judge Rogers at the
conclusion of a hearing at which one
witness testified that he had been
threatened with death for refusal to
join the clothing workers organization.
Others testified that they had been
threatened with bodily harm for similar
refusals
Judge Rogers ordered that the names
of the 4,0S5 members of the Amalga-
mated appear in the injunction and
issued a warning that violations would
meet with severe punishment.
Immediately after NJ. Flaxman,
tailor employed by the Kirschbaum Com
pany testified that he had been threat
ened with death a clash took place be-
tween Judge Rogers and William A.
Gray, counsel for the Amalgamated.
The attorneys objection to the admis-
sion of the testimony was overruled.
Mr.. Gray then demanded that the
court make public retraction for having
expressed an opinion the day before that
Lazarus MarcovitZ. witness, had lied
in declaring himself to be naturalized
citizen. The attorney produced naturali-
zation papers as proof that Marcovitz
had been citizen for nineteen years.
1.-THE court will not make any retrac-
tions,' said Judge Rogers. THE court
knows all about this man"
Your honor also stated yesterday
the attorney said, that you intended to
break up this organization and drive
1t out of the country
YES" retorted the judge, Il said that
and | won't take that back either. This
organization is not Incorporated and
should have no legal recognition 1t
should be driven out Of all existence as
a menace to the nation"
but it is an organization insisted
the attorney.
Yes responded the Judge IAN or
ganization with a membership and
agents unnaturalized who are sent here
as agitators to promote strife and trou-
BILE and violence at our factories where
the employees are having no difficulties
whatever"