The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-06

"dSliInSlOHI July 0I.-SendtOT
Tillman said this evening that he sin
cerely SQped that the banking and
curreT >mmittee of the House or
Rep ives can work out some
pr Ae scheme that will inspire
y hidence of the business people
sSe country for lending money to
T,ks at per cent on satisfactory
$llateral.
> Mr.. McAdoo," said Senator Till
man, lis we'll informed as to the busi-
ness conditions in the United States,
and l am willing to leave it to his
good judgment as TO what collateral
shall be required. Right now there
acts promptly within the next sixty
days the Southern cotton planters will
be robbed of a hundred million dol
lars or more by the fall in price of
their principal crop due to the inabn-
ity on the part of Southern banks 10
get money from New York at any
!
Workers have our people by the throat
az 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 five
hundred million dollars now lying i'm
/ tho treasury grants NO reHaf OF oil 20
our people because of the conditions
imposed. The rate of interest begins
at per cent and increases very rapid
ly each month. The relief can be ex-
tended 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 IL 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 resolH-
ton would be only intended to give
temporary relief until the committee
on banking and currency gets through
squabbling, If ii 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 clearing house
associations and issue certificates as
they had TO do then. i for one am
tired of seeing our people held up and
robbed by the New York pirates"
Il 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 warehouses and
fully insured, the banks to deposit
their own notes along with these GER
tificates as collateral
Il 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 emancipating il from
slavery to New York financiers feel
certain too, that if the idea contained
in the law which passed the South
Carolina legislature two years ago
providing for warehouses To store cot
ton in, but which was declared urcon-
stitutional by the State Supreme Court
were enacted into law, il would under
rational and safe management. be
OF untold benefit to people OF South
Carolina. l hope sincerely that the
plan will not be given up entirely and
that bill properly safeguarded will
be prepared and enacted into law AZ
the very next session of the legisla-
ture"
Senator T.. ID. Smith said "Of
course, | am ia favor of the currency
plan now being advocated by Mr..
Henry, of Texas, or something like il.
rms is no new thing. The farmets
nave been advocating il for years.
made speeches along this line before
came to the senate. There is no rea-
son why safe and practicable plan
cannot he worked out. The assets
oil the farmers should be as good for
banking purposes as any mercantile
paper in use today. | will never be
satisfied until the farmers get this
and | rejoice that the way seems 10
he opening for them To get it,"
The changes going on in various