The herald and news. [volume] (Newberry S.C.) 1903-1937, 1913-08-05

promptly WITHIN the next s4AIS ua5 D
the Southern cotton planters Will be
robbed of a hundred million dollars
or more by the fall in price OF their
Driac;ra. crop due to the inability on
the oart of Southern banks to get
money from New York at any price
or on any collateral. 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
A Resolution for Relief.
"The Aldrich-Vreeland act. which
authorize the printing of the five
hundred million dollars now lying in
the treasury grants no relief at all to
our people, because of the conditions
imposed. The rate of interesr begins
at 5 per cent and increases very
raoidly each month. The relief can be
extended only through associations
of banks into regional groups. The
security asked is Of such character
tnat few, if any of our banks in the
South can furnish it and it only ap-
lilies to nas.onal banks-not State
hanks at all. A Joint resolution could
be rushed thror gh both holse5 of con-
gress, if the houses are willing to give
the country relief This resolution
would be only intended to give tenn
porary relief until the committee
an currency and banking gets through
squabbling, if it can ever get through,
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 clear
ing house associations and issue GER
tifcates as they had to do then. l
for one am tired of seeing our people
held up and robbed by the New York
pirates.
Favors Ragsdale's Plan.
81 heartily favor Congressman Rags
dales idea aoubt trying to get into
tne proposed currency bill an amend
ment to have the government lend
money direct to the farmers, or to the
banks with which they deal, or ware
house certificates on corn, wheat and
cotton stored in warehouses and fully
insured, the banks to deposit their
own notes along with these certifl-
Gates as collateral.
81 can see how a perfectly feasible
scheme to protect the government
from loss and obtain money for the
farmers to move their crops can be
worked out. 1t would save the South
untold loss by eman cipating it from
slavery to New York hnanciers. feel
certain, too, that if the idea contain
ed in the law which passed the South
Carolina legislature two years ago
providing for warehouses to store cot
ton in, but which was declared un-
constitutional by the State supreme
court, were enacted into law, it would,
under rational and safe manage
ment, be of untold benefit to the peo-
pie of South Carolina. l hope sin
cerely that the plan will not be given
up entirely and that a bill properly
safeguarded will be prepared and en-
acted into law at the very next ses-
sion of the legislature"
FavOrS Henry's Plan.
Senator E. D. Smith said: "Of
course, l am in favor of the currency
plan now being advocated by Mr..
Henry, of Texas, or something like it,
This is no new thing. The farmers
have been advocating it for years. [
made speeches along this line before
1 came to the senate. There is no rea-
son why a safe and practicable plan
cannot be worked out. The assets of
the farmers should be as good for
banking purposes as any mercantile
paper in use today 1 will never be
satisfied until the farmers get this
and 1 rejoice that the way seems
to be opening for them to get it,