The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-08-28

They must have food. The only
property they have which is salable
are these American securities, rep
resenting the accumulations of the
40 years which Europe mas been pre-
pairing for this gigantic struggle.
! Through these securities are they
going to force the United States to
furnish food and gold for the con-
duct of this inhuman and unnecces-
sary war?
Fhe Bank of England has made
the Ottawa Bank in Canada branch
where gold from the United States
can be concentrated without the risks
OF ocean transportation.
To aid the cotton planters, con-
gress Las authorized the issue OF an
enormous amount of currency, every
dollar of which is redeemable in
gold. 1t was rhought when the
stock exchange closed, that no sale
should be had for foreign held secu-
rites, but it is found that they are
being sold anyway through irregu-
! lar exchanges. The emergency cur
rency issue will facilitate the sale
of foreign securities rather than cot
ton for which there will be no mar
ket for period of some months. Our
foodstuffs, after supplying our own
needs, will be utterly inadequate to
stem this outflow of gold. Unless the
states take legislative action con-
gress will soon be forced to an act
to suspend specie payments moro
tarium like Great Britain mas. This
would do very little goCI to the
masses of the people. 1t would pro-
tect the great financial institutions,
and leave it optional with them as
to the enforcement of domestic OBJ
legations. 1t would strengthen the
strong and weaken the weak. The
interests of the thousand who owe
money against the one who lends
must be also considered. The banks
in South Carolina are borrowers.
They cannot indulge their debtoIe
unless protected from pressure high
er up.
Our obligations for making the
present crop, will fall due principals
ly in October and November If we
are to have relief, it must be right
now. We cannot hope either to sell
cotton or borrow sufficient money to
liqudate this enormous Indebtedness
witch 1 believe amounts to- about 8
cents for every pound of cotton in
, the south. If our credit machinery
breaks under the strain, the suffering
and decentralization is something
that | do not like to discuss. 1t is
too much to expect relief FROM the
innate greed Of commercialzed man
as a mere act of humanity. 1t caA
only come by law, with conditions,
which could not be anticipated by
the wise craftsmanship ninety days
ago. Congress cannot suspend the
collection of debts in the States, it
can only be accomplished by the sew
eral states denying tee use of their
courts, for limited period under
restrictions which, while giving sne
debtor breathing time, will protect
the rights and carefully guard the
securities of the cerditor.
The idea is merely to preserve the
status quo, and prevent the reckless
sacrifice of valuable property. e is
evident then that ii the legislatures
of the cotton states meet, that ney
will have a much more intricate prob
lem to solve than the passage of a
warehouse bill. There must be
concert of action anr the same gen.
eral policy pursued in all the states.
We are all in the same boat and
must stand or fall together.
Fellow citizens. do not fold your
hands and wait for the federal gov
ernment to save you. Congress has
gone as far as it can McAdoo IS
doing all that he can. You must
take strong, resoIute and effective
action yourself Cotton congresses,
mass meetings and speeches ges 10
where, and the situation is right on
Us, wnen we must have definite legis-
lative action or stand and take what
comes.