The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-08-17

have had since Canaan Was offered a
free gift TO the children Of Israel?
| AT present we make brick without
straw and the hand of the task
! master is heavy. Our crop is pro-
duced and the expenses are paid, NIT
| in money, but credit paper. whose re-
| demption in gold is unheard Of; at
! least so per cent of all the business
\ transaction connected with making
| the crop is by check, draft or prom
Use to pay" When it comes time to
market the crop abroad where the
price is fixed, payment is demanded in
gold. and the actual shipment of the
metal itself begins. This gold does
not enter into circulation, but is lock-
| ed in the vaults of New York to
maintain commercial supremacy in
which the south Is not permitted to
share.
We have vision of the time in the
near future when, through this sys-
tenn, southern ports will become the
cotton distributing points of the world
| and southern banks, the channel
through which shall flow this steady
stream Of gold. which fructifies the
commerce of the nation.
AT present we permit each year the
purchasing power Of our customers
abroad to be depleted for an advan-
tage to New York. which is a positive
injury to us. because of the steady
fall in,cotton prices resulting. A mere
statement of the proposition reveals
the economic blunder which holds the
south in bondage.
1t is as unjust to European spinners
as 1T is cruel to southern planters. 1t
Is generous only to the gamblers who
exploit both spinner and producer.
The remedy we propose is to bring
the producer and the spinner togeth-
er through a system of government
warehouses, which will, as sure as
fate, become the basis Of a foreign
and domestic system Of banking,
which will reduce interest rates and
regulate money to it's only legitimate
function-a medium Of exchange.
The recent decision of the supreme
court is of far-reaching effect, great
er perhaps, than any of us now real
lie. for it gives broad Interpretation
Of the powers Of the State in protect
ing her citizens from combinations
which would confiscate property by
destroying the profits arising there
from. The South Carolina decision
marks a new era and will be the au-
thority most quoted in the social and
industrial questions now pressing for
solution.
The objections to the bill were on
technical questions, and the broad
door to the police powers of the State
was opened wide by the court. 1t
would be historically fit, should the
trust question threatening the secur-
ity of the nation be settled by South
Carolina leading the way back to
States rights" and the reserve pow
ers Of the people vested in their State
legislatures.
No better illustration Of the effec-
tiveness of the scheme which we pro-
pose could be found than in the crop
just marketed.
In October, under the impact Of a
crop estimated at 14,5OO,OO0 hal:s,
cotton declined to eight cents. This
summer, when the crop is known to
be not much under 100000 bales,
cotton has been selling at interior
towns around IS cents, difference of
about $25 per bale. Twenty dol
lars a bale on 100000 bales so sacri-
feed of the crop in South Carolina
last year would amount to twenty
million dollars. We call your atten-
ton to the undeniable fact that this
enormous loss has fallen directly up
oH tHe planters. Inc banker, mer-
chant and fertilizer factory have been
paid in full or are getting interest on
balances carried over. The railroads
received the same freight per bale
on carrying the largest crop ever pro-
duced.
Where loss on Last Crop Fell.
We further call your attention to
another fact in connection with this
loss: Among the planters it has fall
en- most heavily on the smaller ones,
those least able to stand it. because
the planter with money or established
credit was able to warehouse his cot
ton and realize from lie. to 13c. for