The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1907-11-13
Will move CROP
The Bankers Of the State Meet
and Confer About It.

DESPITE Tishtness of Northern Money
Market Banks of South Carolina
Can Get Along Cnaided.
Finding that the scarcity of mon
eywas somewhat retarding the move
n1ent Of cotton throughout many Sec
tons of the State, a number Of South
Carolina bankers net in Columbia
Wednesday morning for the purpose
Of hitting upon some plan for reliev-
ing the situation. Representatives
Of leading banks in Charleston, Spar
tanburg, Anderson, Sumter, Rock
Hill, Camden, Darlington, Greenville
and other banking centres were here
and all the Columbia banks were rep
resented.
The banks in South Carolina are
undoubtedly stronger now than they
have ever been, and their very ex-
cellent condition was gratifying to
all the bankers present. Neverthe-
less ready money is undenlably
scarce. Banks have balances in the
New York, Baltimore and Philadel-
phia banks. but they cannot get the
currency. The News York Clearing
House simply said that it would ship
no currency and that stops currency
from coming South as it usually does
in the fall Of the year.
Atlanta few days ago authorized
through it's Clearing House certifi-
Gates to the amount Of two million
dollars. These certificates are endor-
sed by all of the banks Of the city,
and are further secured by one and a
half times the amount in high class
bonds. Macon has adopted Clearing
House certificates, and so has Angus
Ia. Other cities are fast doing the
same thing in order to get the ready
currency. as the certificates are. Of
course, accepted by banks in pay
ment Of debts or exchange is issued
for the Clearing House certificates.
The difficulty is to get actual cur
rency in ample quantities. All banks
are holding as much currency as pos
sible. The South Carolina bankers,
of course, went to help move the
cotton crop, and the call, issued by
Col. D. D. McColl, chairman Of the
executive committee of the State
Bankers Association was, as stated,
in orIer to devise a way for doing
this. The Conference of the thirty
bankers who responded to the Ca:
lasted for three or four hours, and it
was finally decided to call upon the
clearing houses of Charleston and Co.
lumbia to come to the relief Of the
currency situation by issuing fully
protected clearing house certificates.
Such certificates would enable the
banks to handle the cotton crop, and
particularly to assist those farmers
who wish to hold their cotton, and
| it was the general desire Of all to CO.
operate with the farmers in the de-
sire to hold cotton and not have it
forced on the market in case the
farmers eject to hold the cotton. The
following resolutions drawn up by
Mr.. R. Goodwin Rhett, Of Charles
ton, after the fourth hour discus
sion. were unanimously adopted as
representing the views Of all pres
ent.
"Whereas the financial disturbanc-
es in New York have resulted in a
scarcity of actual currency so much
needed at this time to move the cot
ton crop Of the South, while our
banking institutions are in the best
condition they have ever been and,
Whereas this scarcity of actual
currency is also depressing the prices
of our products and causing them to
be sacrificed and,
Whereas some measure for sub
stituting a circulation medium in
place Of this currency is Of extreme
importance for this protection Of the
value of our products.
Now, therefore we, the said meet
ing Of bankers of South Carolina, do
hereby resolve,
First, That the Clearing House
Association of Charleston and Colum-
bia be requested to issue clearing
house certificates for the general re-
lief Of such conditions in this State
as are above described,
Second, That all banks in this
State be requested to urge the use
Of such certificates in lieu of curren-
cy until conditions again become
normal
The Columbia Clearing House AS
sociation will, it is expected, consid-
the resolution and act upon it as soon
as the matter is brought formally to
it's attention.
GETTING SCARCE NOW.