The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-11-08
PUBLISHED EVERY WEDNESDAY
STATE VALUATION.

STATE VAllDAliON.
Elsewhere we reproduce an IN
terview with ex-senator John l.,
McLaurin published in The State
oath inst, which is worthy the
serious consideration of thought
fcl men.
Briefly put the idea is, that the
various cotton growing States
shall validate warehouse certlh-
Gates for stored cotton so as to
give them commercial standing
in all the money marts Of the
world. This portion Of the plan
is no experiment, it is in actual
operation in the State Of Louis
lana. Senator McLaurin goes a
step farther and makes sugges,
ton that if adopted would have
a profound effect not only in the
South, but upon the entire tinan,
cial world. He says in effect
s:make cotton warehouse certlh-
Gates the basis upon which the
United States Treasury Depart
ment can issue currency. The
time is favorable for such plan.
Since the abolition of the State
banks by the imposition of the
federal ten cent tax, the holders
of United States bonds have had
an absolute monopoly Of the IS
sue of money. By making money
plentiful when they had bonds or
Stocks to sell they could receive
high prices, by making money
tight and scarce, when New Eng
land wanted cotton, they have
been able in a large measure to
override the laws of supply and
demand and fix the price of prod
uctive labor.
The system however, like
every other great evil is about to
DIG it's own grave. The panic Of
1907, gave these wise fnanclers
a shock from which they have
never recovered. 1t was plainly
apparent that our money system
was not sufficiently elastic to
meet aud successfully ride
through a financial storm. 1t was
too top heavy, so Senator Al
drich introduced a bill to give it
a little base and standing room.
The entire matter has been re-
ferred to a currency commission
who are to report a plan to con-
gress.
It is said that the favored idea
is to allow certain other classes
of securities like steel stock, 1st
mortgage railroad bonds &c, to
be used as the basis Of money is
sue. Now the Senator asks if
they allow money to be issued on
corporation securities, what safer
thing could there be than cotton
warehouse certificates, the cot
ton alone would be good, but
when backed by the credit of the
State, it would be better than a
State bond, because it would
have the specific pledge of GER
tain cotton IN addition to the faith
and credit of the State.
The banks could be permitted
to issue this currency just as
they now do, except that by US
ing warehouse certificates IN
stead of United States bonds the
money would not cost the banks
over two per cent, and they
would get the same profit loan
ing at four as when as now mon
ey costs them six and they re-
ceive eight. We think our peo
pie should "get busy It may
bee too late to benefit this crop,
but we can get ready for the
next. Were it not so near the
approach of the regular session
Of the legislature we would sug
gest an extra session for some
action to oe taken for the relief
of those who have not yet sold
their cotton so that they may be
saved from the clutches Of those
who are today robbing the plant
er through money manipulation
of the fruits of his toll, but it IS
too late for this year, even if an
extra session could be called.
There is no man in the South:
better able to forecast a broad
comprehensive plan than Sena
tor McLaurin, and we wish a
great mass meeting could be
called at some central point like
Florence or Sumter where this
State valuation plan could be
discussed. It begins to look good
to US.