The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-12-24
TALKS IN CURRENCY
SENATOR {. D. Smith STRESSES
REEIS bE fhAMERS
SHOULD Be CONSIDERED

In SpcaNi.>S Before the United States
Senate the Junior Senator APP
proves Democratic Measure as
First One That Has Given Real Es-
tate Proper Place.
Senator E. D. Smith Of South Caro-
lima, discussing the question OF the
farmers needs and financial neces-
sites, said Monday in the course Of
the debate on the administration cur
rency bill:
The president recognizes the need
of legislation to enable the farmer to
finance his business. He says: We
must add the means by which the
farmers may make his credit con-
stantly and easily available and COM
mand when he will the capital by
which to support and expand his
business No stronger terms than
these can be used: in this expression
| he covers completely the exact OBJ
! lection which all financial legislation
up to the present and including this
bill, has striven to do for what is
! known technically as commercial
business.
"The conditions under which the
! farmer produces bis Commercial.
| commodities, by the. laws OF nature
are different from those Of any other
! commercial productivity. By the very
nature OF things he is forced to &
longer period Of credit without am
intervening marketable return. A:
the president says, he is dependent
upon the seasons which can not b.
forced during the period necessar!
for the growth, maturity and harvest
ing Of his crops. A constant outla!
is absolutely necessary. This time
for the production Of staple farm
products, averages from six to eigh
months.
"He, therefore, is forced, by th'
Interchangeable nature of his business
to obtain his loans for this length o
time. A 90-day loan either wouit
have to be renewed under the presen
system or the farmer be forced t.
obtain it elsewhere than under th'
present proposed banking act. Unde
the conditions set forth, It means al
accumulations Of Indebtedness, repre-
Senting the cost of the production o
his entire crop and the c" Of har
vesting. This indebtedness extend
ing over q period of six or eigh
months, naturally becomes due AM
payable when his crop is ready TO
the market. Under present condition
he has to pay the highest rate Of in
terest when he secures loan TO
making his crop, and these loans be
coming due when his crop is gatheret
and ready for the market, he is fore
ed to sell practically his entire pro
duction within period OF 80 to 81
days in order to meet his obligations
"Hence, he is handicapped both il
the production and sale Of his crop
His paper not being recognized a
ordinary prime commercial paper i
discounted at the highest possibi
legal rate, if he is able to obtain
loan at all, and then his crop whe,
ready for market necessarily must b
sold, regardless Of the law of suppl
and demand, in order to meet thes
obligations. In other words,
farmers Of this country, in order t
meet the obligations incurred in pro
ducing their crop, have to put upol
the market 12-months' supply o
farm products within so to 90 days
1t is inevitable under such condition
that the purchasers or the buyers G
these products. having to carry then
for the next II months for distribu
ticn. discount the price and all eX
penses incident to the risk incurre,
in carrying them, and then charg
, what profit they think sufficient t
remunerate them. Therefore, as
have just said, the farmer is handi
capped, both in the production an
sale Of his crops. It is to remed
this condition that the gorernmen
should address itself.
-; An Important Part.
"The farm is an intimate and vita
part, in fact, the essential part, 0
every nations life and prosperity
This is a trite saying, but none tn
less true because so often repeated
And whatever tends to improve tn
conditions surrounding the farm, ia
cilitate production, aid in supDortin:
and expanding the business and as
sists in wise and profitable market
ing, tends to the upbui!ding and en-
~ichment OF the nation. In view o
the relation that the farm bears t,
every department Of our life ever,
effort should be used to promot
every facility fer obtaining loans 70
the farmer sufficient for the proGuc
ton OF his crop and the marketing o
il 10 the best advantage.
"As said before, the farm differ
from every other business. a day
production from mine is ready 70
he marke; to meet the expense in
Cured in shat days production: tn
output OF a lumber mill is ready q
the end OF the day for shipment ans
liquidation of the debt incurred j!
prcGrcting that days output.
"Tke same IS true Of the factor,
and mercantile business: in fact
every other form OF commercial &C
| .;,-:4,- And oil Cr f5ccn Gara tS V0i