The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-11-08
McLAURlN ON LOUISIANA PLAN.

the conference OF governors, as
the representative Of Governor
Blease who could not attend IN
person on account Of the pressure
of official business. Usually we
find the views Of this gentleman
based upon good sound reason
ing, but how South Carolina IS to
adopt the "Louisiana plan" with
out amending Ter constitution we
admit we cannot see, and even Il
the constitution is amended so
as to give authority to bullc
warehouses. ard issue scrip Tor
cotton. We cannot see how this
would prevent the methods OF
the spectators. True, If the
farmers can hold their cotton by
borrowing money at / per cent
il will enable them to keep the
staple of Of the markets for a
considerable length Of time: but
the game IS one which the other
fellow can play by remaining OF
from the market until the scrip
becomes due and must be paid.
Cotton cannot be held indefinite.
". it must be converted into
cash to grease the wheels Of
commerce. and when the time
comes for it to be sold the buy
ers have the same advantage
they now have.
We have not given this matter
as careful study as we should
like, therefore we are really not
IN position as yet to advise, we
shall however get in position to
give it more attention, and then
we Will give our readers our con-
clusions. Mr.. McLaurin's re,
marks are interesting, and we
herewith reproduce them:
Benuettsville. November 2.-Speclai:
Mr.. Charley Crosland and former Sena,,
tor John L. McLaUrin have returned
feom New Orleans, where they attend
ed the Conference OF Governors, which
has been watched with such interest by
every one. In a conversation with Ihe
News and Courier correspondent, Sen
tor NIcLauria showed that the entire
meeting was characterized by intense
earneStueSs and determination 10 meet
and solve she problem OF such vital IN
terest 70 every one Of the South.
When asked as to what plan recely-
ed the most favorable consideration at
the convantion. he said: The plan pro-
posed to New Orleans was called there
the Louisiana plan If was Gallon on
10 name it I should call it the State
validation plan.
EXPLAINS LOUISIANA" PLAN.
1T is already being put into 2racti.
cal operation n Louisiana, MISSISSIPPI
and all the territory contiguous to New
Orlaus. IL brief. il is like this in Louis
lana. and it vii! have to be varied to
meet the different conditions 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,
upoo the certificates issued by the ware
house. l saw one of the forms used: 1t
is really a receipt from the State OF
Louisiana for so many bales OF cotton.
This validation by q sovereign State
takes away the local flavor and gives
the warehouse receipt about the same
potency as the old State bank currency
used before the war.
BACKED By STATES CREDIT.
The credit OF sovereign State is
behind the wsrehoused cotton and they
tell me money is obtainable IN any
amounts at to II per cent. The State
OF Mississippi has called an extra ses-
sion 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 nee
essary. 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 over
estimated. Practically all OF the crop
is gathered from here 10 New Orleans.
\ holding movement and perpendicu-
lar 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 middle
man get the profits this year.
CONTROL WAREHOUSE ALSO.
III 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 only an in
terror warehouse system but the great
central warehouse plan located at Char
lesion or some other deep water point.
IF when the currency commission
reports Il plan to Congress Tor amend
inc the present national banking laws,
it would recommend that Congress
make these State warehouse certificates
the basis for q currency issue, the prob
lens CT elasticity and an emergency
currency, which would retire itself au-
tomasicallv. would be solved for al!
time. [ think the State had better
build some cotton warehouses in Char
lesion, instead OF spending that million
dollars on the State House. Senator
McLaurin concluded.
FAvORS STATE VALUATIONS
Senator, it was reported that you fa-
vored valorization on the Brazil plan"
NO, l said State ralidation, and be-
ing word Of my own coinage | suppose
the reporter got it 4 little mixed.
''What about the constitutIonal!ty::"
We'll Louisiana found q constitution
al amendment necessary: | don't know