The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1907-10-16

cotton buyer is not materially inter
ested whether high Or low prices pre-
vail. He is interested in each indi-
vidual transaction. He simply buys
and sells cotton based upon a higher
profit for each days work; and it
does not make any difference to him
whether the cotton which he buys
and then sells brings Is cents or )
cents pound, so long as he make mis-
profit When he become a specula
ton he then Of course, has that inter
est which every other specuiator has,
and it is very material to him wheth-
er he is on the right or wrong side of
the market
Question of Holding.
even If I believed-which I do
not do-that it is to the farmers in
terest to hold all of his cotton at tie
opening of the season, l would be
somewhat loath to give him such ad-
vice. for the reason that I realize that
many farmers are so situated that for
fnanci.. reasons it would be impos-
sible for him to do so. This being
the case, in such a crisis as this it IS
all the more incumbent upon those
who can afford to hold their cotton
and take it off the market to do So
BY doing this they not only help
themselves but they help that man
whose financial conditions are such
that he is obliged to dispose OF GER
+o;,, o,,ount Of his prOD.
"It is exceedingly unfortunate 10
all interested in cotton this year that
a stringency in the money market
should prevail just at the time "nen
# is very desirable and greatly 10 the
advantage q of the cotton planter W
keep off the market as much as ne
Dossibly can. In some quarters tne
theory prevails that the bankers aEo
Of the South and the coun-
try generally are not helping me Ia!-
mer all they should tc hold on 10 MS
cotton. If the stringency in the mon
ev market we're local, if it were con-
fined in the South alone, If the man
who buys cotton were not naFlns
aonal difficulty with the man VINO
owns cotton TO borrow money Win
which 10 buy or hold. then tnere
might be some basis FOR such an an
weston. The cotton industry IS
move important and of greater inter-
est to Southern financlers tAan any
and all industries Of the SoEth com
aimed. for it is the basis Of Southern
nrosnerity. Not only this, but a
hank makes il money by lending
money to any and all who have prop
er collateral, and if the southern
hanks were in a position today TO ao-
vance money to the manufacturer
the cotton buyer or farmer for cotIon
transactions they would unquestlon-
ably do so.
Money Stringent in General.
.cThe present stringency in the
money market is not confined TO tne
South and to Southern banks. IL
prevails, might say, throughout tne
United States and Canada, and 1he
same conditions exists in Europe,
rhe unusually high rate OF discount
which today prevails IN BRUSH
hanks testifes to the fact that the
nresent money stringency is WoTld.
wide. and that for the time Delng, al
least the worlds monetary tacllltles
are Inadequate for the volume OF
business both in progress ana con'
temptation. - =.
1T does not help matters Tor Us
70 decry and to blame any one es,
,ecially for the present condition Of
aff.;,c in this resDect. The scarcity
of money affects all alike, and we cal
do nothing but meet the s1tuatlon d. d.
we find it, realizing that We are TO-DAY
confronted with a condition ana not
theory. Many men differ as to the
cause of this condition, but IN m!
oninion. the stringency in money /:
caused by the fact that the people 0,
This country and of Europe have SIM
nly in the last year oyerreachec
themselves in the amount OF ouslnes:
that they have transacted. NOT onis
this, but the large profits which nave
heen made in business bave been IN
vested in improvements, comforts
and. I might say, luXuries OF al
kinds. Therefore, for the present a
least. money, which is simply med
iun of exchange, must catch up, a:
it were, with the many Uses to "nlcf
it has been applied. In addition te
Ibis the tendency of the day is le
regulate and control the large corpor
ate interests and trusts. Whl!e II
MANY cases this is proper and legltl
mate. and most desirable, still Tor
time at least it depresses securlIleS
and will continue to have this enecl
until we can draw a distinction be
tween the corporation doing its bus
mess legitimately and the corpora
ton doing it's business illagltlmatei!
Whe; the stock and bond market Is
depressed it means that capital Tor q
time has become timid. and the more
timid it becomes the more tendency
it has to withdray from circulation
and the more stringent money BE-
comes.
Banks Arc Taxed.
"While the banks of the South, OF
course realize fair profits upon the
business created by production and
handling Of cotton, still oftentimes
they are taxed to their utmost capac-
itv to furnish to this industry in its
many ramifcations all of the money
that it demands The banks furnish
money directly to many of our lar
mers. They discount the notes which
others of our farmers make to the
merchants. When farmer gives his
note for fertilizers that note before
very long finds its way to the bank
and the same is true often with the
mules and implements which he
buvs. When the crop is ready to be
harvested the banks have to supply
the money with which to move It.,
and until that time, everything has
been going out and nothing coming
in. When the Southern banks, there
fore. are called upon to furnish mon
ey with which to hold the crop unless
a large amount of the money wanted
goes to pay the notes made to the
No a