The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-12-24
country would be solved.

rency issue, thus providing an addl-
tional, if temporary, increase in the
circulating medium to meet the re-
uuirements Of trade. This, of course,
will tend to give opportunity for
loans elsewhere than in our banking
and currency system Of sufficient
length of time to meet the require
ments of the farmers. Hence, the
farmer will be indirectly the benef-
ciary perhaps Of a system in which
he should have been the beneficiary
directly.
"I am going to vote for the bill, be-
lieving that it is a first step in the
right direction, with hope and faith
that from time to time there will be
such amendments and notifications
as the needs Of the agricultural In
terests may demand. l fully appre-
ciate that at this time there might
arise some embarrassment perhaps
with those time notes extended for a
longer period than specified in this
bill.
Necessarily there must be change
and readjustment and these should be
as easy and successful as possible.
Reserves are to be established, de-
posts and credits built up, gold and
other securities accumulated and the
system gotten into working shape.
and then perhaps, and hope in the
near future. the farmers of this
country may find an adequate way Of
meeting all Of their needs under the
proposed system when established,
amended and developed.
A Real Departure.
"This bill also for the first time in
our banking history recognizes real
estate as a bonding collateral. This
also is Of great benefit to the agricul-
tural interests OF the country. II
makee ,. BILE the financial resources
Or" 1 1der this bill for the ben.
et 0. os5 who wish to realize upon
tn capital. Before this
tho: .'ished to use their LANDED
rropert IS collateral for its develop
ment were dependent upon such
loans as they could negotiate outside
the law governing national banks and
the resources controlled by the ma
tional laws This is one Of the mos
important features of this bill and i:
recognition Of the value Of the
property upon which the entire ma
ton depends and upon which the
farmer necessarily is dependent.
; The great cry has been 'oach t;
the farm. The agricultural depart
rlent is spending millions Of dollar:
FOR the development of agriculture
interests. All Of this may avail some
. thing. but until agriculture is reliev
ed from the financial handicap unde'
which it is now laboring, until it !:
j placed upon a financial footing Will
tie other commercial and industria
activities Of the country. the condi
! ton now obtaining will become NJ
! better and the high cost OF living be
! come more acute as the years go by
"It is idle to talk about gettins
young men of education and ab!lit.
! TO engage in pursuit in which credi
and the means Of obtaining it arr
| doubtful and uncertain, and the pro
ducts Of which are forced upon th'
market, regardless of price, in orde
to meet the obligations incurred II
their production, President Wilson
says: And yet the farmer does no
stand upon the same footing with tn
| forester, and the miner in the mar
ket of credit the securit,
he gives is of a character not known
in the brokers' Office or as familia
as it might be on the counter o
the bankers
"In the same connection he said
Our thoughts may ordinarily be con
centrated upon the cities and tn
hives of industry, upon the cries o
the crowded market place and th
clangor of the factories, but it is from
the quiet interspaces of the open val
levs and the free hillsides that w
draw the sources Of life and prosper
ity.' 1t is for this reason that the an
cient cry of unrest all over the coun
try comes up against the inequalitie
| in wealth, and it is the most poten
reason for the political unrest tina
characterizes conditions to-day.
While Money Shrinks.
"In the last 10 years the percent
age Of increase in agricultural pro
ducts has been 97.1, while the in
crease in money circulation has bee!
but 72.S per cent: difference be
| tween the relative increase Of th'
TWO of about 25 per cent. more II
agricultural products than in circu
lating medium. When the fact i
taken into consideration tha. yer.
small per cent. OF the entire capita
of the country is used under our pres
ent system for the purpose Of produc
ing and marketing our agricultural
products. it will be seen how made
ouate are the means for financing thl
great Industry and establishing con
Gdence in it's certain remuneration.
The greatest per cent. Of the &C
tual capital of this country is concen
! trated in the great centres Of trade
and used for purposes of speculation
and gambling in stocks. bonds. ant
even in agricultural products them
salves--a use of capital which add
not one dollar to the material deyel
opment and welfare Of the country
! It is fer the following reason. among
others. that I shall support the bill
It seeks to establish regional banks
| to docent-71iZe this dangerous con