The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-01-11

declared that he had observed Mr..
Williamson's work on the committee
and that he had given it a great deal
of life as we'll as great deal of stab
ility.
Mr.. Williamson stated that he had
done what he could for the associa-
ton, but he does not feel that he can
give proper service i'll 1907, for he is
not in accord with the views Of some
which reference to the proposed
scheme to organize gigantic holding
corporation.
Rev. L. L. Archer was nominated
for the other place. He declined, but
the nominations were ordered closed
by vote.
Before they could be elected the
point was raised that these gentlemen
should not be designated as committee
men ntll the association had declared
itself on the holding corporation plan,
which appears to be the paramount
issue. DR.. Ray moved rcconsidera-
ton of the vote by which nominations
were ordered closed.
In, the beginning Mr.. Williamson
and Mr.. Archer had protested against
being nominated, but in view of a
fight on issues they permitted their
names to remain and after the issue
had been discussed by President
Smith and Mr.. Mcbride, In favor Of
the plan, and Mr.. Archer, Mr.. Hyatt,
Mr.. Williamson and Mr.. J. T.. Wan
namaker, in opposition to it, the vote
was taken on the several parties nom-
mated. The first ballot resulted:
Williamson IS; Archer 10; Mcbride
10; Ray 81; Moss 1; Hodge 6. There
was no election, and on the second
ballot Dr.. Ray and Mr.. Archer were
elected. The State convention is thus
evenly divided in it's representation.
One Hundred Million Dollars.
Mr.. Smith made strong argument
in favor of the holding corporation.
The farmers who will not come into
the association need no protection,
and if they put their cotton on the
market when the prices are below the
associations minimum this cotton
could be bought up to the extent Of
100000 bales and could be held,
along with the cotton held by the as
sociation members, until their demand
for prices should be met. a
10 do this would require a capital-
zation Of 100000, 900, to be raised by
members of the association subscrib-
ing to the capital stock SIS per bale
on every bale they propose to raise.
There could be State and county Or
CARNATIONS, regularly chartered, with
regularly appointed buyers, etc.
Mr.. Smith denounced forcibly the
action Of Secretary Shaw in with
drawing $100,000.00O from circula-
ton in the summer. This had unset
tied the money situation generally,
but forced Wall street down upon
Southern loans-and the cotton far
mcrs had suffered.
Mr.. Archer disagreed with Mr..
Smith. This holding corporation
should be organized without connec-
ton, with the association. Further
more, he believes the plan impractl-
cable.
Mr.. Hyatt briefly expressed his op-
position when he was called upon to
speak, but he stated that in Birmng-
ham next week he will talk at length
on "How to Finance the Cotton
Crop" the subject assigned him by
the committee.
Mr.. j. r. Wannamakcr made
startling statement. On recent Wis
it to Barnwell he had been told that
there are people in that county who
arc living in squalor, with poor shell
ter for themselves, less for their
shivering animals and none for their
farm implements. Thcy buy their
meat, even their cabbages and other
vegetables. Why9 Because they plant
cotton, plant it blindly without
thought Of the future. He supposes
that the same conditions exist in many
counties. He opposes the "holding
corporation" believing that it would
be better to build warehouses and to
farmers to the appreciation of the
need for diversification.
Mr.. Mcbride took the view that the
work suggested by Mr.. Wannamaker
is that of Clemson college or agricul-
tural sncirtinS md thnt tho cottnn nc