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The Elkin tribune. (Elkin, N.C.) 191?-1969, June 01, 1933, Image 6

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THE ELKIN TRIBUNE Aim RENFRO RECORD Pn Wished Every Thursday by ELK PRINTING COMPANf, Inc. Bib*. N. C. THURSDAY, JUNE 1, 1933 Entered at the post office at Elkin, N. C., aa second-class matter. « ... C. ». FOSTER President H. I»AKKOON Secretary-'Treasurer SUBSCRIPTION RATES, PER YEAR In the State, fIJIO Out of the State, 92.00 Speaking from observation we'd say that a girl's marriageable age is anywhere from the seminary to the cemetery. With a thousand wives, and having the wis dom he is credited with, we'll bet a pewter nickel that King Solomon didn't have very much to say. Mothers in other days used to put their slip pers to extensive use on their children; now most of them wear their footwear out on the dance floor. History does not record whether Abraham j Lincoln ever returned the books he walked ten miles to borrow, nor does it state whether it was a Japanese cherry bush that George Washing ton's trusty hatchet felled. Carrying A Light Highway rules in this state require pedes trians to walk facing the traffic, particularly at night. Other states have the same requirements but now comes Delaware with a law that has just been enacted reading: "It shall be unlawful for pedestrians to walk on any improved hard-sur face highway used for motor traffic, outside of corporate limits, without carrying a lighted lan tern, flashlight or other similar reflector." The law specifies the hours that lights must be carried as from one-half hour after sunset to one-half hour before sunrise." This will revive the memory of the good old days to lots of old codgers in this section; dear old days when there was no danger from the sud den whiz of a passing car, mayhap driven by one whose spare arm is not available for steering. When Silas was going down the road apiece to see his neighbor, he carried a lantern; when the fam ily group was trekking to and from church on Sunday evenings, one of them carried a lantern or a pine torch that must be carefully held to avoid the drippings. But if Delaware pedestrians observe the law, however inconvenient it may prove, there will be 'more of them alive to bless the day that they bothered to carry a light. Two deaths and three painful injuries have been recorded in the papers within the past three weeks, as a result of some body's carelessness on the highways when pedes trians were struck by passing cars. It is not always the fault of the autoist. Children in particular, are inclined to take a risk; some of them actually covet the thrill of a nar row escape and project themselves beyond their portion of the road. This is doubly dangerous at night, especially on curves, when the driver can not sense the danger until after the damage 4s done. All of us are inclined to insist on our right to the highways, but it is a doggone sight better to forego these rights than to be right dead. Two Questions Two outstanding questions have developed j from the Senate investigation of the House of | Morgan, with no less personage than J. Pierpont himself, giving testimony. "Why a private bank" is one of these questions. Mr. Morgan, whose great banking house has been built up in the last half century or more as a private institution, gives it as his opinion that there is no need for legislation dealing with private banks. On the technical theory that his institution does not advertise for deposits and does not do a general banking business, it therefore should not be pestered with prying supervisors. Heretofore government has left him and his alone, with the result that now it is disclosed that in an insidious way the House of Morgan has reached its tenta cles into the arteries of the economic affairs of the nation in a way that breeds ill health. Men prominent politically have been extended special favors with the accompanying announce ment that no strings are tied to the courtesies, yet a moron should see that they are thus hog tied to this huge financial structure. It develops that the Morgans have invested heavily in public utilities, to the extent that their affiliates control close to 25 per cent of these ser vice organizations. But the thing that will interest and agitate the mind of the smaller fry who have been dig ging into their pockets for the income tax that Uncle Sam demands, is that other question "Why the present income tax?" For the investigation develops the fact that Mr. Morgan and his as sociates, who measure their income in millions, have paid no income tax for the past two years, and very little for the third. Mr. Morgan stated on the witness stand that the firm had lost money during the past two years; lost in enormous sums. This he backs up with figures, a careful analysis of which shows expert juggling designed to make the actual loss loom big enousrh to avoid tax payment. By admitting that his institution has lost money, Mr. Morgan will find that the lost respect of his fellows for his banking house, which hith erto they have regarded as impregnable, «vill cost him in dollars and cents. But those who have been made to pay income taxes, while the big fellows escaped will continue to accentuate the question, "Why the income tax?" Three Significant Words Do you know of three words of more signifi cant meaning to the citizens of Elkin than those employed in the Extra "We issued Friday ? "Bank to Open" are words that were used in chronic ling an important bit of news, but they mean in finitely more than that: they tell the story of a progressive people with an abiding faith in each other and in the future of Elkin and community. There are several towns in North Carolina, larger by far than Elkin, that would like mightily to see those three words in their local paper—• towns that have no banking facilities, just as for a period Elkin had none. For it is known to all of us that since March 4th there has been a new deal for our financial institutions. Henceforth there will be less un certainty about the soundness of banks; bank directors will take more seriously the responsi bility that is theirs; bank executives will be held more definitely to a chartered course, and bank supervision will mean something more than the occasional visit of an inspector to count the cash. Had the local bank been forced into liquida tion the community would have suffered tremen dously in dollars and cents, but we would have suffered even more in demoralization and lost prestige. It couldn't be otherwise! The people of Elkin and community sensed the importance of doing something about it, and in a spirit that is characteristic of the town, sacrifices were made, concessions granted, prejudices smothered —and the stock subscribed. It is inconceivable that the remaining de positors would fail to sign over the necessary 15 per cent of deposits, to make certain a new char ter, open the doors of the bank and make im mediately available the other 85 per cent of the money'on deposit. Depositors would be standing in .their own light, should they fail to do this. But when the bank is open, what then? Will we use its services grudgingly and stingily? Will we cripple its efficiency by continuing to keep our money in a sock or hidden in the chimney corner? Or will we take cognizance of the fact that a new day has dawned for banking methods, that assures safety and merits confidence? There is every indication that before many moons legislation will be in force insuring deposi tors against loss. The national icongress seems favorable to this measure, and it is nearer an ac tuality than many of us suppose. If state banks would prosper this same security must follow. Capable and efficient men are at the head of the commission charged with bank supervision. This has been demonstrated very convincingly within the past few months. Commissioner Gur yev, P. Hood has stood like a Rock of Gibraltar between the depositor and unsafe banking meth ods. Sometimes his stubbornness may have been resented, but back of it has been the purpose to put banking in North Carolina on a solid founda tion, from which it cannot be shaken when the winds come again. And this objective is about to be realized. Bankers have seen the fallacy of making loans to a select few, whose collateral, when ad versity conies, diminishes in value faster than the cashier can count. Because they did not see this heretofore is one of the reasons why banking rules have been tightened. No bank ever broke because of small loans to small men, because they offered something more than material values as collateral—they added character. They do not gamble with chance and borrow more than they can reasonably pay. And banking in the future will make closer scrutiny of the security that backs the non-borrowing depositor's dollar. The new rules that govern banking, and the new determination to make supervision some thing more than an empty phrase, leaves no ex cuse for any man to hoard his gold and silver. Under the new order the banks will provide the maximum safety, but they cannot bring the max imum service to the community unless money is brought out from its hiding and, through the banks, put into the arteries of trade. Elkin has done a big thing in making the re organization of the local bank possible, but it will do an immensely bigger thing when our people— all of them, big and little—set their feet on fear and bulk their hoardings into the bank vaults where there is safety now, and where the money can be used in legitimate trade intercourse that directly or indirectly benefits every one of us. We beg that every stockholder, big and lit tle, take part in the selection of directors to rep resent them in the management of the bank, and we deem it unnecessary to suggest to such direc tors that they place a new signifieance on their iob—and actually direct. To them the office will be something more than responsibility, it will be an opportunity for service. With the slate wiped clean, they can build an institution worthy of the town, and worthy of their connection with it. This little town of the hills is fundamentally sound, and will be represented by a financial in stitution equally so. It shall not be otherwise. In character, in industry, in morality we are above the average, and now we are about to get on our feet again financially. This latter fact should be a cause for joy to those who know how inseparably finances are intertwined with the other three, in bringing that peace of mind to a community that cannot progress efficiently with out it. Finally! It is now our bank. Your bank, and mine. Let's give it the support it deserves. It is not a red-headed sten-child. It has been 'made possible again by the sweat of the brow. Let's interest ourselves in its health, its growth to full stature of manhood. THE ELKIN TRIBUNE, ELKIN, NORTH CAROLINA The Merchant With the BEST VALUES Is the ADVERTISING MERCHANT! The merchant who advertises is the merchant who offers genuine values and wants you to know it. He knows that more customers will be drawn to a store where they KNOW they can get a certain item of merchandise at a certain price than to a store which does not advertise and trusts to luck that maybe customers will come seek ing something it may have. Every newspaper published in the entire country is liv ing proof that advertising pays. For without adversiting there would be no newspapers—and if those who adver tise didn't find it profitable, there would be no adver tising. You Will Get RESULTS By Consistent ADVERTISING —7 —ln The Elkizi Tribune Thursday, Jane 1, 1933

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