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VOLUME XXI-NUMBER 32
LAURINBURG, N. C, THURSDAY. AUGUST 7, 1913.
$1.50 PER YEAR, IN ADVANCE
MILLIONS TO BE DEPOS
ITED IN SOUTHERN BANKS
Secretary McAdoo Will Put Between $25,000,000 and $50,
at Disposal of Financial Institutions of the South and
West to Help Move Crops Senator Tillman
Says We've Been Robbed for Years.
Washington, July 31. From
$25,000,000 to $50,000,000 of gov
ernment funds will be deposited
in the national banks of the South
and West at once by Secretary
McAdoo to facilitate the move
ment of crops. Federal, State
and municipal bonds and prime
commercial paper will be accept
ed as security for the money,
upon which the banks will pay 2
per cent, interest.
The motive of Secretary Mc
Adoo in establishing this new
policy is to anticipate the money
stringency in the late summer
and fall, which invariably accom
panies the marketing and move
ment of crops, especially when
the crops are unusually large, as
the harvest now beginning fore
casts. He intends to take time
by the forelock and prevent or
minimize the usual tightness of
money.
In a statement today the sec
retary made the significant an
swer that government bonds
would be accepted as par as se
curity for the new deposits and
that the additional money would
be placed only with the banks
which have taken out at least 40
per cent, of their authorized cir
culation. HAVE GONE DOWN.
i United States J per ct- .bondsv
BcTTi ngfhi Se&irYty "for mufm?f
the national bank circulation,
have been depressed recently to
new low market records, drop
ping to 951 during the past few
days. The secretary's willing
ness to accept these bonds at par
as security for the $25,000,000
to $50,000,000 of promised de
posits and the inducement to the
national banks to increase their
circulation up to the 40 per ct.
limit is expected to help in re
storing the parity of the depress
ed 2s by creating a new market
for them.
For the first time in history the
government will accept prime
commercial paper as security for
deposits. This privilege will be
granted, announced the secreta
ry, in order to make these spe
cial deposits available to the
banks on securities already with
in their reach.
MUST BE GOOD SECURITY.
"The commercial paper sub
mitted." added Mr. McAdoo,
shall first be passed upon and ap
proved by the clearing house
committees of the cities in which
the banks offering such paper
may be located. All commercial
naner and bonds must finally be
X
passed upon and accepted by the
secretary."
Approved commercial paper
will be accepted as security for
the deposits at 65 per cent, of its
face value, and high-class state,
municipal and other bonds, ex
clusive of government bonds, at
75 per ct. of their market value.
The additional deposits will be
placed with the national banks in
the two or three principal cities
in each of the States where har
vesting now is in progress and
where the demand for money
for moving the crops mo3t conve
niently can be met. The secre
tary said it would not be practi
cable to scatter the deposits
amang the smaller cities, espe
cially in view of the character
of the securities necessary.
The banks will be required to
' return the money to the public
treasury when the crops have
been' moved. The present sug
gestion i2, Ur. McAdoo said, that
15 per ct. be repaid in Decem
ber, 30 per ct. in January, 30 per
A COLUMN OF
STATE HEWS
Shsrt Items cf Ksrth Carolina Ksws o
Ssstsrii Interest To Scotland County
In Confessed Form For Exchange
Readers 6a!!isred Frcia Contemporaries
(XJiiDEIISED HEWS
FROM EVERYWHERE
A Cota of the Week's Happenings
Ttaghcat the World Told In Brief
fathered Frees Gar Ccntemnsrarles
n hand Boiled DcwaFnr Our fcad-
it
SPEECH OF CHIEF JUSTICE
CLARK AT FA YETTEVI LLE
m
ct. in February and 25 per ct.
March next.
TO START AT ONCE
"Steps are now being: taken to
carry out the plan," added the
secretary, "so that the funds
may be promptly available or
the movement of crops.' ' Names
of banks to receive the deposits
and other details of the arrange
ment will be announced later.
With the net balance in the
general fund today amounting to
nearly $132,000,000, Secretary
McAdoo has taken the stand that
the government should anticipate
the situation by placing deposits
where and at the time they are
needed.
If the full $50,000,000 is depos
ited, this step will temporarily
almost double the government's
deposits with the banks, which
now hold $58,000,000 of federal
funds.
Just as Secretary McAdoo was
announcing his plan, Senator Till
man, of South Carolina, was is
suing a statement declaring that
unless Congress acted quickly to
provide an emergency currency,
the cotton planters of the South
would lose a hundred million dol
lars through inability to get
jmojjetfjto move their crops.
fwOULD BE ROBBED.
Senator Tillman declared cot
ton planters would "be robbed
of a " hundred million dollars
more" on account of the inability
of Southern bankers to get money
from New York "pirates." He
urged that some kind of a remedy
be put through immediately to
afford temporary relief, and that
I the house banking and currency
committee "stop squabbling" and I and sentenced to three years in
Up to August 1st. $100,000 has
been realized by the tobacco grow
ers around Fairmont.
It fell to the lot of several
merchants of Goldsboro to be
stung last week by a female
check flasher.
Senator Simmons has recom
mended J. W. Bailey of Raleigh
for Collector of Internal Revenue
for the Eastern District.
Rueben Bowles of btatesville
was killed by falling from an ex
cursion train returning from
Norfolk. His head was crushed.
Pitcher Waymack of the Ashe
ville team, while practicing Sat
urday, lost use of his pitching
arm and is out of the game for
the season.
The automobile drivers of the
State of which there is recorded
9,573, paid into the State treas
ury for license during June and
July over $46,000.
Fire of unknown origin de
stroyed four automobiles belong
ing to Mr. E. Norfleet at Seagate
between Wilmington and
Wrightsville Thursday.
Deputy Sheriff R. L. Bain of
Greensboro was shot and almost
instantly killed by Jim McLeod,
a desperate negro he was. at
tempting jto arrest Saturday!
i The cirizens Tjf "Trayettevme
banqueted Maj. E.J. Hale, the
newly appointed minister to
Costa Rica Friday night. Mr.
Hale left Sunday for Washing
ton to make ready for his new
duties.
W. L. Dockery, a negro mail
clerk who shot and killed Frank
Perry, a negro hackman at Mon
roe several weeks ago, was Sat-
! urday convicted of manslaughter
irs.
Norfolk, Va., suffered a $100,-
000 fire loss Sunday morning.
An American owned street car
system has been put in operation
at Panama.
Two bales of New Georgia cot
ton sold at Savannah last week
for 18 cents per pound.
Henry Lane Wilson, ambassa
dor to Mexico, has resigned, his
resignation taking effect October
14th.
Recently a seat on the New
York Stock Exchange sold for
$38,000, the lowest price since
1890.
Robert T. Lincoln, son of Presi
dent Lincoln and former secre
tary of war, celebrated his 70th
birthday Friday.
In 1,623 automobile accidents
happening in this country from
April 2 to May 23, 269 persons
were killed and 1,595 injured.
Yesterday and today Columbia,
S. C., "held a "Welfare Confer
ence for the Common Good of
the People of South Carolina."
Washington City was swept
with a terriffic cyclone Wednes
day of last week resulting in three
deatlja and thousands in damages.
While trying to quell a hop
7?w Cal.,
th2irfcict attorney and 'two
ire- i.iii i 3
aeflrti snenus wereniucu aim
six others were wounded.
Speech of Chief Justice Walter Clark at Fayetteville at a Banquet
to Major E. J. Hale, of the Fayetteville Observer,
Who Has Recently Been Appointed
Minister to Costa Rica.
allow permanent currency legis
lation to be enacted.
Senator Tillman expressed the
hope that the committee would
work out a plan to inspire confi
dence in the business people of
the country so they would lend
money to the banks at 3 per ct.
on satisfactory collateral.
"Secretary McAdoo is well in
formed as to the business condi
tions in the United States, and I
am willing to leave it to his good
judgment as to what collateral
shall be required," said the sen
ator. "Right now there is an
emergency, and unless Congress
acts promptly within the next 60
days, Southern cotton planters
will be robbed of a hundred mil
lion dollars or more by the fall in
price of their principal crop, due
so the inability on the part of the
Southern bankers to get money
from New York at any price or
on any collateral.
BY THE THROAT.
"The New Yorkers have our
people by the throat, as they
have had them all these years
since the war, and only Congress
can give relief.
"The Aldrich-Vreeland act,
which authorized the printing of
the $500,000,000 now lying in the
treasury, grants no relief at all
to our people because of the con
ditions imposed. Relief can be
extended only through associa
tions of banks in regional groups.
"If something is not done, I
see no way of saving the people
of the South from great loss, un
less the '.banks take the law into
their own hands as they did in
1907, and form clearing house
associations and issue certificates
as they had to do then. I am
(Continued from page Ej)
the penitentiary.
Ben Hazel, a 55 year old negro
of Guilford county, after having
evaded the efficers for four years,
has been arrested in Coatesville,
Pa. Hazel is charged with the
murder of his wife and will be
returned to Guilford county for
trial.
By agreement between the
State and J. F. Harris of Con
cord, who has been charged with
aiding and abetting in the sale of
whiskey in that town, Mr. Har
ris gives up his license and is to
dispose of his stock of whiskey
at his drug store within ten days.
In a shooting scrape in Char
lotte Saturday night, Mrs. R. A.
Duncan, wile ot a groceryman
was wounded. The affair hap
pened in front of her husband's
store between two negroes,
r: ai j j o
Caldwell. Mrs. Duncan, Cald
well and a negro woman were
shot in the duel.
Robt. Beaver, a young white
man of Caldwell county while
fleeing from the officers was shot
and killed. The peculiar circum
stances connected with the case
is that the officer did not fire at
the fleeing man, but discharged
his pistol in the air, and the
death can only be accounted for
from a glancing bullet.
A report from Washington
reads: The postoffice department
has ordered an inspection of the
postoffice at Mount Vernon
Springs in Chatham county. It
!s a fourth class office paying
$150 a year. .The present post
master is a child, the incumbent
having moved away and resigned
Kicks over the service have been
made. Mrs. Decie H. Brooks is
the only applicant for the job.
I appreciate the honor of being
asked to attend on this occasion
when the good people of this his-
oric town have met to pay a
ribute of respect to one of your
most distinguished citizens. 1
shall not abuse the occasion by
speaking long, when so many
better speakers are present. In
deed I shall be short. When we
were children one of the conun
drums asked us was, "Who is
the shortest man named in the
Bible ?" You will remember the
answer was, isuaaa, tne onu-
shite." I am told by those who
have studied the revised version
that Peter was the man, for he
said, "Gold and silver have I
none," and you know that no
man can be shorter than that. I
shall not forget the definition
given by a school boy in Raleigh
when asked to give the meaning
of "elocution." "Why," he re
plied, "that is the new way in
some of the States they have of
putting a man to death."
Your historic city has, like
ours, tne nonor oi oeanng tne
name of a great man. Indeed,
we have always admired the fore
sight of Sir Walter Raleigh in se
lecting the same name which we
bear with so much credit to our
State and tujgoarselves. It was a
highchool boy in l Raleigh who
recently wrote tmsr compotra en-
According to the State Treasu
rer of Michigan, it is costing the
State $12,500 per day to main
ain the National Guard in the
copper mine strike country.
Alleging that the word, "po
licewomen" is not suggestive of
enough dignity, it has been de
cided to call ten female additions
to Chicago's police department
"social service workers. "
Judge A. W. Cooleyof the New
Mexico Supreme Court and the
most prominent of Dr. Fried
man s patients to take his cure
for tuberculosis is dead of the
disease. He was 40 years old.
Despite the fact that he was
thrown from his horse and killed
Friday night H. F. Remley of
Hickman, Ky., received enough
votes in an election Saturday to
elect him judge of the county
court.
Henrv Lane Wilson. U. S
Ambassador to Mexico while es
corting two women friends to
train in New York was touched
by pickpockets and relieved of
his wallet containing $128 and
some valuable papers.
Reduction in express rates
which will cost the companies
fully $26, 000, 000 a year approxi
mately 16 per cent of their gross
revenue, were ordered Monday
by the interstate commerce com
mission to become effective on or
before October 15th.
John McGibbony, of Waycross,
Ga., was almost instantly killed
by his niece, Lula Gardner, aged
13, Saturday night. McGibbony
tried to play a joke by refusing
to give his name after he had
knocked on the door at his home.
The girl fired through the door
with a shotgun.
A negro attacked a family of
eight near Cairo, Ga,, Friday
night as the family slept. The
brute used an axe in his mad de
struction and two . of the family
are expected to die, while the
other six members are more or
less mutilated. The negro escaped.
upon Sir Walter Raleigh. He said:
Sir Walter Raleigh was a hero
and a great traveler. He took a
voyage and he discovered Amer
ica. He then took another voy
age and he discovered Virginia,
then he discovered the potato.
Then he discovered tobacco, and
then he called his men around
him and said, 'My friends, be of
good cheer, for we have this day
lighted a flame in England which,
by the grace of God, shall never
be quenched.'" The little fel
low got matters slightly mixed,
as did the descendant of the
"Pilgrim Fathers" in addressing
that society on one occasion. He
pictured that gloomy day in De
cember, 1620, when the May
flower cast anchor off the "iron
bound shore," where famine
guarded the solitary coast and
winter barricaded the realms of
frost, the pilgrims landing with
the snow beating in their faces,
and how, "in the scowl of heav
en, each face grew dark as they
were speaking." He said that
these stern men on landing "fell
on their knees and then they
fell upon the aborigines."
Your city does well to bear the
name of this splendid soldier,
the hero and patriot, who at 19
yeare of age was a major general
in our army, and the friend of
Washington. Nearly 50 years
later, in 1824, in his old age, he
revisited this country, and, as
you know, he was entertained at
Raleigh and in your city. A gen
tleman who was at the reception
given him there told me that the
General had one question which
he asked every man who was
presented to him, "Are you mar
ried or single ?" If the man an
swered meekly that he was mar
ried, the General with a beauti
ful smile would squeeze his hand
and say,
with their conditions.
But LaFayette is not the only-
name that is associated with that
of your town. For nearly 100
years, throughout North Caro
lina, whenever Fayetteville has
been named, our people have
thought of Hale, father of sons.
And whenever Hale has been
mentioned, the thought has been
of Fayetteville. As Webster said
of the Constitution and the
Union, "They are one and insep
arable." Nearly 100 years ago
E. J. Hale took charge of the
"Observer" in this city. By his
sterling integrity, his public
spirit, his thorough identification
with the best interests of your
town and State, he built up a
paper which at the breaking out
of the war was probably the
greatest single influence in North
Carolina. I well remember that
the late Chief Justice Merrimon,
one of the great Whig leaders,
told me that in 1862, when it
was necessary to select the very
best manfor the nomination for
Governor to oppose the growing
discontent among our people, he
came by stage coach to Fayette
ville to consult Mr. Hale as the
wisest head and the greatest in
fluence in the party, having been
leaders for that purpose T"
B. vance?--.
man." ai
"'Appy man, 'appy
he, however, shame
fully admitted that he was a
bachelor, the Generally would
slap him on the back and say,
"Lucky dog, lucky dog." 1 am
told that you still have some pub
lic men who can take the bright
est view of every proposition and
know how to satisfy your people
Vance was little over 30 years ot
age. The Observer came out for
him and Vance was nominated
and elected. You will all agree
that a wiser choice could not
have been made. Throughout
the South and Southwest, as well
as in North Carolina, the Observ
er was a tower of strength to the
Confederate cause. This was so
well known that when Sherman's
troops reached Fayetteville the
chief object of their hostility was
the Observer, to whose buildings
they set fire.
There was no place in North
Carolina that was more strongly
Confederate in its feeling than
Fayetteville. It sent two full
companies to the First or Bethel
regiment, and during the war it
furnished more commanding of
ficers of regiments, and indeed
more officers, than any county in
the State, and probably more
men in proportion to population
than any other town in the State.
Though it did not furnish a gen
eral officer, it is well known that
our distinguished guest of this
evening, Major Hale, was recom
mended and endorsed for that
position by Lane's brigade, of
which he was adjutant general.
I am sure that he deserved the
promotion and would have con
ferred honor upon the position.
After the war the elder Hale,
with his two sons, removed to
New York. But McGregor's foot
could not rest far from his native
heath. After their father's death
his two. sons returned to Fayette
ville and their powerful aid was
felt in the fight for good govern
ment and for the restoration of
Anglo-Saxon supremacy, which,
by the way, I once heard a little
darkey style "Angry -Saxon"
rule. On the election of the first
Democratic President, Major
Hale was offered the post of Min
ister to Turkey, which he de
clined, and but for covert opposi
tion, I am told, would have been
appointed Minister to Russia.
It is to his foresight and pow
erful influence that we owe the
great river improvements
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Continued on psge 8. j