Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-02-07

Imagine Detter CTeOlt UdSiS tudi
cotton, because no other product Is 80
: readily convertible into gold.
, These agricultural banks are worked
! in harmony with the imperial German
bank or the Bank of France, and in
!, stead Of the bond secured circulation
which holds US down, each bank can
! Issue notes to three times its cash re-
! serve. Three years ago, when war be-
} tween France and Germany seemed
sure to come, France had about two
hundred million dollars Of call money
loaned in Germany for which demand
was made. The Bank Of Germany lost
about forty million Of its reserve In
one week, Just about the same amount
lost by New York when the panic Of
1907 was precipitated. But what 4
difference, the banks In New York sus-
pended payment and were at once in
the throes Of panic.
The German banks went on as IL
nothing had happened, instead Of call
ing in money, they increased their
loans 145 million and issued one hun
dred and fifty -four million more cur
rency. In this country In time Of stress
each individual bank begins to call
loans, and hoard money, while In every
other up-to- date nation they ward of
threatened danger by increasing loans.
and abundant note issue.
New York with about one billion do
lars belonging to banks scattered all
over this country, loaning 1t to stoch
and cotton gamblers Is standing
menace to the prosperity Of this ma
tion. Let us finance our cotton as far
as we can ard establish relations with
money centers abroad, where certifi-
Gates for cotton In q state warehouse
can be placed. Land or its products is
a. I'D. - Dall "A Of
government bonds and every CONNER
cial security In the world are worth
less were It not for the products which
come from the soil. In passing this bill.
let me warn you, that we must as soon
as possible, go further and establish a
banking system, based on land values
in order to furnish long time loans at
low rates Of interest for purposes OF
Industrial development. Pass the ware
house bill, and place the management
In the hands Of those prepared to oper-
ate 1t as best they can under present
conditions. A board that VIII proceed
cautiously and slowly, looking to the
time when our people will be educated
to the point where cooperative bank
ing is possible.
This plan can be started without a
very great outlay of money. We must
have q warehouse In Columbia, one In
the up country, and one In Charleston
to begin with. have thought tina
possibly with suitable freight arrange
ments, the compress could be in Flor
ence, a central point so far as railroads
are concerned. It can be made self
sustaining. and when other states see
US operating successfully. they will
readily fall in line. look for great re-
suits from the next Southern CONNER
cial congress, when recommendation
will be made as to uniform system OF
agricultural banks. / hope they find
South Carolina already operating a
warehouse system, which will enable
US to use our cotton as q credit basis.
There Is one thing that we might as
well understand at the outset. we cam
not get funds for making the crop and
the money to hold It from the Same
source. New York is always ready AMI
anxious to supply funds for making the
crop but when the fall comes, she needs
cotton to draw from the gold reserves
Of Europe. She needs this gold to
maintain her power, and under no cir
cumstances is she willing to aid the
south in holding cotton. Indeed, !
sometimes think that these warehouses
will be something like man "totin" q
gun. As long as he has It In sight, he
tffeyer -needs, IT. It-is only when ne
hasn't got 1t that the necessity arises.
| II several Of the southern states are
prepared to hold and finance the crop.
all that they have got to do Is to fix a
minimum price, that Is fair to all con-
cerned, and 1t will be accepted as all
trust made prices must be and are ac-
cepted In this event the warehouses
would be used by those able to hold and
desirous of securing the maximum
price arising when supplies become
scanty. The mills are now put to the
expense Of hedging their sales In the
future market, thus encouraging q
spirit of speculation, that has sapne'
| the honesty and ruined many mill
man. Suppose South Carolina, Georgia.
Texas and louisiana went into this
| business. They could within certain
limits absolutely fix the price Of cotton
so that II would be stable and a mill
not forced to sell futures to hedge Its
contracts for cloth.
This bill in a certain sense, Is an at
tempt to naturalize our one great in
dustry, cotton. wonder how much tho
system Of cooperative banking abroad
has had to do with teaching those ma
tions the lesson that in Union there Is
strength" / do know that IL cotton
| was grown in Germany, England or
France, they would swiftly hold the
balance Of the world in tribute by 1t.
They have in Germany the potash in
dustry and they have nationalized IL
and force an ever increasing tribute
from the farmers Of the United States
every year. In Sweden the government
handles its iron and steel industries.
England has chosen to make herself
the banker for the world, and through
| the Bank Of England all the nations
clear and settle their balances. The at
titude of the public mind on govern
mental questions Is indicated In old
age pension bills and government In
surance. In France the question Is SER
iously agitated Of the government cor"
trolling the extortions Of middle men
by buying up all food stuffs and selling
II at cost to consumers. So that wher-
ever you may turn there Is no escape.
The whole trend Of the time is toward
cooperation, and making use OF the
government to protect the weak against
| the encroachments Of the strong.
This bill is in accord with the trend
of events and harmoniZes with the
spirit Of the times. You can pass II or
| let II alone, but the idea Is firmly i'm
planted in the minds Of the people, and
the longer It is delayed the more far
reaching and radical will the reform be
when It does come. Our present finan-
| Clal system 'S relic VI DdrUdTiSHi,
heritage from that monumental catas-
trophe, the war between the states. At
| ter fifty years, we are still strugglin
as a nation with its nearby effects.
Reverence for the past Is admirabl
but a generation Of live men who can
not turn the ignorance and blunders OF
dead ancestral generations into sublime
stenping stones to lift themselves into
loftier plane Of being, will ms
tirely the road which leads to the land
where PROGRESS and justice find their
abiding place. The whelming elec-
ton of Woodrow Wilson is not mere
party triumph, 1t Is a notice served by
the American people that this devil
take the hindmost" civilization, where
the crafty and strong always have
their way, is at an end. 1t is part OF
movement over all the land without re-
gard to party which cannot be dispos-
ed Of by jeers and ridicule. A COM
manding public opinion has declared
itself on the side Of justice, and 1t will
never stop until righteous reforms are
wrought into law, and then honestly
and impartially executed.
1t Is not only the concentration OF
the money of the country into the