Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-08-05
The South and the Currency.

The associated press dispatches OF
the past few days tell Of the purpose
of Secretary McAdoo to deposit $780,
100000 Of government funds In south
ern banks for the purpose Of moving
the, cotton crop.
The secretary Is being moved by the
fact that although the banks in the
great money centres have a plethora OF
currency, they are not inclined to lei
1t loose on any kind of security, and
the south is threatened with curren-
cy famine. ....
+. OF course 1t may be readily under
stood that the principal effect of a cur
rency famine at the season when the
crops are to be moved Is to make a lit
tie currency go long ways and con-
sequently depress prices. AS matter
of fact although southern people gen.
orally are only just beginning to un-
derstand this game, It has been In use
for many years, and time and time
again have prices been forced down by
temporary contraction Of the currency
The idea, of course, Is to make
southern producers sell cheap, and af-
ter the transfer of their holdings to
northern purchasers, the volume OF
currency would be expanded again
prices would go up and the then hold
er of the cotton would get the benefit
Of roir n hplnnRad
to the producer.
Although there may be those who
would think that during the uncertain
ty of the pending currency bill, mani
pulators would be inclined to be on
their good behavior, such as think this
way are mistaken. Times like the
present are particularly favorable fol
operations Of the experienced manipu-
lators who are we'll up on their game.
This move of Secretary McAdoo fol
the deposit Of government funds in
southern banks is wise, sensible and
just; but anybody ought to be able to
understand that such a thing would
not be contemplated for moment by
other than q Democratic administra-
tion. The reason is plain. The Repub-
lican party has its strength in the
north and the Democratic party has Its
naturally inclined to favor its own
supporters, and surely no one would
expect the Republican party to try tc
protect the people of the south against
the unfairness of the people of the
north.
If the Republicans were In power al
the present time, they would Of course
further any movement on the part OF
their own supporters to squeeze the
cotton producers for their own benefit
In like manner II Is nothing but the
plain duty of the Democratic party tc
put every possible obstacle in the way
of such rank injustice and outrage. ,
But thinking people who have an in
telligent conception of the situation
described, cannot be expected to be
satisfied with such conditions. 1t ougnt
not to be possible for cotton producers
to be robbed by an expedient like this
and 1t is simply intolerable that the
producing interests Of the country, are
subject to the manipulation Of such
schemers. 1t should not be so that
honest labor has to fear the piracy Oi
one political party or court the pro-
lection of another, and as we see II
there Is only one remedy. o.
If the people of the south could
agree upon a state warehouse PROPOSE
ton, such as passed the Legislature
winter before last. and which was kill
ed by the supreme court or on such q
bill as Is now pending In the senate
they would have a sure means of pro-
lection in their own hands, regardless
of either of the great parties. They
would be able to go direct to the
money centres of Europe for all the
money they might need, and they could
thus force the money centres Of this
country to quit their shylocking 30 far
as cotton is concerned, and with cotton
standing on it's merits in the financial
world. the south would surely come to
its own.
But we do not want to be under
stood as expressing any dissatisfaction
with Secretary McAdoo's proposed
expedient. AS we see and understand
the situation, Secretary McAdoo Is do
ing the best thing possible under the
circumstances This proposed expert
ment can only be Of temporary effect
to be sure; but 1t is very well calcu-
lated to hold down the situation until
the southern people whose interests
are at stake. can be properly aroused.