The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-08-06
|SPEAKS FOR SOUTH
SENATORS FROM this STATE
WORKING FOR FARMERS
LANDS GOOD FOR LOANS

TiIlman Issues Statement Declaring
| That Southern Farmers VIII Lose
100000, 900 if Congress Does Not
Help Them-Smith Favors Henry's
Currency Plan.
Senator Tillman said Thursday
evening that he sincerely hoped that
the banking and currency committee
of the House of Representatives can
work out some practicable scheme
that will inspire the confidence Of the
business people of the country for
lending money to banks at 3 per cent.
on satisfactory collateral.
"Mr. McAdoo, said Senator Till
man, "is well informed as to the busi-
ness conditions in the United States,
and I am willing to leave it to his
good judgment as to what collateral
shall be required. Right now there
is an emergency and, unless Con-
gress acts promptly within the next
sixty days the Southern Gotten plant,
ers will be robbed Of hundred mil
lion dollars or more by the fall in
price Of their principal crop due to
the inability on the part Of the South
ern banks to get money from New
York at any price or on any collat-
eral. The New Workers have our
people by the throat as they have had
them all these years since the war,
and only Congress can give relief.
"The Aldrich- -Vreeland Act, which
authorized the printing OF the i've
hundred million dollars now lying In
the treasury grants no relief at all to
our people, because of the conditions
imposed. The rate Of interest begins
at per cent. and increases very. rap
| idly each month. The relief can be
extended only through associations OF
banks into regional groups. The Sc
curity asked is Of such a character
that few, If any Of our banks in the
South can furnish it, and it only ap-
plies to national banks-not State
banks at all. A joint resolution could
be rushed through both Houses OF
Congress, if the Houses are willing to
give the country relief. This reso-
luton. would be only intended to give
temporary relief until the committee
on banking and currency gets thru
squabbling, if it can ever get thru,
and Congress gives US a permanent
system.
"If something Is not done, see no
way of saving the people Of the South
from great loss, unless the banks
take the law into their own hands, as
they did in 1907, and form clearing
house associations and issue cert1h-
Gates as they had to do then. I for
one am tired of seeing our people
held up and robbed by the New York
pirates"
"I heartily favor Congressman
Ragsdale's idea about trying to get
into the proposed currency bill an
amendment to have the Government
lend money direct to the farmers, or
to the banks with which they deal,
or warehouse certificates on corn,
wheat and cotton stored in ware
houses and fully insured, the banks
to deposit their own notes along with
these certificates as collateral.
ssI can see how perfectly feasaole
scheme to protect the Government
from loss and obtain money for the
farmers to move their crops can be
worked out. It would save the South
untold loss by emancipating 1t from
slavery to New York fnanciers.
feel certain, too, that if the idea con-
itained in the law which passed the
South Carolina Legislature two years
ago providing for warehouses to store
cotton in, but which was declared un-
constitutional by the State Supreme
Court, were enacted into law, It
would, under a rational and. safe
management, be Of untold benefit to
1.-The people of South Carolina. hope
sincerely that the plan will not be
given up entirely and that bill
properly safeguarded will be prepar-
| ed and enacted into law at the very
next session of the Legislature"
Senator E. D. Smith said: "Of
course, I am in favor Of the currency
plan now being advocated by Mr..
Henry, Of Texas, or something like 1t.
This is no new thing. The farmers
have been advocating it for years. I
made speeches along this line before
II came to the Senate. There Is no
reason why a safe and practicable
plan can not be worked out. The as
sets of the farmers should be as good
| for banking purposes as any mercan-
tile paper in use to-day. Will never
be satisfied until the farmers get this
| and I rejoice that the way seems to
be opening for them to get It,
These utterances were made puoiic
before Secretary McAdoo's plan TOT
lending s5o,Ooo,00o became known.
| It IS still important, however, tnat
CONGRESS take care Of the farmers, al
lthough the action taken by the treas
S.n,-+,,on+ will helm them ma