The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-10-28

strength, several test votes
showed that the Senate was al
most unanimously in favor of it;
the exception being a small
coterie, who objected to a call of
the special session for remedial
legislation and persist tly
threw cold water on every
measure proposed.
The special committee who
drafted the bond bill reported
for an issue of S25, 100000 of
bonds to be used in making loans
at 8 cents per pound or purchas-
ing the cotton outright at 10
cents per pound. The idea
being to take care of one third
OF the crop, and the Wade plan
was supposed to take care OF
another third; on Wednesday
morning Senator McLaurin in
troduced a resolution to send
Senators Lide and McCown,
both bankers, to confer with the
Secretary of the Treasury at
Washington to ascertain what
position would be taken as to
negotiating these bonds through
the federal reserve board under
the new currency law. Mr.. Nc
Laurin said that it was idle to
talk of selling the bonds in the
open market, citing the Difficult
ties Tennessee had in placing
only Slssea. 600 at 6 per cent. He
said tlaSsxhe new federal act
only provided for discounting
commercial paper. A bond was
an investment security and could
only be used as a collateral, that
lit seemed to him what we needed
was cotton in the form OF a ne
gotiable security with the credit
|of the State behind it. The
Senate voted in favor OF the NC
|Laurin resolution, and the House
subsequently adopted a similar
resolution and named Messrs.
Stevenson and Dick to join the
Senators named. In the mean
time the debate upon the bond
issue proceeded; | offered an
amendment to increase the
's'nou1t reported by the com
n.i.,.e from s25, 900, 600 to $50,
loco. 600 in accordance with the
original proposition to give AID
to all of the cotton growers, and
by which, it was the purpose to
handle 100000 bales of South
Carolina grown cotton at Il
cents per pound; my reasons fo1
doing this are as follows:
1st. Because SIS, 600, ,000is not
Sufficient to accomplish the pur'
pose stated in the bill.
End. IF our cotton will secure
|S25, 600, 900 it will also secure
|s5o. 900, 900, provided in both
cases the Federal Reserve Board
recognizes the security, and il
the security is recognized, as l
have reason to believe it will be,
then I cannot see why all Of the
cotton growers should not par
ticipate in the benefit as we'll as
"a part.
Srd. The Wade plan, so much
heralded by the National bank
ers, notably E. W. Robertson of
Columbia, has already fallen to
pieces and only proposes that
outside banks loan on cotton
upon a basis of ~ cents per
pound, hence to care for even
one half of the crop will require
more bondssthan named in the
Committee Bill.
My amendment for $4,000, 600
was defeated, whereupon Sen
ator Laney of Cherter6eld Of
fered an amendmentIfor S35, 900 :
600 which was also voted down.
but after a vigorous debate and
some sharp language the Sen
ate reconsidered and voted for
the S35, 100000 amendment as a
compromise, which, fthe commit
tee sent to Washington reports
favorably, may yet be increased
to $50, 900, 900 in free conference.
If the committee report unfav-
orably, I heard Senator Nc
Laurin say, and he is regarded
an authority on finance, having
made a special study of finance
for a number of yeas, 'sthat the
bond bill can be amended so as
to conform to the Federal Re-