The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-10-22
CALLED ON WILSON
DABBS SEES HIM AND McADOO
ABOUT DEPOSITS.
President of Farmers Union Thinks
the Action of the President and
Secretary Did Great Good.

In speaking of his recent interview
with President Wilson and Secretary
of the Treasury McAdoo at Washlng-
ton, which was arranged by Senator
Smith, about the efforts being made
by those officials to prevent a strln-
gency in the money market and help
move the crops, President Dabos, OF
the Farmers Union, who acted as
chairman and chief spokesman at the
conference, writes as follows in the
Sumter Watchan and Southron:
"As I wrote recently it lies with
the farmers and the bankers in the
cotton counties Of the State as to
how much direct use is made Of these
government deposits. There is nc
question, however, of the wonderful
effect the mere proposal of such de-
posts by the secretary had on open
ing up the money bags of the country
In July and early August the banks
were talking about letting the farm
ers shuttle for themselves, and no lit
tie harm was done to the financial In
terests OF some individuals, and the
country generally by such talk.
When I began the agitation which
resulted in a committee Of the Ma
tional Union being sent to Washing
ton, depository banks in this State
were demanding s per cent. for this
fund and asserting that no part Of il
could be used for holding cotton. By
reason of the general loosening up IN
consequence Of the secretary's an
nouncement, local banks were soor
able to say to the depository banks
what O'Shannasy said to the genera
manager of a railroad as related tc
US by President Wilson: You car
60 TO the devil, don't need your aid.
s'In the last few days have re
ceired letters from two entirely sep
arate sources offering to loan money
on cotton to the amount of 10 or II
cents per pound at 6 per cent. in one
instance and Y in the other. 1 may
be mistaken, for I often am, but i
looks to me like good time to hole
cotton for 4, 6 or months, and i
done on a large enough scale 10 re
duce the pressure on the market i
would bring about substantial ad
vance. The decline Of the past few
days is due solely to the heavy move
ment by farmer who regard 12H
cents fine price.
"I often wonder if the bushes:
men and farmers who so frequently
speak of 12c or 13c or 14c as q. fine
price, give any thought to the losse!
of Southern farmers and to the bust
ness OF the country by the starvation
nr::cos mat have prevailed during hal
of the time since 1890. A stead!
price of Is cents per pound for II
years. with occasional bulges to Is
IS OF 20 cents would not more thar
make up for the losses on 4, 5, s, 7
s and &C cotton Of the 20 years from
1890 to 1910.
eve can get it too. But it mus
be by more widespread campaign
Of live at home, feed the town:
people policy, coupled with closer at
fliation between the organized farm
ers and the organized bankers for
better system Of finance. Presiden'
Wilson told the committee he hoped
the new currency measure will pre-
vent the need of special deposits a
any time, or in any section. But un
less there is organization to make il
effective, I do not expect to see much
difference"