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THE <0 UR ANT AMERICAN.
yOL* XIIL
VEACH’S BILL.
f Neel Explains the Purpose
ot the Measure.
TO BE STATE BANKS OF ISSUE
The provisions Under Which They May Ob
tain a Circulating Medium—The Bill
Forming the Basis of Substitute.
Hon. John T. Boifeuillet, repres
entative from Bibb, as chairman of
Ihe special eommitte on state banks
of issue, reported to the home on
Friday a substitute for the biils in
troduced by Representatives Cal
yin, of Richmond, and Veach, of
Bartow, to authorise the issuance of
circulating notes to the- banks aud
banking associations of this state.
The substitute is known as the
Calvin-Veach substitute,” but it is
understood that it is practically the
Veach bill, and that Mr. Calvin will
press before the house for passage
asubstiiute for the so-called “Calvin
Veach substitute.” The question
has been made a special order for
consideration in the house Tuesday
morning immediately after the
[ending of the journal.
Mr. Neel has this to say regard
ing the bill: ,
| Your last week’s issue contained
g communication from Mr. W. H.
Lumpkin, on the Veach bank bill.
The criticism made in that com
munication I do not think a valid
one. I feel sure Mr. Lumpkin had
not seen the full text of the bill,
or he would never have doubted
the safety of the plan proposed by
the bill.
He says, In the .article referred
to, that the only security for the
issue of one hundred and fifty
thousand dollars of bank bills
would be one hundred thousand
dollars, meaning I presume, the
fifty thousand dollars of bonds de
posited in the state treasury and
the fifty thousand dollars of United
States coin or currency deposited
in the vaults of the bank, as a fund
for the redemption of the bills.
To show his mistake let me il
lustrate and point out the prom
inent safeguards of the Veach bill.
Suppose some of the good citizens
of Bartow county should join to
gether and organize a bsnk of is
sue on a paid up capitail stock of
one hundred thousand dollars con
sisting of lawful United States coin
or currency. One half of this
none y is deposited in the vaults
if the bank as a fund for the re
emption of its bills on demand,
tone touched for no other purpose
Md enforced by severe peiialtleii
°rviolation. The remaining half
lf the one hundred dol
j ia jf j n va ii(i
a e United States bonds, and
kie-half in valid county or muui
'ipsl bonds of this state. All these
*°hda are then dep sited with the
stte treasurer as additional se-
!Uf ity for the redemption of the
,an k’s hills. Upon this the bank
commission of the state issues to
|| e hank one hundred and fifty
wfusand dollars of hills in blank to
•o signed by the proper officers of
hank and put in circulation.
W if the fifty thousand dollars
hnited States currency in the
; au hs of the hank as a redemption
U| i l ami the fifty thousand dollars
II bonds in the state treasury eon
rtitutetl the only security for the
nf “ hundred and fifty thousand
"Bars of hills issued by the bank.
r - hum[kin’s criticism would be
jfh hut such is not the case.
stockholders who subscribed
ll( l paid in the one hundred thous
'"l dollars of capital stock are, by
he Provisions of the Veach bill,
,! *(ie liable for an additional one
llln| fred thousand dollars for the
["lection of bill-holders, and in ad
this it is provided that
" hill-holders shall have a first
111 prior lien on all the assets of
‘ hank. Thus, when the bam.
Mu ‘* and loans out its one hun-
and fifty thousand dollars of
s to the farmers, merchants and
lec hanics of the country, taking
<lr secured promissory notes
'"refer, the bill-holders have a
Nt lien on all these notes for their
‘nt ity. So it will be seen that
1 security for the one hundred
fifty thousand dollars of the
1 '' '’ills really amounts to three
ta ( irod and fifty thousand dollars,
j’ ni/,, 'i as follows, to wit:
o,j"" “ Kl lun< t in the bank’** vaults $ 30.000.
■■ 'iKtafe treasury 3U.CIW.
s. . 1 il't.v of Btofkholdere 190.010
••linsr noted taken on loans 150.000.
totm ‘
' u *'i any man, however cau-
CARTERSVILLE, GEORGIA, THURSDAY, DECEMBER 7, 1898.
Lous, demand greater security?
Is it not safer than the safest
uat.Ks or issue prior to the war,
when the general rule was to issue
three dollars ot bills for each dollar
of specie in the vaults of the bank,
without any deposit of bonds?
But the Veach bill does not stop
with the above safeguards. It pro
vides that the cashier shall give
bond for the safety of the redemp
tion fund in his charge. It provides
that the state hank inspector shall,
at frequent intervals, visit and
examine the financial condition of
the bank, with power to examine
the officers and agents under oath.
It requires the officers and direc
tors to make and publish, at the ex
pense of the bank, regular reports
giving detailed statement of its fin
ancial condition. It gives the bank
commission power to put the bank
in liquidation upon its failure to
keep up its reserves. It also pro
vides that 5 per cent, of the net
earnings of the bank each year
shall be set apart as a surplus and
not to be paid out as dividends to
stockholders.
I have not enumerated ail the
safeguards provided in the bill for
the protection of bill-holders, but I
think, enough has been shown to
assure anyone that bills issued on
such a basis would be thoroughly
safe. We all agree that our need
is a currency that will be safe and
flexible. The national banking
system is safe. We cin make none
safer. Our only complaint against
it is its lack of flexibility. It seems
to congest too much in the great
money centers of commerce. The
Veach bill seeks to avoid this fault
of tiie national banking system and
still preserve the feature of safety
to bill-hoiders. Under our present
currency system, we are annuaiiy
dependent on the great money cen-
ters for funds to move our crops.
Under the operation of the Veach
bill we could provide and use our
ovvn local currency to move and
market our crops and as the returns
come hack from the sale of our cot
ton in foreign markets a portion of
thia local currency would return to
our banks for redemption and be
temporarily retired from circula
tion. In other words it would give
us a currency that would contract
and expand'as our needs might re
quire. I iiope congress will repeal
the 10 per cent, on state banks, and
that the Veach bill or something
like it may become a law in this
state.
J. M. Neel.
Missionary Entertainment.
The Juvenile Missionary society
of the Methodist church gave a
most interesting entertainment i
the church laSt Thursday night.
The members, some twenty-five
in dumber, presented a pleasing
picture as they filed up the aisle,
with their little wands in hand and
attached to them the little mite
bojtes.
The presentation was “The Reign
ofthe Mites,” and the program was
carried out without a bobble.
The songs and recitations were
ail splendidly rendered.
A solo by Mrs. Cunyus was a
pleasing feature if the program.
At the close of the program Rev.
E. I). McDougal with a few appro
priate remarks presented the gold
medal to Miss Alma Hendricks,
who had the largest amount in her
mite box. Too much cannot be
said in praise of Miss Alma as her
prize was won by zeal, sacrifice and
self-denial.
Over thirty dollars was raised by
the “Juveniles” in their mite boxes.
This amount is their contribution
to the Little Workers’ Fund of the
North Georgia conference, for the
support of the new missionaries
sent out by that body.
Mrs. GeraldGriffln, the president
of the society, deserves great praise
for the very fine status she has
brought ttie society up to by unflag
ging and well directed effort.
Thanksgiving Dinner.
Miss Louis Munford entertained
a few friends at thanksgiving din
ner last Thursday which was greatly
enjoyed, at “The Oaks,” the elegant
home of Mr. and Mrs. L. s - “ Iun *
ford, in honor of her guests Misses
Eva Simpson and Lily Mitchell, o
Rome.
The table was handsomely de
corated and those who enjoyed the
elegant spread were Misses -simp
son and Mitchell, of Home,
Marv Gilreath and Louis Munford,
Messrs Charley Cothran and
Junius Simpson, of Koine, an
Messrs. Joe Calhoun. Mank '<>ung
and E. D. MeDougall, of Carters
ville.
OLD BARTOW!
As She Shows up Through Her
Exhibit at August.
SHE GETS THE THIRD PRIZE-
Of Those Offered for the Best County Exhibits
Captain McCormick Strictly “In
It”—Magnificent Display.
In the front end of theagricultural
hall stands the Bartow county,
Georgia, exhibit, the one that cap
tured the third prize in the contest,
and that is attracting a great deal
of attention from all visitors, says
the Augusta Chronicle.
Captain K. J. McCormick, the
genial and competent superinten
dent was seen by the Chronicle re
presentative and show through the
entire exhibit, which is a very fine
collection of farm products.
The space of this display is also
fenced in by a large number of bales
of hay and other forage and pre
sents quite a pleasing appearance
to the eye of the visitor. All of this
forage is of the finest quality and
was highly complimented hv the
judges.-
At each one of the entrances
there is quite a large and handsome
arch spanning the opening, madeof
beautiful sheaves of oats and wheat
and the posts of arches are made of
split ears of corn such as those that
formed the corn palace at the
World’s Fair. This mode of decor
ation is very unique indeed and
showed quiet an artistic tade. It
has been praised by all who have
seen it.
In the collection of hay there are
156 hales, consisting of clover, the
chief forage of this county, also of
eleven other varieties.
Bartow has the finest display of
corn on the ear in the building and
they surpass nearly every other,
from a point of variety. They cap
tured the blue ribbon in this display,
and certainly deserved it. Their
corn is all in sacks, which are plac
ed all along their space, making a
very showy display. In this collec
tion there are forty varieties, each
erne ntnNßt perTHwt.
Just in front of the main entrance
stands a typical country smoke
house made of barley, oats, wheat
and rye. The inside walls of this
miniature smoke house are lined
with all kinds of home cured meats,
sides, hams, shoulders and such like.
This is one ofthe prettiest features
of the whole exhibit find every one
admires it very much.
Alongside of this nAffiesa number
of neatly aranged bags filled with
some unusually fine specimens of
field peas They are ail very clean
and of a very uniform size, showing
that they are the very best that
grows in their section nf the state.
In this display there are about
twenty varieties, all of which are of
the very finest-quality.
An especially attractive display
was a bundle of tobaco in the leaf,
which captured the blue ribbon over
all competitors and which was con
sidered by the judges to be as fine
as was ever raised in the state.
This tobacco feature of Bartow’s pro
ducts is an excellent one and should
act as a stimulus to the people of
that county to raise more of it.
In the centre of the exhibit is a
huge pile of puinkins, numbering in
ail 120. There is quite a large num
ber oi varieties and kinds in this
collection ot pumpkins aadit was a
very close race between the other
counties and Bartow for the first
prize. After considerable delibera
tion they decided to give Bartow
the red ribbon.
Their display of vegtables placed
in neatly arranged apartments on a
large table on one side of the ex
hibit has made many a person stop
and linger around them for the pur
pose of expressing their admiration,
so very good is the whole collection.
The special portion of this display is
the sixteen varieties of large turnips,
eighteen varieties of large onions
and ten of pepper.
The display which has captured
the eyes of all the lady visitors and
one that has caused them to go into
ecstacies of delight is a multi-color
ed rag carpet, which hangs from
tall rafters and falls to the floor,
presenting a sight that no one could
fail to notice. This carpet is really
a very fine piece of work and should
receive the highest praise from
those who have to pass judgment
upon it.
Mr. McCormick then took the
scribe across to the left hand side of
his exhibit and presented to his gaze
a magnificent collection of minerals
found in.Bartow county, such as
ochre, graphite, kaolin, umber and
tripoli, slate, etc. He also has a
fine specimen of gold ore, which
be of a very fine quality.
The cement and lime of this county
appears to be very good. The dis
play oih auxite, of which aluminum j
is made, was one of the most inter
esting ipecimens in the display of
minenjls.
After the minerals came the cot
ton onthe stalk, sqgar eane and sor
ghum of which were unusually
large and fine. The stalks of corn
were Very tall, indeed, and showed
that eprn must grow to a very large
size in that section of the state.
They have five varieties of mag
nificent apples, which captured one
of the prizes.
Thejtast display to be seen was a
blue ribbon piece of bacon, which is
the very finest in rhe whole build
ing.
Council Proceedings.
Council met in regular session
November 2d, 18915.
The minutes of the last regular
and cal! meeting were read and
confirmed.
Marshal Goode reported collec
tions for October as follows:
City tax school fund..... $ 917.44
City tax water und. 733.96,
City tax general fund 1,284.43
Total city tax .... .$2,935.82
Cemetery 4 , $ J 3.00
Livery stable license. 20.00
Flying jenny. 12.5 u
Impounding stock 50
Total marshal report. $2,931,82
The following accounts were ap
proved. and ordered paid:
Pay roll $100.50
A. Hazlewood. 37.50
John D. Goode 50.00
R. A. Milner 43.35
B. Watkins 9.16
E. Payne 2.75
T. J. Harwell 12.00
T. C. Milner 100 00
Rogan A Young 30
J. K. Rowan 11.83
G. W. Havs 2.25
M. F. Word 0.00
James B. Cunyus 100.00
John W. Akin 50X0
Dick Henderson 40
A. K. Forrester 105
Dr. A. S. Riddle 4.00
Johu A. Gladden 1.65
$581.42
at unit of errors in tax as
sessments. tax ' WHS Orderoc
ded, as follows: To J, F. Stephens,
$2.00; to Col. J. W. Harris Sr., $9.60.
The petition of J. F. Stephens and
others asking that the ditches be
opened on Tennessee street, and
that the culverts on the W. fc A.
and E. & W. railroad be enlarged
was referred to a committee com
posed of Aldermen Field, Cunyus
Hnd Gaines.
Sam’l. F. Milam, City Clerk.
Conference Appointments,
The North Georgia conference
which lias been in session at Gaines*
ville the past week, adjourned on
Tuesday, and the following are the
appointments for the Rome dis
trict :
J. F. Pierce, Presiding Eider.
First church, J. T. Gibson.
Second church, G. W. Duval.
Third church, A. S. Stevens.
North Rome, J. A. Sewell.
West Rome, S. A. Harris.
East Rome, Wm. Murdock.
Dallas, W. T. Irvine.
Cave Spring, W. A. Farris.
Cartersville, W. F. Quillian; W.
W. Bays.
Rockmart, Walter B. Dillard.
Cedartown, J. R. King; Cedar
town circuit. J. Lane Ware.
Rev. J. E. England is returned to
Kingston, Rev. F. S. Hudson goes
to Adairsvilie, and Is,ev. H. L. Ed
mondson to Ajeworth.
Rev. J. H. Mashburn goes to El
bertou. ...
The next meeting of the confer
ence will be held at Rome.
Bound Over.
Jim Kilgore and George Nichol
son, who were arrested on the
charge of burning the barns of Mrs.
Fannie Davis, were tried before
Justice Stanford last Friday, and
the former was bound over to court
on a bond of one hundred dollars.
Nicholson was discharged on the
charge of barn burning, but was
Itouud over on a one hundred dol
lar bond for carrying concealed
weapons. Both gave the bonds
and were released.
To Public School Teachers.
I will examine teachers of county
public schools on Thursday and
Friday, December 21st and 22d, at
court house, Cartersville, Ga.
kobt. C. Saxon,
C. 8. Com’r.
Hood’s Pills are etc y amt gentle in ef
fect.
PORTER l MU
Lead all others
Our sales this season have surpassed our greatest
expectations. The reason is plain: We are selling
goods cheaper than any
House in North Georgia.
During- the month of December we must close out
ureat quantities of Dress Goods, Clothing", Cloaks and
Shoes. To do this we will literally
Carve the Heart Out of Prices
We have just received a big lot of Cloaks bought
at a great sacrifice. These goods are made up in the
latest style and embrace all grades, We are going to
turn them loose at prices below any
GenpETiTieN.
V , f
Visit us for Cloaks and Capes—we can save you
your haid cash. Our
CLOTHING STOCK
Is entirely too large. Men’s suits, Boys’ suits, Chil
dren’s suits at 25 per cent discount.
Men’s Overcoats, Boys’ Overcoats, Children’s
Overcoats at 25 per cent discount.
Men’s Pants, Boys’ Pants, Children’s Pants at 25
per cent discount.
Om Dress Goods Deportiiil
Is full of choice goods. We have just received
fresh additions in the newest style Dress Cloths. Prices
lower by 40 per cent than actual value.
Our SSlxoe {Stools:
Is enormous! It is a well known fact that we carry
the largest stock of Shoes in North Georgia. We are
going to reduce this line at once —prices are cut on
every pair of Shoes in our house, Don’t fail to see
them.
Another Big Cut
\
In all lines of Stationery, Call and see how we
slaughter prices on these goods.
We cannot and will not*be
UNDERSOLD.
PORTER & VAUGHAN
NO. 22.