Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-11-07
STATE VALUATION.
McLaurin Explains the New Orleans
Resolution.

Former Senator John L. McLaurin
and Chas. Crosland returned Wednes-
day night from New Orleans, where
they have been attending the confer
ence OF governors called by Governor
Colquitt. They were the only repre-
sentatives of South Carolina. Governor
| BleaSe was not there. Senator Nc
Laurin was one of the most prominent
speakers at the conference, and pre-
sented some original and valuable
ideas.
When seen by the editor of the
Advocate yesterday, Senator McLaur-
in said the Louisiana plan" received
the most favorable consideration at
the conference, and he has named II
the state valuation plan" When
asked to explain 1t, Senator McLaur-
in said:
1T is already being put into prac-
tical operation in Louisiana, Missis-
sippi and all the territory contiguous
| to New Orleans. In brief, 1t Is like
this in Louisiana; Git will have to be
varied to meet the different condi-
! tions in the several states.)
THE city Of New Orleans owns and
operates the docks and warehouses of
the city under what Is known as the
dock commission. The state puts her
great SEAL under proper safeguards,
upon the certificates issued by the
warehouse. l saw one OF the forms
used 1t is really receipt from the
state Of Louisiana for so many bales
OF cotton. This valuation by SOW
ereign state takes away the local fla
vor and gives the warehouse receipt
about the same potency as the old
state bank currency used before the
war.
THE credit of sovereign state Is
behind the warehoused cotton, and
they tell me money Is obtainable in
any amounts at to A per cent. The
state of Mississippi has called an ex-
ira session of the legislature and
Governor Noel said he would take
advantage of this to present the plan,
but, that being so near New Orleans,
it was hardly necessary as they were
now using the warehouse facilities Of
that city, and the Louisiana plan
was for cotton from any state. The
people are holding cotton out there.
and it is up to the eastern part OF
the belt to do her duty.
MY opinion is that the crop is
overestimated. Practically all of the
crop Is gathered from here to New
Orleans. A. holding movement and a
perpendicular drop in receipts will
speedily drive the bears to cover and
put cotton up, and If we allow the
spot cotton to pass out OF our hands
we will see the middleman get the
profits this year.
IF South Carolina wants to do any
thing, she should be up and doing.
1t occurs to me that what the state
of South Carolina needs Is not an in
terror warehouse system but the
great central warehouse plan, located
at Charleston or some other deep
water point.
IF when tho currency commission
reports a plan to congress for amend
ing the present national banking
laws. 1t would recommend that con-
gress make these state warehouse
certificates the basis for a currency
issue. the problems Of elasticity and
AN emergency currency, which would
retire itself automatically, would be
solved for all time. 1 think the state
had better build some cotton ware
houses in Charleston, instead of spend
ing that million dollars on the state
house."
Senator. it was reported that you
favored valorization on the Brazil
plan"
mo, said state valuation. and be-
ing word Of my own coinage. 1 sup
pose the reporter got 1t little mixed
What about the constitutionality?
well. Louisiana found q constitu-
tiOnal amendment necessary. I don't
know about South Carolina. Having
been engaged in the liquor business.
1t looks TO me as If she might go into
the cotton business, and as there are
no rebates to corrupt the public Of
ficials In this. perhaps she could find
men honest enough to handle the sit
Dee Advocate.