Article Text
The (1907) Scott years ago county along with the whole state and nation had "bank panic" just such have experienced the past weeks. A coincidence that both were "Roosevelt panics. In 1907. Rooseyelt was President, succeeded President McKinley, who was shot by anarchist, Seolsgos just like Zangara, who attempted to kill the present President Franklin Roosevelt. The 1907 panic called "money which lasted about 90 days. Script resorted to in order to open many banks that were solvent, but could not get any currency operate the banks. At that time W. M. Whitson, cashier of the Scott County State Bank and Wells cashier of the Scottsburg State Bank. Both decided not to use script, but to depend on their positors, to use judgement and not come panic stricken. At that time every bank in the surrounding counties made restrictions, allowing withdrawto be only $10 per day, but these banks made no restrictions and weathered the storm. have always contended, since that time (1907) that these panics are that if people have confidence. any well conducted bank can weather panic. The people of this community have shown good judgment, when they did not become panic stricken when the Governor and President declared moritorium. The fine bank, at Austin, not then in operation, but Lexington had bank then, and like the Scottsburg banks weathered the storm in good shape. The Morgan Packing Co. at Austin, not being able to secure currency pay its army of employees, resorted to script, which was accepted by merchants as money, at its face. These scripts provided that the Morgan Packing Co., would redeem this script the United States removed restrictions given by President Rooseyelt. immediately restored confidence and assured the nation that no one need fear of losing their deposits. Fifteen years ago, every American was bending every effort "make the world safe for democracy" in fighting Kaiser Bill, endured coalless, sugarless, meatless and flourless days. We are now up against the should not discouraged, for those experiences and came through with colors flying, and proud of our accomplishment. it is now, in the present As Andy said to Amos "regusting, but will be betcitizens, have more respect for ourselves and greater love for our government. good part of the sent financial conditions are due to our headlong disregard to money and the belief that we never could reach the end of the rainbow. An amendment to the tax lawt was approved by Governor McNut, Thursday. The amendment changes the personnel of the county boards of tax adjustment. The number of county councilmen on the board is reduced from three to one, and the remaining six are to be appointed by the judge of the Circuit court, Of the one must be one township mayor, trustee and one member of the city or town school board. In cases where the county contains cities, member of the town board of trustees is substituted for the mayor. On Governor the bill, passed by the legislature which makes it obligatory on school boards to prepare and have approved by the County Council the budget for teachers and making penal offense enter into contract with teachers for employ ment until the budget is approved. Heretofore teachers contracts have been made in April and the budget made in September. A petition was circulated in Scottsburg last week, which] understand numerously signed, asking the Town Board to the light and water rates 40 per cent until business conditions better. hope the Board get request. no reason collecting this when there