The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-11-04

lile Stdtc ana. impose Il burden of
taxation on the people without afford
ing the relief desired"
Senator Sullivan:
Il vote no, because it is class lcgis-
lation and if any good is to come oc
| it the owners of large lots of cotton
will quickly take up the bends before
the small land owners and tenants
can secure any and because the time
is now too short for the people to
understand it so as to vote intelli-
gently and because there is danger OF
a very large bonded debt being sad
died upon the State which it may take
a century to get rid of. The title to
the bill is not in accord with the body
of the bill and may thereby get into
the courts and because it will estab-
lish a precedent that will give future
trouble that may end in paternalism.
Even merchants who have taken in
cotton at 10 cents were not allowed
to have any bonds, etc"
Senator Black: IL am opposed to
it on principle first. 1t is very un-
wise for che State to further increase
the bonded Indebtedness with which
she is now burdened. l do not think
it will accomplish the purpose for
which designed. 1 am opposed to it
on the ground also that the people
will not have time to consider it, and
think that the poorer class Of farm
ers will receive no benefit. In years
to come legislators will see the mis-
take made"
Senator McLaurin: 1T is the world
old fight, the dollar against human
flesh and blood. The bond issue is a
life preserver thrown to a drowning
man, (the farmer,) and the banks and
cotton factors, like beach combers,
living upon wreckage, would snatch it
away to profit by salvage levied upon
4 peoples misfortune. / voted for
the bond bill because ! believe that
ernment to do that for the people
which they are unable to do for
themselves.
''These bonds will not be sold, they
will be used as a collateral to q note
for q debt incurred in making the
present crop. This note with the
bond which has been received in cX-
change for a warehouse receipt will
be discounted by the federal reserve
bank at it's face value.
Il think from the letters I have
been receiving that other States are
watching to see what South Caro-
lima is doing and that similar action
will be taken. The Georgia and
North Carolina farmers will never
stand seeing our people just across
the line receiving 8 cents and they
only getting five. If this action is
general credits will be unlocked, pay
ment of debts contracted for making
the crop will begin and an upward
movement in cotton is sure to come
The farmers will pay the expense of
this issue. Ten per cent. is taken
out when the loan is made to meet
expenses, and as the cotton is sold
the bonds are automatically retired
with the proceeds Of the sale. The
government issues money direct to
banks and permits them to charge
high rates of interest. Why is it
looked upon as revolutionary for the
government to lend its credit in this
crucial time to the producers of all
wealth."
Senator Christensen: Il vote mo-
in accordance with my statement
made when l voted to send the bill to
the house with the hope that it would
strike out the buying feature and
reduce the amount of bonds to $25,-
pound to be loaned. voted and spoke
here for these notifications without
avail. The house has stricken out the
buying clause and reduced the amount
to $24, 100000, but it leaves 9 cents
as the amount at which cotton is to
be valorized. This is vital feature
Of the bill, as each cent Of the amount
fixed by the valOrization by the sem
ate represents q risk by the State for
over $2,500,00O. believe 0 cents
ValoriZatiOn would involve finally an
addition of millions to the permanent
bonded debt of the State; and it makes
Of the bill q proposition to speculate
instead of the proposition to lend the
credit Of the State, which am PIE
pared to support"
SUGAR BEETS AS HOG FEED.