The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-16
Alb FOR FARMERS.
CURRENCY BILL is DISCUSSED IN
CAUCUS.
President Issues Statement Commit
ting Himself to Rural Credit Lcgis-
latiOn.

Washington, Aug. 13.-DemOcratic
insurgents" on the currency question
declared themselves much encouraged
today after the caucus had spent
more than five hours discussing the
administration currency bill Repre-
sentative Henry chairman of the
rules committee, and Representative
Ragsdale of South Carolina, who drew
and Representative Eagle of Texas,
argued for the insurgent contentious
during the session and Representatives
Bulkeley and Korbley defended the
bill
! With the administration measure
under fire in the caucus by those
Democrats who seek to write into it
a provision which would give the
farmer currency on his. crops, Presi-
dent Wilson today issued a statement
committing himself to rural credit
legislation at the next session Of con-
gress. He set forth that the matter
could not be adequately handled in
the present bill and that separate and
distinct machinery for the handling
of rural credits would be required.
The question by the house insur-
gents has brought a flood of, COM
ment from the agricultural communi-
ties to their representatives in con.
gress and many believed the presi-
dents statement would have some ef-
feet on the consideration of the bill
in the caucus.
But after the days discussion the
insurgents were confident they would
secure material amendments looking
to the providing Of money to farmers.
One amendment suggested, which Sc
cured favorable consideration from
both sides, would make it clear that
banks in the federal system could
discount papers based on warehouse
| receipts for staple commodities
and would make this paper redis-
countable at the regionable reserve
! banks. Many conservative members of
the house cvinced a disposition to
support this amendment, which would
carry out the ideas expressed in the
insurgent proposals.
The general discussion of the meas
ure in the caucus will continue to-
morrow and it is probable the bill
Will be before the caucus at least for
the remainder of the week.
Representative A. Mitchell Palmer,
chairman of the caucus, conferred
with the president and was acquaint-
cdw ith the contents Of the statement,
through which it was hoped to per-
suade sOcalled insurgent Democrats
to abandon their fight for agricultural
currency. The president said:
Again and again during the dis
cussion of the currency bill it has
been urged that special provision
should be made in it for the facilita-
ton Of such credits as the farmers
of the country most stand in need or
agricultural credits as distinguished
from ordinary commercial and indus
trial credits. Such proposals were
could be only imperfectly provided
for in such a measure. The scope and
character of the bill, it's immediate
and chief purpose, could not be made
to reach as far as the special inter-
csts of the farmer really lie.
Special machinery and distinct
system of banking must be provided
for if rural credits are to be success
fully and adequately supplied. n
government commission is now in Eu-
rope studying the interesting and
highly successful methods which have
been employed in several countries Of
the old world and it's report will be
made to congress at a regular session
next winter. 1t is confidently to be ex-
pectcd that the congress will at that
of that report and establish COM
plcte and adequate system of rural
credits. There is no subject more i'm
pOrtant to the welfare or the indus
trial development Of the United States;
there is no reform in which | would
myself feel II q greater honor or priv
ilcgc TO take part. because l should
feel that it was service to the whole
country Of the first magnitude and
significance. 1t should have accom-
panied and gone hand in hand with
the reform Of our banking and cur
rcncy system if we had been ready to
act wisely and with full knowledge Of
what we were about.
There has been too little federal
legislation framed to help the farmer
with a deliberate adjustment of his