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Ti CORDELE DISPAICH
I b el —
| Jssued Daily Except Saturday
! By The
. Dispatch Publishing Company
106 Seventh Street North
B i nimibivisliviorniiri
CHAS. E. BROWN Editor
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T T RRS R ¥| |
\g ;lon‘tha ittt D
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O—— e ee o et i
Entered as second class matter
June 2nd, 1920, at the post office at
Cordele, Ga., under Act-of March 3rd,,’
1870.
Members of The Associated Press I
The Assoclated Press is exclusively
entitled to the use for republication
of all news dispatches credited to it
or not otherwise credited in this pa
per and also the local news published.
e ———————————
BIBLE THOUGHTS FOR THE DAY
° GOD’S LEADERSHIP—*“Ye sghal
walk after the Lord your God, and
fear Him, and keep His command
ments, and obey His voice, and ye
shall serve Ilim, and cleave untc
Him,” Deut. 18:4.
TRAGEDY AND FINANCIAL CIRSIB!
We arc unbappy today as we record
the tragedy that has capped the fail
ure of the Bankers Trust Company
and the Farmers and Traders Bank
of Atlanta, both institutions whose
officials were connected in various
ways with the two chains of Georiga
independent banks that have been
forced to close their doors to ward
off the wrecking started by vultures
in the east who control the federal
reserve banks in this country. In his
better days J. R, Smith was one of
the finest fellows in Atlanta. He has
not been himself of late, due to the
battle he and his associates have
been waging against the monsters
who have been engaged in the Florida ‘
and Georgia wrecking crusade, ‘
* We do not know whether the otherj
Georgia papers are going to resent or
not, but as long as this newspaper
is able to speak independently, we are
going to condemn the practices of big
business such as that which came to
us in the late news of Thursday and
Friday. -
- On Florida and Georgia checks for
several days past eastern corporations
have been tacking such dastardly
notices as this, returning papers of
fered in payment of accounts:
* “Notice—Owing to unfortunate de
velopment in the Florida banking
situation, discontinue accepting checks
drawn on Florida banks. Remit by
post office or express money order."”
Here is the start of the runs.
His excellency, Andrew Mellon, sec
retary of the treasury, and for the
United States government the head
of the federal reserve system in this
country, did not know only yesterday
that this practice was going on. To
day when the wrecking crews have
finished their task and the tragedy
is a complete victory for the vultures,
they tell the government that they
will cease the practice and apologize
to busniess institutions in Florida
which they have thus wrecked. What
unconscionable scoundrels the busi
ness world is having to face in this
day of dishonor and greed!
Here in Georgia we have a chain
of banks—a cunain because these in
dependent banks had to operate sep
arately end apart from the federal re
serve because it is no longer the bank
of the people—the public. The feder
al reserve puts out money on ninety
day limit. It has to come back be
fore a farmer can make a crop. That
means that the federal reserve sys.
tem which was instituted for the peo
ple during the Wilson administration
~—jsn’t worth a ginger snap in the
agricultural sections of this country.
The little independent banks grew upl
a 8 a necessity — and they were Inl
chains because they could thus bet-I
ter find the stocks of money with
which they had to operate, But they
let out their money till the fall crops
were coming in. That was a system
‘needed in Georgia. It was filling a
real need.
These chain banks were thus get
ting the business and the federal re
serve—the people’s bank-—was left to
fight. The federal reserve, except in
rare cases, has of late not been allow
ed to help the agricultural secuons.l
it has not done much of that in Geor
gia. Of course, it is in splendid con
dition, for its money is in the vaults,
Nobody could use it. And it didn't
matter if it was in the vaults with
people who could not use it. It were
better it stayed there, Georgia farms
cannot return money on call, They
have to return it when the crops come
in the fall. The chain banking sys
tem has its disadvantages. All sys
tems have, but it was meeting a
farming need-—and was getting the
business,
The Florida money was offered in
great sumsg to this system for financ
ing. The banks were urged to take
it anq use it. For a long time they
were careful not to use it, but finally
they went in—used a large sum of
Florida deposits in the Georgia banks
on call. If they had gotten it on
October and November repayment,
there would have heen a different
gtory to tell. But we are told—and
we believe it—believe it just as much
as we believe the stories which are
coming from the federal reserve side
of the fight—that the trap was set
in sending the Florida money to
Georgia on call. When the call came
|lt was out in Georgia crops. It Inl
out now in Georgia crops. The fed
eral reserve is behind the call for
the return of this borrowed money—
pressing- with an iron hand. The
scheme was to wreck the chain banks
which were operating independently
of the federal reserve. The federal
reserve which belongs to the public
and was instituted from the first to
meet financial stringencies all over
the country, has been used for exactlyl
the reverse purpose in this cnse—to‘
wreck the independent chain banks‘
of this state and Florida at the first
opportunity. I
The call for money in Florida
would not have touched a Georgia
bank had federal reserve activities
for wrecking purposes not been per
mitted. But the federal reserve is
now the agent of Wall Street-—no
longer a people’'s banking system.
This is the truth about the whole
thing so far as it has to do with the
ninety or more closed Georgia banks
today. Their assets are safe, They
are solvent, The state banking de
partment is out with a statement to
that effect. It would not have been
given out had it not been the truth.
They are closed to prevent the wreck
ers from further ruining them. They
can operate when they have found a
fiscal agent and another clearing
house connection outside of and in
dependent of the federal reserve sys
tem. If the federal reserve had an
ounce of its original purpose left in
it, that would be shown in the dis
position to pick up these closed banks
and carry them on to safety in the
fall. Nothing in the form of aid will
be offered, no matter how safe they
are, and they are solvent. They will
have to go on independent of the fed
eral reserve gystem, for Wall Street
has made the federal reserve their
bitterest enemy. ‘
Thefarmer may well look to his pot
metal fighting piece. This move will
help the Wall Street sharks grab the ‘
cotton crop at Wall Street prices,
There will be little chance for these
little country banks to help finance
the marketing. ; N
We do not know what will be the
outcome of the bankruptey proceed
ings apainst the Bankers Trust Com
peny in Atlanta, As to final effect
upon the cliwin banks, this will not
matter, for they wiil have to set up
their fiscal operations elsewhlere. The
Bankers Trust Company was not a
banking house. It was simply fiscal
agent for the chain banks, The Farm
ers and Traders bank in Atlanta, as
we understand it, was the clearing
house for the chain banks, There
they could clear without paying tri
bute to the federal reserve and they
were doing that very thing. Its fail
ure—due to a run caused by the
poison dropped all over Georgia by
the enemies of the independent banks
—will make it necessary to have an
other clearing house. This may or
may not be procured outside the fed
eral reserve system, but the chain
banks will go on after a period which
ought not to last more than thlrtyl
days.
In the meantime the public fwlllll
wonder all the more why we had to
have these failures when conditions
did not warrant,
HOPE HE FILLED
A Catholic priest has accepted
an invitation to deliver the In
dependence Day address at a Ku-
Klux meeting in Berlin, Pennsyl
vania, This is unusual and bhoth
sides point to it as an exhibition
of tolerance.—Savannah Press,
We hope he filled that date. We
hope more than that—that the Cath
olics who enjoy freedom in their re
ligious activities under the American
flag will first of all hold every Cath
olic loyal to God, then to his country
and his flag—not to Rome—not to
man worship., We hope Catholics
everywhere will understand that this
great country is what it is because
of loyalty to the God of all men,
deepest spirituality and devotion,
then to the government and the flag—
that the rights of free men are guar
anteed here because of such princi
ples. We hope every Catholic in
America will imbibe that love of
America’s God and country that will
enable him to go to a Klansman's
call as readily, as bravely, as cour
ageously as to any other need,
And we hope that the hate and
jealously that has been fanned in the
bosom of far too many that are not
Catholic in their religious views will
be forgotten and that they will be
able to count the sincere Catholic as
worthy as the sincere person in the
ranis of the other churches. We
hope that religion will be elevated
above political partisan clashes and
wrangling. We hope that all religious
and all church activities in future inl
this country may be held high in the‘
esteem of every man—too high for
political admixtures and party jeul-I
ousies. We never wish to see another
religious issue in the politics of the
people of this country.
DESERVING TRIBUTE
The Cordele Dispatch has some |
~ good things to say about Dr. Hard
- man, of Commerce, Ga. The
I tributes are deserving, — Savan-
I nah Press.
I If we could have the campaign
Iclear of ring politics and ringsters
Irunnlng it, we might have an oppor-
Itunity to prove our man is all we
Iclaim for him. Dr, Hardman is far
the bast opportunity we will have in
this campaign for an up-standing chief
‘executive with no hand tied to any
body in politics. That type of strong
man at the head of our state govern
ment would mean much to us in ad
vancement where it would count.
There are people who sacrifice all
public interests trying to put in un-
I\v‘orthy political leaders. Those who
seem to understand politics ordinari
ly get further. Politics has a color
ing all too often which does not aim
at the worthy upstanding man for
public office. Deceit and dishonesty
and trickery are worked by unprin
cipled men at times. This hurts our
chances to have good men in public
cffice.
The wonder to us is that Dr. Hard
man would ever ask for the office.
He is well fixed in his own private
business affairs. He has opportunity
in his present standing in the state
to be of great service--has always
enjoyed the opportunity to be useful,
He has been that in a large way.
Georgians who know him love him and
We Carry A
New Line
of Wedding Gifts;
Birthday tokens, and
Jewelry with an
Expression
in it. :
Our goods are dependable de
signs in the very Latest Crea
tions. We will appreciate a
call to look them over,
S. M. Dekle
_THE CORDELE DISPATOLY
hold him in highest esteemn, Almost
without exception those who reallyl
know him are working for his elec
tion. He would be indeed a happy
selection—a prize for the state in the
governor's office,
We write this frankly because we
believe it. He wants to be governor.
We'll say he is the best Georgian
who has lived on the outside of politi
cal activities in Georgia that has
asked for political honor in twenty
years,
WE HAVE THE EVIDENCE
The Savannah Press Says:
“The Cordele Dispatch seems
to think that the opopsition to
Senator George is a recrudes
cence of the Tilson fight.”
And further writes:
“The Macon Telegraph is a
convert to the theory thatoppo
sition develo‘ped' to Senator
George in Atlanta during the
fight to confirm Mr. Tilson as
judge.”
There isn’t any theory to it. The
bare facts substantiate the claim
Hazy insinuatiens are not wortr
much, but the 'q‘are facts as in this
case, are £oo open that none neec
have doubt. It isn’t a theory a:
all. :
We were not surmising when we
said it was so. We have the ‘gods
The evidence is firsthand—not hear
say.
The Atlanta Chamber of Com
merce will not he happy over its in
terference in the affairs of the mid
dle disthict—the interference whick
sulted in an endorsement from tha.
body to the senate judiciary co.
mittee where Tilson sought a fa
vorable report un which he expected
senate confirmation.
The Atlanta Chamber of Com
meree isn’t higher and mightier than
the state of Georgia. That body
operates in Georgia’s chief city
but still it and the ecity of Atlanta
are in Georgia. Georgia is larger
than this body--and the middle dis
triet is entitled to have one of its
own as federal judge, not a man im
ported from Atlanta—onie offereu
1
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C. V. ARNOLD, JR.
by the Atlanta Chamber of '?om-I
merce. That's more than the hécigh\‘
of presumption—the claim of At |
lanta to any right to put a man Q.I
judge in the middle district, |
And that fight was put up andVl
maintained in s'.:eh threatening man-:
ner as greatly to embarrass Senutorl
George in his fight on Tilson, Therel
was a direct efiort to brow-tbeatl
Senator George in support of Til
son—we say brow-beat because Sen-I
ator George was given to understand
plainly that unless he did so thercj
was going to be oposition.” We know
that. We do nat see why it should
. ATLANTA’S BEST KNOWN
§ HOTEL
. 400 ROOMS OF SOLID
§ COMFORT |
. THE HOME OF GEORGIA
PEOPLE
. ROOMS, RUNNING WATER
81.00 TO $2.00 '
ROOMS WITH BATH §
£ $1.50 TO $35.00
. FREE GARAGE SERVICE
. Ed Jacobs and Lige
; Maynard, Props.
ON TOP.QFEHE WORLD
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too, | :
BUTTER—Cordele Creamery—Why not use it 450
Per Pound ;
YMI i N R e AT A b e
SUGAR—Domino—2s Pound Sack . 51 57
RWTOTR WG 4 % 2 S SFR S Y S S T SvO S ¢ I AR 0 A S SRS WAL ST W
FLOUR—Sweer Rose—Orient—Capitola— $1 39
BE PONNAE L. i v e ss G 0 "
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LEMONS—Fancy Imported— 1 71/._30
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TOMATOES-—You Seleet Them— 5 c
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POTATOES—Large Round No. 1-— 55c
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T A . . e Bo S TTR sVe NS mtens™ AYT FEL A EWREN
MIXED TEA—Bul — : 49c
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Lo R M s y oY Y N
not be told to the voters of Georgia
That Atlanta effort to get Tilsor
through reached out after Senator
George with a threat with opposit
ion. That opposition at first sought
Judge Hines. It later settled upor
Dick Russel—and here we are. The
$4.50
CORDELE
" 4
TO ,
A I K
JACKSONVILLE
< AND RETURN
Each Sunday May 30th-Sept. sth
LV. CORDELE ...incnncinisnnne 1:23 A. M. 5:27 A M.
AR. JACKSONVILLE .iiciniens 7:50 A. M. 11:15 A. M.
Tickets limited to reach Cordele returning
early Monday morning following
For i nformation apply to D. L. Henderson,
Jr., Ticket Agent
Cordele, Ga.
Southern Railway System
Tileon fight brought opposition tc
Senator George when he would
not support the Atlanta republican
for judge in the middle distriet
where Tilson nor his friends had nc
business asking for the place.
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